RCCG LIFE OASIS
FINANCIAL STATEMENTS FOR YEAR END DECEMBER 2024
REGISTERED CHARITY NUMBER 1122955
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
RCCG LIFE OASIS
INDEX
Reference and administrative details
Report of the trustees
Statement of financial activities
Income Statement
Balance Sheet
Notes to the financial statements
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 1
REPORT OF THE TRUSTEES
The Trustees who are Directors for the purpose of Charity Law have the pleasure in presenting their Annual Report for the purpose of section 45 of the charities Act 1993 together with the Accounts for 12 months ending December 2024
The Trustees have adopted the provisions of Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005, in preparing the Year End Report and Financial Statements of the Charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
Life Oasis is a Charitable Company Limited by guarantee, incorporated on the 19 July 2006 and registered as a Charity on the 26 February 2008.
It is controlled by a Board of Trustees and Directors for the purpose of Charity Law . Decisions are determined by the simple majority vote by the Trustees. The Trustees set the strategic directions for for the Charity.
New trustees are elected on the basis of the contribution that they will make to the Governance of the Organisation and the skills they will contribute. No new trustees were elected during the year and no trustess retired.
RCCG Life Oasis is a parish of the Redeemed Christian Church of God - a network comprised of churches all over the world.
The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances. The Reserve Level is monitored by ensuring key Financial Controls which are in place to mitigate the Operational and Business Risks.
OBJECTIVES AND ACTIVITIES
The Charity's Objective are:
The Advancement of the Christian Religion Worldwide.'
The Alleviation of Poverty.'
STRATEGIES
The Charity's Strategies for achieving these objectives are:
-
Strengthening the Spiritual Base of the Church - This involves creating Home Cells in and around the church location so as to encourage the Local Community.
-
Building a Multicultural Church ensuring individuals from Different Cultural and Educational Background.
-
Engaging the Youths in various Church Activities within and outside the Church.
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
REFERENCE AND ADMINISTRATION DETAILS
Trustees (and Directors)
Mr Eddie Nosakhare Ogunbor (Chairman) Ms. Folashade Hassan Mr. Abidemi Adio
Registered Office
9 Frogmore Avenue Hayes Middlesex UB4 8AP
Charity Registered Number
1122955
Company Registered Number : Not Applicable
Independent Examiner
Modupe Moradeke Omotola (FCCA)
Bankers
HSBC 2, Station Road Hayes Middlesex UB3 4BY
RCCG LIFE (X4115 YEAR END 31 DECEIABER 2024 FII4AMCIAL REVIEW gfft awJ I•F•W at woyJmety £91K Ca1 expeT¥Jdure was made Ihe finanrthl ol fv80 a550ts PLANS FOR THE FUTURE InatrYe Ihat ts sthH to a c¥Th¥w mstrwnen¢tr•irs. Iiw by youths %Yrth a Iifelcry extraMl $kill 4commtsdatlon.' CIK3nty ctsywed constrLKkn oflhe Ctvch Propety In 2012 Irtr last few ye8r. catty rx)nbnue ftnher ekFéore varoJs Op5 lh we a¥¥atl8to (¥dw to tst Pble b Jikling io t5t Use ofthe (wmu TRUSTEES. RESPONSIBILrrY The trustee5 wll ¢Jiligentty th"r re¥¥tbS as Djrts (fft IV Ihe Twst Deed of RCCG Lrte Oasis 2CQ7 •tl wy 5ubwent arnendment(s1
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 3
STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE ACCOUNT)
| INCOMING RESOURCES Unrestricted Funds INCOMING RESOURCES £ Incoming resources from generated funds Notes Voluntary Income 1 66,212.27 Activities for generating funds 2 0.00 Investment/Other Income 3 41,960.70 Incoming resources from charitable activities 4 0.00 Total incoming Resources 108,172.97 RESOURCES EXPENDED Charitable Activities 5,6,7 85,838.73 Bank Charges 8 92.61 Total Resources Expended 85,931.34 TRANSFERS Gross transfers between funds -14,218.81 Net movement in funds 8,022.82 Funds at 1st of Jan 2024 11,159.19 Funds at 31st of December 2024 19,182.01 |
Restricted Fund £ 15,511.13 0.00 35.00 0.00 15,546.13 0.00 0.00 0.00 31,341.04 46,887.17 590,726.28 637,613.45 |
Total Funds Jan 2024- Dec 2024 81,723.40 0.00 41,995.70 0.00 123,719.10 85,838.73 92.61 85,931.34 17,122.23 54,909.99 601,885.47 656,795.46 |
Total Funds Jan 2023- Dec 2023 64,830.11 0.00 39,729.00 0.00 104,559.11 84,624.26 89.92 84,714.18 0.00 16,543.07 606,647.08 623,190.15 |
|---|---|---|---|
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 4
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BALANCE SHEET 2024 2023
Notes £ £
Fixed Assets
Tangible 11 728,860.73 728,860.73
Investments 0.00 0.00
728,860.73 728,860.73
CURRENT ASSETS
Bank 19,182.01 11,159.19
Debtors 12 0.00 0.00
19,182.01 11,159.19
CREDITORS DUE IN 1YR
Provisions 13 0.00 0.00
Creditors -34,853.88 -34,708.68
