REDEEMED CHRISTIAN CHURCH OF GOD- [RCCG] SANCTUARY OF POWER Charity REG.No 1120255 TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 MOSES-BOLE&CO CHARTERED CERTIFIED FORENSIC ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANTS / TAX ADVISERS And BUSINES CHARTERED MANAGEMENT CONSULTANTS) REDEEMED CHRISTIAN CHURCH OF GOD- [RCCG] SANCTUARY OF POWER CONTENT Trustees and Advisers Trustees. Report 2to4 Independent Examlner's Report to the Tn￿teeS statement of Financial Aclivibes Balance 8hefrt Notes fomiing part of the Financlal Ststement 8t017 REDEEMED CHRISTIAN CHURCH OF GOD- [RCCG] SANCTUARY OF POWER LEGAL AND ADMINISTATIVE INFORMATION Genaral overseer: E.A. ADEBOYE Trustees: Mrs. Folasade Olanrewaju Olushanu Mojisola Akinremi Kehinde Ojediran Catherine Atinuke Odumuyiwa Florence Olufunke Akanmu Registered Office 59 Hatfield Road Dagenham RM9 6JR Ministsr In Charge: Pastor Daniel Oluwole Akanmu Charity No 1120255 Bankers Lloyds TSB Market Place Romford Branch P O Box 1000 BX1 1LT Accountants MOSES-BOLE&CO 39 Saint Brelades Court Balmes Road Hackney I Islington London Nl 5TW THE REDEEMED CHRISTIAN CHURCH OF GOD RCCG SANcfuARY OF POWER TRUSTEES REPORT FOR THE YEAR 2024 The Trustees have the pleasure of submitting their report and accounts for the year that ended 31 March 2023. The financial statement has been prepared in accordance with the accounting policies set out on pages 8 to 17 and complies with the statement of Recommend Prattice {SORP 2015), and the applicable law Structure. Governance, and Management Constitution The Charity is constituted under a Trust Deed dated and Charity is number on the central register of the Charity Commission of England and Wales. The Principal objectives of the Charity are the advancement of the Christian faith and the relief of poverty. Organisational Structure and Decision-making The church is organised so that the trustees meet regularly to manage its affairs. There is a part-time Minister and Volunteers, who manage the day-to-day administration of the church Related Party Relationships RCCG - Sanctuary of Power is a member of the Redeemed Christian Church of God (RCCG) which has Parishes all over the world. The relationship is governed by an 'Agreement for common purposes" between the parishes and RCCG. Development activities and achievements in the year The members who are with us have grown spiritually due to the various trainings they have received especially the Ministers (Volunteers). During this year 2023- 2024 Christmas, our Youth Department visited Queen Elizabeth Hospital in Romford (Children's Department) and made a presentation of gifts to sick children. Furthermore, Our Women Department visited Summerfield Residential Home in Romford with Christmas gifts. Our weekly attendance has continued to increase and our need for a bigger place is now a matter of necessity. The short-term solution was for us to have two services every Sunday which is quite telling on the pastors and volunteers. We believe that God will provide a solution in the coming year. We have continued to engage with our community through the six projects that we run for the benefit of the community. In order to reduce crime incident in the community, Evangelism was stepped up. We also do monthly Environmental Clean-up of our Community to the admiration of ours. Neighbours. We had during the year organised projects for the need of the homeless and the general public bringing together people to have some BBQ accompanied with music and a bouncy castle for the children. The best part of this event is that we invite people who have been freed from drug use to share their testimonies to encourage others to do the same. Risk Policy The Trustees have assessed the Major risks to which the Charity is exposed, particularly those relating to the operations and finance, and are satisfied with the risk management systems in place to mitigate any risk exposure. Future Development We are hoping to establish a new parish in 2017 as could not achieve this, this year our baby parish still needs support at this time. Our pursuit of acquiring a bigger place for the charity is now very vigorous as it is now needed. A building committee proceeded and took all the building funds into a new bank account as approved by the Trustees. The problem we have during winter at the end of the day at the shade projett has continued to hunt us and we hope to establish a sight shelter in the near future if we have the money. Finally, we are looking