Registered number: 04097822 Charity number: 1084767 REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee CONTENTS Page Reference and administrative details of the charitable company, its Trustees and advisers Trustees. report Independent auditors. report on the financial statements Statement of financial activities 3-11 12-16 17 Balance sheet 18-19 Statement of cash flows 20 Notes to the financial statements 21-47
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Pastor Adeleke Sanusi, Chair & Chief Executive Officer Pastor Kola Bamigbade Pastor Andrew Adeleke Pastor Femi Popoola Company registered number 04097822 Charity registered number 1084767 Registered Office Redemption House Gunnels Wood Park, Gunnels Wood Road Stevenage Hertfordshire SG12TA Company Secretary Pastor K Bamigbade Continental Executive Director Pastor Modupe Afolabi Independent auditors Stephen Michael Associates Chartered Certified Accountants Statutory Auditors 201 Borough High Street London SE1 1JA Bankers Lloyds TSB PIC 105 - 109 Station Road Edgware Middlesex HA8 7JL Barclays Bank PIC St Johns Wood and Swiss Cottage P O Box 2764 London NW36JD Santander 46 148 High Street North London E6 2HJ Page 1
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Solicitors Wellers Law Group LLP 65 Leadenhall Street London EC3A 2AD Page 2
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial statements of the charitable company (RCCG) for the year 1 January 2024 to 31 December 2024. This 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 Practi {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 20191 as amended by Update Bulletin 1 (effective January 2019). Since the charitable company qualifies as a small company 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. Structure, Governance and Management CONSTITUTION The organisation is a charitable company limited by guarantee, incorporated on 27th October 2000, as revised on 5th of January 2001. The company was established under a Memorandum of Association, which stipulates the objects and powers of the charitable company and is also a registered charity with the charity number 1084767. There have been no changes in the objects Sin the last Annual Report. TRUSTEE BOARD AND MANAGEMENT The management of the charitable company is the responsibility of the Board of Trustees, who are appointed and co-opted in accordance with the terms of the Articles of Association. A Chief Executive Officer, together with the Continental Executive Director, manages the Charitable company's day-to4ay administration and reports the Charitable company's affairs to the Trustees. The Trustees oversee the implementation of the board's strategic direction and meet regularly to ensure they perform their obligations and statutory duties. The Trustees are unpaid except for the Chief Executive Officer, also known as the Continental Overseer, as detailed in note 10 of the financial ststements, where details of the Trustees, expenses are disclosed. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF THE BOARD OF TRUSTEES No new trustees were appointed to the existing Board in the year under review. The existing Trustees are seeking to identify potential new trustees with skills and expertise to contribute to the growih of the charitable company. Potential trustees or newly appointed members of the Board of Trustees are usually familiar with the framework of RCCG before their appointment, and they will be required to undergo an induction process. The process comprises an initial meeting with the Chair and other Trustees, followed by a series of brief sessions with the Continental Executive Director on the charity's objectives and the Trustees, roles and responsibilities. A Trustees, Induction Pack will be provided to the Trustee, which includes RCCG'S governing document, the Trustees, Report, Charity Commission Guidelines such as Doc CC3 and C11, on the Essential Trustee: What You Need to Know and the Trustees, Expenses and Payment. Periodically, RCCG organises training events, COnferenS and seminars to further enhance the trustees, governance skills. ORGANISATIONAL STRUCTURE, GOVERNANCE AND MANAGEMENT Whilst the RCCG Worldwide is spearheaded by the inspirational visionary Pastor E. A. Adeboye. The Board of Trustees is the governing body of RCCG in the United Kingdom, and its decision-making is in accordance with its governing document. Page 3
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 RCCG'S organisational structure has evolved due to its operations in Europe, and the charitable company is known as Continental 9 for administrative purposes. The Chief Executive Officer, the Continental Executive Director, and other staff members at the Central Office collaborate to achieve the Trustees, goals, vision, and mission. RCCG'S governance is solely in accordan with the provisions of its Articles of Association. The Financial Assistance Advisory Committee supports the Board and makes recommendations on financial requests from RCCG Parishes on Building projects. Hence, the charitable company is organised so that the Board of Trustees regularly manages its affairs and meets its legal obligations. The day-to-day administration of the charitable company is delegated to the Chief Executive Officer and Continental Executive Director, who report the affairs of RCCG to the Trustees. THE ARRANGEMENTS FOR SErriNG THE PAY AND REMUNERATION OF THE CHARITABLE COMPANY'S KEY MANAGEMENT PERSONNEL AND ANY BENCHMARKS, PARAMETERS OR CRITERIA USED IN SETTING THEIR PAY. In the Redeemed Christian Church of God, the remuneration of the charitsble company's key management personnel is guided by the following.. Define the Positions. The Charitable company creates job descriptions for all the necessary roles. Most roles will require a minimum educational qualification or desirable experience. Assess and Rank the Roles: The Charitable company will assess the different roles based on difficulty and responsibility. Senior roles with greater responsibility would command higher pay. Monetsry Value: To determine a monetary value for the job, RCCG considers market rates and what other charities might be offering before deciding on salaries. Maintsin the