RKDF]£MED CHRISPIAN CHURCH OV GOD REDEMPWION PARISH TRIJSglh]4 S, ANNtJAL RKPORTS & ACCOUNTS FOR PERIOD 1ST JANUARY TO 31£iT DECEMBER 2024 Charity Number 1084772
RFDEEMII D CHRI%TIAN CHURCH OF GOD RFDEMPTION PARISH Contents l. Trustees Annual Report Pages 1-6 2. Independent Examiner's report Page 7 3. Statement of Financial activÉties Page 8 4. Balance Sheet Page 9. 5. Notes to the Financial statement Pages 10-14
REDEEMED CHRISTIAN CHURCH OF GOD REDFNIPTION PARISH TRUSTFFS REPORT FOR THE YEAII ENDED 31 DLCKMBER 20Ag . The Pastor in Charge: Oluyemisi OLUKOYA [Mrs] Church Correspondence Address: 49 Grange Park Road Leyton. LONDON EIO SER. Church Worship Address: 49 GRANGL PARK ROAD Leyton, LONDON EIO SER Trustee Members: Olumuyiwa AJAYI [ChairyErson] Oluwatoyin OPASINA Mr. John ADEDIPE o Mr Babajide ARIYO Bankers: HSBC Bank Plc. 16 Welling Street Woolwich London, SE18 6PH Barclays Bank PIC Wandsworth Branch LONDON Accountants: Lablek Consultancy Financial & Management Consulting 16 Warren Gardens Kent, TNI I OBF. Independent Examiner Lemo Corporate Chartered Certified Accountant 815 Old Kent Road LL)ndon SE15 INX P(xqe l of 14
REDEEMED CHRISTIAN CHURCH OF GOD REDEML PWION PARISH RUSKs ANNUAL REPORT FOR THL YFAR bNDKD 31 DFCFMBER 2024 The board herewith present the activities report and certified Independent Examiner's fmancial report for the year ended 31 December 2024 with external examiner report on page 7. The trustees confllm that this report comply with the current statutory requiremen the requirement governing the document of the Church, Charities Act 2011 and Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. OBJECTIVES AND ACTIVITIES The objectives of the church are set to reflect our Cbristian faith and Community aim. To this end. the programs of activities are designed to reflect this dual aim: • The advancement of the Cbristian faith worldwide • The relief of poverty Our primary objective is to seek the advancement of chrilan religion in accordance with preaching of the faith of the carly ApostlLS and wherever possible, edu people using the Word of God &s our guide. We aim to establish and manage schools: Bible Schools, Bible College, Vocational Bible Schools. corresponden Courses and to teach religious knowledge in school& institutions and the wider community. Each year, our trustees review our objextives and activities to ensure they continue to reflect our aims. In carrying out this review. the tntee$ have considered the Clwity Commission's general guidance on public benefit and (in particular) its supplementary public guidance on the advancement of religion for public benefit. STRATEGIES FOR ACHIEVtNG THE OBJECTIVES In this 2024 year-end reporL we have major review on: How to continue to si_gnificantly increase our income through Tithes, General offering, and generous donation and it were possible raising funds within the community, congregation member pledges, so as to be able to meet our primary aims and objectives The Use of different media plarfornis to Organise our Programs and services such as Zoom, Free Conference calls to mentÉon just but few. With these we aim to reduce Overhead cost associated with face-t¢Fface meeting in the Church Building Page 2 of 14
RKDEEMED CHRISTIAN CHURCH OV GOD REI)EJfjPTION PARISH TRUSWEES ANNUAL REPOR FOR THE YKAR KNDED 31 DECEMBER gJ)94 Judicious use of Funds: Managing our resources is key achieving our objectives. We are also considering other ways that can help incrcase our income base. There has been concerted efforts to seek funds legitimately beyond our traditional sources. With tbis in mind we plan to have consultations with fuwkcial advisers. Income: During the year. our income did not incre&se &s eXCted despite the Faithfulness of our congregation members of planned giving (Tithes) and general offering. This lower income is due to the Church being unable to process the Gift Aid claim and some other factors that affected our members, many of which went back to university for further professional training and competency in their career. Expenditure: The Church Expenditure increase significantly not only because of increase in general Overhead costs of builderslworkmen but also because repairs consequcnt to the of the building. Details of both income and expenditurc are clearly stated in the income and Expenditure accounts on Page 8 and in Notes to the accounts from pagc l O to 14 of this re)rL Risk Analysis and Management: The Trustees have considered probable financial and otherwise risks thal the charity is exposed and systems have becn established based upon their experience and lleY guidelines published by the UK headquarter of the mission to