-34,853.88 -34,708.68
NET CURRENT ASSET 713,188.86 705,311.24
TOTAL ASSETS LESS CURRENT LIABILITIES 713,188.86 705,311.24
Creditors due after 1YR 14 -56,393.40 -82,121.09
TOTAL NET ASSETS 656,795.46 623,190.15
RESERVES
Unrestricted Funds 15 19,182.01 11,159.19
Restricted Funds 16 637,613.45 612,030.96
656,795.46 623,190.15
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RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 2
FINANCIAL REVIEW
The total charity income increased this year compared to last year's as there was an increase in all categories of donations and gift aid donation repayment.
The church expenditure continue to be supported by the income from claiming gift aid repayments on donations and income from Vodafone placing a mask in the church garden.
The charity continues to hold most of its funds in cash for easy access and to ensure that the payment of the mortgage and building maintenance.
The Trustees recognises the need to continue to accumulate reserves to ensure mortgage payments and building maintenances are met.
The only loan outstanding at the end of the financial year is the mortgage held against the property. The outstanding mortgage stands at approximately £91K.
No major capital expenditure was made during the financial year in regards of fixed assets.
The charity's principal funding source continues to be from donations from members in church and online in the form of offerings tithes and other donations
PLANS FOR THE FUTURE
Youth Outreach Programme: In future years, the charity would consider the consolidation of previous development in the area of youth outreach programmes and ministering to the needs of various social groups within and outside the church. One of the initiative that is still being nurtured ,is to run a community musical instrument training, there by empowering the youths with a lifelong extracurricular skill.
Counselling: To continue to review and improve the various support programmes we currently offer to people within and outside the church. Such programmes includes counselling sessions to the lonely, needy, unemployed and sick. Referrals are made when needed.
Accommodation: The Charity completed the construction of the Church Property in 2012. Over the last few year, the charity will continue to further explore the various options that are available to it in order to adopt the best possible option to putting the building facilities to best use of the community.
The options that are still been explored includes the building of an external marquee to be used for social functions and renting out of rooms to different companies to use as temporary workspace.
Additionally, the charity is also contemplating other options such as hiring out the premises for the use of running yoga or dance classes.
TRUSTEES' RESPONSIBILITY
The trustees will diligently execute their responsibilities as confer on them by the Trust Deed of RCCG Life Oasis 2007 and any subsequent amendment(s)
Approved by the Board on 12th of Oct 2025 and signed on its behalf.
Mr Eddie Nosakhare Ogunbor (Chairman)
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 5
ACCOUNTING POLICIES
Scope and basis of the financial statements
The accounts have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice "Accounting and Reporting by Charities" published in March 2005.
Incoming resources
Incoming resources are recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.
Resources expended
Resources expended are included in the Statement of Financial Activities(SoFA) on an accrual basis All of the cost are attributable to specific activities.
Governance costs
The charity has not incurred any governance cost at the time of preparing the financial statements.
Fixed assets
These are capitalised if they can be used for more than one year and the cost is more than £500.00
The charity acquired property and land during financial year 2010 and building commenced during 2011. The construction of the property was completed October 2012 , the total cost of land and construction was £728,860.23.
There was no acquisition of fixed assets in the financial year.
Fixed assets investments
The charity does not have any fixed asset investments at the time of preparing the financial statements.
Depreciation
Depreciation will be calculated at a rate to write off the cost of Tangible Fixed Assets on a straight line basis over their estimated useful life. The rate to be applied is 25%per annum.
No depreciation is charged to Land & Buildings the property will be maintained to such a standard that the estimated residual value is not less than cost.
The useful life of Computer Equipment is set at 3yrs.
The useful life of Fixture & Fitting is set at 5yrs.
Fund accounting
Unrestricted funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which has not been designated for other purposes.
