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← Redeemed Christian Church Of God Rivers Of Love Parish

2024-03-31-accounts

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH

Charity No. 1123843

Company No.

Trustees' Report and Unaudited Accounts

31 March 2024

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Contents

Pages
Trustees' Annual Report 1
Independent Examiner's Report 2
Statement of Financial Activities 3
Summary Income and Expenditure Account 4
Balance Sheet 5
Statement of Cash flows 6
Notes to the Accounts 7
Detailed Statement of Financial Activities 8 to 16

Page 1

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No.

Charity No. 1123843

Principal Office

6 Disraeli close Thamesmead Greenwich London SE28 8AP

Registered Office

6 Disraeli close Thamesmead Greenwich London SE28 8AP

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

T. Ademola

O. Akinola

V. Benjamin

==> picture [298 x 55] intentionally omitted <==

Key Management Personnel

Chair Pastor.E.A.Adeboye Minister in Charge Pastor Charles Iduh Chairman (Board of Trustee) Mr Olumayowa Akinola Secretary Mrs Taiwo Ademola Treasurer Mrs Vivian Benjamin

Accountants

FREDRICKS ACCOUNTANTS & CO LTD Suite 204 133 Creek Road Greenwich London SE8 3BU

Bankers

Page 2

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Trustees Annual Report

Barclays Bank UK PLC Leicester LE87 2BB

OBJECTIVES AND ACTIVITIES

The Charity is constituted under a Trust Deed dated 31st August 2007 and Charity number is 1123843 on the central registered of the Charity Commission of England and Wales. The principal objectives of the Charity are the advancement of the Christian faith worldwide and relief of poverty.

Recruitment and Appointment of New Trustees

Trustees and Members of Committees are appointed by the Church Ministerial Board using basic skill and assessment method. Priority is given to criteria required to have an effective and efficient Board and Committees. To this end, the Board is carefully grafted with right mix of skills and experience to discharge its duties and ensure effectives governance and management. The trustees serve a term of two years which is renewable at the discretion of the Board. The management of the charity is the responsibility of the Trustees who are appointed and co-opted under the terms of the trust Deed.

Organizational Structure and Decision Making

The church is organized so that the trustees meet regularly to manage its affairs. There is a full-time Minister and Volunteers, who manage the day-to-day administration of the church.

Related Party Relationships

RCCG Rivers of Love is a member of 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.

Risk Management

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 exposure. Risk is an everyday part of charitable activity and managing it effectively is essential if the trustees are to achieve their key objectives and safeguard their charity's funds and assets. Therefore, the Charity has developed appropriate Risk Management Framework which consists of the Risk Management Policy and the Risk Management Procedures outline in the operational guidelines.

Investment Policy

The Trustees have decided that at present, fund should be retained in Banks and Building Societies, and as far as possible in interest bearing accounts.

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue operation for foreseeable future. The Charity has adopted the Going concern basis in preparing the financial statement.

ACHIEVEMENTS AND PERFORMANCE

Individual donations and gifts continued to be the main sources of income. Tithe, Pledge, Building and Thanksgiving offering amounted to £73,559 (2023: £56,350). Other incoming resources was from Gift Aid reclaimed. The total of these amounted to £19,529.00 (2023: £0.00) for the year. All the Voluntary income is unrestricted. Charitable expenditure has also increased with the growth of the church as key departments expand to cater for the growth in visitors and members.

FINANCIAL REVIEW

Page 3

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH

Trustees Annual Report

The financial Statements cover the operations of Redeemed Christian Church of God River of Love, Woolwich, London. For the year ended 31 March 2024, the Statement of Financial Activities shows total incoming resources of £93,088(2023: £56,350). This was spent mainly on charitable activities and total expenditure amounted to £54,273 (2023: £46,367). We closed the year with a surplus of £38,815 (2023: surplus of £9,983).This surplus has been added to the reserves against future accounting periods.

Reserve Policy

The trustees have established a policy whereby 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 significant drop in funding.

