Registered number: 04376232 Charity number: 1117479 THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) INDEPENDENT EXAMINATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD IA company Ilmlted by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Charltable Company. Its Trustees and advlsers Trustees, report Independent examIneS report Statement of flnanclal actlvltles Balance sheet 10-11 Slalemenl of cash flows 12 Notes to the flnanclal statements 13-28
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 2025 Trustees Pastor Olajide Joseph Omotayo Mr Jacob Babatunde Abegunde Mrs Flora Deeka Nwikpo Mrs Abosede Owoyele Company reglstered number 04376232 Charlly reglstered number 1117479 Reglster8d offlce Rear of 31- 33 High Road Chadwell Heath Romford Essex RM6 6QJ Mlnlster In Charge Pastor Chuka Nwafor Accountants Slephen Michael Ass¢xiales Chartered Certfied Accountant8 201 Borough High Street London SE11JA Banker8 Barclays Bank PLC 1- 2 Trinity Way Chingford London E4 8TD Page 1
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Trustees present their annual report together with the financial statements of the Charitable Company for the 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Tnjslees confirm that the Annual report and financial statements of the charitable company comply wth the current statutory requirements, the requirements of the charitable companls governing document and the provisions of the Slalement of Recommended Pr2Ctice {SORP) applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS1021 (effective 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companie5 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 omttted. Objectlves and actlvltles a. Pollcles and objectlves The charitys objects are.. The advancement of the Christian faith worldwide. Social Action and poverty relief worldwde. Provision ol children and family support seNices', and Provision of educational and training programs for children, young people and adults in the local communily. The Board of Trustees confimi that they have mel Iheir duties in strict compliance wilh the provisions of section 4 and 17 of the Charities Act 2011, and have had due regards to the Charily Commission's general guidance on public benefit. Particular consideralion has been given to Ihe Charity Commission's supplementary public guidance provisions on the advancement of religion for the public benefit. In setting objectives and planning for actrvilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relaling to public benefit, including the guidance 'Publtc benefit= running 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 2025 Achlevements and performance a. Revlew of activltles 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 community and the world al large. We believe Ihal the gospel is life transforming and life enhancing and is tha only way through which men can have and experience eternal life. It is our belief that Ihe gospel has a positive impact on individuals who, in lurn, have a positive and transformalive impact on their families, communities and the world. Hence, in the year ending 31 March 2025, RCCG ICC as a charity, in keeping With ils objectives was able to extend existing programmes and develop new inilialives aimed at propagating and advancing message of the gospel of Christ and the Christian faith within ils local community, the UK and overseas through ils mission work. The charity also consolidated its Social Action inilialives; its provFsion of educationltraining; and the delivery of children and family support services in Ihe community. The church continued lo work in partnership with olher local organisalions with similar objecllves of advancing the gospel of Jesus Christ and raising finances and awareness for the needs and plight of the most disadvantaged in our sociely and around the world. b. Inveslrnent pollcy and p8rfomiance The Iruslees have decided that 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. Financial review a. Reserves pollcy The Irustees have established a policy whereby the unrestricted funds not committed or invested In tangible fixed assets ('Ihe free reseNes') held by the church should be 3 months of annual expenditure. At this level, the trustees feel Ihat Ihey would be able to continue the current aclimlies of the church in the event of a significant drop in funding. The free reserve for the year is £300,777 <2024 - £250.382). b. Flnanclal Posltlon The church is financialty stable. Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management a. Constltution The Redeemed Christian Church of God International Christian Centre Ltd is registered as a charrlable company limited by guarantee and was sel up by a Memorandum of Association. b. Methods of appointment or electlon of Trustees The management of Ihe Charitable Company is the responsibility of the Trustees who are elected and co-opled under the terms of Ihe Memorandum of Association. c. Organlsatlonal structure and declslon-maklng pollcles 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 Ihe charity is delegaled to the Minister In Charge, who reports frequently, on the affairs of the charity, to the Ifuslees. d. Rlsk Management The Trustees have assessed the major risks lo which the charitable company is exposed, in particular those relaled to the operations and finances of the charitable company. and are satisfied that systems and procedures are in place lo miligale our exposure to the major risks. Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee} TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Plans for future period8 In the view of growlh in lh8 congregation, the church aims to: In keeping with the chartable objectives, to continue to pursue the advancement of the Christian faith localty and around the world. To commence in 2026, the building and development of the New Dream Centre- Sl. Chads Youth Development & Leadership Centre, facility,. as a landmark Youth Development and Leadership Training Centre in the Uniled Kingdom. To continue to build on Ihe Mission Training Centre inilialive, as a Iraining and equipplng cenlre for men and women dedicated to serwce of God and humanity,. with a vision of making difference, building up communities and workin9 in partnership to Create a Belter Future for the next generation lo come. Establish an effective Pastoral Care Teaml welkgroomed leadership team capable of minister lo the multiple and diverse needs of ils members and local c¢)mmunity, as well as able lo reproduce ilself To continue lo be not just spiritually relevanl. but as well. socio-economically relevant church,. which Ss able to reach, minister to and serve the diverse groups within our community regardless of Iheir age, socio-economic status or race. To become a Christ cenlred mullicullural church that is able to create life learnlng 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 further develop and slrenglhen its relationship with Ihe RLC. to ensure that it is able to effectively support it In carrying out the community development and outreach seNices it provides on its behalf as a local church, lo create life learning opportunities for ils members and the wider community. Members, Ilablllty The Members of the Charitable Company guarantee to contribute an amount not exceeding £110 the assets of the Charitable Company in the ev8nl 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 2025 Slalement of Trustees, responsibilities The Trustees (who 8re 81s0 the directors of the Charitable Company for the purposes of company law) are responsible for preparing the TrLSStee5' report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountino Practice). Company law requires the Trustees to prepare financial statements for each financial year . Under company law, the Trustees mLtst not approve the financial statements unless Ihey are satisfied Ihal they giv8 a true and fair view of the State of affairs of the ChaTilable Company and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounling policies and then apply them consistently., obseNe the methods and principles of the Charilies SORP (FRS 102)., make judgmenls and accounting estimates Ihat are reasonable and prudent; stale whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the linancial slatemenls; prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records Ihat are sufficient to show and explain the CharilabSe Companvs Iransactions and disclose wilh reasonable accuracy al any time the financial position of the Charitable Company and enable Ihem to ensure thal Ihe financial statements comply with Ihe Companies Act 2006. They are also responsible for safeguardin9 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 Date: .gi. ia.a095 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 2025 Independent examlner's report to the Trustees of The Redeemed Christian Church of God Internatlonal Chrislian Cenlre Ltd {'the Charltable Company'l I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2025. Responslbllltles and basts of report As the Trustees of the Charitable Company (and ils direclors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wrth the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself thal Ihe accounts of the Charitable Company are not required lo be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examination of the Charitable Companvs accounts carried out under section 145 of the Charities Act 2011 ('Ihe 2011 Acl,). In carrying out my examinalion I have followed the Directions given by the Charity Commission under seclion 145(5)(b) of the 2011 Act. Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CEtrITRE LTD (A company limited by guaranteel INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Independent examlner's statement Since the Charitable Companvs gross income exceeded £250,000 your examiner must be a member of a body listed in seclion 145 of the 2011 Act, l Confirm Ihat l am qualified to undertake the examination because l am a member of (Association of Chartered Certified Accountants), which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my allenlion in connection with the examination giving me cause to believe.. eccounting records were not kepl in respect of the Charilable Company as required by section 386 of the 2006 Act; or the accounts do not accord with those records., or the accounts do nol comply with the accounting requiremenls of section 396 of the 2006 Act other than any requirement that Ihe accounts give a 'lrue and fairf vtew which 18 not a maller considered as part of an independent examination; or the accounts have not been prepared in accordance with Ihe methods and principles of the Statement of Recommended Practice for accounling and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in conneclion with the examination to which allenlion shotjld be drawn in this report in order to enable a proper understanding of the accounts to be reach8d. Signed.. Daled. ,5 1 Mr Michael Oyewobi FCC STEPHEN MICHAEL ASSOCIATES Chartered Certified Accountants 201 Borough High Slreel London SE11JA Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Tolal funds 2024 Note Income from: Donations and legacies Investments 29.381 356,770 25,326 386,151 26,326 283,437 32,294 Total income 29.381 382,096 411,477 314731 Expendllure on: Charitable activities 333,657 333,657 319,731 Total expendlture 333,667 333,657 319,731 Net movement In funds 29,381 48,439 77,820 (4,OQO) Reconclllatlon of fund8: Tot81 funds brought forward Net movement in funds 56,196 29,381 944,458 48,439 1,000,654 77,820 1,004, 654 {4,OOOJ Total funds carrled foNard 85,577 992,897 1,078,474 1,000,654 The Statement of financial activities includes all gains 8fKI losses recognised in the year. The notes on pages 1310 28 form part of these financial statements. Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarant88) REGISTERED NUMBER: 04376232 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets 11 1,187,463 1, 232, 923 1,187,463 1, 232, 923 Current ass8ts Debtors Cash at bank and in hand 12 176,793 287,821 199, 793 175, T61 464,614 375, 554 Creditors.. amounts lalling due within one year 13 (115,568) (125, 172) Net current assets 349,046 250,382 Total assets less current Ilabllltles 1,536,509 1, 483,305 Creditors.. amounts falling due after more than one year 14 1458,035) (482, 651) Net assets excludlng penslon asset 1,078,474 1,000, 654 Total net assets 1,078,474 1,000,654 Charity funds Restricted funds Unrestricled funds 16 16 85,577 992,897 56, 196 944, 458 Tolal funds 1.078,474 1.000, 654 Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOO INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmited by guarantee) REGISTERED NUMBER: 04376232 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required Ihe company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibililies for comptying with the requirements of the Act with respect lo accounling records and preparation of financial statements. The financial statements have been prepared in accordance wrth the provisions applicable to entilies subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by: Pastor Olajlde Joseph Omotayo Date: gi.ia.ao95 The notes on pages 13 to 28 form part of Ihese financial slalements. 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 2025 2025 2024 Cash flows from operatlng actlvStles Net cash used in operating aclivilies 136,674 (39, 651) Cash flows from Investlng activlties Purchase of tangible fixed assets {32, 179) Net cash provlded byl{used In) Investlng actlvltles {32,179} Cash flows from flnanclng actlvltles Repayments of borrowing (24,614) (36,450) Net cash used In flnanclng actlvltles (24,614) {36,450) Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 112,060 (108,280) 284,041 175,761 Cash and cash equlvalents at the end of the year 287,821 175, 761 The notes on pages 13 to 28 form part of Ihese financial stalements Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Infomiatlon The Redeemed Christian Church of God International Christian Cenlre Ltd is a private company limited by guarantee, incorporated in England on 18 February 2002 The address of ils registered office is: Rear of 31- 33 High Road Chadwell Healh Romford Essex RM6 6QJ Accountlng policles 2.