OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Charity number: 1084771

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 13
Independent auditors' report on the financial statements 14 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 40

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

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

General Overseer Pastor E A Adeboye
Trustees Dr Francis Oladimeji, Chair
Dr David Olusola Oludoyi, Pastor in Charge
Roseline Bella
Temitope Akinmoyewa Akinlosotu
Elkanah Olufemi Ayangbayi
Modupe Bello
Associate Trustees Mr Afolabi Ajisafe
Mr S Akpan
Charity registered
number
1084771
Principal office
199 Freemason Road
Canning Town
East London
London
E16 3PG
Pastor In Charge
Dr David Olusola Oludoyi
Independent auditors
Stephen Michael Associates
Chartered Certified Accountants
Statutory Auditors
201 Borough High Street
London
SE1 1JA
Bankers
Barclays Bank plc
Medium Business Team
P O Box 35721
London
E14 4WA

Page 1

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 January 2023 to 31 December 2023.

The Trustees confirm that the report and financial statements of the Charity have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and 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 (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The charity's objects are:

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and in the decision-making policy in allocating funds for the year. In carrying out this review the Trustees have considered the Charity Commission’s supplementary public guidance on the advancement of religion for the public benefit.

The Charity pursues its objects by the operation of a centre for Christian worship at Monier Road, Bow, London, and by a programme of events aimed at reaching out to the unchurched. It also embarks on wide range charitable events aimed at engaging with hard-to-reach groups and to the disadvantaged in the community.

The charity's main objectives for the year were:

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

Page 2

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

b. Strategies for achieving objectives

The charity's strategies for achieving these objectives were:

Page 3

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

The benefits of the Charity’s work are the lifetime changes in people’s lives, building bridges with our communities, collaborative working with businesses in Fish Island, and the advancement of the Christian faith in the borough. The Trustees are pleased that the achievements and performance of the Charity, as set out below, demonstrate tangible outcome. The significant activities that contributed to the achievement of these objectives were:

The sessions covered include:

Page 4

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

How to access Grants and Schemes available including eligibility criteria Benefit and income maximisation.

How to refer residents to access food support and the different types of support available Energy and utility bill saving tips.

Page 5

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

Inequality and Disproportionality during the Covid 19 pandemic and Black Lives Matter demonstrations. Meetings are held on second Monday of every month and outcomes from the group is fed into the Newham Strategic Health and Wellbeing Board at their meetings also held once a month. There are five workstreams and we are currently on the Socio Economic Group and we will move to the other groups by rotation.

Page 6

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

Page 7

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

cause of the Christian faith. Received testimonies from some members of the community of how they were able to gain employment after attending our surgeries.

d. Volunteers

The church is grateful for the commitment and unstinting efforts of its volunteers who are involved in services provision. The Church has over 250 volunteers committed to working in various departments within the church. It is estimated that over 40,000 volunteer hours were provided during the year. If this is conservatively valued at £10.00 an hour the volunteer efforts amount to over £400,000. The church continues to dispense the service of heads of departments and Ministers to ensure that the best value is derived from the sterling efforts of the volunteers.

Achievements and performance

a. Key performance indicators

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help.

The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

.

Page 8

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Review of activities

The benefits of the Charity’s work are the ability to make a difference in people’s situation through the various activities it runs in the course of the year. The Trustees are pleased that the achievements and performance of the Charity, a few of them set out below, demonstrate a tangible progress.

Reaching out to the Community:

Integration and Career Advisory Surgeries:

  1. Organised monthly advice surgeries to members’ on how to progress in their careers.

  2. Many career professionals have been invited to talk on ways members can improve their knowledge and skills in gaining and retaining employment.

  3. Organised monthly surgeries for members and non members to inform them of their legal, housing and immigration rights in the UK.

  4. Run careers and business workshops and seminars.

  5. Organised small group meetings to provide information on how members new to the UK can integrate well in the society.

Smile of a Woman :

  1. This is a scheme run by the Royal Women’s Ministry which has continue to reach out to the less privileged people in the community as a result of the economic recession and the existing Covid 19 pandemic crisis. Donated toiletries to women in need in Tower Hamlets.