PLANS FOR FUTURE PERIODS

The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards(United Kingdom Generally Accepted).The law applicable to charities in England and wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

Statement of Trustees Responsibilities

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted).The law applicable to charities in England and wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

a) select suitable accounting policies and then apply them consistently

b) observe the methods and principles in the Charities SORP;

c) make judgments and estimates that are reasonable and prudent;

d) state whether applicable UK Accounting Standards have been followed, subject to any material departures explained in the financial statements;

e) prepare the financial statements on the 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 with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Trustees Annual Report

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Akinola

O. Akinola

Trustee

31 March 2024

Page 5

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Independent Examiners Report

Independent Examiner's Report to the trustees of REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH

I report to the charity trustees on my examination of the financial statements of REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Adesina Otufale ACCA

FREDRICKS ACCOUNTANTS & CO LTD Suite 204 133 Creek Road Greenwich London SE8 3BU 31 March 2024

Page 6

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Statement of Financial Activities

for the year ended 31 March 2024

Notes
Income and endowments
from:
Donations and legacies
4
Other
5
Total
Expenditure on:
Charitable activities
6
Other
7
Total
Net gains on investments
Net income
8
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
73,559
19,529		 Total funds
2024
£
73,559
19,529		 Total funds
2023
£
56,350
-
93,088
10,658
43,615		 93,088
10,658
43,615		 56,350
6,250
40,717
54,273
-		 54,273
-		 46,967
-
38,815
-		 38,815
-		 9,383
-
38,815 38,815 9,383
38,815
67,266		 38,815
67,266		 9,383
57,883
106,081 106,081 67,266

Page 7

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Summary Income and Expenditure Account

for the year ended 31 March 2024

Income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2024
£
93,088
93,088
53,879
394
54,273
38,815
38,815		 2023
£
56,350
56,350
46,494
473
46,967
9,383
9,383

Page 8

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Balance Sheet

at 31 March 2024

Company No.
Notes
2024
£
Fixed assets
Tangible assets
10
1,185
1,185
Current assets
Cash at bank and in hand
105,496
105,496
Creditors:Amount falling due within one year
11
(600)
Net current assets
104,896
Total assets less current liabilities
106,081
Net assets excluding pension asset or liability
106,081
Total net assets
106,081
The funds of the charity
Restricted funds
12
Unrestricted funds
12
General funds
106,081
106,081
Reserves
12
Total funds
106,081		 2023
£
1,579
1,579
66,287
66,287
(600)
65,687
67,266
67,266
67,266
67,266
67,266
67,266

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 March 2024

And signed on its behalf by:

Ademola

T. Ademola

Trustee

31 March 2024

Page 9

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Statement of Cash flows

for the year ended 31 March 2024

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2024
£
38,815
394
(19,529)
19,680
19,529
19,529
-
39,209
66,287
105,496
105,496
105,496		 2023
£
9,383
473
-
9,856
-
-
-
9,856
56,431
66,287
66,287
66,287

Page 10

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Notes to the Accounts

for the year ended 31 March 2024

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 11

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery 25% Reducing Balance Motor vehicles 25% Reducing Balance Fixtures, fittings and 25% Reducing Balance equipment

==> picture [205 x 63] intentionally omitted <==

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 12

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 13

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Notes to the Accounts

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Donations
5
Other income
Gift Aid Reclaimed		 Unrestricted
£
73,559
73,559
Unrestricted
£
19,529
19,529		 Unrestricted
funds
2023
£
56,350
56,350
6,250
40,717
46,967
9,383
9,383
9,383
57,883
67,266
Total
2024
£
73,559
73,559
Total
2024
£
19,529
19,529		 Total funds
2023
£
56,350
56,350
6,250
40,717
46,967
9,383
9,383
9,383
57,883
67,266
Total
2023
£
56,350
56,350
Total
2023
£
-
-

