THE REDEEMED CHRISTIAN CHURCH OF GOD
SALVATION THEATRE
TRUSTEES REPORT & FINANCIAL STATEMENTS
FOR
THE YEAR ENDED 31 DECEMBER 2024
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
| CONTENTS | Pages |
|---|---|
| Administrative | 3 |
| Trustees report | 4-5 |
| Independent Examiners’ report | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Detailed income and expenditure | 9-10 |
| Notes to the Financial Statements | 11-13 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
Administrative information
Trustees
Mr Gbenga Amoshe
Mrs Caroline Adebayo
Dr Gabriel Oludare
Mr Simeon Oluwasanmi
Charity Registered Number:
1090070
Registered Office
58-60 Westminster Road Birmingham West Midland Birmingham B20 3LJ
Independent Examiner
Adenike Phillips MAAT, F CCA P.O.S Accounting Ltd 170 Campus Drive Northampton NN2 7FW
Banker: HSBC UK
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
Trustees Report for the year ended 31 December 2024.
Trustees present their financial statements for the year ended 31 December 2024.
The Trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD - SALVATION THEATRE presents their report and financial statements for the year ended 31 DECEMBER 2024. The trustees have adopted the provision of the Statement of Recommended Practice (SORP) "Accounting and reporting by Charities “Issued on October 2000 in preparing the annual report financial statement of the charity.
Charity Details
A list of names and addresses of the charity’s principal officers and bankers is set out on page 3
Objectives
The charity’s principal activity is the proclamation of the gospel of Jesus Christ
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To advance the Christian doctrine (in accordance with the statement of our belief) in such part of the United Kingdom or the world as the trustees from time to time think fit,
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To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, good or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the trustees from time to time may think fit; and
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To advance education in such ways and in such parts of the United Kingdom or the world as the trustee from time to time may think fit;
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The trustee must use the income and may use the capital of the church in promoting the objects.
Organization
THE REDEEMED CHRISTIAN CHURCH OF GOD - SALVATION THEATRE is governed by a board of trustees who are elected to serve the church and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure the gaps are filled.
Risk and Internal Control
Then accordingly Trustees review the main operational risks and actions to manage or mitigate it.
Review of transactions and financial position
Income Resources
The total income of the organization for the year has been derived from its principal activities wholly undertaken in the United Kingdom.
During the year, donation income resources, gift and grant received totaled £329,212. The
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
bulk of the donations and gifts received have been made available without restriction as to its usage
The bulk of the balance on the charity’s fund is unrestricted. These will be used to fund the charity's objectives during the new financial year. The Trustees confirmed that the charity's are available and adequate to enable it to fulfil its obligations.
Reserve Policy
Freely available reserves are pools of unapplied resources available to meet future demands on the charity's resources. This is general purpose money that can be spent on many of the purposes of the charity. Free reserves of the charity are represented by its unrestricted and restricted funds less the net book value of its assets. As at 31 DECEMBER 2024, these amounted to £471,170 and £814 respectively.
Statement to Trustees' responsibilities
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are require to a) Select suitable accounting policies and apply them constantly; b) make judgment and estimates that are responsible and prudent; c) state whether applicable accounting standards and statements of recommended practice have been Followed, subject to many departures disclosed and explained in the financial statement; d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue on that basis.
The Trustees are responsible for ensuring that proper books are maintained, for safe guarding assets of the charity, and taking reasonable steps for the prevention and detection of fraud and other irregularities. The board has reviewed the effectiveness of the system of internal control and there are no material weaknesses that would result in losses, contigencies and uncertainties that require a separate disclosure in these accounts.
Independent Examiner's Report.