Restricted fund are funds which are to be used for specific projects as imposed by donors or raised by the charity for particular purposes. Any cost incurred in raising or administering these cost will be charged against the specific funds
The total charge to restricted fund to date is £637K approx.,this amount relates to the total value of the cost of building that has been paid off to date.
The charity has endeavored to ensure that the minimum possible amount in respect of mortgage is against the property, thus transfers has been made from unrestricted to restricted as necessary.
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 6
NOTES TO ACCOUNTS
1. Incoming resources from voluntary income
| Tithes Offerings Thanksgiving Building Fund Other Total |
Unrestricted Funds £ 40,926.32 13,723.02 11,562.93 0.00 41,960.70 108,172.97 |
Restricted Fund £ 0.00 0.00 0.00 15,511.13 35.00 15,546.13 |
Total Funds Jan 2024- Dec 2024 £ 40,926.32 13,723.02 11,562.93 15,511.13 41,995.70 123,719.10 |
Total Funds Jan 2023- Dec 2023 £ 32,875.48 7,354.47 10,788.67 7,379.10 30,583.05 88,980.77 |
|---|---|---|---|---|
2. Incoming resources from activities for generating funds
The charity has not been involved in any activities for generating fund at the time of preparing this financial statements.
3. Investment /Other income
The income received by the charity were from voluntary donations ,gift aid repayment and telephone mask line rental.
| Gift Aid repayment | Unrestricted Funds £ 30,524.16 30,524.16 |
Restricted Fund £ 0.00 0.00 |
Total Funds Jan 2024- Dec 2024 £ 30,524.16 30,524.16 |
Total Funds Jan 2023- Dec 2023 £ 27,433.19 27,433.19 |
|---|---|---|---|---|
4. Incoming resources from charitable activities
Not applicable at the time of preparing the financial statements.
RCCG LIFE OASIS
Page 7
YEAR END 31 DECEMBER 2024
NOTES TO THE ACCOUNTS (continued)
5. Charitable activity expenditure -advancement of the Christian religion worldwide
| GRANTS( see notes 6 for details) SUPPORT COST (see notes 7 for details) GUEST MINISTER'S HONORARIUM /HOSPITALITY 70% THANKSGIVING |
Unrestricted Funds £ 5,075.07 75,777.23 700.00 4,286.43 85,838.73 |
Restricted Fund £ 0.00 9,174.59 0.00 0.00 9,174.59 |
Total Funds Jan 2024- Dec 2024 £ 5,075.07 84,951.82 700.00 4,286.43 95,013.32 |
Total Funds Jan 2023- Dec 2023 £ 4,500.00 86,977.96 0.00 3,316.60 94,794.56 |
|---|---|---|---|---|
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 8
NOTES TO THE ACCOUNTS (continued) 6. Charitable activities - Grants
| CHARITABLE ACTIVITIES - GRANTS AIDS & RELIEF FUND WORLD EVANGELICAL MISSION CENTRAL OFFICE - COF FESTIVAL OF LIFE AFRICA MISSION CHARITABLE DONATION PROVINCIAL FUND BUILDING FUND GRANT AREA 2 EXPENSE CHARITABLE ACTIVITIES - GRANTS |
Unrestricted Funds £ 2,700.00 1,200.00 600.00 100.00 - - 475.07 - - 5,075.07 |
Restricted Fund £ - - - - - - - - - - |
Total Funds Jan 2024- Dec 2024 £ 2,700.00 1,200.00 600.00 100.00 - - 475.07 - - 5,075.07 |
Total Funds Jan 2023- Dec 2023 £ 600.00 1,200.00 600.00 100.00 - - - 2,000.00 - 4,500.00 |
|---|---|---|---|---|
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
Page 9
NOTES TO THE ACCOUNTS (continued)
7. Support Costs
| MORTGAGE INTEREST RENT - PASTORAL SCHEME MINISTRY EXPENSES ENTERTAINMENT / REFRESHMENTS TELEPHONE & COMMUNICATION POSTAL, OFFICE & STATIONARY PROFESSIONAL SERVICES LOCAL/NATIONAL TRAVEL, FUEL & TRANSPORT CONFERENCE/SEMINAR EXPENSES ( LOCAL & NATIONAL) CONFERENCE/SEMINAR EXPENSES (OVERSEAS) PUBLIC LIABILITY INSURANCE BANK CHARGES & INTEREST TECHNICAL & MULTIMEDIA SUNDRY EXPENSES (MISCELLANEOUS) SECURITY EXPENSES BUILDING MAINTENANCE EXPENSES UTILITY EXPENSES VEHICLE MAINTENANCE EXPENSES SALARIES & WAGES Employer NI DEPRECIATION PENSION 8. Bank Charges Bank Charges |