Page 14

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH

Notes to the Accounts

6 Expenditure on charitable activities

Expenditure on charitable
activities
Headquarter Dues
Welfare expenses
Governance costs
7
Other expenditure
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
8
Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets
9
Staff costs
No employee received emoluments in excess of £60,000.		 Unrestricted
£
4,744
5,914
10,658
Unrestricted
£
-
2,332
22,329
394
14,067
4,493
43,615
2024
£
394		 Total
2024
£
4,744
5,914
10,658
Total
2024
£
-
2,332
22,329
394
14,067
4,493
43,615		 Total
2023
£
250
6,000
6,250
Total
2023
£
74
3,736
23,382
473
12,152
900
40,717
2023
£
473

Page 15

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH

Notes to the Accounts

10 Tangible fixed assets

Cost or revaluation
At 1 April 2023
At 31 March 2024
Depreciation and
impairment
At 1 April 2023
Depreciation charge for the
year
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023
11 Creditors:
amounts falling due within one year
Other creditors
12 Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
13 Analysis of net assets between funds
Fixed assets
Net current assets		 Plant and
machinery
£
8,865
8,865
8,200
166
8,366
499
665
At 1 April
2023
67,266
67,266		 Motor
vehicles
£
4,200
4,200
3,920
70
3,990
210
280
2024
£
600
600
Incoming
resources
(including
other
gains/losses
)
£
93,088
93,088		 Fixtures,
fittings and
equipment
£
3,563
3,563
2,929
158
3,087
476
634
Resources
expended
£
(54,273)
(54,273)
Unrestricted
funds
£
1,185
104,896
106,081		 Total
£
16,628
16,628
15,049
394
15,443
1,185
1,579
2023
£
600
600
At 31
March
2024
£
106,081
106,081
Total
£
1,185
104,896
106,081

Page 16

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Notes to the Accounts

14 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 April
2023
£		 Cash flows
£		 At 31
March
2024
£
66,287 39,209 105,496
66,287
66,287		 39,209
39,209		 105,496
105,496

15 Related party disclosures Controlling party

Page 17

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from:
Donations and legacies
Donations
Other
Gift Aid Reclaimed
Total income and endowments
Expenditure on:
Charitable activities
Headquarter Dues
Welfare expenses
Total of expenditure on charitable
activities
Staff entertainment
Motor and travel costs
Vehicles - General costs
Travel and accommodation
Premises costs
Rent
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Depreciation of Plant and
machinery
Depreciation of Motor vehicles
Depreciation of Fixtures, fittings
and equipment
Honorariums
Bank charges
Equipment expensed
Equipment repairs and
maintenance		 Unrestricted
funds
2024
£
73,559
73,559
19,529
19,529
93,088
4,744
5,914
10,658
10,658
-
-
983
1,349
2,332
22,279
-
50
22,329
166
70
158
4,277
-
950
630		 Total funds
2024
£
73,559
73,559
19,529
19,529
93,088
4,744
5,914
10,658
10,658
-
-
983
1,349
2,332
22,279
-
50
22,329
166
70
158
4,277
-
950
630		 Total funds
2023
£
56,350
56,350
-
-
56,350
250
6,000
6,250
6,250
74
74
1,154
2,582
3,736
19,000
2,382
2,000
23,382
222
93
158
2,912
122
2,426
376

Page 18

REDEEMED CHRISTIAN CHURCH OF GOD RIVERS OF LOVE PARISH Detailed Statement of Financial Activities

Website cost
General insurances
Information and publications
Seminar/Conferences
Software, IT support and related
costs
Stationery and printing
Subscriptions
General office expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Instrumentalist fee
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 -
1,145
-
390
3,064
657
456
1,372
1,126
14,461
1,100
3,393
4,493
43,615
54,273
-
38,815
38,815
-
38,815
67,266
106,081		 -
1,145
-
390
3,064
657
456
1,372
1,126
14,461
1,100
3,393
4,493
43,615
54,273
-
38,815
38,815
-
38,815
67,266
106,081		 980
1,026
358
1,428
146
60
159
1,105
1,054
12,625
600
300
900
40,717
46,967
-
9,383
9,383
-
9,383
57,883
67,266

Page 19