Registered number: 04376232 CharSty number: 1417479 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmited by guarantee) INDEPENDENT EXAMINATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD {A company Ilmited by guarantee) CONTENTS Page Reference and administrative detalls of the Charltable Companyj its Trustees and advlsers Trustees, report Indapendent examiner's report Statement of financial activities Balance sheet 10-11 Statement of cash flows 12 Notes to the financial statements 13-29 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Pastor OEajide Joseph Omotayo Mr Jacob Babatunde Abegunde Mrs Flora Deeka Nwikpo Mrs Abosede Owoyele Company registered number 04376232 Charity reglstered number 1117479 Reglstered offlce Rear of 31- 33 High Road Chadwell Heath Romford Essex RM6 6QJ Minister In Charge Pastor Chuka Nwafor Accountants stephen Michael Associates Chartered Certfied Accountants 201 Borough High Street London SE1 IJA Bankers Barclays Bank PLC 1- 2 Trinity Way Chingford London E4 8TD Pag& 1 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the Charitable Company for the 1 April 2023 10 31 March 2024. The Annual report serves Ihe purposes of both a Trustees, report and a directors, report under company law. The Trustees confinn that the Annual report and financial statements of the charitable company comply with the current slalutory requirements, the requirements of the charitable company's governing document and the provisions of the Stalement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Sinc8 the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omilted. Objectives and activities a. Policies and objectives Th8 charity's objecls are: The advancement of the Christian faith worldwide- Social Action and poverty relief worldwide., Provision of children and family support services., and Provision of educational and training programs for children. young people and adults in the local community. The Board of Trustees confirm that they have met their duties in strict compli8n¢e with the provisions of section 4 and 17 of the Charities Act 2011, and have had due regards to the Charity Commission's general guidance on public benefit. Particular consideration has been given to the Charity Commission's supplemenlary public guidance provisions on the advancement of religion for the public benefit. In setting objectives 8nd planning for activities, the Tnjstees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit= running a charity (PB2)'. Page 2 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance a. Revlew of activitles The focus of all the activities of the RCCG International Christian Centre is sharing the good news of Jesus Christ in a holistic and practical way with children, young people and adults within our local communily and the world al large. We believe thal the gospel is life transforming and life enhancing and is the only way through which men can have and experience eternal life. 11 is our belief that the gospel has a positlV8 impact on individuals who, in turn, have a positive and transformalive impact on their families, communities and the world. Hence, in the year ending 31 March 2024, RCCG ICC as a charity, in keeping with its objectives was able to extend existing programmes and develop new initiatives aimed at propagating and advancing message of the gospel of Christ and the Christian faith within its local community, the UK and overseas through its mission work. The charity also consolidated its Social Action iniliatives- its provision of educationltraining,. and the delivery of children and family support seNices in the community. The church continued to work in partnership with other local organisations wth similar objectives of advancing the gospel of Jesus Christ and raising finances and awareness for the needs and plight of the most disadvanlaged in our society and around the world. b. Investment policy and performance The trustees hava decided Ihat at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board as far as possible, funds will be retained in interest bearing accounts. Financlal revlew a. Resenies pollcy The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets {'Ihe free reserves,) held by the church should be 3 months of annual expenditure. At this level, the trustees feel that they would be able lo continue the current activities of the church in the event of a significant drop in funding. The free reserve for the year is 250,382 (2023- £275,353). b. Financial P051tlon The church is financially stable. Page 3 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structurej governance and management a. Constitutlon The Redeemed Christian Church of God International Christian Centre Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appointment or election of Trustees The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum ofAssociation. Organisational structure and decislon-making policies The charitable company is organised so that the Board of Trustees meet to manage ils affairs on a regular basis. The day to day administration of the charily is delegated to Ihe Minister In Charge, who reports frequently, on the affairs of the charity, to the Irustees. d. Risk Managemenl The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Page 4 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods In the view of growth in the congregation, the church aims to.. In keeping wilh the chartable objectives, to continue to pursue the advancemenl of the Christian faith locally and around