Unrestricted Funds £ 0.00 18,000.00 661.11 0.00 1,193.54 79.99 0.00 2,895.20 0.00 5,665.80 0.00 0.00 336.17 0.00 542.37 4,334.45 5,501.73 0.00 22,561.92 3,627.60 0.00 1,202.76 66,602.64 Unrestricted Funds £ 92.61 92.61 |
Restricted Fund £ 9,174.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,174.59 Restricted Fund £ 0.00 0.00 |
Total Funds Jan 2024- Dec 2024 £ 9,174.59 18,000.00 661.11 0.00 1,193.54 79.99 0.00 2,895.20 0.00 5,665.80 0.00 0.00 336.17 0.00 542.37 4,334.45 5,501.73 0.00 22,561.92 3,627.60 0.00 1,202.76 75,777.23 Total Funds Jan 2024- Dec 2024 £ 92.61 92.61 |
Total Funds Jan 2023- Dec 2023 £ 10,170.30 18,000.00 741.08 0.00 1,095.19 99.19 0.00 2,512.22 356.76 4,832.46 0.00 0.00 244.80 0.00 541.03 4,057.08 4,267.46 0.00 22,561.92 6,125.41 0.00 1,202.76 76,807.66 Total Funds Jan 2023- Dec 2023 £ 89.92 89.92 |
|---|---|---|---|---|
9. Trustee costs
No Trustees were remunerated in the year. No expenses were paid to trustees in the year.
10. Taxation
There are no tax charges applicable .Life Oasis is a registered charity and is eligible for the exemption of taxation available to charities on their charitable activities.
11. Fixed assets
Life Oasis has fixed asset in form of Land , building and fixed assets worth £728,860.73
| Cost Brought forward 01-Jan-24 Revaluations Additions Disposal Cost as at 31-Dec-24 Depreciation Accumulated Brought Forward 01-Jan-24 Charge Disposal Depreciation at 31-Dec-24 Net Book Value at 31-Dec-24 Net Book Value at 31-Dec-23 |
Land &Building 728,860.73 0.00 0.00 0.00 728,860.73 0.00 0.00 0.00 0.00 728,860.73 728,860.73 |
Computer Equipment 6,600.00 0.00 0.00 0.00 6,600.00 6,600.00 0.00 0.00 6,600.00 0.00 0.00 |
Fixture & Fittings Total 42,213.64 777,674.37 0.00 0.00 0.00 0.00 0.00 0.00 42,213.64 777,674.37 38,555.76 45,155.76 3,657.88 3,657.88 0.00 0.00 42,213.64 48,813.64 0.00 728,860.73 0.00 728,860.73 |
|---|---|---|---|
RCCG LIFE OASIS YEAR END 31 DECEMBER 2024
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NOTES TO THE ACCOUNTS (continued)
12. Debtors
Jan 2024- Jan 2023-
Dec 2024 Dec 2023
Accrued Income 0.00 0.00
0.00 0.00
13. Creditors - amounts falling due within one year
Jan 2024- Jan 2023-
Dec 2024 Dec 2023
34,853.88 34,708.68
34,853.88 34,708.68
14. Creditors due after one year
Unrestricted
Funds Restricted Fund Total 2024 Total 2023
Mortgage 0.00 56,393.40 56,393.40 82,121.09
- 56,393.40 56,393.40 82,121.09
15. Staff Costs Total 2024 Total 2023
Salaries and wages 22,561.92 22,561.92
Employer NIC 3,627.60 6,125.41
Pension 1,202.76 1,202.76
27,392.28 29,890.09
16. Funds
Brought Carried
forward at forward at
1.1.24 Income Expenditure Transfer 31.12.24
Unrestricted Funds
General fund 11,159.19 108,172.97 85,931.34 -14,218.81 19,182.01
Restricted Funds
Building Fund 612,030.96 15,546.13 0.00 10,036.36 637,613.45
623,190.15 123,719.10 85,931.34 -4,182.45 656,795.46
17. Analysis of net asset between funds
Unrestricted
Funds Restricted Fund Total 2024 Total 2023
Fixed assets 0.00 728,860.73 728,860.73 728,860.73
Current assets 19,182.01 0.00 19,182.01 11,159.19
Current liabilities 0.00 -91,247.28 -91,247.28 -116,829.77
19,182.01 637,613.45 656,795.46 623,190.15
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