Congregational Health Checks:

  1. Ongoing free health checks is open and accessible to members of the community and is run by our team of health professionals. Evaluation of the health checks showed that those who attended the sessions were made to feel at ease by the team members. Also, the ability for them to be able to discuss their health issues or concerns with the team are key achievements of this service.

Other activities undertaken to reach out to the Community:

  1. The Charity was able to pay the school fees for 150 students in Uganda as part of its commitment to support the cause of orphans in Africa.

  2. The Charity does a collection of various items on a regular basis and contributes considerably to

  3. Mission to Africa, sending clothing and provisions to people in Uganda and Nigeria.

  4. Operation ‘Christmas Child’. Aimed at reaching out to the less privileged children in different parts of the world with our gifts and hope that through our generosity they can feel the true love of God.

  5. Made charitable donations to charity organisations.

Collaborative Working:

The Charity has engaged with a number of local, voluntary and state bodies in Newham and outside the borough as set out below:

  1. Collaborative Working with the Newham Faith and Communities Metropolitan Police Officer – We are actively working closely with the Metropolitan Police in their efforts to

  2. engage with the community to combat crime and other social issues which will bring peace and community cohesion.

  3. Transform Newham – We are actively involved in this charity’s work in connecting churches

  4. and charities together for the common good and actively pray for the Borough and for families going through difficult times during the pandemic.

Page 9

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

  1. Custom House and Canning Town Community Assembly Projects – We are a member of this Working Group and we were involved in sifting and interviewing potential bidders mainly from residents to undertake projects to improve their community. The projects are about to commence and we will be one of the project supervisors monitoring the progress made.

  2. Police Encounter Panels (PEPs) – We will be expected to actively work with the Met Police on this initiative when it officially takes off next year.

  3. Newham Food Alliance – As one of the leading food distributing hub in the Borough, there is potential for us to be engaged with this group on a larger scale due to the spiralling inflation affecting the low-income people in the community.

  4. Mental Health – We signed up to Newham Better Mental Health and Wellbeing initiative to support those are struggling with mental health issues. We received a thank you letter from the London Mayor for championing mental health in the Borough.

  5. Beckton Parks Masterplan Follow-up Workshop – We were invited to this event to work with other groups and organisations to look into transforming the recreation parks in Beckton. Our role was to review the experiences we have had in the past when using the parks for our church events and what our thoughts are with the current state of the parks and the facilities available to make our events a worthwhile one.

  6. Newham’s Annual Council Meeting – This meeting is a very important civic moment for every resident, groups and organisations in Newham as it provides the opportunity to set out the plans of the Council in the coming 12 months. It’s all part of the Council’s commitment to forging deeper bonds with valued partners, residents and communities.

c. Investment policy and performance

The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.

Financial review

a. Going concern

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

Page 10

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

b. Reserves policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the church should be 3 months of annual expenditure. At this level, the Trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding.

The balance held as unrestricted funds at 31 December 2023 was £3,560,669 (2022 - £3,434,853), of which £378,165 (2022 - £243,359) are regarded as free reserves, after allowing for funds tied up in tangible fixed assets. The trustees recognise that the current level of free reserve does not reach the above target and are considering ways in which additional unrestricted funds will be raised.

c. Principal risks and uncertainties

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances.

The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

d. Principal funding

The Charity's principal funding is through members contribution and donations from supporters and well-wishers of the church.

Structure, governance and management

a. Constitution

Redeemed Christian Church of God ('RCCG') Royal Connections is a registered charity, number 1084771, and is constituted under a Trust deed dated 21 November 2000. .

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed

c. Organisational structure and decision-making policies

New trustees are elected on the basis of the contribution that they will make to the governance of the organization and the skills that they will contribute. They are provided with copies of the Charity Commission's guidance to trustees and given an introduction to the activities of the charity by the existing board.

d. Policies adopted for the induction and training of Trustees

Existing trustees are provided with training as and when required.