Plan: The salaries of RCCG'S employees are increased annually in line with inflation. RISK MANAGEMENT The Board of Trustees has adopted an evaluation method to identify and assess the risks to which RCCG is exposed. After identifying and reviewing these risks, systems and strategies are established to manage those risks. The evaluation method is based on a SAS matrix model.. Spotting, Assessing, and Solving the risks. All major activities are subject to a risk review. The significant risks to which RCCG faces include those related to governan, specific operational areas, safeguarding responsibilities, and the financial management of the charitable company. Safeguarding children and adults at risk. RCCG continues to ensure that its churches provide a framework of best practice for protecting those who attend RCCG Parishes. A model and an extensive safeguarding policy are in place, and safeguarding awareness training is ongoing for all volunteers and ministers in regulated activities. RCCG relies on donations from RCCG Parishes and individual donors. The Trustees believe that setting and monitoring reserve levels will enable the charitable company to achieve its objectives and ensure that it is protected from the risk of disruption to the charitable company's operation. RCCG has internal controls over critical financial systems, which continue to monitor and examine the operational and business risks faced by the charitable company., the Trustees have established effective systems to mitigate those risks. Page 4
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 PERSONS WITH SIGNIFICANT CONTROL REGISTER Further to the provisions of Part 21A of the Companies Act 2006 relating to individuals with significant control over the company and relevant legal entities {RLEs), the charitable company is not aware of any registrable person or registrable legal entity with significant control over the charitable company. OBJECTIVES AND ACTIVITIES POLICIES AND OBJECTIVES The principal objects of the Redeemed Christian Church of God, as set out in the charitable company's memorandum of association, are the advanment of the Christian faith worldwide and the relief of poverty. STRATEGIES FOR ACHIEVING OBJECTIVES The charitable company has adopted the following strategies for achieving the above objectives= Establishment of Churches within the United Kingdom and Continental Europe. Recruitment, training and the deployment of ministers on the mission field. Organising cOnferenS and events with relevant speakers and ministers to train, guide, and inspire ministers. Assessment, selection and ordination of new ministers. Administrative support for affiliated Charities and Christian events,. and Financial support for affiliated Charities and Mission Agencies in the UK and Overseas. ACTIVITIES FOR ACHIEVING OBJECTIVES RCCG, as a Christian faith-based charity, can testify and give glory to God in all its activities throughout 2024. The activities for achieving the charity's objectives include Provision of resources to 933 independent RCCG Churches in the UK and Overseas. Support for like-minded charities, providing welfare support to members, and organising conferences, training sessions, and events which are set to act as a catalyst to the advancement of Christian Faith and the relief of povety- Programmes - During the year, RCCG organised a series of programmes such as the Continental Ordained Ministers Conference, UK & Europe Prayer Meetings, RCCG Ecumenism Week, Week Of Prayer For Christian Unity, Pastors Assembly, Safeguarding Training, Personal Assistants, And Church Administrators, Conference, Safe Men Safer Communities Conference, Europe Continent Leadership Conference, Emerging Leaders Conferen, Teenagers, Teachers, Conference, Sunday School Conference, Strategic Training On Awareness Of Regulations (STARI Conference, Social Action Week, Christian Media And Communicators, Conferen, Education Week (For Education Ministries in RCCGI and Workers, Rally, Safeguarding Training, Evangelism Workshops, National Wonders of Prayer Day, Festival of Hymns and Church Planters Course {CPC). All these programmes were designed in alignment with the charitable company's objectives and in support of RCCG Parishes, thereby creating a substantive impact in their immediate congregation and the local communities. RCCG continues to re1ve contributions from its parishes, which are used to finance its Central Office, support local parishes, and fund mission (evangelistic) work both locally and worldwide. Page 5
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 PUBLIC BENEFIT STATEMENT The Board of Trustees has met its duties in complying with the provisions of sections 4 and 17 of the Charities Act 2011, having due regard to the Charity Commission's general guidance on public benefit. Consideration has been given to the Charity Commission's public advice on advancing religion for the public benefit. All activities enable RCCG to fulfil its objective of advancing the Christian faith. ACHIEVEMENTS AND PERFORMANCE The Charity is grateful for the generous efft)rts of its volunteers involved in service provision., it is estimated that over 6,000 volunteer hours were provided during the year. If this is valued at £11.44 an hour, the volunteer effort exceeds £68,640. REVIEW OF ACTIVITIES RCCG serves as an administrative and resource hub for Churches and Charities operating with the RCCG name in the UK. RCCG further provides encouragement and guidance to affiliated churches, sharing a common purpose of advancing the Christian faith and alleviating poverty worldwide, so that they too may maximise their ability to achieve their objective of advancing the Christian faith. During the year under review, the RCCG undertook various activities to benefit the public. Some of these activities are summarised below: RCCG Affiliated Churches Our collaboration and practical support for RCCG-affiliated churches across the United Kingdom and Europe have been instrumentsl in our core objective of advancing the Christian Faith worldwide. The charitable company continues to provide practical support to RCCG Parishes, significantly facilitating access to the Christian Faith and pla$ of