into the possibility of owning and running our own orphanage in the southern part of Nigeria. Review of financial position The net incoming resources for the year amounted to £819.11 (was £-1,592.41) All these have been unrestritted reserves and no fund is allotted to restricted funds Reserve Policy The Trustees have established a policy where the unrestricted funds not committed or invested in tangible fixed assets [the free reserve] held by the church should be 3 months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding. Principal Funding This is provided mainly through voluntary tithes and offerings by the church members. Pledges are also taken for specific projerts. Statement of Trustees. Responsibilities The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the surplus or deficit of the charity for the period of the state of affairs of the charity in preparing those financial statements, the trustees requested to: Selett suitable accounting policies and then apply them consistently,. Make judgments and estimates that are reasonable and prudent," State whether applicable accounting standards and statements of recommended prattice have been followed, subjert to any departures disclosed and explained in the financial statements; iv. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation The Trustees are responsible for keeping proper accounting records that disclose the charity's financial posits'on with reasonable accuracy at all times and enabling themto ensure thatthe financial statements comply with the Charities Art 2011. They are also responsible for safeguarding the charity's assets and hence for taking reasonable steps to prevent and detert fraud and other irregularities. Trustees and other information The members of the Board of Trustees who served durlng the year were". Mojisola Akinremi Kehinde Ojediran Catherine Atinuke Odumuyiwa Florence Olufunke Akanmu This report was approved by the Board of Trustees on th￿.* -i)1-2o'i Signed on its behalf by: and retary to the Board of Trustees MOSES-BOLE & CO IO¥e5b1051¥5 IKCOUi)lèlitS diid 6usine55 Management Con5uStant5 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD-SANCTUARY OF POWE st report on the accounts of the charity for the year ended 31 March 2024, which are set out below, and notes to the financial statements on pages 9 to 19 Respective responsibilities of Trustees and Examiners As the Charitys Trustees, you are responsible for the preparation of the accounts. you consider that an audit is not required for this year (under section 144(2} of the Charity Act 2011{the 2011 act) and that an independent examination is needed. It is my responsibility to Examine the account (under section 145 of the Act). follow the procedures laid down in the General Direttions given by the Charity. Commission (under section 145{5) (b) of the 2011 Act and State whether particular matters have come to my attention. Basis of Independent Examinerfs report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. Independent Examinerfs Statements In connection with the examination, no matter has come to my attention:_ 11 Which give me reasonable cause to believe that in any material respect the requirement5 To keep accounting records in accordance with section 130 of the 2011 Act; To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met or 2) To which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached Moses O E Igunnubole, BA IHONS.J. FAI Managing Principal PFA. FFA. FT4 FCPA, MOSES-BOLE&CO Chartered Certified Forens1 Certified Professional Accountants/TaxAdvisers rjnd Business Chartered Management Consultants DATE." I > 'CY2025. Tell +4410) 20 7704 2)25 ErEkiil"" ￿$est￿)I&￿_aolc0ffj LeT0yH¢)￿Se Bus[r￿$sce￿r￿, Un51 Faxi 44410}2073￿ 2035 Webi wwwJn05e5-bole£wi 436ESSEX Aoad151ington,Londtsn.Nl 30P REDEEMED CHRISTIAN CHURCH OF GODtRCCG]4ANCTUARY OF POWER STATEMENT OF FINAP4CIAL ACTMTIES FOR THE YEAR ENDED 31ST MARCH 2024 Restricted Endow- Noies Unrestiicaeyl income ment Funds FurMJs FuThJs Prior year Funds To Funds R¢comrnended categorfa by actlvlty Incoming resour¢os Income and endowmgnts from: Donations and legaues Total Rosourc•$ exp•nd•d Expenditur• on: Direct Cost Support Cost G0veMan￿ Cost Total 67,288 77 67,288.77 67.288 77 73.349 67.288.77 73.349 50.866.07 14,503.59 1,100_ 66.469.66 50,866.07 52,250 14.503.59 21.592 1,100_00 1,100 66A69.66 74.941 Nat movem•nt In funds 819.11 819.11 1.592 R•¢onelliatlon of funds: Total funds brought fo￿ard Total fvnds Carr￿d for4vard 