the world. To commence in 2025, the building and development of the New Dream Centre- St. Chads Youth Development & Leadership Centre. facility: as a landmark Youth Development and Leadership Training Centre in the United Kingdom. To continue lo build on the Mission Training Centre initiative, as a training and equipping centre for men and women dedicated to service of God and humanity., with a vision of making a differenGe, building up communilies and working in partnership to Create a Better Future for the next generation lo come. Establish an effective Pastoral Care Teaml V￿lI￿r￿Med leadership team capable of minister to the multiple and diverse needs of its members and local community. as well as able to reproduce itself To Continue to be not just spiritually relevanl, but as well, socio-economically relevant church,. which is able to reach, minister to and serve the diverse groups within our community regardless of their age, Socio-economic status or race. To become a Christ centred multicultural church that is able to create life learning opportunities, educate, equip and empower its members to live and proclaim the gospel of Christ Jesus and add value to the wider community in which they live. To f urther develop and sltEnglhen its relationship with the RLC, to ensure that it is able to effectively support il in carrying oul the community development and outreach Se￿ICe5 it provides on its behalf as a local church, to create life learning opportunities for ils members and the wider community. Members. IlabS1ity The Members of the Charitable Company guarantee to contribute an amount not exceeding £1 to the assets of the Charitable Company in the event of winding up. Page 5 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Stalement of Truslees. responsibilities The Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordanc@ with applicable law and United Kingdom AccoLtnling Standards (United Kingdom Generally Accepted Accounting Practice). Company law r8quires the Trustees to prepare financial statements for each financial year . Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP (FRS 102). make judgments and accounting estimates thal are reasonable and prudent., state whether applicable UK Accounting Standards {FRS fj 02) have been followed, subject lo any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial slatements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Pastor Olajlde Joseph Omotayo Dale: Page 6 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indepeiident examlner's report to the Trustee5 of The Redeemed Christlan Church of God International Christian Centre Ltd {'the Charitable Company'l I report to the charity Trustees on my examination of the aGcounts of the Charitable Company for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wtth the requirements of the Companies Act 2006 {'the 2006 AGI,). Having satisfied myself that the accounts of the Charitable Company are not required lo be audited under Part 16 of the 2006 AGI and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In Carrying OL(t my examinalion I have followed the Directions given by the Charity Commission under section 145(5)lcknLP The notes on pages 13 to 29 fom part of these financial stalements. Page11 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng activitles Net cash used in operating activities (39,651 } 95,358 Cash flows from Investing activltles Purchase of tangible fixed asseis (32,179) (1, 155) Net cash used in investing activltles (32,179) {1,1551 Cash flows from financlng activities Repayments of borrowing (36,4501 (62,517) Net Cash used in flnancing actlvltles (36,450) 162,517) Change In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (108,280) 284,041 31,686 252,355 Cash and cash equivalents at the end of the year 175,761 284,041 The notes on pages 13 to 29 fom part of these financial statements Page 12 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Redeemed Christian Church of God International Christian Centre Ltd is a private company limited by guarantee, incorporated in England on 18 February 2002 The address of its registered office 15: Rear of 31- 33 High Road Chadwell Heath Romford Essex RM6 6QJ Accounting pollcles 2.1 Basls of preparatlon of financlal statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities- Statement of Recommended Praclico applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Redeemed Christian Church of God International Christian Centr8 Ltd meets tha definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿ise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charitable Company has entitlement to the incom8, 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 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo 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 15 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including 5UPPOrt costs involved in undertaking each activtty. Direct costs atlribulable to a single activity are allocated directly to that activity. Shared costs which contribule to more than one activily and support costs which are not attributable to a single activity are apporiioned 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 Charitab￿ activities is inCu￿ed on directty undertaking the activities which further the Charitable Companvs objectives. as well as any associated support costs, All expendilure is inclusive of irrecoverable VAT. Page 13 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounting pollcles Icontinued> 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; 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 depreclation Tangible fixed assets costing £250 or more are capilalised 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. Afler recognilion, under the cost model, tangibl8 fixed assets are measured at cost less accumulated deprecialion and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measuremenl of c<)st. 