worship for various members of the public, families, and individuals across the United Kingdom and some countries in mainland Europe. The support also extends to financial assistance to RCCG Parishes towards the acquisition of properties for places of worship and governance training for Trustees, Pastors and their key staff. This provision ensures that new church Leaders, church planters, and Pastors who are passionate about positively impacting their communities are adequately resourced to deliver the organisation's objectives. Our partnerships have proven to yield positive contributions to both the physical and spiritual life of the members and the public. The Redeemed Christian School of Missions, RECSOM RCCG continues its financial support to the Redeemed Christian School of Missions (RECSOM}. RECSOM trains, equips and mobilises students for Christian mission. RECSOM provides an education that is accessible to students from a diverse range of educational backgrounds and professions. Its training philosophy is holistic and embraces a blended learning approach. Students of the School of Missions benefit from being taught by a seasoned team of lecturers from various organisations, including those serving as missionaries, theologians, or missiologists in Europe. RCCG believes that its support of the School of Missions furthers its primary objective of advancing the Christian faith. Good Faith Foundation In line with our primary object of relieving poverty worldwide, we have finally supported the Good Faith Foundation in its Churchworks Commission. The Churchworks Commission helps these churches respond practically to urgent social issues in local communities, with an emphasis on supporting the most vulnerable in the community. The Churchworks Commission exists to bring together the Church and the Government to support the vulnerable in the country and communits'es. Feast of Esther- Women Leadership Conference The Feast of Esther serves as a strategic resource for the Christian woman in leadership in the Church. The purpose of the Feast of Esther is to empower female Leaders of Christian Ministries, their female assistants, Page 6
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 and female heads of ministries, especially within the Evangelical Community. This initiative helps these women provide mentorship and support to other women in their ministries. This is done by coaching the women on how to develop excellent ministry skills that will impact the Church. RCCG continues to financially support this initiative for their annual day and residential events. MARANATHA WORLDWIDE MINISTRIES RCCG, in line with its primary object of advancing the Christian Faith, financially supported the Maranatha Worldwide Ministries in its Meal from Christ Initiative in December 2024. The Maranatha Worldwide Ministries outreach is a practical expression of the love of Christ, which brought love, joy and hope to our communities. Pastors, Trustees & Key Staff Legal Compliance Resourcing RCCG has continued to discharge various projects under its STAR {Strategic Training on Awareness of Regulations) initiative. This initiative includes a series of webinars, a STAR conference, and training toolkits to provide governance support and resources to Pastors, Trustees, and Key Staff of RCCG-affiliated churches. The STAR Conference in the year under review focused on Effective Governance, and the Chartered Governance and Compliance Professionals gave training. The training centred on the Charity Governance Code to ensure the effectiveness of RCCG Trustees. A Governance Improvement Plan was also given to the attendees to enable them to note areas of improvement and take proper action. This training has been beneficial to RCCG Parishes, and it continues to mitigate governance risk, thereby ensuring that the resources of these charities are effectively managed and utilised for the benefit of the public and operational efficiency. Festival of Life, Slovakia In line with our primary objective of advancing the Christian Faith worldwide, the charitable company organised and financially supported the hosting of the Festival of Life (FOL) in Bratislava in April 2024. The hosting of the FOL Bratislava is in line with RCCG'S Ecumenical Statement of promoting Christian unity- There was a plentiful harvest of souls and spiritual renewal among the attendees., with the theme "Let There Be Light., The event focused on spiritual renewal. EUROCON 2024 Spain EUROCON is a bi-annual cross-cultural gathering of Christians across Europe with a united vision to advance the Christian faith and to bring people of different cultures together. EUROCON is a cooperation of The Redeemed Christian Church of God with other Christian denominations to train, equip, and commission Christians to go into their sphere of influence and spread the gospel effectively. Safeguarding Training The Trustees, duty to protect people and safeguard responsibilities is a governance priority. This duty is fundamental to the operations of the RCCG and RCCG Affiliated Churches. RCCG conducted an in-person Safeguarding and Child Protection training session in the year under review. The Safeguarding training emphasises the need to promote good practice and ensure that everyone involved in providing support and activities to children and young people in RCCG understands their responsibility to protect the childrenlyoung people and those who use our services. Training was also given on taking appropriate and immediate action if there are suggestions that a childlyoung person is being abused. Attendees were also trained on how to respond in a supportive manner to any childlyoung person who alleges or discloses that abuse is happening and how to minimise opportunities. Page 7