Page 11

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

e. Pay policy for key management personnel

Our goal is to offer fair pay to attract and keep appropriately qualified staff to lead, manage, support and deliver the charity’s aims. It is consistent with our aims and we recognise that we are able to attract senior executives with lower pay than public or private sector market rates.

  1. The Trustees are responsible for setting remuneration levels for the church’s pastors and most senior staff.

  2. Pay and rewards are set making informed judgments and following the charity’s governance and constitutional arrangements.

  3. In deciding top levels of pay and rewards, trustees consider some or all of the following:

  4. The purposes, aims and values of the charity, and its beneficiaries’ needs including whether a lower rate of pay compared to similar roles in other sectors is appropriate

  5. The Charity’s current business plan and how implementing it may affect the number of senior staff the charity needs to employ or recruit, and the nature of these roles

  6. The Charity’s ability to pay, including:

  7. the benefit to the charity that such positions will bring

  8. the cost to the charity of increasing remuneration levels

  9. how increasing pay, particularly at senior levels, would be perceived by employees, donors and beneficiaries

  10. whether it’s affordable

  11. the appropriateness of the pay in the context of the charity and its beneficiaries’ needs

    1. Our assessment of the charity’s and senior staff’s performance against expectations, both short and long term

  13. The wider ‘employment offer’ they can make to potential employees

  14. The Charity’s track record in attracting and retaining committed and motivated employees

  15. The likely impact on, and views of, beneficiaries, donors, funders, and current and potential volunteers

  16. The relationship between policy and practice for pay of senior staff and that of the Charity’s whole workforce.

Plans for future periods

Forward Plan for Premises:

Change of Premises:

The Charity’s current lease is rolling. Charity is still rigorously searching for a new premises.

Other future developments include:

Page 12

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Stephen Michael Associates, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

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

_________ Dr Francis Oladimeji Chair

Date:

Page 13

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

Opinion

We have audited the financial statements of Redeemed Christian Church of God ('RCCG') Royal Connections (the 'charity') for the year ended 31 December 2023 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 charity 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 14

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS (CONTINUED)

Other information

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 explicitly 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Page 15

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether 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 instances 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 procedures are capable of detecting irregularities, including fraud is detailed below:

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-compliance 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 statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Page 16

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS (CONTINUED)

Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Michael Associates Chartered Certified Accountants Statutory Auditors 201 Borough High Street London SE1 1JA

Date:

Stephen Michael Associates are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 17

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
78,755
-
-
78,755
3,125
3,125
75,630
-
75,630
33,325
75,630
108,955		 Unrestricted
funds
2023
£
1,053,614
277
165,870
1,219,761
1,087,360
1,087,360
132,401
-
132,401
3,434,853
132,401
3,567,254		 Total
funds
2023
£
1,132,369
277
165,870
1,298,516
1,090,485
1,090,485
208,031
-
208,031
3,468,178
208,031
3,676,209		 Total
funds
2022
£
1,029,849
120
136,982
1,166,951
995,036
995,036
171,915
611,000
782,915
2,685,263
782,915
3,468,178

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

The notes on pages 21 to 40 form part of these financial statements.

Page 18

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
11
Investment property
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
General funds
16
Revaluation reserve
Total unrestricted funds
16
Total funds		 394,646
317,331
711,977
(224,857)
2,078,102
1,489,152		 2023
£
41,089
3,148,000
3,189,089
487,120
3,676,209
3,676,209
3,676,209
108,955
3,567,254
3,676,209		 287,412
184,661
472,073
(195,389)
1,945,701
1,489,152		 2022
£
43,494
3,148,000
3,191,494
276,684
3,468,178
3,468,178
3,468,178
33,325
3,434,853
3,468,178

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

................................................ ................................................ Dr Francis Oladimeji Temitope Akinmoyewa Akinlosotu Chair

Date:

The notes on pages 21 to 40 form part of these financial statements.