minimise them where unavoidable. Internal procedures are established and are regularly reviewed to ensure compliance. Related Party Relationships.. Redemption Parish is a member of Redeemed Christian Church of God (RCCG), which has parishes in many countries all over the world. This means li has close relationship with RCCG and its Parishes Worldwide. This relationship is governed by a document called th¢ "Agrccmcnt for Common Purposes" in the areas of making fllwlcial contributions and human representstions. Grant Making Policies.. The parish has a policy of supporting visiting ministers of the gospel both from within and outside the lJnited Kingdom in fmancial terms. Financial suppx)rt is and always given to RCCG Ccntral Office administration as well a contribution to World Evangelism Mission (WEM), The Church gave a donation of £500.00 towards Festival of I.ife (FOL)programme in the year and contribution to other RCCG collective programmes in pursuit of gospel mission and in compliance with the agreement of common purpose. In addition to the above and in accordance to the objective of the church, it also gives occasional and one*off welfare grant and support to congregational members who are ifA need or support for those who are bereaved. Page 3 of 14
REDEEMED CHRISTI1 CHURCH OF GOD REDEMPTION PARISH RUSTEES ANNUAL REPORT OR YLAR Lh"DLD 31 DECL'JIBLR 2024 Achieving Our Spiritual Objectivej our Primary pre-occupation We make our worship service accessible and welcoming to aIl Christians and those who which to know more about faith during and after the lockdown Organise events outside the regular Sunday service that reflect community needs, faith group and community cohesion Organise serninars online with proven speakS and ministers of the faith to guide members in the various aspects of life including faidL family, career and fU1Ce. Support for other Charities and Christian events Community welfare (in partnership with our Centra] Office) irrespective of religious baCkOllnd. We successfully establish Youth revelation Church which hold full servirx on every 3 Sunday of every month Prdying for the nation and leaders as of our Missionary and Outreach work ProvÉsion of fmancial and welfare support among members (be your brother's keeper) Online Conferences and events relevant and nefiCIal to our memlxrs Activities and Achievements ID 2024 The Youth/Youth Church: This is the group of Teenagers of the Church called and known as "Youth Revelations" They were given a Platforni to take control of the Church Service on every third Sunday of the month. A very huge success that promised a good future for the Church. Ih On 6 April a career seminar'young People's Career Drive was held and on 26 September another Seminar was held for their benefit on "Emotional Intelligence and Wellbeing - Suicide Prevention During Classroom teachings, we continue to discuss on issues related to Mental and emotional well being as well as career development Mother's and Father's Day were held on l O March and 16 June respectively. The month of July and August was a sorrowful period because of the death of a significant key personnel of The Church known &8 the parish pastor after a brief sickness. Church Area 6 Confercnce and ministraiion were held on 2 November with Guest Speaker, pastor T.A.O Ajayi on almost all aspect of Mental Health issues being a profession. Working with RCCG Central Body: In pursuit ot our objectives, Redemption Parish continue to work in close collaboration with the central body of the mission by drawing up safety and policy guidelines for a unified well-co-ordinated process and procedures. We are also able to obtain some resources that provides for the need of the congregation members of different age. Working wlth Ydnother Christian OrgAnisation: We continue to work in collaboration with other Christian Organisations on a number of initiatives in order to resource. equip and itw)ire the Church across the United Kingdom Besides, Redcmption Parish is in working alliance with Evangelical Alliance which provides a good platforn] on a number of initiatives such as: Relig7ious Liberty/Justice for Persecuted Christians Childrcn in need of desperate loving home and uniting our younger generation with the Church Page 4 of 14
