Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
Charity number: 1084777
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees Mr Kehinde Oladuji Mr Charles Sylvester-Emukowhate Mrs Yetunde Oluremi Adepegba Mr Emmanuel Olubiyi Akintoye
Charity registered number 1084777 Principal office RCCG - Inspiration House (the habitation of God's breath) 203 - 207 Woolwich Road London SE10 0RL Minister in Charge Pastor Kola Bamigbade Accountants Oladapo Obisesan 5 Day Close Ebbsfleet Valley Kent DA10 1DQ Bankers HSBC Bank plc 47 Rye Lane Peckham London SE1 5ET Lloyds Bank plc 25 Camberwell Green Camberwell London SE5 7AB The Charity Bank Limited Fosse House 182 High Street Tonbridge TN9 1BE
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements for Redeemed Christian Church of God ('RCCG') Inspiration House (the charity) for the year ended 31 December 2024. The Trustees confirm that the annual 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 published on 16 July 2014.
Objectives and activities
a. Policies and objectives
The Board of Trustees confirm that they have met their duties in strict compliance with the provisions of section 4 and 17 of the Charities Act 2011, and have had due regard to the Charity Commission's general guidance on public benefit. Particular consideration has been given to the Charity Commission's supplementary public guidance provisions on the advancement of religion for the public benefit.
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)'.
b. Strategies for achieving objectives
Virtual training sessions and seminars to guide members in various aspects of Christian faith.
c. Activities undertaken to achieve objectives
The Church in pursuit of her objectives organized programs and events which were open to all throughout the period under review. Christian worship services were conducted on a regular basis. They were in addition to various teaching sessions for all and sundry, as well as Training Sessions for our volunteers.
d. Volunteers
The Church is grateful for the unstinting efforts of its volunteers who are involved in service provision, office work and administration. It is estimated that over 1,100 hours were provided during 2024. If this is valued at £12.00 an hour the volunteer effort amounts to over £13,200.00
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance
a. Review of activities
Our services are in person and virtual. We currently operate our main Sunday service from the Royal Greenwich Trust School, as we wait for the Royal Borough of Greenwich Heritage to give us full consent to renovate our church building which happens to be a listed building and make it habitable. All services are open to the public and free to attend.
We engage in various community events during the year such as:
-
Evangelism which establishes Church presence in the community and impacts public lives positively
-
Lunch on Jesus now known as Love Christmas.
-
Summer picnic open to the public
-
Volunteer training via tele-conference and/or video conference
-
Daily prayer via zoom.
b. Investment policy and performance
The Trustees have decided that at present, funds should be retained in bank. 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.
b. Reserves policy
The Trustees of the Charity have a prudent reserve policy, conscious of the fact that the Charity is not selffinancing and aware that reserve must be set aside in case of funding challenges. The Trustees have adopted a policy to set aside £1,831.08 every month until further notice; which might be used for any purpose when needed; and will be subject to further review, in light of the continuing growth in the charity’s operation.
The Church's free reserve at the end of the year is £740,867 (2023 - £859,436).
c. Principal risks and uncertainties
The Trustees have assessed the major risks to which the Church is exposed, in particular those related to the operations and finances of the Church, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
d. Principal funding
This is provided mainly through voluntary donations tithes and offerings by the Church members and through Gift Aid Scheme. Pledges are also taken for specific projects.
Structure, governance and management
a. Constitution
Redeemed Christian Church of God (RCCG) Inspiration House is a registered Charity, number 1084777, and is constituted under a Trust deed.
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. Organizational structure and decision-making policies
The Church (The Charity) is organized so that the Trustees meet regularly and at times, on an ad-hoc basis, to manage its affairs. The day-to-day activities are managed by the Minister-In-Charge who is also the Chief Executive Officer of the Charity.
d. Policies adopted for the induction and training of Trustees
The induction process for any newly appointed Trustees comprises an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.
RCCG Central Office regularly hosts STAR (Strategic Training on Awareness of Regulations) webinars to keep Trustees and other appropriate persons up to date.
e. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Church continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life-changing impact in society.
