CHARTTY NUMBER: 1085049 RCCG M'ATER OF LIFE SANCTUARY RECEIPTS AND PAYMENTS ACCOUNTS FOR THE FINAIYCIAL YEAR ENDING 31ST DECEMBER 2023
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG), WATER OF LIFE SANCTUARY CONTENTS OF THE ACCOUNTS FOR THE PERIOD ENDED 31ST DECEMBER 2023 Page Report of the Trustees Independent Exavniner's Report Income And Expenditure Account Balance Sheet Notes to the accounts 8-10
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG), WATER OF LIFE SANCTUARY REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31ST DECEMBER 2023 The trnstee presents their report with the financial statements of the Charity for Ihe year ended 31 ST December 2023. The trustees have adopted the provisions of the slalemenl of recommended practice {SORP) Accounting and Reporting by chan.lies issued in 2005. REGISTERED CHARITY NUMBER 1085049 CHARtTY'S PIUNCIPAL ADDRESS Kings C.entre St Christopher Lodge Simpson Milton Keynes MK6 3AL NAMES OF THE CHARITY TRUSTEE Adekunle Solaru Segun Omole Keji Aruna BANKERS HSBC 207 Queensway Bletchlcy Milton Keynes Natwest Bank Queensway Bletchley Milion Keynes INDEPENDENT EXAMINER Abiodun Bamgbala FCCA 272 Countess way Broughton Milton Keynes MKIO 7EW
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG), WATER OF LIFE SANCTUARY REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31ST DECEMBER 2023 STRUCTURE, C.OVERIYANCE AND lANAC.EmNET The Charity- M'ater of Life Sanctuarv (WOLS) Water of Life Sanctuary is a member of the Redeemed Christian Church of God (RCCG). which has Parishes all over the world. The relationship between RCCG and w8r of Life Sanctuary is governed by an "Agreement for Common Purpose" dated I I, June 2001. The Charity. Water of Life Sancmary (WOLS) is constituted as a "Trust" and governed by a "Trnsi Deed" dated I I, June 2001. Objectives and actiTrryties The advancement of the Christian faith worldwide in accordance with the doctrines set out in the statement of faiih and- The relief of poNerty Grant Making policies Under the "Agreement for common purpose", Water of Life Sanctuary has agreed to make regular contributions to the World Evangelism Mission through RCCG, UK: support missionary organisations such as Festival of Life, African Mission, Good Women's fellowship, Annual Convention held at the International Headquarter, including, other obligations as agreed. Governance The Trust is governed by Trustees. who are appointed under the terms of the trust deed. The Trustees attend Iraining regularly to dei'elop and enhance their knowledge. In addition, bulletins and other knowledge-based Tesource5 regularly forwarded to the trnst by the Charity Commission also serve as updates regarding their assignment as trnstees. Structure The Spiritual aqpccl Df the church ]% handled by the PaTish PL%tor. The Tru.%tccs cxcrci8e thc day tts day ovcr4ighi of thc running of the church. In addition, the tru%tcc% Tneet r¢gulaTly to r¢vi¢w th¢ op¢rations of the church and also make decisions on majoT i%%ues affeeting the church. The LhurLh is organised into 0upS of" men, women, youth and children for administrative convenience. effectiveness, and to ensure that the needs of each group are adequately met. Risk Trlanagement The Iruslees perfomi the duty of safeguarding the charity against major risks, by reviewing the operations I procedures of the charity's activities regularly. and by putting adequate controls in place to safeguard the assets of the charity. Volunteers The charity enjoys the services of various volunteers. who contributed enormously in various areas of service provision, development and implementation of the church's vision. The &olunteers are encouraged to attend various training and deTr'elopment programmes organised by the charity and other organisations. During the year, more volunteers joined the work force to help run the charity and make it more effective in discharging its charitable obligations, especially, lo its community.