15,201.37 16.020.48 15,201.37 16,794 16 020.48 15,201 REDEEMED CHRISTIAN CHURCH OF GODtRCCG]4ANCTUARY OF POWER 8ALANcE SHEEfAS AT 31ST AIARCH 2024 Restncted Note8 UnrestiKbJ ment Totsi Funds F45nds Funds Pix•d a•4ets Tangible assets Tolal fixeit assats Last Year 72.28lSi 12,281 51 Curr•ntas8•ts Cash at bank a￿d Jn han(5 Totsl current assots 12.267.57 72,2SI.51 12.088 12,(J86 4.858 97 4.858.97 CrndltsY8". amt8. famng dw ¥lthia • YT. Net wrenl 88setrJ(li&)tSbes) 4,858.97 4.214 214 1.10000 1.100.00 1.1￿) TO￿ assets less qtryen+ L*•06bes 3.758 97 3,758.97 3.114 Tolal net assets orJ*Alitros 15.207 FuTres ol th• Charity Unre5thctsd tunds Revalu8tion reserve Totstfund8 1S.201 16.W48 16.020 48 1S.201 16.020.4B Stgn&a by on¢ or ttust•Bs on beha*of au trus Sion8tUf8. L"thi. 1S.201 Dthofappmval.. {?. L ¥- JL J PriDtNam&" Llh i rf trf iAItAr UJ)￿th 4 YisJA REDEEMED CHRISTIAN CHURCH OF G0DtRCCG]￿ANCTUARy OF POWER NOTE TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 Noto 1 Basls of preparatlon 1.1 Ba$1$ of accounting These accourrts have been prepared under the hislortcal cost conventm with items re(x*Jnised at cost or transaction value unless othery￿e stated in the rekvant notels) lo these accounts. The accounts have teen prepared in accordanee wrth.. and wlh. the Statement of Recommellded Practi￿.. AccountiThJ and ReportirKJ by Chanbes preparing their accounts tn accordan￿ the Financial Reporbng Standard applicable in the UK Republic of Ireland {FRS 1021 iSSL*d on 16 Juty 2014 and with" the Financial ReportiThJ Stsndard appIl￿ble in the United ￿ngdoM and Republic of Ireland {FRS 102) and with the Charities A¢t 2011. The charity constilutes a public benefft entity as defined by FRS 11Y2." 1.2 Golng eoneern Conslderfng the st&d level of An¢omlng rnsources andmemlwshlp numberthe Chaiityis a golng ¢on¢em with no any known unforeseen circumstance 1.3 Change of accountlng policy The a¢counls P￿sent a true and fair and the acccoJntiThJ policies adopted are those ouuined in the note with no change in policy 1.4 Changes to accountlng estlmatrs No changes to a￿OuntIng e8timale5 have OCWTed in the rewrtirwJ period (3.46 FRS 102 SORP). 1.5 Matorlal prfor year errors No material prior year error have been identified in the fepoth¥ period {3.47 FRS 102 SORP}. REDEEMED CHRISTIAN CHURCH OF GOD[RCCG]-SANCTUARY OF POWER NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 Not• 2 2.1 INCOME This standard list of accounting policies has been applied by the charity except for those ticked No or "Nla" Where a different or additional policy has been adopted then this is detailed in the box below. Accountlng pollcl Recognition of lThcome These are included in the Slalement of Finan￿al ACtiVrt￿ (SOFA) when- the charty beeomes entitled to the resour1￿.. ' tt is more likely than not that the trustees wll re￿1ve the resources: and . the monetary value can be measured 7Mth sufficrenl reliabilty. Offsetting There is no kgacy received during this pericwJ. Grants and donallons Grants and donations are onty inc1l￿ed in the SOFA when the general income recognrtion crrteria are met {5.10 to 5.12 FRS 102 SORPI In the case of perfomiance related grants, income must only be wnised lo the extent that the charity has provided the speCffj￿ goods or ServI￿S a5 entitlement to the grant onty oc¢ts￿ when the perfonnance related ￿nditionS are mel15.16 FRS 102 SORP)- Legacles There is no lega￿ received dlrring this period. Government grants No government grant was receNed during this period. Tax rnclalms on donations and gffts Gfft Aid receivable is included in income when there is a valKI decfaration from the donor. Any Grft Aid amount recovered on 8 donation ts considered lo be part of that grft and is treated a5 an addition to the same ftjnd as the initial donation unless the donor or the terms of the appeal have specffied olhewse. Contractual Income and porforniance related grants This is not applrcable Donated g¢>ods This is not applicable Donated ser¥ico$ and facllitles Donated servi¢ss and f8¢ilities are included in the SOFA when at the value of the grft to the ¢h?rily provided the value of the gfft can be measured reliabty. Donated services and facilrties that are consumed immediatety are reccgnised as income 7Mth an equivalent amount recognised as an expense under the appropriate heading in the SOFA. Support costs The charity has incurred expendf(ure on support costs. Volunteer belp The value of any voluntsry help recewj is not included in the accounts but is described