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT POLICY AND PERFORMANCE As far as possible, funds will be retained in interest-bearing accounts. The Board of Trustees continues to explore other safe investment strategies to ensure better returns. Previous dialogues with the charitsble company Investment managers have not evolved to a stage where the trustees felt that the decision would be in the best interest of the charitable company. In addition, the Trustees are looking at investment options based on the requisite legal and financial advicelguidance, and an informed decision will be made in due course. FACTORS RELEVANT TO ACHIEVE OBJECTIVES Spiritual inspiration and financial responsibility are key factors in achieving our objectives. This is because supporting all the necessary activities needed to achieve our objectives can mostly be done by godly inspiration and sufficient finance and accountability. Review of Financial position at the end of the reporting period RCCG continues to perfomi better than expected in the reporting year. RCCG is mainly funded by donations from churches that usually hold in-person and online services. RCCG continues to resource, enable and organise virtual trainingslconferences for the parishes on how to hold services online. The RCCG also assisted with information on the various methods of collecting donations online, which enabled the expected income to stabilise. Reserve Policy The Board of Trustees have implemented a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charitable company should be six (6) months of annual expenditure. These reserve levels would enable the charitable company to continue its current activities in the event of a significant funding drop. The free reserve for the year is £2,294,000 {2023 - £768,902). The free reserves were used in acquiring the campground, which was purchased at £5m. The charity has a large amount in its resenies with the view of acquiring a camp, which has been the vision for the past 20 years. The charity is confident that the free reserves target would be met because of the increase in parishes, which translates to an increase in donations. Mso, the charity continues to ensure it is prudent in its expenditures for the year. The Board of Trustees periodicalty reviews its reserves policy in light of the wider strategic plans. This is to ensure that the reserve level is appropriate to our current position and annual expenditure and to take into full cognisance the charitable company's future strategic plans. Principal Funding This is provided mainly through contributions and donations from RCCG-affiliated Churches. Page 8
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 PLANS FOR THE FUTURE FUTURE DEVELOPMENTS RCCG'S strategy primarily hinges on the growth of the RCCG-affiliated Churches and establishing more churches in the UK and Continental Europe. Hen, the Charity's plans are still hinged on planting 1000 Parishes and RCCG Vision 2032. FREGH - RCCG continues to utilise the strategic initiative FREGH as a catalyst for church planting, church growth and church development. FREGH is an acronym for (Family Church, Reproducing Church, Emerging Leaders, Governing Church and Healthy Church). Vision 2032 - RCCG charity is part of a global vision launched by Christian leaders in Amsterdam, Netherlands, to preach the gospel to everyone by 2032, advancing the Christian faith. The charity launched a Month of Explosive Growth Drive in July 2024 in the UK. Let's Go A Fishing This is one of the long-standing missional and church-planting initiatives of RCCG. Let's Go A Fishing was introduced in the UK in Dember 2023 and on the European continent in 2024. Chaplaincy - RCCG continues to offer, provide, and support the Prison Chaplaincy. The Prison Chaplains provide pastoral care and help build relationship that changes lives within a diverse community- RCCG is a Board Member and, as an Endorsing Authority, can send and support candidates applying for military chaplaincy to the armed services. This appointment enables the charitable company to demonstrate the love of God through the delivery of pastoral care and spiritual support to members of the armed forces, irrespective of their faith. MEMBER'S LIABILITY The Board of Trustees of the charitable company guarantees to contribute an amount not exceeding £10 to the assets of the church in the event of winding up. Page 9
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Board of Trustees, Responsibilities Statement The Board of Trustees (who are also directors of Redeemed Christian Church of God for the purposes of Company law) are responsible for preparing the Board of Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (The United Kingdom Generally Accepted Accounting Practice)- Company law requires the Board of Trustees to prepare financial statements for each financial year. Under Company law the Board of 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 charitable company 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 in the Charities SORP {FRS 102)., make judgements and 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 appropriate to presume that the charitsble company will continue operating. The Board of Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page10
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of Inforniation to Auditor Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. AUDITORS The charitable company's auditors, Stephen Michael Associates, have indicated their willingness to continue in office and offer themselves for re appointment at the next Annual General Meeting. In preparing this report, the Board of Trustees have taken advantage of the small companies, exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Pastor Femi Popoola Date: 24 September 2025 Page11
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD Opinion We have audited the financial statements of Redeemed Christian Church of God (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least fvrfelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilikn'es of the Trustees with respect to going concern are described in the relevant sections of this report. Page 12
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED) Other inforniation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitiy stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report ft)r the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the followng matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the Trustees were not entided to prepare the financial statements in accordan with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic reporL Page13
