THE REDEEMED CHRISTIAN CHURCH OF GOD AMAZING GRACE CHAPEL HULL Charity reg. no 1119496 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE REDEEMED CHRISTIAN CHURCH OF GOD- AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 CONTENTS CONTENTS PAGE Reference and administratlve details Trustee's report Independent Examiner's Statement of Financial Activities Balance sheet io. Notes to the financial statements 11-16 Page I
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GF14CE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Trustees Pastor M Bako Pastor O I Aleshinloye Pastor E Eneli Pastor E R Inwe Registered Charity Number 1119496 Correspondence Address 71/73 Beverly Road Hull East Yorkshire HU3 IXL Pastor in Charge Pastor Olumide I Aleshinloye Bankers Natwest Bank PIC Wlllerby and Kirk Ella (A) Branch The Square Willerby East Yorkshi HUIO 7UA Accountant Akintayo Ojo FCCA Resource Management Consultants Limited Chartered Certlfled Accountant 46 Hollywood Way Erith DA8 2QE Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 REPORT OF TRUSTEES The Trustees present their annual report together with the financial statements of The Redeemed Christlan Church of God Amazing Grace Chapel Hull (the Charlty) for the year ended 31 March 2024 The trustees confirm that the annual report and financial statements of the charity have been ppared in accordance with the policies set out in note I to the accounts and comply with the charlty's trust deed, the Charlties Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable in the UK and Republic of Ireland published on 16 July 2014 OBJECTIVES AND ACTIVITIES The principal object is the advancement of Christian faith worldwide and rellef of poverty. To promote any charitable activity for the benefit of the local people. To achieve this objective, the church adopted the following strategies: STRATEGIES FOR ACHIEVING THE OBJECTIVES The charity has adopted the following strategies for achieving the above objectives. Planting churches Runnlng seminars in the church with proven ministers of the faith to gulde members in the various aspects of Christlan faith, Support for other charities and Christian events, Pmviding overseas aid and famine rellef, and involving In economic and community development, Community outreach events, Conferences and events, Welfare support to members and general public, and Various missionary activities PUBLIC BENEFIT STATEMENT The Board of Trustees confirm that they have met their dutles in strict compllance with the provisions of section 4 and 17 of the Charlties Act 2011 and have due regards to the Charity Commissions, general guldance on public benefit. Particular consideration has been given to the Charity Commission's supplementary public guidance provisions on the advancement of rellglon for public beneflt. PUBLIC BENEFITS The Church's Sunday and mid-week services as well as prayer meetings are open to the general public to build on their Christian faith. Apart from its Church actlvities, the charity was involved in the following public benefit efforts: The charity runs a free youth music, choreography and drama project for youth in the community Thls we believe will enable young people be more productive with their free time. This will further prevent them from gettlng involved in any anti-social behaviour. The charity organised varlous dinner events to brlng the community members and their leaders. This provides an opportunity for social interaction between members of the community. Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GF14CE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 REPORT OF TRUSTEES PUBLIC BENEFITS The charity organised weekly soup kitchen for the homeless, and less privllege in the financial year. This is ongoing at the time of this report. The charity successfully runs the community Coheslon Soup Kitchen project with a grant from Community Fund Project. With increased cost of livlng arising from increased energy cost and Infiation, Amazing Grace Chapel continues to provide support to members of her community. The centre has been turned to a hub in Hull. Residents attend for decent meals and thelr daily needs. During the financial year, the charity had gave out over 10,000 food parcels to the people in need, and the less prlvilege in the community. The church have been providing food parcels three times a week. The specific days are Tuesday, Thursdays and Saturdays. Our efforts are geared towards supporting the programmes of our local community, promoting cohesion in our community, and impatting the lives of the young people and the elderly. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity which also operates under the name Amazing Grace Chapel Hull was constituted by a trust deed dated 9 June 2006 and was registered with the Charity Commission as a charity in England and Wales on 5 June 2007 APPOINTMENT OR ELLECTION OF TRUSTEES Trustees are appolnted or elected under the terms of the trust deed. