THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS Charlty reg. no l 113658 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Page I
THE REDEEMED CHRISTIAN CHURCH OF GOD MOUSE OF PEACE FOR ALL NATIONS CONTENTS Reference and administrative details of the charity Trustees, report Independent examiner's report Statement of financial activities Balance sheet 10 Notes to the financial statements 11 -14 Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRusfEES AND ADVISERS FOR THE PERIOD ENDING 31 DECEMBER 2023 Trustees Mr Lucky Albert Mr Taiwo Ayodele Olofinusi Mr. Babatunde Adebayo Sodipo Mrs. Olubunmi Oludayo Oyenekan Charity registration number 1113658 Principal Office 25 Spring Grove Road Hounslow Middlesex TW3 4BE Pastor in charge Pastor Oluwole Oyenekan Independent Examiner Akintayo Ojo FCCA Resource Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Ba nkers Barclays Bank plc 210 High Street Hounslow TW3 IDL Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS TRusfEES' REPORT FOR PERIOD ENDED 31 DECEMBER 2023 The Trustees submit their annual report and the financial statements of the Redeemed Christian Church of God House of Peace for All Nations (the charity) for the year ended 315t December 2023. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) -Accounting and Reporting by Charities" issued in March 2005. STATUS The charity was constituted under a Trust deed dated 22nd January 2006 and is registered in England and Wales on the 6th of April 2006 with charity number 1113658. APPOINTME OR ELEcfioN OF TRUSTEES Trustees are appointed and or co-opted under the terms of the trust deed. POLICIES ADOPTED FOR THE INDucfioN AND TRAINING OF NEW TRusfEE'S The indurtion process for a newly appointed Trustee comprises an initial meeting with the Chair and other Trustees, followed by short meetings wlth the Pastor in Charge on the powers and responsibilltles of the trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the Trustees meet regularly to manage its affairs. The Pastor in Charge manages the day-to-day administration of the church. RELATED PARTY RELATIONSHIPS RCCG House of Peace for All Nations is a parish of The Redeemed Christian Church of God which has parishes all over the world. The parish's relationship with other parishes is governed by an 'Agreement for Common Purposes,. RISK MANAGEMENT The Trustees have assessed the major risks to which the charity Is exposed, in particular those related to operations and finances of the charity and are satisfied the systems are in place to mitigate our exposures to the major risks. OBIEcfs AND AcfIvITIES The principal object is the advancement of Christian faith worldwide and the relief of poverty. To promote any charitable activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies: Running seminars in the church with proven ministers of the faith to guide members in the various aspect of Christian faith, Support for other charities and Christian events, Providing overseas aid and famlne rellef, and Involving in economic and community development The activities for achieving its objectives include., Sunday worship serviTr, midweek service, bible study, house fellowship and daily prayer. Community outreach, conferences, and events Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 Welfare support to members and public, and Various missionary actlvlties GRAW MAKING POLICY Support is also given to RCCG Central Offi, World Evangelism Mlsslon, Festival of Life and other RCCG Programmes. A donation of £5,000 was given to the RCCG Camp project in UK. The church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need. VOLUNTEERS The church is grateful for the unstinting efforts of its volunteers who were involved in providing services for the charity. It is estimatej that over 1500 hours we provided by volunteers during the year. If this is conservatively valued at £io,00 per hour, the volunteer's effort will amount to over £15,000. REVIEW OF AcrIvrrIES The church experienced a stable growth in its physical and spi ritual activities during the year, in the advancement of Christian faith in accordance with the dottrines set out in the Statement Df Faith as contained in its trust deed. The charity returned to full onsite physical services during the year in review. This resulted In increase cost of hall hire as shown in the account as against the previous year comparative under activities in furtherance of the Charity's objectives. The charity held a family outlng in the communlty park. Thi5 enabled the young people to come together. It also started her door-to-door evangelism and sharing of the gospel. The church marked the fathers, day and mothers, day for members of the community. Several online seminars were also held in the year. INVESTMENT POU The Trustees have decided that at present, funds should be retained in Banks and Building Societies, and as far as possible in interest bearing accounts. RESERVES POUCY The Trustees. policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended which equals to £6,250 to £12,500 in general funds. They feel that this would enable the current attivities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed. The present free reserve is within the range, but the Trustees a continuing to seek additional unrestricted fu nds to build up its reserve. Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS TRuEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 PRINCIPAL FUNDING Funding has been provided mainly through tithes and offerings by church members and through gift aid. Pledges are also taken for specific projects. FUTURE DEVELOPMENT The charity continues to explore varlous 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. Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 STATEMENT OF TRusfEES' RESPONSIBILITIES The charity trustees are responsible for preparing the Trustees, Annual Rewrt and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The 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 state of affairs of the charity and of the incoming resources and appllcatlon of resources of the charity for that period. In preparing these financial statements, the trustees are requlred to: Select suitsble accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP; Make judgement and estimat&s that are reasonable and prudent. Prepare the financial statements on the going contrrn basis unless it is inappropriate to presume that the company will continue in operation. The trustees recognise their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence taking reasonable steps for the prevention and detectlon of fraud and other irregularities. The appended financial statements have been prepared on the accruals basls and have been examined by an independent examiner, whose rewrt is also appended. Approved by the Trustees on i¥Iseptember 2024 and signed on their behalf by: Mr. Babatunde A Sodipo Trust Page 7
THE REDEEMED CHFUSTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS INDEPENDE EXAMINER'S REPORT FOR PERIOD ENDED 31 DECEMBER 2023 TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD - HOUSE OF PEACE FOR ALL NATIONS. I report on the accounts of the charity for the year ended 31st December 2023 which is set out on pages 8 to 13. RESPEcfIvE REsPONSIBILIEs OF THE TRUSTEES AND THE EXAMINER The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 142(2) of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to: examine the accounts under settion 145 of Charities Act 2011; follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Att). and state whether matters have come to my attention. BASIS OF EXAMINER'S STATEMENT My examination was carried out in accordance with the General Direttions given by the Charity Commission. An examination include5 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 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 no opinion is given as to whether the accounts present a "true and fair" view, and the report is limited to those matters set out in the statements below, EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the trust5 have not met the requirements to ensu that.. proper accounting records are kept (in accordance with settion 41 of the Act); and accounts are prepared which agree with the accounting records and comply with the accounting wulrements of Act. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Akintayo Oio FCCA 46 Hollywood Way Erith Kent DA8 2QE Date: X4 September 2024 Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS STATEMENT OF FINANCIAL AcfiviTIES FOR YEAR ENDED 31 DECEMBER 2023 Unre5trlcted Restricted Totsl Total Funds Funds Funds Funds 2023 2023 2023 2022 Notes INCOMING RESOURCES Donatlons, legacles & simllar incomlng resourTrs Activities In furtherance of charSty's oblett Investment Income Other Income Total Incomlng resources 32,915 32,915 70 54,558 753 70 918 918 91 33,833 70 33,903 55,402 RESOURCES EXPENDED Charitable expendlture Grants payable - Individual Grants payable - Institutlonal Costs of activltles In fu rtherance of charities objects Management and governance costs Other expense (Post box account) Total resources expended 10,416 10,416 8,717 30,803 890 30,803 890 18,043 2,515 io 42,109 42,109 29,275 Net (outgolng)lincoming resources for year 8,275 70 8,205 26,127 Total funds at the start of the year 88,817 32,640 121,457 95,330 Fund transfers BALANCE AT END OF YEAR 80,542 32,710 113,252 121,457 Movements in reserves and all recognised and losses are shown above The charity's Incoming resources and SoUr5 expended all relate to contlnulng actlvitles. Page 9