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 14
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED) Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about vthether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Trustees and other management (as required by auditing standards). We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and tsxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedure on the related financial statement items. With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Trustees. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We obtained a legal letter from the charity's solicitors and enquire of those charged with governan and management around actual and potential litigation and claims. We reviewed minutes of trustees. meetings, and other records with view to ensuring that there are no undisclosed related paty transactions. In addition, we explained the meaning of related paty transaction to management and these charged with governance. We addressed the risk of fraud through management override of controls, by testing the appropriateness ofjournal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. In addits'on, we obtained confirmation of income from donations received directly from donors. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-complian with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Page15
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED) Reporting Council's website at: www.frc.o Auditors, report. .uklauditorsres onsibilities. This description forms part of our Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fiJllest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Mr Stephen Oladapo Odeleye (Senior statutory auditor) for and on behalf of Stephen Michael Associates Chartered Certified Accountants Statutory Auditors 201 Borough High Street London SE1 1JA 29 September 2025 Page 16
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities 622,821 5,305,562 462,048 258,579 5,928,383 462,048 258,579 5.898,405 521,135 268, 146 Investments Total income 622,821 6,026,189 6,649,010 6,687, 686 Expenditure on: Charitable activities 1,383,198 4,605,168 5,988,366 4.448,922 Total expenditure 1,383,198 4,605,168 5,988,366 4.448, 922 Net movement in funds before other recognised gainsl{losses) (760.377) 1.421,021 660,644 2,238, 764 Other recognised gainsl(losses): Gainsl(losses) on revaluation of fixed assets 39,000 39,000 (185,000) Net movement in funds {760.377) 1.460,021 699,644 2,053, 764 Reconciliation of funds: Total funds brought forward Net movement in funds 4.253,597 {760,377 12.257,549 1,460,021 16,511,146 699,644 14,457,382 2.053, T64 Total funds carried forward 3,493,220 13,717,570 17,210,790 16,511,146 Page17
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee REGISTERED NUMBER: 04097822 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 11 8,922,655 10,000 2,294,000 8. 968,534 10,000 2, 255,000 13 Investment property 12 11.226,655 11,233,534 Current assets Stocks Debtors 14 15 47,649 688.557 1,604,769 4.474.743 16.882 614,602 3,515,679 1, 968, 738 Investments Cash at bank and in hand 16 6,815,718 6.115.901 Current liabilities Creditors.. amounts falling due thIn one year 17 (386.105) (273,815) Net current assets 6,429,613 5, 842,086 Total assets less current liabilities 17.656,268 17,075,620 Creditors.. amounts falling due after more than one year 18 (445,478) (564,474) Net assets excluding pension asset 17,210,790 16,511,146 Total net assets 17.210,790 16,511,146 Charity funds Restricted funds Unrestricted funds 20 3,493,220 13.717,570 4, 253, 597 12,257,549 20 Totsl funds 17,210,790 16,511,146 Page18
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee REGISTERED NUMBER: 04097822 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 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 accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Pastor Femi Popoola Date: 24 September 2025 The notes on pages 21 to 47 form part of these financial statements. Page19
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 491.421 1,652,594 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 258.579 256, 796 4,299 (60.935) (5, 140,974) Net cash provided byl(used in) investing activities 197,644 14,879,879) Cash flows from financing activities Repayments of borrowing New finance leases (99,704) (80,414) 77,807 Net cash used in financing activities (99,704) {2,607) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 589.361 13.229.892) 5,477.893 8, 707, 785 Cash and cash equivalents at the end of the year 6,067.254 5, 477,893 The notes on pages 21 to 47 form part of these financial statements Page 20
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information Redeemed Christian Church of God ('RCCG') is a charitable company registered with the Companies House and Charity Commission in England & Wales. The office address is Redemption House, Gunnels Wood Park, Gunnels Wood Road, Stevenage, Hertfordshire SG12TA. 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. Redeemed Christian Church of God 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 financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the cashflow forecast and the projected income and expenditure for 12 months from authorising these financial statements. The level of free reserves and funds held is sufFicient for the charity to be able to continue as a going concern. 2.3 Income All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be reiVed and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 21
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 charitable company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitsble company- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 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. Page 22
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.7 Tangible fixed assets and depreciation (continued> 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 bases: Freehold property Long-term leasehold property Motor vehicles Fixtures and fittings Office equipment Computer equipment 2 % straight line 20/0 Straight line 25°/o reducing balance 10°/o Straight line 33.33 % straight line 33.33 % straight line 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 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. 2.11 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. Page 23