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The induction process for newly appointed trustees comprises of an initial meeting with the Chalr and other trustees, followed by short meetlngs with the Parish Pastor on the powers and responsibilities of the Trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the Trustees meet regularly to manage its affairs. The Parish Pastor manages the day to day admlnistration of the church with assistance from the ministers. RELATED PARTY TRANSACTION RCCG Amazing Grace Chapel Hull is a parish of The Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relatlonship with RCCG is governed by an 'Agreement for Common purposes,. RISK MANAGEMENT The Trustees have assessed the major risks to which the charity is exposed, in partlcular those relatlng to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposures to major rlsks. However consultation and revlew of our systems are regularly undertaken, in order to ensure they remain up to date and effectlve. Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 REPORT OF TRUSTEES GRANT MAKING POLICY The church supports visiting ministers of the gospel both within and outside the United kingdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life and other RCCG programmes. The Church supports other charities and missionary that shares Its objects on advanclng Christian religion of Christian falth and relief of poverty. The church gives occasional welfare support to congregational members who a in need. VOLUNTEERS The church is grateful for the unstinting efforts of its volunteers who are involved in providlng services for the charity. It is estimated that over 8000 hours are provided by volunteers during the year. If this is conservatively valued at £8.50 per hour, the volunteers effort wlll amount to over £68,000. Strategic training/development programmes were provided to the volunteers to enhance the quallty of services they rendered to the Charity. ACHIEVEMENT AND PERFORMANCE REVIEW OF ACTIVITIES The church continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith In accordance with the doctrines set out in the statement of faith contalned in our Trust Deed. During the year In report, the charity received grants from other charities for her community project. Donors and amount received are shown in note 3 on page I l. INVESTMENT POLICY The trustees have decided that at present, funds should be retalned in banks and building societles, and as far as possible in interest bearing accounts. Having consldered the powers of the trustees to further invest the funds of the charity, the trustees has agreed to invest in properties and the charity currently owns 8 flats of various slzes in the communlty. The flats are rented and have generated provided additional income which are used for achieving the objects of the charity. RESERVES POLICY The trustees, pollcy is to have unrestricted and uncommltted funds (free reserves) to cover 3 to 6 months of resources expended which equals roughly £50,000 £100,000. They feel that this will enable cUrnt actlvities to continue if there is any significant drop in funding. It would obviously be necessary then to consider how the funding would be replaced or activities changed. The present free reserve Is above the pollcy range but the trustees are continuing to seek additional funds to further boost the reserves. PRINCIPAL FUNDING Funding has been provided mainly through tithes and offerings by church members and through donations. Pledges are also taken for speclfic projects. The charity has maximised its incoming by accessing gift aid claim on donatlons made by eligible donors. Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 REPORT OF TRUSTEES FUTURE DEVELOPMENTS The charity continues to explore varlous ways of spreading the gospel of Chrlst in an effective manner. The charity Is also looking to grow in membership and continue to develop its members to make Ilfe-changlng impact in the community through strateglc training and development programmes. The charity under its object of preventlon and relief of povety has continued to help in alleviating accommodation problems in her community. The Charity did not acquire properties in the year. It continues to manage her portfollo of 7 flats. The flats are rented out in the community at affordable rates. The Charity continue to explore ways of providing further help for her community. FINANCIAL REVIEW The Charity's financlal statements for the year ended 31 March 2024 show a net increase of funds of £274,936 (2023.. £218,724). TAXATION The Redeemed Christlan Church of God Amazing Grace Parish is a registered charity and all of its activities are tax exempt under rules of taxation granted to charities. Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 REPORT OF TRUSTEES STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the annual report and financial statements in accor- dance with applicable laws and regulations. Charity law requires the Directors to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Acceptable Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing the financial statements, the Directors are required to.. Select suitable accounting policies and apply them consistently; Make judgement and estimates that are reasonable and prudent; Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and henceforth taking steps for the prevention and detection of fraud and other irregularities. The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended. Approved by the trustees on 1614 August 2024 and signed on their behalf by: Pastor O Aleshinloye Trustee Pastor Ezim Eneli Trustee Page 7
THE REDEEMED CHFUSTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF RCCG - AMAZING GRACE CHAPEL HULL I report on the accounts of the charity for the period ended 31 March 2024 which is set on pages 9 - 16 RESPECTIVE RESPONSIBILITIES OF THE TRusfEES AND THE EXAMINER The Charity Trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for the period under section 476 of the Companies Att 2006 and that an independent examlnation is needed. It is my responsibility to: examine the accounts under section145 of Charities Act 2011; follow the procedures laid down in the general Directions given by the Charity Commission (under sectlon 145(5)(b) of the 2011 Act. and state whether particular matters have come to my attention. BASIS OF MY EXAMINATION My examination was carried out in accordance with the General Directions given by the Charity Commlssion. An examination includes a revlew of the accounting records kept by the charity and a comparison of the accounts presented wlth those records. It also includes consideration of any unusual items or dlsclosures in the account, and seeking explanatlons from you as trustees concernlng any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is glven as to whether the accounts present a "true and fair view and the report is Ilmited to those matters set out in the statements below. EXAMINER'S STATEMENT In connection with my examinatlon, no matter has come to my attention: (l) which gives me reasonable cause to believe that In any materlal respect the trustees have not met the requirements to ensure that: proper accounting records are not kept in accordance wlth the companies Act; and accounts are prepared which agree with the accounting records and comply with the accounting requlrements of the Companies Act 2006; or (2) to which, in my opinion, attention should be drawn in order to enable a proper under- standing of the accounts to be reached. Akintayo Ojo FCCA Resource Management Consultants Ltd 46 Hollywood Way Erith. DA8 2QE Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GF14CE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL AcfIviTIES Unrestritted Restrltted Totsl Total Funds Funds Funds Funds 2024 2024 2024 2023 Notes INCOMING RESOURCES Donations, & slmilar Incoming resources Grants ft)r Community Projects Gift aid Receivable Other Grants & Income Received Investment Income Total incoming resources 555,848 77,126 27,297 632,973 27,297 132,180 5,500 6,441 804,391 389,863 23,502 75,031 55,081 7,149 550,626 132,180 5,000 6,441 699,469 500 104,922 RESOURCES EXPENDED Charltable expenditure Grants payable - individual Grants payable - institutlonal Costs of actlvities In furtherance of charities objects Support Cost Management and governance costs Total resources expended 9,595 41,159 59,386 59,386 309,500 21,712 93,884 484,482 44,973 354,473 21,712 93,884 529,455 196,350 18,481 66,317 331,902 io 11 44,973 Net (outgolng)/incoming resources for year 214,987 59,949 274,936 218,724 Total funds at the start of the year 194,395 488,226 682,621 463,897 BALANCE AT END OF YEAR 409,382 548,175 957,557 682,621 The charity's Incoming resources and resources expended all relate to continuing attivities. Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 BANNCE SHEFf AS AT 31 MARCH 2024 Notes 2023 2022 FIXED ASss Building Tangible Fixed assets 12 12a 12b 879,582 141,367 1,020,949 879,582 53,783 933,365 CURRENT ASSETS Debtors Cash and bank balances 13 14 143,130 187,595 330,725 79,981 142,295 222,276 Total assets 1,351,674 1,155,641 LIABILITIES CREDrroRS (amount falling due within one year) Accrued expenses Long term Liability - Mortgage Total l iabi lity 15 8,192 9,800 16a 385,925 394,117 463,220 473,020 NET ASSETS 957,557 682,621 CHARITY FUNDS General un restricted General restricted TOTAL FUNDS Id 409,382 548,175 957,557 194,395 488,226 682,621 le The accounts have baen prepared in accordance wlth the speclal PFOVlSion of Statement of Recommendeo Practlce.. Accounting and