Page 19

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 21 to 40 form part of these financial statements		 2023
£
(30,548)
162,858
360
-
163,218
-
-
132,670
184,661
317,331		 2022
£
(17,924)
136,982
2,700
(3,530)
136,152
(50,000)
(50,000)
68,228
116,433
184,661

Page 20

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Redeemed Christian Church of God ('RCCG') Royal Connections is a charitable trust registered with the Charity Commission in England & Wales.

The office address is: 199 Freemason Road, Canning Town, East London, London E16 3PG.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Redeemed Christian Church of God ('RCCG') Royal Connections 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 Income

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

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

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 ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Expenditure

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

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

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

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

2.5 Gift Aid

In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the parent charity under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value.

Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Statement of financial activities.

Page 22

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.6 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 revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a charity may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.

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 - 2% straight line
Music and church equipment - 12.5% straight line
Motor vehicles - 25% reducing balance
Fixtures and fittings - 12.5% straight line
Computer equipment - 25% reducing balance

2.7 Debtors

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

2.8 Cash at bank and in hand

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

Page 23

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

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

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

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

2.10 Financial instruments

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

2.11 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.12 Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

Page 24

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Donations
Donations
Grants		 Restricted
funds
2023
£
78,755
Restricted
funds
2022
£
33,325
-
33,325		 Unrestricted
funds
2023
£
1,053,614
Unrestricted
funds
2022
£
996,024
500
996,524		 Total
funds
2023
£
1,132,369
Total
funds
2022
£
1,029,349
500
1,029,849

The grant is from Queen's Jubilee.

Page 25

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from charitable activities

Income from charitable activities - Books and tapes sale
Income from charitable activities - Books and tapes sale		 Unrestricted
funds
2023
£
277
Unrestricted
funds
2022
£
120		 Total
funds
2023
£
277
Total
funds
2022
£
120

Page 26

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment income

Unrestricted
funds
2023
£
Investment income - local investment properties
164,643
Investment income - local cash
1,227
165,870
Unrestricted
funds
2022
£
Investment income - local investment properties
136,870
Investment income - local cash
112
136,982		 Total
funds
2023
£
164,643
1,227
165,870
Total
funds
2022
£
136,870
112
136,982

Page 27

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure on charitable activities

Summary by fund type

Advancement of Christian Faith Worldwide
Advancement of Christian Faith Worldwide		 Restricted
funds
2023
£
3,125
Restricted
funds
2022
£
125,726		 Unrestricted
funds
2023
£
1,087,360
Unrestricted
funds
2022
£
869,310		 Total
2023
£
1,090,485
Total
2022
£
995,036

7. Analysis of expenditure by activities

Advancement of Christian Faith Worldwide
Advancement of Christian Faith Worldwide		 Activities
undertaken
directly
2023
£
747,201
Activities
undertaken
directly
2022
£
691,759		 Support
costs
2023
£
343,284
Support
costs
2022
£
303,277		 Total
funds
2023
£
1,090,485
Total
funds
2022
£
995,036

Page 28

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Visiting speakers' expenses
Children and youth expenses
Music and choir expenses
Premises costs
Communication costs
Charitable donation to organisations - United Kingdom
Charitable donation to organisations - Europe
Charitable donation to organisations - Rest of the world
Staff costs
Visiting speakers' expenses
Children and youth expenses
Music and choir expenses
Premises costs
Communication costs
Charitable donation to organisations - United Kingdom
Charitable donation to organisations - Europe
Charitable donation to organisations - Rest of the world		 Advanceme
nt of
Christian
Faith
Worldwide
2023
£
285,071
43,206
2,385
69,305
146,900
10,754
166,600
13,130
9,850
747,201
Advancemen
t of Christian
Faith
Worldwide
2022
£
278,285
82,172
314
22,000
130,903
16,601
144,421
14,435
2,628
691,759		 Total
funds
2023
£
285,071
43,206
2,385
69,305
146,900
10,754
166,600
13,130
9,850
747,201
Total
funds
2022
£
278,285
82,172
314
22,000
130,903
16,601
144,421
14,435
2,628
691,759