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.12 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 charitable company anticipates it will pay to settle the debt or the amount it has reiVed 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. 2.13 Financial instruments The charitable company 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 subsequentiy measured at their settlement value with the exptIon of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 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 charitable company. 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 produ a constsnt periodic rate of charge on the net obligation outstanding in each period. 2.15 Pensions The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year. Page 24
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the charitable company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company 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. Page 25
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 622,821 5,305,562 5,928,383 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 1.767, 102 4, 131.303 5, 898, 405 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Sale of books, tapes etc Ordained Ministers Conference Sundry income 126,554 322,322 13,172 126,554 322,322 13.172 462,048 462,048 Unresfricted funds 2023 Total funds 2023 Sale of books, tapes etc Ordained Ministers Conference 159, 7T0 354, 238 7.127 159, 7T0 354, 238 7, 127 Sundry income 521, 135 521, t35 Page 26
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income - local cash 105,948 152,631 105.948 152,631 Investment income - other local investments 258,579 258,579 Unrestricted funds 2023 Total funds 2023 Investment income - local cash 125,384 142, 762 125,384 142, 762 Investment income - other local investments 268, 146 268, 146 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Conference and events Parish liason Missionary and charitable giving 2,441,435 1,083,453 1,080,280 2,441,435 2,466,651 1,080,280 1,383,198 1,383,198 4,605,168 5,988,366 Page 27
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure on charitable activities Icontinued) Summary by fund type Icontinued) Restricted Unrestricted funds funds 2023 2023 Total 2023 Conference and events 1,892, 197 977,520 1,483,014 1,892, 197 1,044, 711 1,512,014 Parish liason Missionary and charitable giving 67,191 29, 000 96,191 4,352, 731 4,448, 922 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Conference and events Parish liason 1.118,544 266,822 1.080,280 1,322,891 2,199,829 2,441,435 2,466,651 1,080,280 Missionary and charitable giving 2,465,646 3,522,720 5,988,366 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Conference and events 900, 063 112,724 1.512,014 992, 134 931,987 1,892, 197 1,044, 711 1,512,014 Parish liason Missionary and charitable giving 2.524, 801 1.924. 121 4,448, 922 Page 28
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Missionary and charitsble giving 2024 Conference and events 2024 Parish liason 2024 Total funds 2024 Staff costs 446.158 672,386 446.158 672,386 266,822 Conferences and events Ministry expenses Charitable donations to organisations - United Kingdom Charitable donations to organisations - Europe 266,822 225,136 855,144 225,136 855.144 1,118,544 266,822 1,080,280 2,465,646 Missionary and charitable giving 2023 Conferen and events Parish liason 2023 2023 Total funds 2023 Staff costs 356, 596 543,467 356, 596 543,467 112, 724 Conferences and events Ministry expenses Charitable donations to organisations - United Kingdom Charitable donations to organisations - Europe 112,724 813,591 698,423 813,591 698, 423 900, 063 112,724 1,572,014 2, 524, 801 Page 29
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs Conference and events 2024 Parish liason 2024 Total funds 2024 Staff costs Depreciation Ministry expenses Premises costs Communication costs 864,431 91,488 864,431 106,814 13,431 1,581,234 132,254 1,069 236,014 55,814 63,190 27,993 21,592 15,943 273 15,326 13,431 1,581,234 132,254 Volunteer expenses Travel and accomodation Vehicle running cost Bookshop expenses Staff training Subscription Equipment Hire Post and packaging Consultancy Insurance expenses Welfare Computer cost Cleaning and refuse collection Bank charges Exchange rate (gain)Iloss Bad debt 1,069 236,014 55,814 63,190 27,993 5,067 15,943 273 16,525 27,680 150,914 31,755 25,077 5,332 45,364 {206) 27,680 150,914 31,755 25,077 29,019 45,364 {206) 12,600) 95,665 23,687 {2,600} 36,463 Governance costs 59,202 1,322,891 2,199,829 3,522,720 Page 30
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs (continued) Conference and events Parish liason 2023 2023 Total funds 2023 Staff costs 720,293 68,846 720, 293 81,959 37, 743 237, 632 100, 868 1,337 147,774 17,049 59,371 50, 556 17,862 15,278 1, 753 76,490 134,572 58,351 32,807 16,454 38, 222 (1,259) (600) 79, 609 Depreciation Ministry expenses Premises costs Communication costs 13,113 3T,743 237, 632 100, 868 Volunteer expenses Travel and accomodation Vehicle running cost Bookshop expenses Staff training Subscription Equipment Hire Post and packaging Consultancy Insuran expenses Welfare Computer cost Cleaning and refuse collection Bank charges {Surplus)Ideficit on disposal of fixed assets Bad debt 1,337 147,774 17,049 59,371 50, 556 2,170 15,278 1, 753 76,490 134,572 58,351 32,807 15,692 16,454 38,222 (1,259) (600) 6,548 Governance costs 73,061 992, 134 931,987 1,924, 121 Page 31
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Auditors, remuneration 2024 2023 Fees payable to the charitable company's auditor for the audit of the charitable company's annual accounts Fees payable to the charitable company's auditor in respect of= All non-audit ServIS not included above 8,350 7,410 3.660 3,504 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,243,233 117.627 33,384 1. 020,625 97,280 27,679 1,394,244 1, 145,584 The average number of persons employed by the charitable company during the year was as follows.. 2024 2023 Management Administration and activity 28 24 30 25 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 In the band £80,001- £90,000 In the band £90.001- £100.000 Page 32