Reportlng by Charlties ISORP) issued March 2005 as modified for smaller charities Approved by the Trustees on i E14 August 2024 and signed on their behalf by: Pastor O Aleshinloye Trustee Pastor Ezim Eneli Trustee Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS I. ACCOUNTING POLICIES (a) The accounts a prepared under the historical cost convention and in accordance with applicable accounting standards, They follow best prattice as set out In the Statement of Recommended Prattice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities. (b) Income and expenditure is accounted for on an accruals basis. (c) Fixed assets comprise fumiture and equipment and musical equipment and have been costing more than £lOO. Tangible ftxed assets are stated at cost less depreciation. Depreciatlon is provided at rates calculated to write off the cost of fixed assets, less their estimated resldual value, over thelr expetted useful lives on the following bases: MLtsical equipment 25010 reducing balance Furniture and fittings 250/0 reduclng balance Computer equipment 25D/o reducing balance Motor Vehicles 25010 reducing balance (d) Unrestricted funds are incomlng resources received for the objetts of the charity without further speclfied purpose and a available as general funds. (e) Restritted funds are subjett to striCt10n5 on their expenditure imposed by their donors. Unrestricted Restritted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES Collectlon at all services Donations Donations - Music Mixer Donations - Mission Donation - Community Project 554,768 1,080 554,768 1,080 250 330,180 18,184 16,730 22,728 2,040 389,863 250 11,596 65,280 77,126 11,596 65,280 632,973 555,848 3. AcrivrrtES IN FURTHERANCE OF CHARITY'S OBJEcr Garfield Weston Grant Love Your Neighbour East Rlding Trust Rank Foundation J H Rausing Trust Charles Trust Humber Community Association Grant Humber All Nations Alliance Community Fund 5,000 5,000 3,000 5,000 3.000 3,000 1,000 5,000 5,000 9,022 480 4,701 9,000 10,596 27,297 4,701 9,000 10,596 27,297 23,502 4. GIAID Gift aid receivable 132,180 132,180 75,031 5. OTHER GRANTS & INCOME RECEIVED HMRS Ers NI Relief RCCG Camp Other Grants 5,000 5,000 4,524 49,957 600 55,081 500 500 5,000 500 5,500 Page 11
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GFiACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS Unrestrlcted Restricted Totsi Total Funds Funds Funds Funds 2024 2024 2024 2023 6. INVESrMEh INCOME Net Rental Income Hall Hire Recelpts 17 4,951 4,951 1,490 1,490 6,441 6,441 Amount represents net rental Income ceiVed from 3 flats owned by the charity. The income was used to advance the objects of the charity. 7,149 7,149 2024 2024 2024 2023 7. Grants payable- individual Individual welfare 9,595 2024 2024 2024 2023 8. Grants payable - institutional Charitable giving -UK Charitable giving -overseas Total 59,386 59,386 41,159 59,386 59,386 41,159 List of institutional grants payable RCCG WEM RCCG Central Office Festival of Life Others Total grant payable - institutional 48,054 960 165 48,054 960 165 34,319 960 180 10,207 59,386 10,207 59,386 5,700 41,159 9. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJEC Seminar, conferences & subscriptions Travel and subsistence Vehicle runnlng and repairs Visitlng minister's expenses Community projects Missions and evangellsm Welfare & hospitality Telephone & internet Printlng, postage, stationery & IT consumables Repairs, renewal and maintenance Worship cost, music & church group utilities 1,360 36,246 4,300 14,409 23,703 62,780 13,026 1,683 3,661 63,024 10,643 8,667 4,974 349 1,360 36,246 4,300 14,409 51,000 80,456 13,026 1,683 3,661 63,024 10,643 8,667 4,974 349 2,180 19,539 3,656 10,350 33,547 46,424 6,922 1,459 2,237 27,793 2,831 7,543 5,362 93 27,297 17,676 Insurance Volunteer expenses Training & development Depreciatlon 2,620 58,053 309,500 2,620 58,053 354,473 2,863 23,551 196,350 44,973 Page 12
THE REDEEMED CHRisfiAN CHURCH OF GOD - AMAZING GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS unstrICted Restricted Total Totsl Funds Funds Funds Funds 2024 2024 2024 2023 10. SUPPORT COSTS Telephone & internet Printing, postage, statlonery & IT consumables utllities Admin & office expenses Bank charges Sundry expenses 528 2,313 3,915 3,745 7,717 3,493 21,712 528 2,313 3,915 3,745 7,717 3,493 21,712 1,459 1,491 3,233 3,244 6,188 2,866 18,481 11. MANAGEMENT AND GOVERNANCE COSTS Staff cost Professional fees - Legal & Leases Professional fees - accountancy & examination Professional fees - Other Professional fees - accountancy other 74,198 74,198 56,595 240 7,600 10,086 2,000 93,884 7,600 10,086 2,000 93,884 7,500 983 1,000 66,317 12. FIXED ASSETS 12a. BUILDING Total 31-Mar 2024 Total 31-Mar 2023 Cost at l April 2023 Additions in the year Cost at 31 March 2024 879,582 797,558 82,024 879,582 879,582 12b. TANGIBLE ASSETS Motor Musical