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounling and Reporting by Charilies: Statement of Recommended Practice 8pplicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019), the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Companies Acl 2006. The Redeemed Christian Church of God Inlernalional Christian Centre Ltd meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevanl accounting policy. 2.2 Income All income is recognised once the Charitab18 Company has enlillement to the income, it is probable that Ihe income will be received and th6 amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable Ihat a transfer of economic benefits will be required in selllement and the amount ol the obligation can be measured reliably. Expenditure is classified by activity. The costs of each aclivity are made up of the lotal of direct Costs and shared cosls, including support costs involved in undertaking each actimty. Direct costs altributable lo a single activrty are allocated directly to that activity- Shared costs which contribute to more than one acltvity and support cosls which are not altribulable to 8 single activity are apportioned between those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocaled on Ihe portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further Ihe Charitable Companls objectives, as well as any associated support costs. All expenditure Is inclusive of irrecoverable VAT. Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcSes (contlnued) 2.4 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can b8 measured reliably by the Charitable Company,. this is nornial upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble fixed assets and depreclatlon Tangible fixed assets cosling £250 or more are capitalised and recognised when future economlc benefits are probable and Ihe cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognilion, under Ihe cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment 105ses. All costs incurred lo bring a langible fixed asset into ils intended working condilion should be included in the measurement of cost. Deprecialion Is charged so as to allocale the cost of 18ngible fixed assets less their fesldual value over their estimated useful lives, Depreciation is provided on the following bases: Freehold propety Long-term leasehold propety Motor vehicles Office equipmenl 20/0 slraight line basis 20k stiaight line basis 25°/o reducing balance basis 15PA slraight line basis 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any Irade discount offered. Prepayments are valued al 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-term highly liquid investments with a short maturily of three months or less from the dale of acquisition or opening of the deposit or similar account, 2.8 Llabllltles and provlslons Liabililies are recognised when there is an obligalion at the Balance sheet date as a result of a past event, il is probable Ihal a transfer of economic benefit will be required in settlement, and the amount of the selllement can be estimated reliably. Liabililies are recognised at the amount that the Charitable Company anticipates it wtll pay to sellle the debl or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts required to settle Ihe obligation. Where the effect of the time valLJe of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate thal reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statemenl of financial activities as a finance cost. Page 14
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (contlnuedj 2.9 Flnanclal Instruments The Charitable Company only has financial assets and financial liabilities of a kind Ihal qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at Iransaclion value and subsequently measured al Iheir setllemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.10 Fund accountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance ol the general objeclives of the Charitable Company and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specific reslriclions 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 reslricled fund is sel out in the noles lo Ihe financial statements. Investment Income. gains and losses are 811ocaled lo the appropriate fund. Income from