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 bases: Freehold propety Long-term leasehold property Motor vehicles Office equipment 20A straight line basis 20A straight line basis 250A reducing balance basis 150A straight line basis 2.6 Debtors Trade and other debtors are recognised al 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-tem highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounl. 2.8 Liabillties and provlslons Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and the amount of the settlement can be eslimated reliably. Liabilities are recognised al the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced pawrents for the goods or setvices il musl 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 rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activilies as a finance cost. Page 14 THE REDEEMED CHRISTIAN CHURCH OF GOO INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.9 Financial instruments The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrumants are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at am¢Xtised cost using the effective interest melhod. 2.10 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of Ihe Charitable Company and which have not been designated for other purposes. Restricted funds are funds whiGh are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company 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. Investmenl income, gains and losses are allocated to the appropriate fund. Income from donatlons and legacies Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Donations 2,340 281,097 283,437 R8Strictad Unrestricted funds funds 2023 2023 Total funds 2023 Donation5 43,592 201, 826 245,418 Page 15 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable aGtivitles Total funds 2024 Sales ol books and tapes UnTrslricl8d funds 2023 Tolal funds 2023 Sales of books and tapes 475 475 Inv8Stment Income Unrestrlcted funds 2024 Total funds 2024 Investment income - local investment properties Investment income - local cash 30,000 2,294 30,000 2,294 32,294 32,294 Un￿SIrIC1ed funds 2023 Tof81 funds 2023 Investment income - local investment properties Investment income - lo¢al cash 47,000 506 47,000 506 47,506 47,506 Page 16 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of donatlons Donations to Institutions 2024 Total funds 2024 United Kingdom 53,500 53,500 Donations to Instilutions 2023 Tolal funds 2023 United Kingdom 64,373 64,373 Analysls of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Advancement of Christian Faith 319,731 319,731 Unreslricted funds 2023 Total 2023 Advancement of Christian Faith 285,947 285,947 Page 17 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by activities Activities undertaken directly 2024 Donation funding of activities 2024 Support costs 2024 Total funds 2024 Advancement of Christian Faith 204,626 53,500 61,605 319,734 Aclivit18S undertaken d1￿CtIv 2023 Donation funding of activit18S 2023 Support osls 2023 Total funds 2023 Advancement of Christian Faith 169, 643 64,373 51,931 285, 947 Analysis of direct costs Advanceme ntof Christian Falth 2024 Total funds 2024 Staff costs Depreciation Ministerial expenses Premises expenses Communication costs Travel and motor expenses Finance costs 7.950 35,652 28,503 85,124 869 7,950 35,652 28,503 85,124 869 13,150 33,378 13,150 33,378 204,626 204,626 Page 18 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activlties (continued) Analysls of direct costs (continued) Advancemen t of Chrisfian Faitl? 2023 Total funds 2023 staff costs Depreciation Ministerial expenses Premises expenses Communication costs Travel and motor expenses Finance costs 6,500 35,985 14,886 87,341 3, 728 tO,454 10, 749 6, 500 35, 985 14,886 87,341 3, 728 10,454 10, 749 169, 643 169,643 Page 19 THE REDEEf41ED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by aGtivitles (continued) Analysls of support costs Advanceme ntof Christian Falth 2024 Total funds 2024 Depreciatlon Home mission and other church societies Honorarium Welfare Premlses expenses Communication costs Travel and motor expenses Refreshments Sundry church expenses Bank charges Expensed equipment and furniture Donations and gifts Finance costs Governance costs 12,006 1,218 5,458 5,131 13,250 96 1,461 1.651 1,326 2,821 7,816 6,252 19 3,300 12,006 1,218 5,458 5,131 13,250 98 1,461 1,651 1,326 2,821 7,616 6,252 19 3,300 61,605 61,605 Page 20 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by activities (continued) Analysis of support costs (contlnued) Advancemen t of Chnslian F8ilh 2023 Total funds 2023 Depreciation Honorarium Music and equipment Welfare 3, 998 1, 753 2, 380 739 8, 756 414 1,161 1,331 14,528 563 3,998 1, 753 2, 380 739 8, 756 414 1, 161 1,331 14,528 563 3, 726 4,982 4,300 3,300 Premises expenses Communication costs Travel and motor 8xpenses Refreshm8nls Professional & consultancy fees Sundry church expenses Bank charges Expensed equipment and furniture Donations and gifts Governance costs 3, 726 4,982 4,300 3,300 51,931 51,931 Independent examiner's remuneratlon 2024 2023 Fees payable to the Charitable Companls independent examiner for the independent examination and preparation of the Charttable Companls annual accounls 3,300 3,300 l O. Staff costs 2024 2023 Wages and salaries 7,950 6,500 7,950 6,500 Page 21 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs Icontinuedl The averaga number of persons employed by the Charitable Company during the year was as follows.. 