Registered Charity No. 1101294 THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS Report and Flnanclal Statement for the Year Ended 31 March 2024
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS Year Ended 31 March 2024 REPORT AND FINANCIAL STATEMENTS CONTENTS PAGE REPORT OF THE BOARD & STATEMENT OF BOARD'S RESPONSIBLITIES INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENT 9-13
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS Report of the Trustees for the year ended 31 March 2024 BOARD MEMBERS, OFFICERS, ADVISERS AND BANKERS General Overseer Pastor E A Adeboye Trustees/Directors The Trustees/Directors who served during the period were as follows: Pst. Oluwatoyin Onabanjo Pst. Gloria Piper Deacon Samson Ayotunde Afolabi Mr John Adekunle Adeoye Mr Emmanuel George Deacon Timothy Olatunde Resigned 30/06/2024 Resigned 30/06/2024 Senior Pastor Pastor Mary.0. Afolabi Correspondence Address Detection House Units 4 &5. Brookland Approach Romford RMI IDX Accountants Da-silva & Associates Limited Chartered Certified Accountants 14 Farm Close Dagenham RMIO 9TX Bankers Lloyds Bank PIC Sedgemoor House Taunton TAI 2UF statutory Registration Registered with Charity Commission Charity Number 1101294
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS Year ended 31st March 2024 Report of the Trustees -Contlnued The Trustees present their report along with the financial statement of the charity for the year ended 31st March 2024. The Financial Statements have been prepared on the accounting policies set out in the notes. The Financial Statements comply with the Charity Act 2011, charity's governing document, applicable law, and requirements of the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. STRUCTURE GOVERNANCE AND MANAGEMENT The Redeemed Chri5tion Church of God IRCCGI Jubilee House for All Nations registered charity (number 1101294) The main objectives of the Charity are the advancement of the Christian faith in accordance with our statement of faith and the relief of poverty. Organization and Structure The management of this Charity is the responsibility of the Board of Trustees. Who have who have been co-opted for their skills and experience in church leadership. Trustees are required to attend induction and annual training in order to keep up to date. The day to day running of this Charity is the responsibility of the Senior Pastor; She is assisted by a Council of ministers and church elders. whom she delegates responsibilities too regularly. They meet occasionally in the year to review the activities of the church and to make decisions on all crucial matters. Grant Making Policy The Church in accordance with the agreement of common purposes signed with RCCG UK is mandated to make a regular contribution towards RCCG COF, RCCG WEM, the Festival of Life and other worldwide. Europe continent and national activities organized by RCCG Central office.
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS Year ended 315k March 2024 Report of the Trustees -continued Reserve Policy It is the policy of the Charity to retain enough funds at a level enough to cover basic operational costs and the remainder of the reserve is expended on the objectives of the charity or retained for future plans. Rlsk Management The trustees have a risk management strategy in place which comprises: An annual review of the principal risks and uncertainties that the charity faces. The establishment of policies. systems, controls, and procedures to mitigate those risks identified in the annual review strategic and operational plans and an annual budget, and progress reporting against plans and budget The implementation of procedures designed to minimize or manage any potential impact on the charity should those risks materialize. Financial Review The Charity's financial statement for the year ended 3151 March 2024: shows a net surplus of £3,272 Iln 2023; net deficit of £3.028) Reserved are required in the event of possible emergencies and in order to ensure all unexpected contingencies are adequately funded. Volunteers This charity continues in the work of advancing the Christian faith in England and Wales and in the continent of Europe, because of the infringing commitment of all our volunteers. for which we are entirely thankful to God. All through the year, our members have supported the church voluntarily in our times of challenge and towards achieving the objectives of the Charity. Publlc Beneflt RCCG Jubilee House for All Nations ensure that all their activities are planned and designed for the benefit of the public and in line with Charity's objects of advancement of Christian faith and the relief of poverty. The board of trustees ensures church toke account of the Charity commission's guideline on public benefits in their planning and decision making.