THE REDEEMED CHRIsfiAN CHURCH OF GOD HOUSE OF PEACE FORALL NATIONS BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASS5 Tanglble Flxed assets Other investment 1,206 1,807 io 1,206 1,807 CURRENT ASSETS Cash and bank balances li 112,697 120,300 LIABILrrIES Credltors (amount falllng due within one year) Accrual and deferred income: accountancy fees 13 650 650 650 650 NET ASSETS 113,252 121,457 CHARrrY FUNDS General unrestricted General restricted TOTAL FUNDS Id le 80,542 32,710 113,252 88,817 32,640 121,457 Restricted funds represents donations recelved for acqulring a permanent place of worshlp. The accounts have been prepared in accordance with the Special provision of Statement of Recommended Prattlce.. Accountlng and Reportlrvj by Charlues (SORPI issued March 2005 as modlfled for smaller charleS Approved by the Trustees on1i*K September 2024 and slgned on thelr behalf by: Mr. Babatunde A Sodipo Trustee Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS NOTES TO THE Accouwfs FOR YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POUCIES (a) Tne accounts are prepared under the historical cost convention and in accordan wlth applicable accounting standards. Théy follow best practlce as set out in the Statement of Recommen¢Jed Practlce.. Acc¢ThJnting and Reporting by Charitie5 (SORPI Issued March 2005 a5 modified for smaller charities. {b) Income and expenditure is accounted for on an accruals l)a$is. (cl Fixed assets comprise furniture and equipment and musical equipment and have been costing rnore than É250. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less thelr &stimatod resjdual value, over thelr expected useful lives on the followlng bases- Musical equipment 25% reducing balance Fumiture and fittings 25% reducing balance Computer equipment 25% redudng balance (dl Unrestricted funds are Sncomlng resources received for the objets of the charity without fijrther specified purpose and are available as general funds. lel Restritted fun(Js are subject to restrictions on theSr expenditure imposed by thelr donors. unrestricted Restricted Total Totsl Funds Funds Funds Funds 2023 2023 2023 2022 2. WNAIIONS, LEGACIES AND SImIR INCOMING RESOURCES Collection and other donatlons Tlthe 18,204 14,433 278 18,204 14,433 278 20,567 12,538 150 Collectlon at all services Sundry donations Gift Aid recovered 21,303 54,558 32,915 32,915 3. AcfIviTIES IN FURTHERthCE OF CHARITY'S OBJEcr Building fvnd 70 70 70 70 753 753 4. INVEYfME INCOME Interest received 918 918 91 Page 11
THE REDEEMED CHRIsfIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDED 3L DECEMBER 2023 un$tcted Re¥(ricted Totsl Total Fun(*s Funds Funds Funds 2023 2023 2023 2022 6. Grants payable - individual Individual welfare 7. Grants payable - institutional Charitable givlng -UK Charltable giving -overseas Total 10,416 10,416 8,717 10,416 10,416 8,717 Llst of Institutional grants payable RCCG WEM World evangellsm RCCG Central Offlce Central Office Suppc Camp ground Mission su pport Compasslon Mission support Total grant payable - Institutional 4,516 600 5,000 300 4,516 600 5,000 300 10,416 7,817 600 300 8,717 10,416 S. COST OF AcfIvITIES IN FURTHERANCE OF CHARITY'S OBJECTS Guest ministers expenses Hall hire, rent & rates Telephone Welfare Mlssions and evangelism Prlnting, postage, statlonery Children & youth work Community projects Music licence & equipment Insurance 450 7,196 194 675 450 7,196 194 3,853 168 675 1,750 200 138 667 879 667 879 3,419 1,525 527 246 643 519 602 13,259 30,803 3,419 1,525 527 246 643 519 831 236 489 187 602 9,588 18,043 Conference & misslons tralnlng costs Sundry expenses Depreciation Staff cost 602 13,259 30,803 9. MANAGEMENT AND GOVERNANCE COSTS Professlonal fees Examiner's fees accountancy 240 650 890 240 650 890 1,865 650 2,515 Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 10. TANGIBLE FIXED ASSErs Muslcal Offfi equipment equipment Total 31-Dec 2023 Total 31-Dec 2022 Cost At l January 2023 Additions At 31 December 2023 2,538 1,585 4,123 4,123 2,538 1,585 4,123 4,123 Depreciation At l January 2023 Charge for the year At 31 December 2023 1,778 253 2,031 538 349 887 2,316 602 2,918 2,316 2,316 Net book value At 31 December 2023 507 699 1,206 1,807 11. CASH BALANCES Year ended Year ended 31-Dec 31-Dec 2023 2022 Cash at Bank 112,697 112,697 120,300 120,300 12. CREDITORS Year ended Year ended 31-Dec 2022 31-Dec 2023 (amount falling due within one year) Accrual and deferred Income: accountancy fees 650 650 650 650 13. RELATED PARTY TRANSAcfIoNS During the year, the church pald institutional grants to other RCCG organisatlons such as the World Evangelism Mlsslon as stated in note 7. Page 13
THE REDEEMED CHFusfiAN CHURCH OF GOD HOUSE OF PEACE FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 14. STAFF cosr AND NUMBERS Staff costs were as follows Year ended 31-Dec 2023 Year ended 31-Dec 2022 Wages and salaries Social security costs 8,850 150 9,000 8,850 150 9,000 Year ended Year ended 31-Dec 2022 No. The average number of employee durlng the year was as follows 31-Dec 2023 No. Pastoral Charity admlnlstration Total No employee reiVed remuneration amountlng to more than £50,000 in the year, 15. NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended 31-Dec 2023 Year ended 31-Dec 2022 This Is stated after charging Depreclatlon of tanglble assets owned by the charlty Independent Examiner's fees 602 650 602 650 Page 14