REDEEMED CHRISTIAINT CHURCH OF GOD REDETrIPTION PARISH RLTSTEES ANNUAL REPORT FOR YEA KN1)F .81 DECEIBER 2024 Church Group: The meD. under the umbrella of The Good Men's Fellowship. and the women under the umbrella of The Good Women's Fellowship meet regularly to discuss issues like: .Families, Marriage and Relationship between teenagers and parents .Wealth Creatio Debt management and Civil responsibilities and other social men matter The Men's Fellowship The men's fellowship continued to engage with one another through social media platforni during the to encourage olle another, sljare infOrn]atiO talking through concerns, showing concerns and support for those who were sick and sharing in each other's joy. The Women's Fellowship This group continue to focus on social engagement, health awareness for families, engaging the services of many professionals we have in the medical profession such as GPS, nurses, and social workers. Support was offered to many women who required counselling. Also promoting good parentin& physical fitness. healthy eating for families. The Women had regular online meetings to encourage one another and share their burdens and joy. This helped to create networking with other women in the local community. Senior CitiLens {Wi5dorn Ciroup): Through our elders, group. we had regular engagements with our senior citizens online and visits to drop off gift cards and support them spiritually and emotionally to minimise loneliness. This group continues to meet online every Tuesday and after Sunday services at least once in a month. The Chureh Parish 25 ADniversary: The 25 Anniversary at the present location was celebrated with a Three-day meeting from 7-9pm in December captioned "Divine Encounter" and led by foundation Pastor, Pastor Ade Okonrende. PUBLIC BENEFIT STATEME The Board of Trustees confIrm that despile the challcnges of the year 2024. we have done our bt to remain true to our purpos¢s and making sure we are relevant to the community we serve. We have Irf0M] our legal obligations and dutics in strict compliance and have diie regards to the Charity Commission's general guidan¢e on public benefit. Considcration h&s been given to the Charity Commission's suppl¢tnentary public guidance provisions on the advancement of religion for public benefit. Volunteers". The Church is grateful for the support and efforts of its volunteers who are involved in service provigion. It is est7mated that over 4000 volunteer hours were provided during the year. If this is conservatively valued at £11.44 per hour, the volunteer efforts would amount to over £45,760 Page 5 of 14
REDEEMED CHRISTIAN CHURCH OF GOD REDEMPTION PARISH TRUsBEs ANNUAL REPOR FOR YEAR ENDED 31 DECKhlBER 2024 Board of Trustees, Responsibilities: Regulations applicable to Charity organisation in England and Wales require that the trustees prepaTe financial statement for each fllthncial year, which gives true and fair view of the state of affairs of the Church and of the surplus or deficit of the church for the period. In preparing those fllLqncial statements the tneeS have: Selected suitsble accounting policies and applied them consistently. Made judgements and estimates that are Reasonable and PrudenL Prepared the fmancid statement on a going concern basis [unless il is inappropriaie to presume thal the Trust will continue in opera¢ion] Stated whether applicable accounting standards have been followe [Subject to any material departure disclosed and explained in the statement]. Other Responsibilities: The trustces have the overall responsibility of managing the affairs of the church. This is accomplished by setting up of appropriate system of controls both financial and otherwise. Keeping proper accounting records, which disclose with reasonable accuracy, the financial position of the church in compliance with the Charities Act as applicable. Safeguarding the assets of the Church and taking reasonable steps for the detection and Prevention of fraud and other irregularities. This report was approved by the trus*es on I 71 11 12025. P&8tor Olumuyiwa Ajayi Chalrperson BoaTd of Trustee. (For and on behalf ofthe Trustees) Page 6 of 14
CORPORA TE Chartered Certified Accountants 815 Old Kent Road London SE75 7NX Tel.. Q20 7132 7017 Fax.. 02Q 7732 7735 financeQlemo-corporate.co.uk ¥Y¥Yw.Ismo-wrpoTate.co uk Independent Examiner's Report to the Trustees of RCCG - Redemption Parish We report on the accounis of RCCG - Redemption Parisb for the year ended VAT Reg No.. 843 20Q6 62 31 December 2024 which aTe set out on pages 8 to 14 Respective responsibilities of trustees and examiner Thc charity's trustees are responsible for thc prepardLion of the accounts. i lie c,h(qrity's tnislees consider that an audit is not required for this year (under sec.tion 144(2) of the Charities Act 2011 (the 201 l Act)) and that an indcpendent examination is needpAI. Jt Is my responsibility to.. examinc thc aftAounls {un(ier section 145 of the 2011 Ac:)" to follow thty proccdurc:, laid down in the General Diiections gi'.ien bj th¢ Cbarity Commissioners (undcr seLlioii 145(5)(b) of thc 2011 Act). and to statL' wheth. partiLular matters have come to my attention. Basi&1 of independent examiner's report My exanination was carried out in accordance witn the General Directions given by the Charity Commission. An examiiiation includes a review of the accounting records kept by the charity and a coinparison of the ac¥ounts presenied with those records. 