We report on the accounts for the year ended 31 DECEMBER 2024 which are set out on pages 7-12
Respective responsibilities of trustees and examiner
Charity's trustees are responsible for the preparation of the account. It is our responsibility
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Examine the account (under section 43{3)(a) of the 1993 Act}
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. To follow the procedures laid down in the general directions given by the commissioners
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{under section 43(7)[b) of the 1993 Act)
Basis of the independent examiner's report
My examination was carried out in accordance with the General Directions given by the charity. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented with those records. It also includes consideration of
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention;
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1.Which gives me reasonable cause to believe that in any material respect the requirements;
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To keep accounting records in accordance with section 41 of the 1993 Act and
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To prepare accounts which accord with the accounting records and comply with the
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accounting requirements of the 1993 Act have not been met or
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To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
Adenike Phillips ACCA P.O.S Accounting Ltd 170 Campus Drive Northampton NN2 7FW
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Funds | Restricted | Restricted | Unrestricted | Unrestricted | Restricted |
|
|---|---|---|---|---|---|---|
| Income Resources Notes | 2024 | Funds | 2024 | Funds 2023 | Funds 2023 | |
| £ | £ | |||||
| Tithes,offering and Thanksgiving | 264,738 | - | 265,843 | - | ||
| Gift Aid | 34,634 | - | 41,451 | - | ||
| Other (Grant) | - | 6,097 | - | 9,800 | ||
| Other Voluntary income(Building) | - | - | - | 10,000 | ||
| Other vountary income | 8,269 | 13,723 | - | 33,238 | ||
| Bank interest received | 1,752 | - | 799 | |||
| Total Income Resources | 309,392 | 19,820 | 308,093 | 53,038 | ||
| Resources Expended | ||||||
| Missionary and charitable givings | 59,156 | 500 | 53,686 | - | ||
| Direct Parish Expenditure | 235,400 | 37,860 | 260,704 | 32,377 | ||
| Management & Administration of Chari | 2,846 | 1,222 | 3,105 | 85 | ||
| Total Resources Expended | 297,401 | 39,582 | 317,495 | 32,462 | ||
| Net Income and outgoing resoucres | 11,991 | - | 19,762 |
- | 9,402 |
20,576 |
| Net Movement in Fund | ||||||
| Adjustment Fund Balance B/FWD 5 | 459,180 | 20,576 | 468,582 | - | ||
| Fund Balances C/FWD 5 | 471,170 | 814 | 459,180 | 20,576 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Fixed assest Tangible assets 3 Equipment Total fixed asset Current assets Debtors Cash at bank and in hand 9 Creditors: Amount falling due within on 4 Net current assests Total assets less current liabilities Creditors: Amounts falling due after mo 5 Total net assest or liabilities Funds of the Charity Restricted income funds 7 Unrestricted income funds 6 Revaluation Reservce Total funds |
Total this year Total last year £ £ 385,042 409,826 385,042 409,826 5,500 109,967 96,221 109,967 101,721 11,571 9,279 98,396 92,442 483,438 502,268 11,454 22,511 471,984 479,757 814 20,576 471,170 459,181 - - 471,984 479,757 |
|---|---|
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31ST DECEMBER 2024
| Income and Resources Tithes,offering and Thanksgiving Gift Aid Other (Grant) Other Voluntary income(Building) Other vountary income Bank interest received Total Income Resources OUTGOINGS Missionary and charitable givings RCCG central office RCCG Sunday School UK Other mission & charitables RCCG parishes WEM Region/province/National Direct Parish Expenditure Ministry: Honorarium Wages & salary & taxes Resident Pastor (Thanksgiving and Firstfruit and credit card) Church - running cost: Mortgae interest & other loan telephone and multimedia Repairs & maintenance Printing & Stationeries Welfare and Soup kitchen activities Book,communion etc Utilities Cleaning Credit card Conferences & training Accessories |
Unrestricted Restricted Total Fund £ £ 264,738 - 264,738 34,634 - 34,634 - 6,097 6,097 - - 8,269 13,723 21,992 1,752 1,752 309,392 19,820 329,212 1,040 - 1,040 300 - 300 500 500.00 1,000 4,290 - 4,290 32,526 - 32,526 20,500 - 20,500 - - 59,156 500 59,656 14,500 - 14,500 108,908 - 108,908 18,039 240 18,279 2,279 - 2,279 4,539 - 4,539 14,952 - 14,952 2,442 - 2,442 - 35,449 35,449 247 - - 247 - 13,512 - 13,512 - 813 813 - - - 1,200 626 1,826 509 - 509 |
|---|---|
Insurance 1,825 - 1,825
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
| Admin | 1,543 | - | 1,543 |
|---|---|---|---|
| Premises project (Consulting) | - | - | |
| Entertainment | 7,725 | - | 7,725 |
| Petty cash | 1,800 | - | 1,800 |
| Choir, Youth & Children | 360 | - | 360 |
| Travelling expenses | 3,049 | 453 | 3,502 |
| Musical production | 2,442 | - | 2,442 |
| Equipmnent Expensed | - | 280 | 280 |
| Depreciation | 36,022 | - | 36,022 |
| 235,400 | 37,860 | 273,260 | |
| Management & Administration of Charity Professional and Consultancy fees Bank charges HP interest |
2,730 116 - |
1,162 60 - |
3,892 176 - |
| 2,846 | 1,222 | 4,068 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
Notes To The Accounts
For the year ended 31 DECEMBER 2024
1. Accounting Policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the financial Reporting Standard Entities (effective April 2008),
Incoming Resources
Incomes are mainly from grants and sundry incomes received and included in the financial statement when received. This incoming resource represents money incomes for the reporting period.