RF.DF.F.IILD C.IIRI.STIAli CIIURCII ()F C-C)D IRCCG). IIATF.R C)F I.IFF. SANCTUARY RF.P()RT OF TIIF, TRliSTTr".F.S FOR THE PTr.RIC)I) ENI l)Tr"D .11ST DF.CF.111BF.R 2023 Achi¢i'ement and Per(orm*nce 2023 Food Bank - Wc havc bccn able lo mainlain our lcvcl of wclfarc within thc charity. and local conirnunity on quartcrly basis. AHAVA Confcrcncc. our main annual praycrlspiritual cvcnt Sponsor5hip/Adoption olchildrcn with thc Inlcrnational Charity, World Vision 4. On-linc Youth Club Project Financial Revlcw Re$enes policy At Ihe end of the fmancial year. the tntst bolds total cash at Bank of £7 J64 all which are unrestricted funds. £5,842 is held in Building fund Account and £1.522 10 meet the day to day running of the Church. Principal funding sources The charity's main source of fimd this year has been through voluntsry donation5 from mcmbcr5. Future Development 2024 l. As part of our commitment to tackling food poverty. and in light of the contTnuing relevance. and depcndcncc on food bank, the charity plans to ¢xpand its scope of operation. Subject to availability of funds, the charity plans to seek and train morc volunteers for its own scheme but will continue to collaborate with mor¢ Charities in the community concerning food povcty. 2. Thc charity will continue to donate and partner with World Vision. and the World Evangelical Mission of the RCCG (WEM) Charity. However. we intend io partner with more International Charities dedicated towariLs the education, health, and the general well-being of children, especially in war ravagcd areas of the world. 3. The charity plans to continue lo develop it's online Youth Club Proj¢¢L Oh, BEHALF OF THE CHARITY Trnsttt OLKJ GKJ trl OADLc Truslec Date: 3q IQ IOILk
RTr".l)F.Tr.IIfr".D C.'IIHlSiTIAN CIIIIRCII C)F (-()I) (Rcfcfftl, WATTr.R ()F I.IFTr: SANCTUAR Y Il%I)F.I'F.D"yl I. F.NAiIIINER'S Rb.P()R'T Tr"()K I-IIF. PF.RIOI) F.NDTr".D.IIST I)ECEI¥IIITr.R 21123 I report on thc Accounts olihe chArity for the yeAr cnded 31 December 2023. get oul in pages 6 tt) 10 Respcct51'e Respon51bility of Trusteej exomlner The charity's Irustccs are rcsponsibl¢ lor th¢ prcparalion of the accounts. Thc ¢harity'S tnjslccs considcr that an audit l5 not rcquircd for this year undcr scction 43(2) of thc Charilics Act 1993 (the 1993 Act) #nd that an indcpend¢nt examination is nccdcd. li is my rcsponsibility lo: Examine the accounts under section 43 ofthe 1993 Ac4 To follo the proccdures12id dowm in the gencrni Dir¢¢tions given by the Charity CommissioD (under section 43{7)(b) of the 1993 ACL and To stale whether particular matters bave come to my attentioD. B5l5 of Independent exmitter's Report My examination was carried out in accordance with g¢n Directions given by thc Chlty Commissioners. An examinalion includes a review of the accounting records kept by the charity and a comparison of the accounts prcscnicd with thos¢ rccords. li also includes considcration of any unusual ilcms or disclosurcs in thc accounts. and seeking explanations from the InJst¢es concerning any such matters. The procedure5 undertaken do nol provtde all the evidence that would be required iti an audit. and consquenily I do not expr5 an audit opinion on the view given by the accounts. Independent eIaminer's $tAtement In connection with my examination. no matter has Come to my attention: which give5 mc reasonable cause to believe that In. any material respec( the requiremcnts: to keep accounting rccords in aordanCe with scclion 41 of the 1993 Act. and to prepare accounts which accord with the accounting records and comply with the accounting requircments of the 1993 Act have not been met ' or 2. To which. in my opinion. attenlion should be drawn in order to enable a proper understanding of the accounts to bc reacbed. ame & address of independent examiner Abiodun Bamgbala FCCA 272 Countess way Broughion Milton Keynes NIKIO 7EW cJL4
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG), WATER OF LIFE SANCTUARY INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31ST DECEMBER 2023 Unrestrictcd Funds Rc5trictcd Fund5 Total 2023 Total 2022 Notes INCOMING RESOURCES Incorning resources from generated fimds - Voluntary income - Investment income Total incoming rcsourccs 54.468 54,468 45,001 54,468 54,468 45,001 RESOURCES EXPENDED Charitable activities {Sllppor( cost) Governance costs Total resources expended 44,851 44,851 38,544 44,851 44,851 38,544 Net incomel(expenditure) 9,617 9,617 6,457 TRANSFERS Gross transfers belween funds Net movement in funds 9.617 9,617 6,457 Funds at l January 2023 264.245 264,245 257,789 Funds at 31 December 2023 273,862 273,862 264,245 The charity has no recolsed gains or losses other than those deali with in the statement of fmancial activities.