Computers -urniture & Vehicles equipment & projectors fittings Total Total 31-Mar 2024 31-Mar 2023 Cost At l April 2023 Additions At 31 March 2024 36,785 39,602 4,905 44,507 17,360 106,670 124,030 17,650 34,061 51,711 111,397 145,636 257,033 56,080 55,317 111,397 36,785 Depreciation At l April 2023 Charge for the year At 31 March 2024 14,493 7,430 21,923 17,622 9,406 27,028 11,657 30,143 41,800 13,842 11,073 24,915 57,614 58,053 115,667 34,063 23,551 57,614 Net book value At 31 March 2024 At 31 March 2023 14,862 22,292 17,479 21,980 82,230 5,703 26,796 3,808 141,367 53,783 53,783 Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GFi4CE CHAPEL HULL TRUSTEES AND FENANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 13. DEBTORS Year ended 31-Mar 2024 Year ended 31-Mar 2023 Gift Ald Receivable Other debtors 132,180 10,950 143,130 75,031 4,950 79,981 14. CASH BALANCES Unrestricted Restritted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 Bank balance Building fund account Current account At 31 March 2021 11,908 11,908 175,687 187,595 18,874 123,421 142,295 175,687 175,687 11,908 Year ended 31-Mar 2024 Year ended 31-Mar 2023 15. CREDrroRS Accrual and deferred income: Independent Examlner's fees Short term 7,600 592 9,800 8,192 9,800 Year ended 31-Mar 2024 Year ended 31-Mar 2023 16a. LONG TERM UABILITY Mortgage (Triodos Bank) 385,925 385,925 463,220 463,220 Amount represents outstanding balance on Mortgage on church flats. 16. STAFF COST AND NUMBERS Staff costs were as follows Year ended 31-Mar 2024 Year ended 31-Mar 2023 Wages and salaries Social securlty costs Penslons 65,578 6,239 2,381 74,198 50,376 4,524 1,695 56,595 Page 14
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZING GF14CE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 17. STAFF NUMBERS The average number of employee during the year was as follows Year ended 31-Mar 2024 No. Year ended 31-Mar 2023 No. Pastoral Charity administration Total No employee recelved remuneratlon amounting to more than £50,000 in the year. 18. INVESTMENT INCOME RENTAL INCOME ACCOUNT Year ended Year ended 31-Mar 31-Mar 2024 2023 Rental Income from Church Flats Less mortgage interest Rental income after interest Expenditure Management Fee Legal fees Lettlng fees Repalrs & maintenance Councll rates Insurance Safety checks Cleaning Utilities 53,200 27,900 25,300 51,013 20,387 30,626 5,815 6,743 584 270 11,136 356 1,708 1,089 410 99 11,364 231 2,497 387 55 Equipment Total expenditure 1,082 23,477 20,349 Net Rental Income 4,951 7,149 19. RELATED PARTY TRANSAcfIoNS During the year, the church paid institutlonal grants to other RCCG organisations such as the World Evangelism Mission as stated in note 7. 20. OTHER GRANTAND INCOME RECEIVED Durlng the year in report, a total grant fund of £49,957 was recelved from RCCG Camp. The fund Is to support the Charlty's property project. The funds has been put toward the repayment of the bank loan on the property In other to reduce bank Interest charges. In the previous year, other grant income was NIL. Page 15
THE REDEEMED CHRISTIAN CHURCH OF GOD - AMAZENG GRACE CHAPEL HULL TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2024 NOTES TO THE ACCOUNTS 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF ASSETS BWEEN FUNDS: CURRENT PERIOD Unrestricted Restricted Totsl Funds Funds Funds 2024 2024 2024 Tangible flxed assets Current assets Creditors amount falling due within one year Credltors amount falling due after more than one year Movement between ftjnds 141,367 318,817 8,192 879,582 11,908 1,020,949 330,725 8,192 385,925 -385,925 42,610 548, 175 42,610 409,382 957,557 ANALYSIS OF ASSEfs BETWEEN FUNDS: PRIOR YEAR Unrestritted Restritted Total Funds Funds Funds 2023 2023 2023 Tangible flxed assets Current assets Creditors amount falling due within one year Creditors amount falling due after more than one year Movement in between funds 53,783 203,402 9,800 879,582 18,874 933,365 222,276 9,800 463,220 -463,220 52,990 488,226 52,990 194,395 682,621 21a. MOVEMENT IN FUNDS The total funds at the end of the year represent the total value of the charity net assets. This consists of total values of fixed assets and currents assets less total value of current liabilities and the long term liabilities. The trustees have resolved to adjust the presentation of funds between general unrestricted and restricted funds as shown in the statement of financial activities. 22. NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended 31-Mar Year ended 31-Mar This is stated after charging 2024 2023 Depreciatlon of tangible assets owned by the charity Accountant's fees 58,053 7,600 23,551 7,500 23. VALUE OF BUILDINGS The Charity current holds a portfolio of 8 properties in Hull and the value held for the properties in the account are either cost of building the property or the actual purchase price as the case may be. Page 16