The Church plans to raise £1,500,000 in several phases towards the ongoing renovation of its recently purchased building.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr Kehinde Oladuji
9/28/2025 Date:
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent examiner's report to the Trustees of Redeemed Christian Church of God (RCCG) Inspiration House ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
~~SS~~
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 9/27/2025
Oladapo Obisesan
FCCA
Oladapo Obisesan
5 Day Close Ebbsfleet Valley Kent
DA10 1DQ
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note INCOME FROM Donations & Legacies 3 Investments TOTAL INCOME EXPENDITURE ON: Charitable Activities 4 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total Funds brought forward TOTAL FUNDS CARRIED FORWARD |
Restricted Funds Dec 2024 Unrestricted Funds Dec 2024 £ £ 7,812 473,450 |
Total Funds Dec 2024 £ 481,262 |
Total Funds 2023 £ 557,422 |
|---|---|---|---|
| 7,812 473,450 |
481,262 | 557,422 | |
| 245,672 374,500 |
620,173 | 431,478 | |
| 245,672 374,500 |
620,173 | 431,478 | |
| **(237,860)98,950 ** | (138,910) | 125,945 | |
| 438,232 1,065,077 |
1,503,309 | 1,377,364 | |
| 200,372 1,164,027 |
1,364,398 | 1,503,309 |
The statement of financial activities includes all gains and losses recognized in the year. The notes on pages 9 to 17 form part of these financial statements.
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
~~SS~~
BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Note | |||||
| FIXED ASSETS | |||||
| Tangible Assets | 5 | 2,042,745 | 2,092,196 | ||
| CURRENT ASSETS | |||||
| Debtors | 6 | - | - | ||
| Cash at Bank | 839,162 | 957,731 | |||
| 839,162 | 957,731 | ||||
| CREDITORS: Amounts | |||||
| fallingdue | 7 | (98,295) | (98,295) | ||
| within one year | |||||
| NET CURRENT ASSETS | 740,867 | 859,436 | |||
| CREDITORS: Amounts | |||||
| fallingdue | 8 | (1,419,213) | (1,448,323) | ||
| after more than one year | |||||
| TOTAL NET ASSETS | 1,364,398 | 1,503,309 | |||
| CHARITY FUNDS | |||||
| Restricted Funds | 9 | 200,372 | 365,381 | ||
| Unrestricted Funds | 9 | 1,164,027 | 1,137,927 | ||
| TOTAL FUNDS | 1,364,398 | 1,503,309 |
The financial statements were approved and authorized for issue by the Trustees and signed on their behalf by:
9/28/2025 9/28/2025
Mr Kehinde Oladuji
Mrs Yetunde Adepegba
The notes on pages 9 to 17 form part of these financial statements
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
RCCG Inspiration House is a charitable organisation registered with the Charity Commission in England & Wales. The office address is 79 Newbery Road, Erith DA8 2BZ
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 2015), 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 on 16 July 2014 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) Inspiration House 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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.
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL 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.
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 basis:
| Freehold property | - | 2% Straight line |
|---|---|---|
| Motor vehicles | - | 25% Reducing balance |
| Office equipment | - | 25% Straight line |
2.6 Debtors
Trade and other debtors are recognized at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 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.
2.8 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.
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.9 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.
2.10 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.
2.11 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.
3. Income from donations & legacies
| Collections & Donations Church Collections & Donations Unresticted: Tithes Unrestricted: Collections at all services Unrestricted: Gift aid Tax Refund Restricted: Welfare Restricted: Building Fund |
Restricted Funds Dec 2024 Unrestricted Funds Dec 2024 £ £ 7,812 473,450 |
Total Funds Dec 24 Total Funds 2023 £ £ 481,262 557,422 |
|---|---|---|
| 2024 2023 £ £ 266,105 348,400 101,034 88,258 106,312 100,359 2,060 3,364 5,752 17,041 |
||
| 481,262 557,422 |
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Analysis of Expenditure
| Staff Costs 2024 £ Staff Costs 78,407 Direct Costs Support Costs 78,407 Staff Costs Wages & Salaries Social Security Costs-Tax & N.I. Contribution to defined contribution pension scheme |