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS Yeor endod 3111 March 2024 Repoil ol Ihe Tru51ees -Conllnued Slalement of Trustees Responslbllllles Chorify law requires Ihe Truslees to prepaTe the Finonciol Stotemen15 for each linonci05 year which gives o true and lair view of Ihe slate of finonciol affairs of Ihe Charily during the yeor and of ils finonciol position oi ihe end of the year. In preparing those Financial Slatemenls, the Tfuslees ore required to: o. Select suilable accounting policies and apply Ihem consislently Ihrough the year b. Moke judgments ond estimoles thal ore reasonable ond prudenl c. Stote whether applicable Accounling Standards have been followed. subject to any material departuies Ihal shoulcl be disclosed and exploined in the Finoncial Statements. d. Prepare Ihe Financial Statements on the going concern basis unless il is inoppropriole to presume Ihat the Trust will continue in operalion. e. The Truslees hove overall responsibility for ensuring that the charity has on appropriote system control. financial and otherwise. We are responsible for keeping proper occounting records which dEsclose with reasonoble occurocy al any time the financial position of Ihe Chority ond enables them to ensure Ihat the Financial Stotements comply with Ihe Charilies Act 2011. We ore a150 responsible lor safeguarding the Assels of the Charity and for laking reasonable sleps for the prevention and detection of froud ond olher irregularities. This report w05 opproved on beholl of the board of Trustees on..................... 2025 Pastor Oluwatoyin P. Onabonjo Trustee Deocon Timothy Olatunde Trustee
Independent Examiner's Reportto the Trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS We report on the accounts of the Redeemed Christian Church of God {"RCCG") - Jubilee House for the year ended 31 March 2024. which are set out on pages 7 to 13. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligilbe for independent examination, It is my responsibility to.. examine the account under (section 145 of the 2011 Act., to following the procedures laid down in the general Directions given by the Charity Commission under section 145(5>(b> of the 2011 Act., and to state whether particular matters have come to my attention Basis of Independent examinerfs raport My examination was carried out in accordance with the General Directions given by the Charlty Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees Conrning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a true and fair view and therefo is limited to those matters set out in the statement below. Independent examinerfs 8tatsment In connection with my examination, no matter has come to my attention.. (1) which gives me reasonable cause to believe that, in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006,. and to prepare accounts which accord with the accounting records, comply with the accounting requirements of the section 386 of the Companies Act 2006 and with the methods and principles of the Statement of Recommemded Prath'ce.. Accounting and Repoting by Charities (2> to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mrs Elleen DalIva FCCA Da-silva & Associates Limited Chartered Certified Accountant 14 Farm Close, Dagenham, RM10 9TX 51 2025
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 MARCH 2024 2024 2023 Notes Unrestrlcted Fund Unrestricted Fund Income Donations and Legacies 162.107 134,323 Expenditure on Charitable expenditure: Grants and donalion Activities for charitable objectives Support costs Management and administration 10,973 96,583 21,680 29,599 12,048 71,164 23,059 31,080 Total Expendtture 158,835 137,351 Net expenditure 3,272 13,0281 Total Funds brought forward 28,425 31,453 31,697 28,425
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets Tongible fixed assets 853 2,200 Currenl assets Accounts ieceivoble Cash al bank 21,516 9,846 31,362 22,150 16,570 38.720 Creditors.. amount folllng due wilhln one year 9 518 12,495 Nel currenl (liabilities)/ossets Total a55els less curient liabililies 30,844 31.697 26.225 28,425 31.697 28 425 Income Funds Unrestricted Fund5- Generol Funds 10 31.697 28 425 P051or Oluwotoyin P. Onobonjo Trustee Deocon Timolhy Olotunde Truslee
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 l Accounting pollcy The principal accounting policie5, all of which have been applied consistently throughout the year, are sel out below: Scope and bosis ol the flnoncial stalemenls a) Convenlion These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2015}. The Charity is a public benefit entity for the purposes of FRS 102 and therefore has also prepared the financial stotements in accordance wifh the statement of Recommended Practice cpplicable to charilies preparing their accounts in accordance with theFinancial Reporting Standard applicable in the UK and Republic of Ireland IThe FRS 102 Charities SORPI ond thecompany Act 2006 and Charities Act 2011. b) Preparation of accounts on a golng concern basis The trustees consider there ore no material uncerlainties obout he Charity's ability to continue a5 a going concern. The review of our financiol position. reserves levels ond future plans gives Trustees confidence the charity remains a going concern for the foreseeable futvre. c) Donatlon5 & Legacles Voluntory income 15 received by way of donalions, legacies and gifts and is included in lull in the statement of financial activities when receivable. Volunteer time is not included in Ihe financial statements. d) Grants and Commlssloned SeNlces income recognlllon Income from grants and commissioned services is recognised in full in the statement of financial activities in the year in which the income is receivable e) Rental income recognttlon Rental income is included in full in the stalemenl of financial activities when receivable. Contractual and fee income is recognised in the financial statements to the extent that entitlement had been earned at the yeor end through performance of the controct. O Deferred incomè Where unconditional entitlement to income receivable is dependenl upon fulfilment of conditions within the charity's conlrol. the income is recognised when there is sufficient evidence that conditions will be met.Where there is uncertainty as to whether the charity can meel such conditions the income is deferred.