in the Iruslees, annual report. Income from Interost. royattles and dividends Not applicable during thrs periL*J. Incoma from membeyshlp subscrlptlon¥ rrthes and offering receNed from the M￿berS affj in the nature of a gfft are recognised 83 Donations. and Legacies Settlement of insurance claims Insurance claims are only included in the SOFA when the general income recognition criteria are mel15.10 to 5.12 FRS 102 SORP) and are induded as an rtem of other income in the SOFA. Investment gains and losses This includes any realised or unreali5ed gains or losses on the sale of investments and any gain or loss resuY(ing from revaluing investsnents to market value al the end of the year. 2.2 EXPENDITURE AND LIABILITIES Liabillty recognitron Liabili(ies are recognised where rt is more likety than not that there Is a bgal or eonstwctNe obligation committing the charity lo pay out resources arxl the amount of the obligation can be measured wrth reasonable certainty- Govemance and support costs Support costs have been allocated befvRen governance costs and other support. Governance costs comprise all costs involving public accountabilty of the charty and its Complian￿ with regulation and good practice. Supptsrt costs include central functions and have been allocated to actsvity cost categortes on a basis consistent with the use of resources. eg allocating property costs by floor areas, or per capita. staff costs by the time spent and other costs by their usage. Grants with perforniance conditlons The Chartty is not awarding grant to any organisakn.on Grant$ payabl• without perforniance ¢ondltions Where there are no condf(ions attaching to the grant that enables the donor charity to realistically avoid the commitment. a liabilrty for the full funding obligation must be recognised. Redundancy cost The charty made no redundancy payments during the feporting p8ri(Ml. Delorred Incomo No material item of deferred incorne has been included in the aeeounts. Credltors The Charity has credrtorn whtch are measured at Sett￿ment amounts less any trwje discounts Provisions for Ilabilitio$ A liability is measured on recognition al its historical cost and then subsequently measured al the be81 estimate of the amount required to settle the obligalion at the reports'ng date Baslc Ilnancial Instruments The charty accounts for basic financi31 Ènstruments on inihal recognrbon as per paragraph 10.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19. FRS 102 SORP. 2.3 ASSErs Tangible fixed assets lor use by charlty These are capitalised rf they can be used for more than one year. and cost at least They are valued at Cost. The depreciab.on rates and methods used are disclosed in note 14. 10 Intangible r￿ed a$￿ts The chanty has intangible fixed assets. that is. nDn-monetsry assets that do not have phys￿1 substsnce but are idenlrfiable and are controlled by the chanty through eustoty or legal rights. The amortisalion rates and methods LTrsed are disclosed in note 15 They are valued at cost. Heritago assets The charity has heritage assets. that is. non-monetary assets with htstoric, 8rtiStie, scientific, technological, geophysical or enviionmental qualities that ate hekl and rnaintsined principally for their contribution to knowledge and culture. The depreciation rates and methods used as dL8closed in note 16. They are valued at cost. Investments Fixed asset investsments in quoted shares. tr8ded bonds and similar investments are valued at initially al cost and subsequentty at fair value (their market value) at the year erKI. The $ame t￿atrnent is applied to unlisted investments unless fair Val￿ cannot be measured reliabty in which case rt is measured at cost less impaiment. Investments held for resale or pending their safe and cash and cash equivalents wrth a maturity date of Ivss than 1 year are treated as current asset investments Stocks and WO￿ In pn>grns6 Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realrsable value. Goods or services provided as part of a charitable activty aft measured al nel realisable value based on the service potential provKJed by rtems of stock. Work in prcgress is valued at cost kss any foreseeable loss that is likely to occur on the contrad. Debtors Debtors (including trade debtors and l¢)ans recervablel are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the Charrty. Subsequentty, they are measured at the cash or olher constderation expected to be VEceived. Current asset investments The charity has has investments which it hokls for resale or pending their sale and cash and cash equivalents with a maturrty date less than one year. These include cash on deposit and cash equivaknls with a maturity date of less than one year held for investrnent purposes rather than to meet short temi cash commitments as they fall due. They are valued at fair value except where they qualify as basic financial instruments. POLICIES ADOPTED ADDITIONAL TO OR DIFFEREprf FROM THOSE ABOVE There is no any other policies adopted. 