REDEEMED CHRISTIA CHURCH OF GOD (RCCG), WATER OF LIFE SANCTUARY BALANCE SHEET AS AT 31ST DECEMBER 2023 Total 2023 Total 2022 Notes FIXED ASSETS Tangible assets Investments 389,072 396,910 389,072 396,910 CURRENT ASSETS Debtors & Prepayments Cash at bank 24,110 7,364 31,474 17,843 20,360 CREDITORS Amounts due within one year 20,867 10,606 11,865 8,495 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 399,678 405,405 CREDITORS Amounts due after more than one year io 125,817 273.862 141,160 264,245 TOTAL NET ASSETS RESERN'ES Unrestricted ndS Surplus Current Year 264,245 9,617 273,862 257,789 6,457 264,245 These financial statements were approved by the Board of Trustees on 291h Oct, 2024 The llot¢s on pag¢5 8 to 10 foTtn part of th¢se financial statevnents.
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG). M'ATER OF LIFE SANCTUARY NOTES TO THE ACCOUNT FOR THE PERIOD ENDED 31ST DECEMBER 2023 l. Incoming resources from voluntary ineomL' UDrc5tricted Funds Re5trictcd Fund5 Total 2023 Total 2022 Tithe Offering Thankings Building Special offering & Donation Gift Aid 11,365 12,841 2.385 400 21,210 6.267 54,468 11,365 12,841 2,385 400 21,210 6,267 54,468 20,518 12,351 3,095 240 2,498 6,300 45,001 2. Support Costs Unrestricted Funds Restrieted Funds Total 2023 Total 2022 Salary Tax Employer Pension Rcmiitt2ncc 10 Central Officc Honourarium Outreach Work Transport, Travel & Fuel costs Utilities Building - repairs & maintenance Telephone Youth - Dcstiny for Grcatn¢ss Bank Interest Paid Insurance Welfare General Expenses Depreciation 10.924 10,924 10.773 1,132 4,595 1,132 4,595 1,077 3,550 690 690 420 3,524 467 1,032 180 11,992 2,217 3,524 467 1,032 180 11,992 2,217 -1,701 3,762 861 1.160 8,136 2,115 260 7,838 44,851 260 7,838 44,851 554 7,838 38,544
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG). WATER OF LIFE SANCTUARY NOTES TO THE ACCOUNT FOR THE PERIOD ENDED 31ST DECEMBER 2023 3. Fixed Assets Building Motor Vehicle Fixtures Churchl office equipment Total ritting5 COST At I st January 2023 Additions 478,507 12,516 11,366 17,356 519.745 Disposal At 3 1st December 2023 478,507 12,516 11,366 17,356 519,745 DEPRECIATION At l%t January 2023 Charge Disposal At 3 1st December 2023 84,435 7.838 12.516 11,366 14,518 122,835 7,838 92,273 12.516 11,366 14,518 130,673 NET BOOK VALUE At 3 1st D¢¢¢mb¢r 2023 386,234 2.838 389,072 4. Net incoming/{outgoing) resources is stated after charging - Group Unrestricted Funds Restricted Funds Total 2023 Total 2022 Depreciation 7,838 7.838 7,838 5. Taxation RCCG Waler of Life Sanctuary is 2 registered charity and is eligible for the exemptions from taxations available lo charities on their charitable activities. No charge to taxation therefore arises.
REDEEMED CHRISTIAN CHURCH OF GOD (RCCG), WATER OF LIFE SANCTUARY NOTES TO THE ACCOUNT FOR THE PERIOD ENDED 31ST DECEMBER 2023 6. Debtors 2023 2022 Gift Aid Repayment Other Debtors 24,110 17,843 Accrued Expenses 17.843 18,089 2023 2022 7. Creditors - amounts falling due within one year Taxes & National Insurance Contribution 2,224 2,314 385 Ccntral Officc Pension Fund 2,033 16,608 1,708 7,459 Other Creditors 20,867 11,865 2023 2022 8. Creditors - amounts falling due after one vear 125.817 141,160 9. Funds Brought forn'ard at 0110112023 Income Carried fonvard at 3111212023 Expenditure Unrestricted funds 264,245 54,468 (44,851) 273,862 io