Staff Costs 2024 £ 78,407 |
Other Costs 2024 £ 454,907 86,859 |
Total Costs 2024 Total Costs 2023 £ £ 78,407 67,644 454,907 292,341 86,859 71,493 |
|---|---|---|---|
| **78,407 ** | 541,766 | 620,173 431,478 |
|
| 2024 2023 £ £ 54,888 54,888 19,918 9,156 3,600 3,600 |
|||
| 78,407 67,644 |
The average number of persons employed by the Charity during the year was as follows:
| Pastors Staff |
2024 2023 No. No. 2 2 - 0 |
|---|---|
| 2 2 |
No employee received remuneration amounting to more the £60,000
During the year no trustees received remuneration or other benefits
During the year no trustee expenses have been incurred
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4 Analysis of Expenditure (continued)
| Direct Costs Honorarium Refreshments Premises Costs Mortgage Interest Building Security Costs - Restricted Building Renovation Costs - Restricted Website and Multimedia Communication Costs Depreciation Total Direct Cost Support Costs Professional Fees Conferences and Meetings: Conference Travel Repairs & Equipment Insurance Bank/Card Charges Subscriptions (Incl Membership Fee-CCLI) General Expenses Charitable Donations RCCG: Nigeria RCCG Membership Contribution - Central Office Advancement of Christian Faith-WW(WEM) Vehicle Expenses Total Support Costs |
2024 2023 £ £ 9,491 3,750 - - 29,697 21,802 117,008 110,490 70,196 79,591 175,477 13,664 2,962 4,534 626 8,063 49,451 50,446 |
|---|---|
| 454,907 292,341 |
|
| 2024 2023 £ £ 617 - 11,689 7,253 - - 15,482 13,005 1,623 1,623 229 614 3,654 1,109 2,886 - 2,200 2,900 41,595 39,663 6,883 5,324 |
|
| 86,859 71,493 |
`
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Fixed Assets
TANGIBLE FIXED ASSETS
Land and buildings
| Costs Cost at 1 January 2024 Additions At 31st December 2024 Depreciation At 1 January 2024 Charge for the Period At 31st December 2024 Net Book Value 31-Dec-24 31-Dec-23 Office Equipment Costs Cost at 1 January 2024 Additions At 31st December 2024 Depreciation At 1 January 2024 Charge for the Period At 31st December 2024 Net Book Value 31-Dec-24 31-Dec-23 |
£ 2,309,570 - |
|---|---|
| 2,309,570 | |
| 230,137 46,191 |
|
| 276,328 | |
| 2,033,242 | |
| 2,079,433 | |
| £ 891 - |
|
| **891 ** | |
| 274 223 |
|
| **497 ** | |
| 394 | |
| 617 |
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Fixed Assets (continued)
| Motor Vehicles Costs Cost at 1 January 2024 Additions At 31st December 2024 Depreciation At 1 January 2024 Charge for the Period At 31st December 2024 Net Book Value 31-Dec-24 31-Dec-23 Total Fixed Assets Net Book Value 31-Dec-24 31-Dec-23 |
£ 81,915 - |
|---|---|
| 81,915 | |
| 69,770 3,036 |
|
| 72,806 | |
| 9,109 | |
| 12,146 | |
| £ 2,042,745 |
|
| 2,092,196 |
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. DEBTORS
| DEBTORS | |
|---|---|
| Other Debtors Prepayments & Accrued Income Tax Recoverable-Gift Aid |
2024 2023 £ £ - - - - - - |
| - - |
7. CREDITORS: Amounts falling due within one year
| CREDITORS: Amounts falling due within one year | |
|---|---|
| Net obligations under Finance Leases and Hire Purchase Contracts Payroll Liabilities Creditors Accruals: WEM RCCG H/O Bank Loan Total Creditors |
2024 2023 £ £ - - - 0 - 0 (54,053) (54,053) (44,242) (44,242) |
| (98,295) (98,295) |
CREDITORS: Amounts falling due after more than one
8. year
| CREDITORS: Amounts falling due after more than one year |
|
|---|---|
| Bank Loans - Mortgage Church Building Total Bank Loans |
2024 2023 £ £ (1,419,213) (1,448,323) |
| (1,419,213) (1,448,323) |
9. STATEMENT OF FUNDS
STATEMENT OF FUNDS- CURRENT YEAR
| YEAR | |||
|---|---|---|---|
| General Funds Restricted Funds Total Funds |
Balance at 1 January 2024 £ 1,065,077 438,232 |
Income Expenditure £ £ 473,450 374,500 |
Balance at 31st December 2024 £ 1,164,027 |
| 7,812 245,672 |
200,372 | ||
| 1,503,309 | 481,262 620,173 |
1,364,398 |
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Docusign Envelope ID: 5C21924B-6FC8-49DD-A247-EB515A331EFE
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Pension commitments
The church operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the church in an independently administered fund. The pension cost charge represents contributions payable by the church to the fund and amounted to £3,600 (2022 - £3,600).
11. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding nor are there any outstanding balances owing between related parties and the Charity at 31 December 2024.
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