Page 29

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Donations
Premises costs
Communication costs
Vehicle running costs
Sundry church expenses
Equipment hire and rental
Bookshop expenses
Staff training
Volunteer expenses
Refreshments
Finance costs
Legal and professional fees
(Profit)/loss on disposal of Fixed Asset
Advertising
Governance costs		 Advanceme
nt of
Christian
Faith
Worldwide
2023
£
100,479
2,405
3,148
73,134
6,281
3,754
12,794
4,145
163
6,568
9,397
26,180
7,124
68,511
(360)
12,211
7,350
343,284		 Total
funds
2023
£
100,479
2,405
3,148
73,134
6,281
3,754
12,794
4,145
163
6,568
9,397
26,180
7,124
68,511
(360)
12,211
7,350
343,284

Page 30

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Donations
Premises costs
Communication costs
Vehicle running costs
Sundry church expenses
Equipment hire and rental
Bookshop expenses
Staff training
Volunteer expenses
Refreshments
Finance costs
Legal and professional fees
(Profit)/loss on disposal of Fixed Asset
Advertising
Governance costs
8.
Auditors' remuneration
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Fees payable to the charity's auditor in respect of:
All non-audit services not included above		 Advancemen
t of Christian
Faith
Worldwide
2022
£
74,189
5,147
1,716
62,804
8,562
3,768
9,863
7,672
2,384
8,641
6,276
22,057
7,704
69,768
(1,712)
7,348
7,090
303,277
2023
£
5,550
1,800		 Total
funds
2022
£
74,189
5,147
1,716
62,804
8,562
3,768
9,863
7,672
2,384
8,641
6,276
22,057
7,704
69,768
(1,712)
7,348
7,090
303,277
2022
£
5,200
1,890

Page 31

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
335,618
33,319
16,613
385,550		 2022
£
305,174
32,166
15,134
352,474

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

Pastors
Church administration		 2023
No.
3
3
6		 2022
No.
3
2
5

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 -
In the band £110,001 - £120,000 - 1
In the band £130,001 - £140,000 1 -

Page 32

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the charity. The payment is allowed within the charity's governing documents. The value of Trustees' remuneration and other benefits was as follows:

2023 2022
£ £
Pastor (Dr) D O Oludoyi Remuneration 139,178 135,075
Pension contributions paid 6,958 6,754

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

11. Tangible fixed assets

Cost or valuation
At 1 January 2023
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
property
£
30,000
-
30,000
-
-
-
-
30,000
30,000		 Other fixed
assets
£
286,264
(5,000)
281,264
272,770
2,405
(5,000)
270,175
11,089
13,494		 Total
£
316,264
(5,000)
311,264
272,770
2,405
(5,000)
270,175
41,089
43,494

Included in land and buildings is freehold land at valuation of £30,000 (2022 - £30,000), which is not depreciated.

Page 33

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Investment property

Valuation
At 1 January 2023
At 31 December 2023		 Freehold
investment
property
£
3,148,000
3,148,000

Freehold property (1 – 9 Sewell Street, London E13 8AT) - the valuation report was provided by Joe Fox (Head of Childcare & Education) of Alex Martin Commercial, Alpha House, 100 Borough High Street, London, SE1 1LB on 30 October 2023, on an open market value for existing use basis.

Alex Martin Commercial is a leading commercial agency established in 2010 to specialise in Place of Worship, Education and Nursery buildings with a focus on Greater London.

Leasehold property (37 Morrison House, Jesmond Road, Grays and garage RM16 2NR) - the valuation is based on the buy back offer received from Thurrock Council that own the freehold of the property on 17 October 2023, through their agent - Richard John Clarke Chartered Surveyors (a firm regulated by RICS) of Swan House 9-12 Johnston Road, Woodford Green, Essex IG8 0XA.