11 also includes conr,idcration of any unusual iteÉr.s or disclosures in the accounts and se¢king e.xplanations froin you as trustces concerning any such mallers. The proccdurcs undertaken do not prc'didc all the evidence that would be required in an audit, ]d consequcnilv I do not express an audit opinion on the vicw givcn by thc accounts. Independent examiner's statement In COfLnection with my examination, no matter bas come to my attention: ( l) whicli gives me reasonable cause to believe that in any material respect the requirements to keep accounting records ip. accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met" or (2) to which, in my opinion, attention should be drawn in order to enable a proper understar,ding of the accounts to be reacbed. Name: MR. OLA LEMO (FCCA. MSC) Signature Date 7of14 ACCA Lemo Coporate regulated fora range ofinveslmwJtk¥isiness &tivtbes by theAs%D"ation of 0)arteI CertifiedAccountsnts
REDEEMED CHRISTIAN CHURCH OF GOD RDEMPTION PARISH srATEMENf OF FINANCIAL AcfiviTIES INCOME AND EXPENDITURE. Fof The FiJ)ancial year of tst January to 31 December 2024. Restticted Unrestiicted Total Funds Funds Funds Total Funds 20 2024 202 202 Notes INCOMES Gth aid Collected Donations Collections and Pknnz Giving-Tithe Collection at all Church services Collection Towards Buildmg TO'fAL comE, 0.00 O.IK) 0.00 0.00 30,701.00 3,900.(K) 160250.(M) 166,329.00 38674.88 25,874.00 1,750.(X) 0.00 202,774.88 222,904.00 3.9.[KI 160250.(K) 36874.88 1750.(K) 202.774.88 0.00 IIF.SOURCES EYPENDED 2024 2024 2023 Cost of Activities in Furtherance of the Charity's objects Resoutces Expended on M2nawg and Admintstering the Chatity Total Resources Expended in the year Net Movement of Funds in the yeat 91,090. 91.090.IX) 90,000.00 103,(KlO.00 194.090.00 9,680.IM) 261,083.00 270,763. Io3,(KM). 105,643.00 194,090.(K) 195,643.00 9.680.(K) 27,261.00 261,08.3.IN) 331,202.00 270,7CI3.(Kl 358,463.00 TOTAL FUNDS AT I JANUARY TOTAL FUNDS AT 31 DECIMBEIL Page 8 Of14
REDEEMED CHRISTL4N CHURCH OF GOD REDEMFfIoN PARISH STATEMENT OF FINANCIAL AcfIviTIES BALANCE SHEET. For The Finattcial year of 1st January to 31 December 2024. FIXED ASSETS: 2024 2023 Tangible Fixed Assets CURRENT ASSETS Net Current asset ( less Current liability) 515JS&1)0 523,669.00 24.472. 64,200.00 539028.00 587.869.00 NET ASSET , LESS CURRENT LIABILITIES CREDITORS . Less than Iyear Amount falling Due after more than One Year (Loan on Propetylmortgage) TOTAL NET ASSET.. 539,828.00 587,869.00 37.856.1)0 0.00 501,972.00 587.869.00 231209.1)0 270.763.IMI 229.406.00 358,463.00 CFIAIUTY FLtNDS: 2024 2023 Retained Funds Movement of Funds 261,083.00 9,680.00 270,763.00 97,380.00 261,083.00 The financial statementswere approved and a on ..17 November 2025 hourised for issue by the tnL8tee Pastor uyi a Ajayi (Chairperson) Signed on behalfof ihe Board of Truslee Page 9 of14
REDEEMED CHRISTIAN CHURCH OF GOD REDEMPTION PARISH TRUSTEES ANNUAL REPOR NO'IIFS TO WHE ACCOLTNT FOR YEAR kNDf4 D 31 DKCEMBER 2024 1. ACCOIJNTING POLICIES I.IBasis of preparation of financial statements 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 on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of RecomMded Practice effective from l April 2005 which has since been withdrawn. The financial ststements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issucd on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 } and Charities Act 2011. Redeemed Christian Church of God ('RCCG') Redemption Parish constitutes a public benefit entity as defined by FRS 102. 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. 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. Expenditure Expenditure is recoliSed once there is a legal or constructive obligation to transfer economic benefit to a third party.. it is probable that a transfer of econojnic benefits will be required in settlement and the amount of the obligation can be measuTcd 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 based on time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Charitable activities and Governance costs are costs incurred on the charity's operation8 including support costs and costs relating to the governance of the charity apportioned to charitable activities. Page IOof14