Resources Expended
All expenditures are accounted for on accrual basis and have been classified under headings that aggregate all costs related to the category. The charity expenditures represent the amount expended by the church in the current reporting period ended 31-Dec-24
Taxation
As a charity, the charitable funds are exempt from corporation tax but not from VAT. Recoverable VAT is in accordance with standard accounting practice, included in the cost of those items to which it relates.
Depreciation
Depreciation has been provided at the following rates on a reducing balance method.
| Equipment | 25% | |
|---|---|---|
| Church Offices , Fixtures and Fitting |
25% | |
| Furniture’s & computer | 25% | |
| Motor Vehicle | 25% | |
| 2.Operating Profit | 2024 | 2023 |
| This is stated after charging: | ||
| Depreciation of owned fixed assets |
-£7,772 | £11,175 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
Notes To The Accounts
For the year ended 31 DECEMBER 2024
3. Tangible Fixed Assets
| 3. Tangible Fixed Assets | |||
|---|---|---|---|
| Land and Buildings | Equipment | Total | |
| Cost/Net Book Value | £ | £ | £ |
| As at 1st January 2024 | 735,660 | 8,563 | 744,223 |
| Addition (improvement)during | 11,238 | 11,238 | |
| the year | |||
| Disposal/ written off | - | ||
| At 31st December 2024 | 735,660 | 19,801 | 755,461 |
| - | |||
| Depreciation | - | ||
| As at 1st January 2024 | 331,727 | 2,670 | 334,397 |
| Depreciation chage for the year | 31,072 | 4,950 | 36,022 |
| Disposal/written off | - | - | - |
| At 31st December 2024 | 362,799 | 7,620 | 370,419 |
| Net Book Value At 31st | |||
| December 2024 | 372,861 | 12,181 | 385,042 |
| 2024 | 2023 | ||
| £ | £ | ||
| 4. Creditors amount failling due | |||
| within one year | |||
| Other creditors-Accountancy fees | - | - | |
| Bank loan | 11,571 | 9,279 | |
| 11,571 | 9,279 | ||
| 2024 | 2023 | ||
| £ | £ | ||
| 5. Creditors amount failling due | |||
| more than one year | |||
| Bank loan | 11,454 | 22,511 | |
| 11,454 | 22,511 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
Notes To The Accounts
For the year ended 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 6. Unrestricted funds brought forward |
459,181 | 468,582 | |
| Adjustment unrestricted funds | 11,991 | - | 9,402 - |
| for the period | |||
| As at 31st December | 471,171 | 459,181 | |
| 7. Restricted funds brought forward |
20,576 | ||
| Adjustment restricted funds for | 19,762 - |
20,576 | |
| the period | |||
| As at 31st December | 814 | 20,576 | |
| Total balance of restricted and | |||
| unresticted funds | 471,984 | 479,757 | |
| 2024 | 2023 | ||
| 8. Staff cost | £ | £ | |
| Minsiters renumeration & others | |||
| paid in the year | 108,908 | 74,000 | |
| 9. Cash & Bank Balances | 2024 | 2023 | |
| £ | £ | ||
| Cash in hand & at bank | 109,967 | 96,221 |
Signed by one or two trustees on behalf of all the trustees
Print name: …………………………………………………………………… Gbenga Amoshe poergeameste 11th August 2025 Date of approval: ……………………………….