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Trustees, remuneration and expenses During the year, one (2023 - NIL) trustee was paid as Chief Excutive Officer. The payments are allowed within the charity's governing document. The value of Trustees. remuneration and other benefits was as follows.. 2024 2023 Pastor Adeleke Sanusi Remuneration 22,000 660 Pension contributions paid During the year ended 31 December 2024. no Trustee expenses have been incurred (2023 - £NIL). 11. Tangible fixed assets Long-term leasehold Other fixed property assets Freehold property Total Cost or valuation At 1 January 2024 Additions 6,635,892 45.729 2,537,528 729,916 15,206 9,903,336 60.935 At 31 December 2024 6,681,621 2,537,528 745,122 9,964,271 Depreciation At 1 January 2024 Charge for the year 348,839 49,550 585,963 57,264 934.802 106,814 At 31 December 2024 398,389 643,227 1,041,616 Net book value At 31 December 2024 6,681,621 2,139,139 101,895 8,922,655 At 31 December 2023 6. 635. 892 2. 188,689 143, 953 8. 968, 534 The net book value of motor vehicles held under finance leases or hire purchase contracts as at 31 December 2024 was £65,230 (2023 £87,807). Included in land and buildings is freehold lands at cost of £1,600,000 (2023 - £1,600,000), and leasehold properties land of £60,000 (2023 - £60,000) which are not depreciated. Page 33
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Investment property Freehold investment property Valuation At 1 January 2024 Gainsl(losses) on revaluation 2,255,000 39.000 At 31 December 2024 2,294,000 The 2024 valuations were made by the trustees. on an open market value for existing use basis. Page 34
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Fixed asset investments Investments in subsidiary companies Cost or valuation At 1 January 2024 10,000 At 31 December 2024 10,000 Net book value At 31 December 2024 10,000 At 31 December 2023 10,000 Principal subsidiaries The following was a subsidiary undertaking of the charitable company.. Name Company number Registered office or principal Principal activity place of business Redemption Hub Limited 11262408 Redemption House, Gunnels Letting and operating Wood Park, Gunnels Wood of conference and Road, Stevenage, Hertfordshire exhibition ntreS SG12TA Class of shares Holding Included in consolidation Ordinary 100% No The financial results of the subsidiary for the year were.. Name Net assets Redemption Hub Limited 622 Page 35
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Fixed asset investments Icontinued) The subsidiary undertaking has been dormant for a number of years and therefore is not included in consolidation. 14. Stocks 2024 2023 Finished goods and goods for resale 47,649 16,882 15. Debtors 2024 2023 Due after more than one year other debtors 500,000 500,000 Due within one year Other debtors 508,257 134.172 46,128 15,448 83,026 16,128 Prepayments and accrued income Tax recoverable 688,557 614,602 16. Current asset investments 2024 2023 Unlisted investments 1,604,769 3,515,679 Page 36
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Creditors: Amounts falling due within one year 2024 2023 Bank overdrafts 1,342 80,413 105,464 6, 524 622 Bank loans 90,903 127.658 12,258 622 Trade creditors Credit card outstanding Amounts owed to group undertakings Other taxation and social security Obligations under finan lease and hire purchase contracts Pension fund contribution payable Other creditors Accruals and deferred income 58.589 8,802 10,063 9,436 67,774 51,936 5,291 6,837 15,386 386,105 273,815 Page 37
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans 385,275 60,203 486,667 77,807 Net obligations under finan lease and hire purchase contracts 445.478 564,474 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is.. 2024 2023 Payable or repayable by instslments 417,645 417,645 417,645 417,645 The bank loan is a Lloyds Bank mortgage secured on the Offi premises at Redemption House, Gunnels Wood Park, Stevenage, Hertfordshire SG12TA. The loan will mature on 25 September 2029. 19. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 6,079.512 5,484,417 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 38
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Ststement of funds ststement of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Designated funds Feasibility Study 900,000 900,000 General funds General Funds 11.978.020 (620,471) 6.026,189 (4,605.168) 13,399,041 (581,471) Revaluation reserve 39,000 11,357,549 6,026,189 14,605,168) 39,000 12,817,570 Total Unrestricted funds 12,257,549 6,026,189 14,605,168) 39,000 13,717,570 Restricted funds Tsunami Relief Contribution Haiti Appeal Camp Ground Building Benevolence Offering New Auditorium 2.410 21.917 1.645,840 2,410.549 125.362 21,819 25.700 2,410 21,917 685,505 2,609,607 125,362 21,819 25,700 900 422,863 199,058 11,383.198) Lloyds Philippines Appeal Love Christmas Project Let's Go-A-Fishing 900 4,253,597 622,821 11,383,198) 3,493,220 Total of funds 16,511,146 6,649,010 15,988,366) 39,000 17,210,790 Page 39
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Ststement of funds (continued) Designated funds The designated funds are unrestricted general reserves which the trustees have earmarked for specific purposes as follows: Feasibility Study fund is for the development of a residential facility at the Redeemed Christian Church of Gods camp in Nigeria. Part of the objective of the residential facility is to generate additional income for the charity whereby the accommodation will be available in the first instance to the United Kingdom delegates attending RCCG conferences in Nigeria. Restricted funds Tsunami Relief Contribution fund balan is the unexpended part of donation brought forward for the Tsunami disaster. Haiti Appeal are donations collected towards helping charitable organisations currently working in Haiti. Camp Ground Building fund is donations being received for the purchase and or building an arena for retreat, conferences, training and developments of Pastors and members of the