REDEEMED CHRISTIAN CHURCH OF GOD RbDLMPTION PARISH RU8TPFS ANNUAL REPOR NOTFS 'IIO THE AC:eouNT FOR YEAR 31 DECLMBER 2024 I. ACCOUNTING POLICIES 1.2Tangible fixed assets and depreciation All assets costing more than £500 are capitalise(L A review for impainnent of a fixed asset is carried out If events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impainnents. Impairn]ent losses are recognised in the Statement of financial activities. Tangible fed assets are carried at cosL net of depreciation and any provision for impairment. Depreciation 1% provided at rates calculated to write off the cost of fixed asse less their estimated residual V£iliie. over their expected useful lives on the following bases: Freehold property 2 % straight line Fixtures & I, ittings 200/0 Straight line Interest receitrable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity" this is nornially upon notification of the interest paid or payable by the Bank. Debtors Trade and other debtors are recoliSed at the settlement amount after any trade discount offered. Prepaytnents are valued at the amount prepaid net of any trade discounts due. Cash at Bank and in hand Cash at bank and in hand includes cash and short terni highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 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 proN'ide. 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 sp¢cific to the liability. The unwinding of the discount is recognised within interest payable and similar charges Page 11 of14
REDEEMED CHRISTIAN CHURCH OF GOD REDEMPTION PARISH STATEMENT OF FINANCIAL AcrIvrrIES Notes to the Accollnt. For The FinaDcial year of 1st January to 31 December 2024. Fund accounting General funds are unrestr funds which are available for use at the discretion of the Trustees in fiwtherdnce of the general objectives of the Charity and which have not en designated for other PUTposes. RestFlCted funds are funds which are to be used in accordance with specific restrictions imposed by donorsor which have Ixen raised by the Charity for purposes . The costs of raising and adMIneTing such fimd are charged against the specific fund. The costs of raising and adMI(erIng such fimd are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the fmancial statements. I INCOMES AND DONATIONS 2024 2023 Donations Gift Aid Planned Givingsffithes General Offerings and Others Others - Covenants and Special Givings Total 3.900.00 978.00 0.00 30.70J.00 160.250.00 166,329.00 36.874.88 23,901.00 1,750.00 0.00 202.774.88 221,909.00 2 RESTRICTED FUND: There were no restricted fund in the year under reporting. 3 GRANTS PAYABLE- WEM 2024 2023 January to March April to June July to September Octolxr to Decemlxr Totals 4,500.00 4,500.00 4,500.00 4.500.00 18,000.00 4,500.00 4,500.00 4,500.00 4,500.00 18,000.00 Page 12 of14
REDEEMED CHRISTIAN CHURCH OF GOD REDEMpfIoN PARISH STATEMENf OF FINANCIAL AcfivITIES Notes to the AccounL For The Financial year of 1st January to 31 December 2024. 4. COST OF ACTtVlTIES IN FURTFIERANCE OF THE. CHARITYS OBJE.CTtVES 2024 2023 World Evangelism Mission(WEM) Gospel- Advncement of Faith Contribution to National Progran]nKs Honourariun]s Teaching and Ministrations Confrences Mission Expenses Welfare Totals 18,000.00 33,229.93 2,500.00 6,000.00 14,855.00 15,905.00 600.00 91,089.93 0.00 46,450.00 4,260.00 9,650.00 16,789.00 12,995.00 0.00 90,144.00 5. RESOURCES EXPENDED IN MANAGING & ADM. OF THE CHARITY 2024 2023 Communication Costs Admin Costs /Salary & Wages Advertising and Publications(Tracts) Repairs and Malntenance Travelling expenses Bank loans & Interest PaYnntS Training Depreciatio$ Professional Charges/Compliance Bank Charges Other Adm cost (Utilities) Sundry Expenses 1.424.74 56,000.00 601.00 5,294.82 3,562.00 21,052.00 1,400.00 11,013.00 1,800.00 178.76 1,157.00 46,112.00 508.00 3,364.00 12,942.00 20,830.00 1,200.00 14,475.00 1,800.00 473.00 583.00 2,055.00 105,499.00 252.00 102,578.32 6 CREDITORS Amount fi Less than l Year Bal and Bld Payments Closing balance 77,988.00 40.132.00 37,856.00 Long Term Amount falling due more than l Year ( Outstanding on Mortgage of the Church IMilding) 231,209.00 Page 13 of14
REDEEMED CHRISTIAN CHURCH OF GOD REDEMIyfIoN PARISH STATEMENT OF llNANCIAL AcrtVITIFS Notes to the Account. For The Financial yeat of 1st January to 31 December 2024. 7 FIXED ASSEI" DEPRECIATION SCHEDULE 2024 2024 Building EquipnKnt 2024 TOTAL Opening Bal Additions 723.729.00 2.700.00 726,429.00 723.729.00 2.060.00 523.669.00 10,473.38 210J33.38 2,700.00 726.429.00 726.429.00 526.369.00 11,013.38 211,073.38 Accm Depreciation 2,700.00 540.00 540.00 Current Charge Accm Depreciation Net Bal: At 31 Dec 2024 513.195.62 2.160.00 515,355.62 Depreciation 0/0 20 Page 14 Of14