2024 2023 Administration No employee received remuneralion amounting to more than £60,000 in either year. 11. Trustees, remuneration and expenses During the year, no Twstees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. no Trustee expenses have been incurred (2023 - £NIL). P2ge 22 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets Long-terni leasehold property Freehold property Motor vehicles Office equipment Total Cost or valuation At 1 April 2023 Additions 1,506,004 187,370 26,750 32,179 88,122 1,808,246 32,179 At 31 March 2024 1,506,004 187,370 58,929 88,122 1,840,425 Depreclatlon Al 1 April 2023 Charge for the year 421,080 30,120 41,217 3,747 24,389 8,635 73,158 5,156 559,844 47,658 At 31 March 2024 451,200 44,964 33.024 78,314 607,502 Net book value At 31 March 2024 1,054,804 142,406 25,905 9,808 1,232,923 At 31 March 2023 1,084, 924 146, 153 2,36t 14,964 1,248,402 13. Debtors 2024 2023 Due withln one year Trade debtors other debtors Tax recoverable 4,311 113,072 82.410 4,31t 92, 435 35, 000 499.793 131,746 Page 23 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Creditors: Amounts falllng due within one year 2024 2023 Bank loans Other loans Trade creditor5 Other taxation and social security Other creditors Accruals and deferred income 46,224 46,224 23, 155 36, 792 43,985 1,585 30,078 3,300 30,963 3, 300 125,172 140, 434 15. Credllors.. Amounts falllng due after more than one year 2024 2023 Bank loans 482,651 519,101 The bank loan is secured on the church's premises (land and buildings) situated at Rear of 31 33 High Street, Chadwell Heath, Romford, Essex RM6 6QJ. The loan will mature on 13 December 2029. 16. Flnanclal Instruments 2024 2023 Flnancial assets Financial assets measured at fair value through income and expenditure 175,761 284,041 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 24 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at I April 2023 Income Expenditure Unre5trlcted funds General Funds 950,798 313,391 (319,731) 944,458 Restricted funds Building ftjnd 5and2 Africa Life Development 43,242 10,264 350 2,340 45,582 0,264 350 53,856 2,340 56,196 Total of funds 1,004,654 315,731 {319,731) 1,000,654 Page 25 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) statement of funds- prior year Balance al JI March 2023 B81anca 81 t Apnl 2022 Income Expenditur8 Unrestricted funds General Funds 986,938 249,807 (285,947) 950, 798 Restrlcted funds Building fund 5and2 TWEM 43,242 43, 242 10,264 350 10,264 350 10,264 43.592 53,856 Total of funds 997, 202 293.399 (285, 947) 1, 004, 654 The 5 loaves and 2 fishes fund is donations received to provide food vouchers for Individuals and famllles in need within our local community and nearby boroughs. Building fund is donations received towards church building. TWEM fund represents unexpended donations towards welfare. Page 26 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Summary of funds Summary of funds- current year Balance at 31 March 2024 Balan¢e at 1 April 2023 Income Expendlture General funds Restricted funds 950,798 53,856 313.391 2,340 (319,731) 944,458 56,196 1,004,654 315,731 (319,731) 1,000,654 Summary of funds- prior year B818nc8 81 31 March 2023 Balanc8 81 1 April 2022 Income Expenditur8 General funds Restricted funds 986,938 10,264 249,807 43,592 (285,947) 950, 798 53, 856 997, 202 293,399 (285,947) 1,004,654 19. Analysis of net assets between funds Analysls of net assets between funds- Current perlod Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Currenl assets 1,232,923 1,232,923 375,554 375,554 (181,368) 1125,172) (482,651) 1482,651) Creditors due within one year Creditors due in more than one year 56.196 Total 56,196 944,458 1,000,654 Page 27 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Analysls of net assets between funds {contlnued) Analysls of net assets between funds- prior perlod Restricted UnrestricÉod funds funcls 2023 2023 Tolal funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1,248,402 1,248,402 361,931 415,787 (140,434) (140,434) (519, 101) (5t9, 101) 53,856 Total 53,856 950, 798 t,004, 654 20. Reconciliatlon of net movement In funds to net cash flow from operatlng activities 2024 2023 Net incomelexpenditure for the perh)d {as per Stalement of Financial Aclivilies) {4,000) 7,452 Adjustments for: Depreciation charge8 Increase in debtors I ncreasel(decrease) in creditors 47,658 (68,047) 115.262) 39,983 (27,854) 75, 777 Net cash provided byl(used in) operating activities (39,651) 95,358 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 175,761 284,041 Total cash and cash equivalents 175,761 284,041 Page 28 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysis of changes In net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 284,041 (69,379 1519,1011 1108,280) 23,155 36,450 175,761 {46,224) 1482,6511 (304,439) {48,675) {353,1141 23. Related party transactions 2024 2023 Amounts owed by Resurrection Life Centre to the charitable company- in other debtors (Note 13) Rent receivable from Resurrection Lrfe Centre Ltd (see note 4) 73.684 30,000 62, 534 47,000 Resurrection Life Centre Ltd (RLC) is a company with a common Chief Executive. Page 29