donatlong and legacl88 Restrlcted Unreslrlcted funds funds 2025 2025 Total funds 2025 Donations 2g,381 356,770 386,151 Reslricled Unreslricted Tui?ds lunds 2024 2024 Total funds 2024 Donations 2.405 281,032 283,437 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 2025 Investment income Unrestrlcted fund5 2025 Total funds 2025 Investment income - local inveslmenl properiies Investment income - local cash 22,500 2,826 22,500 2,826 25,326 25,326 Unreslricled runds 2024 Tolal lunds 2024 Inveslmenl income- local investment properties Investment income - local cash 30, 000 2,294 30,000 2,294 32, 294 32, 294 Analysls of donatlon5 Donatlons to Inslltutlons 2025 Total funds 2025 United Klngdom 15,502 15,502 Don8tions to Instilulions 2024 Total funds 2024 United Kingdom 53,500 53,500 Page 16
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD {A company limited by guarant88) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expendltuye on charltable actlvltles Summary by fund type Unre5trlcted funds 2025 Total 2025 Advancement of Christian Failh 333,657 333,657 Unr8Stncted funds 2024 Total 2024 Advancement of Christian Faith 319, 731 319,731 Analysls of expendlture by actlvltles Actlvltles undertaken dlrectly 2025 Donatlon fundlng of actlvltles 2025 Support costs 2025 Total funds 2025 Advancement of Christian Faith 249,969 15,502 68,186 333,657 Aclrvilies undertakeri direclly 2024 Donalioii funding ol activities 2024 Support cosls 2024 Total funds 2024 Advancement of Christian Faith 204.626 53,500 61,605 319,731 Page 17
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 2025 Analysls of expendlture by actlvltles (contlnuedl Analysls of dlrect costs Advanceme ntof Chrlslian Falth 2025 Total funds 2025 Staff costs Depreciation Ministerial expenses Premises expenses Communicalion costs Travel and motor expenses Finance costs 6,000 40,914 50,017 115,691 2,960 1,091 33,296 6,000 40,914 60,017 115,691 2,960 1,091 33,296 249,969 249,969 Advancem8n t of Chnslian Fai¢h 2024 Tol81 fu17ds 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 13, 150 33,378 7, 950 35, 652 28,503 85, 124 869 13, 150 33,378 204, 626 204,626 Page 18
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by actlvitles (contlnued) Analysls of support cosls Advanceme ntof Chrlstlan Faith 2025 Total funds 2025 Depreciation Home mission and olher church societies Honorarium Welfare Premises expenses Communication costs Travel and motor expenses Computer and internet expenses Repairs and maintenance Refreshments Bank charges Expensed equipmenl and furniture Donations and gifts Finance costs Governance costs 4,546 401 4,546 401 12,768 4,200 18,350 329 6,873 633 1,108 1,712 6,617 6,481 1,800 68 3,300 12.768 4.200 18.350 329 6,873 633 1,108 1,712 5,617 6,481 1,800 68 3,300 68,186 68,186 Page 19
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 2025 Analysls of expenditure by actlvlties (contlnued) Analysls of support costs Icontlnued) Advanc8m8n l of ci?iisÈian Failh 2024 Total funds 2024 Depreciation Home mission and other church societies Honorarium Welfare Premises expenses Communication costs Travel and motor expenses Refreshments Sundry church expenses Bank charges Expensed equipment and furnilure Donations and gifts Flnance costs Governance costs 12,006 t,218 5, 458 5, 131 13,250 96 12,006 1,218 5,458 5,131 13.250 96 1,461 1,657 1,326 2,821 7,616 6, 252 19 3,300 1,461 1,651 1,326 2,821 7,616 6, 252 19 3,300 61,605 61,605 Independent exarnlnerfs remuneratlon 2025 2024 Fees payable to the Charitable Companvs independent examiner for the independent examination and preparation of the Charitable Companqs annual accounts 3,300 3,300 Staff Costs 2025 2024 Wages and salaries 6,000 7, 950 6,000 7,950 Page 20
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 2025 Staff costs {contlnued) The average number of persons employed by Ihe Chaiitable Company duiing the year was as follows.. 2025 No. 2024 Admini51ralion No employee received remuneialion amounting to more than £60.000 in either year. 10. Trustees, remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 21