church. This is in addition to the funds raised for the purchase maintenance and development of the Redemption Camp Pierrepont. With over 35 acres of green land and space, RCCG UK has monumental plans to transform, refurbish and maintain the estate's historic essence. Covenant Partners (Benevolen Offering) fund is the balan of donations received from individuals who have pledged to support the charitable company. The New Auditorium fund are donations reiVed directly from individuals, specifically as personal contributions toward the completion of the Main Auditorium for Worship at the RCCG Camp Ground. The Lloyds Philippines Appeal Fund are donations received toward helping charitable organisations working in the Philippines. The Love Christmas Project Fund are donations received toward the Love Your Neighbour'LoveChristmas' Initiative. The Let's Go-A-Fishing fund is donations reiVed towards this named outreach event in 2025. The charitsble company's resources are enough to finance these funds. Page 40
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Ststement of funds (continued) ststement of funds - prior year Balance at 31 December 2023 Balan at l January 2023 Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Feasibility Study 900,000 900, 000 General funds General Funds 10,974,696 4.920,584 (4,352, 731) (185,000) 11,357,549 Total Unrestricted funds 11.874.696 4.920. 584 (4.352, 731) (185,000) 12,257.549 Restricted funds Tsunami Relief Contribution Haiti Appeal Camp Ground Building Benevolence Offering New Auditorium Lloyds Philippines Appeal Love Christmas Project Health Village Fund 2.410 21,917 170.327 2, 195,506 125.007 21,819 25. 700 20,000 2,410 21,917 1,645,840 2,410,549 125.362 21,819 25, 700 1.542. 704 215,043 355 (67, 191) 9,000 (29, 000) 2, 582,686 1,767, 102 (96, 191) 4,253, 597 Total of funds 14,457,382 6,687, 686 (4,448, 922) (185,000) 16,511,146 Page 41
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure Designated funds General funds Restricted funds 900,000 11.357.549 4,253,597 900,000 39,000 12,817,570 3,493,220 6.026,189 622,821 14,605.168) 11,383,198) 16,511,146 6,649,010 15,988,366) 39,000 17,210,790 Summary of funds - prior year Balance at 31 December 2023 Balan at l January 2023 Gains/ (Losses) Income Expenditure Designated funds General funds 900.000 10,974,696 2. 582.686 900. 000 (185,000) 11,357,549 4,253, 597 4.920,584 1.767. 102 (4,352, 731) (96, 191) Restricted funds 14.457.382 6.687. 686 (4.448, 922) (185,000) 16,5tI.146 Page 42
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 8,922,655 10,000 2,294,000 3,322,498 {386,105) (445,478) 8,922,655 10,000 2,294,000 6,815,718 1386,105) 1445,478) Investment propety Current assets 3,493,220 Creditors due within one year Creditors due in more than one year Total 3,493,220 13,717,570 17,210,790 Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment propety Debtors due after more than one year Current assets 8, 968, 534 10.000 2,255, 000 500, 000 1,362,304 (273,815) (564, 474) 8, 968, 534 10,000 2,255, 000 500, 000 5,615,901 (273,815) (564, 474) 4,253, 597 Creditors due within one year Creditors due in more than one year Total 4,253,597 12,257,549 16,511, 146 Page 43
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the period (as per Statement of Financial Activities) 660,644 2, 238, 764 Adjustments for: Depreciation charges Dividends, interests and rents from investments Lossl(profit) on the sale of fixed assets Decreasel(increase) in stocks Increase in debtors Increase in creditors 106.814 1258.579) 81,959 (256, 796) (1,259) 2, 137 (466,024) 53,813 (30,767) (73.955) 87,264 Net cash provided by operating activities 491,421 1,652,594 24. Analysis of cash and cash equivalents 2024 2023 Cash in hand 4,474,743 1,604,769 (12.258) 1,968,738 3,515,679 (6,524) Notice deposits (less than 3 months) Credit card outstanding Total cash and cash equivalents 6,067,254 5, 4T7, 893 Page 44
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year Finance leases Liquid investments 1,968.738 2.506,005 (1,342) 1,342 (92.228) 120,996 1486,667) 101,392 (77.807) 8,802 3,515,679 (1,910,910 4,474,743 (113,224) (385,275) {69,005) 1,604,769 4,826,373 685,635 5,512,008 26. Pension commitments The charitable company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £33.384 (2023 - £27.679). Page 45
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27. Related party transactions The charitsble company reiVed income from churches in vthich the trustees are Minister In Charge see below.. 2024 2023 Pastor K Bamigbade - Inspiration House Greenwich Pastor A Sanusi - RCCG Victory House London Pastor A Adeleke - House of Praise Trust Pastor F Popoola - Praise Tabernacle 43,189 8,600 16.600 23.200 44,063 31,589 11,600 25,200 91,589 112,452 In addition, during the year the charitable company.. Purchased boxes of holy communion amounting to £306 {2023 - £652) from RCCG Living Waters Parish where the Continental Executive Director is the resident Pastor. Purchased boxes of holy communion amounting to £390 {2023- £805) from Top Hygiene Ltd, a company in which Pastor Stella Lek&Sanusi, the spouse of Pastor Adeleke Sanusi (trustee) is a director and shareholder. Included in Note 15 (Debtors) is £500,000 (2023 - £500,000) loan to House of Praise Trust, an RCCG church where Pastor Andrew Adeleke (a trustee) is a Pastor, for redevelopment of parish's church building. Donated £nil (2023 - £350,000) to RCCG Victory House London, a church where Pastor Adeleke Sanusi (a trustee) is the Chief Executive Officer and resident Pastor, for repayment of the church's mortgage. Page 46
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 28. Funds held as intemiediary 2024 2023 RCCG Unchangeable God Parish Bournemouth 25.970 25,970 25,970 25,970 The above amount is held in a bank account in Central Office's name.. RCCG Unchangeable God Parish Bournemouth represents the proceeds of sale of land at the RCCG Redemption Camp in Nigeria which belongs to RCCG Unchangeable God Parish Bournemouth. The funds were transferred to the Central Office for onward transfer to RCCG Unchangeable God Parish Bournemouth. This bank balance is therefore not included in these financial statements. Page 47