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 g) Fund accounting General funds are unrestricted funds which are avoilable for use at the discretion of the trustees in furtherance of the general objectives of the parish and which have not been designofed for other purposes. h } Incoming resources All income is accounted for when the Charity has entillement to the funds, the amount can be quantified and there is certainty of receipt. l) Resources expended All expenditure is accounled for on accrual b05is and hos been included under expense categories that aggregate oll costs for allocalion to activities. Where costs cannot be directly attributed to particular activities Ihey have beenallocafed on a basis consistent with the use of the resources. Grant payoble are charged in the year when the offer is made except in those cases where the offer is condilional, such grants being recognised as expenditure when the conditions attached are fulfilled. Granls offered subject to conditions which have not been met at the year end are noted as a commitment, but nol accrued as expenditure. j) Cash flow The financial statements do not include a cash flow statement because the church, as a small reporting entity, is exempt from the requirement to prepare such a statement under the financial Reporting Standard for Smaller Entities (effective June 20021. k) Tangible Ilxed assets and depreclation All assets costing more than £500 are capitali5ed. Tanglble fixed assets are stated at cost and depreciated on a straight line basis over their useful economic lives as follows: Furnilure & Fitlings Qfficelchvrch Equipment 25% 25% 10
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS NOTES TO THE FINANCIAL STATEMENTS (Contd) Year ended 31 March 2024 2024 Unrestricted Fund 2023 Unrestricted Fund Donations and Legacy income Tithe5 & Offering Gift Aid other Income 137.204 21.089 3,814 162,107 111,041 21,089 2,193 134,323 Grants and Donatlons RCCG - World Evangelical Mission RCCG - Central Office Fund RCCG- UK Camp ground Habitation of Hope other Grants & Donations 5,724 1,100 2,000 600 1.549 9.598 1,200 550 700 10,973 12,048
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS NOTES TO THE FINANCIAL STATEMENTS (Contlnued) Year ended 31 March 2024 2024 Unrestricted Fund 2023 Unrestricted Fund Cost of Activities for Charitable Objecllve Rent ond Service Charge WelfarelHardship Grant Musical Expenses Honorarium, Gifts & Ministerial Expenses Church Events & Development 74.919 46,509 961 11.216 150 12,328 71,764 17,120 1.455 3.089 96.583 Support Cost Premises Expenses Business Rates and council taxes Power, Gas and other utilities Repairs, Mointenance & Renewols Telephone Expenses Prinling. Slationery & Postage Refreshments Insurance Bank and Credit Charges Travel Costs other Expenses 1,270 2,092 1,500 2.105 533 592 475 460 1,638 3,865 7,150 102 2,743 2.326 1.586 1,165 457 5,783 8,786 21,680 23,059 Management and Admlnlslration Depreciation costs Legal, Professional and Consultancy Accountancy fees Pastorial Care Books, manuals and journals staff and Admin Costs Transportation & logistics Training and annual conference Costs 1.959 1.800 2,385 90 16,049 1,572 5.743 11,077 1 ,800 2,940 15,263 29,599 31,080 12
THE REDEEMED CHRISTIAN CHURCH OF GOD JUBILEE HOUSE FOR ALL NATIONS NOTES TO THE FINANCIAL STATEMENTS (Conlinued) Year ended 31 March 2024 Tangible fixed assets Church Equipment$ Cost At 1104123 Additions Disposal At 31103/24 5,390 5,390 Accumulated Depreclation At 1104123 Deprecialion for the year Disposal At 31103/24 3,190 1.347 4,537 Net Book value At 31103124 853 At 31103/23 2,200 2024 2023 Accounts recelvable Accrued Income- Gift Aid Tax & Social Security other debtors 21.089 427 21,089 1.061 21,516 22,150 Accounts Payoble: falling due wilhln one year Tax & Sociol Security other Creditors and Accruals 51 467 518 12,495 12,495 10. Movement in fvnds Opening balance Net expenditure 28.425 3.272 31.453 13,0281 Balance at 31 March 31.697 28,425 TTUStee remuneration ond related paty information No remuneration was made to the trustees during the year. 12. Taxation RCCG The Jubilee House is a registered charity and is eligible for the exemptions from taxation available to chartlies on their charitable activities. 13