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Tanglble flxed assets Long-term leasehold property Freehold property Motor vehlcles Offlce equlpment Total Cost orvaluatlon Al 1 April 2024 1,606,004 187,370 58,929 88,122 1,840,425 Al 31 March 2025 1.506,004 187,370 58,929 88,122 1,840,425 Depreclatlon Al 1 April 2024 Charge for the year 451,200 30,120 44,964 3,747 33,024 6,526 78,314 6,087 607,502 45,460 Al 31 March 2025 481,320 48,711 39,560 83,381 662,962 Net book value At 31 March 2025 1,024,684 138,659 19,379 4,741 1,187,463 AI 31 IA8rch 2024 1.054, 804 142,406 25, 905 9, 808 1, 232, 923 12. Debtors 2025 2024 Due wllhln one year Trade debtors Other debtors Tax recoverable 4,611 112,327 59,855 4,311 113,072 82,410 176,793 199, 793 Page 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 2025 13. Creditors: Amounts falllng due wlthln one year 2025 2024 Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred inc¢Jme 37,308 44,745 2,281 27,934 3,300 46,224 43,985 1, 585 30,078 3,300 115,568 125. 172 14. Credltors: Amounts falllng due after more than one year 2025 2024 Bank loans 458,035 482,651 The bank loan is secured on the church's Premises (land and buildings) situated at Rear of 31 33 High street, Chadwell Healh, Romford. Essex RM6 6QJ. The loan will mature on 13 December 2029. 15. Flnanclal instruments 2025 2024 Financlal assets Financial assels measured at fair value through incorne and expenditure 287,821 175,761 Financial assets measured at fair value through incom8 and expenditure comprise cash al bank and in hand. Page 23
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance al 1 April 2024 Income Expendlture Unrestricted funds General Funds - all funds 944,458 382,096 (333,657) 992,897 Restrlcted funds Building fund 5and2 TWEM Kingdom Kids Africa Life Development Sierra Leone Mission 45,582 10,264 1,630 80 27,205 45 47,212 10,324 27,205 45 350 44 350 441 56,196 29,381 85,577 Total of funds 1,000,654 411,477 (333,6571 1,078,474 Page 24
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 2025 16. Statement of funds (contlnued) Statement of funds - prlor year Balance al 31 March 2024 Balance al 1 Apnl 2023 Incoine Expendilure Unrestricted funds General Funds 950, 798 313,391 (319, 73qJ 944,458 Restrict8d funds Building fund 5and2 Africa Life Development 43, 242 10, 264 350 2, 340 45,582 10,264 350 53, 856 2, 340 56, 196 Total of funds 1,004, 654 315, 731 (319, 731) 1,000,654 The 5 loaves and 2 fishes fund is donations received to provide food vouchers for Individuals and families in need within our local community and nearby boroughs. Building fund is donations received towards church building. TWEM fund represents unexpended donalions towards welfare. Page 25
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 2026 17. Summary of funds Summary of funds- current year Balance at 31 March 2025 Balance at 1 Aprll 2024 Income Expendlture General funds Reslricled funds 944,458 56,196 382,096 29,381 {333,6571 992,897 85,577 1,000,6S4 411,477 (333,6571 1,078,474 Summary of funds - prior year 88lance al 31 M8rch 2024 Balance al 1 April 2023 Income Expendilure General funds Restricted funds 950, 798 &9,856 313,391 2,340 (319, 731J 944,458 56, 196 1,004,654 315,731 (319, 731) 1,000.654 18. Analysls of net assets between fund5 Analysls of net assets between funds - current year Restricted Unrestrlcted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1,187,463 1,187,463 379,037 464,614 (115,568) 1115,5681 {458,0351 (458,0351 85.577 Total 85,577 992,897 1,078,474 Page 26
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Analysls of net assets between funds Icontlnued) Analysls of net assets between funds - prlor year Reslricled unsInc{8d lunds funds 2024 2024 To181 funds 2024 Tangible fixed 8ssets Current assets Creditors due within one year Creditors due in more than one year 1,232,923 1,232,923 375,554 375,554 (181,368) (125, 172) (482, 651) (482, 651) 56, 196 Total 56. 196 944,458 q, 000, 654 19. ReconclllatSon of net movemenl in funds to net cash flow from op8ratlng actlvities 2025 2024 Net incomelexpendilure for the year (as per Statement of Financial Activities) 77,820 (4, 000) Adjustrnents for., Depreciation charges Decreasal(increase) in debtors Decrease in creditors 45,460 23,000 {9,606) 47,658 (68,047) (q5, 262) Net cash provlded byl(used In) operatlng actlvitles 136,674 (39, 651) 20. Analysls of cash and cash equival8nts 2025 2024 C8sh in hand 287,821 175,761 Total cash and cash equlvalents 287,821 175,761 Page 27
THE REDEEMED CHRISTIAN CHURCH OF GOD INTERNATIONAL CHRISTIAN CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEhlTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysls of changes In net debt At l April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 175,761 (46,2241 (482,651) 112,060 8,916 24,616 287,821 (37,308 (458,0351 1353,114} 145,592 (207,522) 22. Related party transactlons 2025 2024 Amounts owed by Resurrection Life Centre lo the charilable company- in other debtors (Note 12) Rent receivable from Resurrection Life Centre Ltd (see note 4) 73,684 22,500 73, 684 30,000 Resurrection Life Centre Ltd (RLC) is a company with a common Chief Executive. Page 28