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable		 2023
£
28,854
158,199
3,582
204,011
394,646		 2022
£
15,745
155,743
10,117
105,807
287,412

Page 34

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension
Other creditors
Accruals and deferred income		 2023
£
30,651
45,892
6,721
27,398
114,195
224,857		 2022
£
22,678
37,072
4,434
28,652
102,553
195,389

15. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 317,331 184,661

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Page 35

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Revaluation reserve
Restricted funds
Building fund 1
Building fund 2
Total of funds		 Balance at 1
January
2023
£
1,945,701
1,489,152
3,434,853
30,200
3,125
33,325
3,468,178		 Income
£
1,219,761
-
1,219,761
78,755
-
78,755
1,298,516		 Expenditure
£
(1,087,360)
-
(1,087,360)
-
(3,125)
(3,125)
(1,090,485)		 Balance at
31
December
2023
£
2,078,102
1,489,152
3,567,254
108,955
-
108,955
3,676,209

The Building fund 1 represents donations received toward the purchase of new church premises.

The charity has enough resources to finance the restricted funds.

Page 36

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Revaluation reserve
Restricted funds
Building fund 1
Building fund 2
Total of funds		 Balance at
1 January
2022
£
1,681,385
878,152
2,559,537
125,726
-
125,726
2,685,263		 Income
£
1,133,626
-
1,133,626
30,200
3,125
33,325
1,166,951		 Expenditure
£
(869,310)
-
(869,310)
(125,726)
-
(125,726)
(995,036)		 Gains/
(Losses)
£
-
611,000
611,000
-
-
-
611,000		 Balance at
31
December
2022
£
1,945,701
1,489,152
3,434,853
30,200
3,125
33,325
3,468,178

17. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
January
2023
£
3,434,853
33,325
3,468,178		 Income
£
1,219,761
78,755
1,298,516		 Expenditure
£
(1,087,360)
(3,125)
(1,090,485)		 Balance at
31
December
2023
£
3,567,254
108,955
3,676,209

Page 37

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 January
2022
£
2,559,537
125,726
2,685,263		 Income
£
1,133,626
33,325
1,166,951		 Expenditure
£
(869,310)
(125,726)
(995,036)		 Gains/
(Losses)
£
611,000
-
611,000		 Balance at
31
December
2022
£
3,434,853
33,325
3,468,178

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
41,089
-
3,148,000
108,955
603,022
-
(224,857)
108,955
3,567,254		 Total
funds
2023
£
41,089
3,148,000
711,977
(224,857)
3,676,209

Analysis of net assets between funds - prior year

Tangible fixed assets
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
-
-
33,325
-
33,325		 Unrestricted
funds
2022
£
43,494
3,148,000
438,748
(195,389)
3,434,853		 Total
funds
2022
£
43,494
3,148,000
472,073
(195,389)
3,468,178

Page 38

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Increase in debtors
Increase in creditors
Net cash used in operating activities
20.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
21.
Analysis of changes in net debt
At 1
January
2023
£
Cash at bank and in hand
184,661
Debt due within 1 year
(29,184)
155,477		 2023
£
208,031
2,405
(162,858)
(360)
(107,234)
29,468
(30,548)
2023
£
317,331
317,331
Cash flows
£
132,670
(1,537)
131,133		 2022
£
171,915
5,147
(136,982)
(1,712)
(64,655)
8,363
(17,924)
2022
£
184,661
184,661
At 31
December
2023
£
317,331
(30,721)
286,610

Page 39

REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') ROYAL CONNECTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Pension commitments

"The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £16,613 (2022 - £15,134) were payable to the fund at the balance sheet date and are included in creditors.

23. Operating lease commitments

At 31 December 2023 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2023 2022
£ £
Not later than 1 year 144,000 144,000

24. Related party transactions

Included in other debtors (note 13) is £5,773 owed by Pastor Oludoyi, a trustee.

Page 40