11 REDEEMEL) CHWSTIAN CHURCH OF GODtRCCGI-SANC7UARY OF POWER NOTES TO THEACCOUNTS{CONMNUED) FOR THEYEAR ENDED 31ST MARCH 2024 Note 3 Analy¥ls of Income Prior Anatysis Total Funds Punds Fund• Donati￿8 Jwcl*" Tithes Offerings Thanksg￿ing TOTAL INCOME 60.161.27 5.802.50 1.325.00 67.288.77 60.161 27 81561 5.802.50 1.184 67,288.77 73,349 12 REDEEMED CHRISTIAN CHURCH OF GOOtRCCGJ4ANCTUARY OF POWER NOTES TO THE ACCOUNTS ICONTINUEDI FthR THE YEAR ENDED 31ST A14RCH 2024 Note 4 Analysis of oxpendlture Prfoi yèar Funds Anatysl$ ot expendltur• Unrestrlcl8d Incom• Endowm Funds Funds Funds Totsl Fund5 DIRECT COST Worfd Evangelism IAisslon RCCG-Cenlral Offi Honourarium-vissling Ministe Welfare Seminars & Retreats Ministy Advan￿ment Pastors, a MinistW3' Alowances Premtses Cost Ordained Ministers. Conferences Books, CDS and Tapes Gtrts & Donations Zonal Subscriptions 1,242.88 1.2CKI.00 1.242.88 1,200.1)0 1.299 1,200 500 5.379 5.936 1,100 10.800 21,450 4.205.25 10.158.75 139.00 5.200.00 18,15000 4,226.19 200.00 3.094.IM) 3.050. 50,866.07 4.205.25 10.158.75 139 00 5,200.00 18,150.00 4,226.19 200.00 3.094.00 3.050.00 50.866.07 400 2.086 2.1 250 SUPPORT COST Telephone & Internet Repaits and maintenance Printing, Postage and Stalionary Ele¢tri¢ty & Gas Insuran Business rates Accomodation 8 Travel Expenses Refreshment and Entertainment Training Depre¢iation Fuel. parking & Motor Exwnses Sports Conthbutions Cleaninglsecurity Zoom Expenses 79.99 2.830.(MJ 79_99 2.$30.00 75 450 7T6 426 1.034 660 1,376 2,400 990 4.029 4,927 1.095 2.500 213.20 1.079.15 1.992.50 213.20 1,079.15 1,WJ2.50 4,087.17 1,970.57 1.900.(M) 4.087.17 1.970.57 351 01 14 503.59 35101 14 503.59 710 21.592 TOTAL EXPENDITURE 65.369.66 65.369.66 73,841 13 REDEEMED CHRISTIAN CHURCH OF GOD[RCCGJ-SANCTUARY OF POWER NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 Note 5 Detalls of eertaln items of •xp•nditsr• 5.1 Fees for examination of the accounts Please provide details of the amount paid for any statutory extemal scrutiny of accounts and other services provided by your independent examiner. If nothing VRS paid please enter'o, in the appropriate box{es). GOVERNANCE COST This Year Last Year Independent examinels fees Legal Fees (Filing) Assurance services other than audrt or independent examination Tax advisory fees Other fees {for example.. financial advice. accountancy ServI￿}- paid to the independent examiner 325.00 125.00 325.00 125.00 650.00 650.00 1.100.00 1.100.00 14 REDEEMED CHRISTIAN CHURCH OF GODtRCCG]-SANCTUARY OF POWER NOTES TO THE ACCOUNTS ICONTFNUEDI FOR THE YEAR ENDED 31ST MARCH 2024 Nole 6 Tan9lbl• I1x￿ asg•ts L•a¥ehold Motor Computar Furniture, Flttlng$ land & V•hi¢le Equlpn*nt & Equlpmnt bulldiny Totsl Al the beginning of Ihe year 5.467.96 28.734.37 34,202.33 Additions 515.88 3,745.13 4,261.01 Al end of the ye8r 983.84 32A79.50 38,463.34 6.2 Depreciation and impalm*nts -Basis Long Temi Leasehohy Pr￿rty Motor Vehide Fixiures & Fittings Office Equipment Computer Equipment RedtKing Balan 25% Reduang Balan 25% Reduung Balan 25% Reduong Balar 25% B8k4rKe ' Rate At beginning of the year Disposals Depreciation At and of the year 3.551.91 18.562.75 22.114.66 607.98 4,159.89 3.479.19 22.041.94 4,087.17 26.201.83 6.3 Net book value Net b(K)k value at the beginnirvJ of the Yr. Nel book value at Ihe end of the year 1,916.05 1,823.95 10.171 62 10A37.56 12,087.67 12.261.51 6.4 Impalrment Please providè a descriplion ofthe evenis and tircumslan(*s that lo thè rgcanrfion c reversal of an impaimienl toss. 6.5 R•valuation If 8n accounting of T&valuation is •W&J, please prw)vNJe.' the effeGtNe date of tho revaluation= NIA the name of i￿lependent valuer, rfapF4icable= NIA the methods applied and significant assumplwms= NIA the carrying amount lI￿t would have been rec(KJnr5&Y had the assets been carried under the CO81 mojel. 6.6 Other dlsclosures lil Please state the 8rYhwnt of trx)rrtr*￿￿j casts. rfany. tssxlaliwl in the C(￿sIn￿bOn of ta￿jIble fixed assets and the capitalisalion r*e us&J.= NIA 1111 Please provt