THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| CONTENTS Trustee's Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts |
Page 3-6 7 8 9 10 – 15 |
|---|---|
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
General Overseer: Pastor E A Adeboye Trustees; Pastor Oladayo Odugbile Pastor Iyabo Christie Odedoyin Mr Eugene Agbontalor Pastor in Charge: Pastor Remi Odedoyin Charity registered number: 1124914 Principal office: The Beacon 104 New Road Dagenham RM9 6PE Banker: Barclays Bank PLC Independent Examiner: JOS Accountants Limited Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
TRUSTEES REPORT FOR THE YEAR ENDED
31 MARCH 2024
The Trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD
HOUSE OF FAITH CONNECTIONS present their report and Financial Statements for the year ended 31st March 2024 which have been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued in October 2000 and Revised SORP 2005.
Structure, Governance and Management
a. CONSTITUTION
The church is constituted under a Trust deed dated 25 May 2008 and is a registered charity with charity registration number 1124914.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
New trustees are elected on the basis of the contribution that they will make to the governance of the organization and the skills that they will bring into the life of the charity. They are provided with copies of the Charity Commission's guidance to trustees and given an introduction to the activities of the charity by the existing board.
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
Existing trustees are provided with training as and when required.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The board of Trustees is headed by a Chairman, the Secretary to the trust and a Financial Administrator. All the present employees of the Charity are voluntary workers. The Trustees are responsible for making all decisions regarding allocation of fund and activities.
e. RELATED PARTY RELATIONSHIPS
House of Faith Connections is a parish of The Redeemed Christian Church of God - a network comprised of parishes all over the world. There is an agreement of common purposes entered into by House of Faith Connections with The Redeemed Christian Church of God which documents this relationship.
Objectives and Activities
a. POLICIES AND OBJECTIVES
The charity's objects are: 1 The advancement of the Christian religion worldwide; and 2 The relief of poverty.
Towards the achievement of these objects, the charity operates a Christian worship centre at 104 New Road, Dagenham, Essex; and do organise various events to promote Christian faith and to reach out, in love, to the community at large.
Over the year the charity was able to organize conferences, celebrations, small group meetings and youth projects, weekend retreats for members, extension of love gifts to elderly homes, Job Club to assist those looking for jobs and food bank to feed members of the community in dire need of food
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 CONT’D
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
As we normally do towards the promotion of Christian faith, the charity organized the following events during the year - Due Season Conference, Ultimate Worship, Women of Faith in Affluence Conference, Spirit of Dorcas Conference, Women Praying Together (interdenominational), Youth week, Children week, Christian retreats outside London for members and non-members, and other small group meetings.
In addition, we had various other activities to raise our profile and positively impact our community. With Love at Christmas (e.g. visitation with Hampers to residents of an elderly sheltered home, and another sheltered home for another category of people), Spirit of Dorcas, Multicultural Day, Children week, Youth week, Mother’s day events, Father’s day events, Leadership Training, Retreats for Ministers, Prayers retreat for members and interested outsiders, and food bank project.
We also support World evangelical mission through RCCG UK, African Mission. The charity also provides support to members who were in financial hardship – at the discretion of the Trustees.
c. GRANT MAKING POLICIES
Grants are made to other charitable bodies. The church supports missionary organizations such as the Festival of Life and the World Evangelical Mission, and other missions and projects within and Outside the UK, through contributions we made to our central body (RCCG, UK Central office). The church also provided support to members of the congregation (at the discretion of the trustees) who are in need.
d.VOLUNTEERS
The charity is most appreciative of the unflinching support of its volunteers who tirelessly help in the provision of service. The charity has about 80 volunteers who worked in various departments of the church supplying roughly 13,000 volunteered hours during the year. This amounts to about £147,600 if calculated in monetary value of about £11.44 per hour.
e. RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity and are satisfied that systems are in place to mitigate exposures to the major risks.
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 CONT’D
Achievements and performance
The Trustees are pleased to report that the Church continued to be successful spiritually by ministering to many people. The Church has improved in membership commitment and is increasingly reaching out to the community.
Review of Transactions and Financial Position .
| Gross Income Net movement of funds Net book value |
2024 £ 201,324 26,824 335,415 |
2023 £ 200,932 46,925 293,147 |
|---|---|---|
Future Development Plans
The charity aims at building on its current achievement in effectively spreading the ethos, love, and hope that Christian faith offers. It also aims at building upon its current efforts of community involvement, in its bid to make our community and the larger world a better place for all. We continue fully to operate our ‘Food Bank’ from within our premises, in addition to our Job club project.
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024- CONT’D
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Church and of the surplus or deficit of the Church for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Church 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 Church and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
The Trustees appointed JOS Accountants, a firm of Accounting & Management Consultants, as the Charity’s independent examiner. A resolution for re-appointment as independent examiner will be proposed during the Trustees meeting for the year.
This report was approved by the trustees and signed on its behalf by:
22[nd] January 2025
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Pastor Oladayo Odugbile (Chairman, Board of Trustees)
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INDEPENDENT EXAMINERS REPORT
We have examined the financial statements, which comprise the financial activities, the balance sheet, the related notes and the accounting policies of The Redeemed Christian Church of God House of Faith Connections for the period ended 31[st] March 2024
Respective responsibilities of trustees and independent examiner
As described on page 3, the trustees are responsible for the preparation of the financial statements. It is my responsibility to carry out an examination of those financial statements and to issue a report based on that examination.
Scope of examination
I conducted my examination in accordance with directions given by the Charity Commissioners under section 43(7)(b) of the Charities Act 1993. An examination is limited to enquiries of the charity's personnel and analytical and review procedures applied to financial data and this provides less assurance than an audit. I have not performed an audit, and accordingly, I do not express an audit opinion.
Independent examiner's statement
Regarding our examination, no matter has come to my attention:
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Which gives me reasonable cause to believe that in any material respect the requirements:
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To keep accounting records in accordance with section 41 of the Act; and
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To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
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To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
22[nd] January 2025 ------------------------------------------ (signed and dated) Onasanya Ogundele JOS ACCOUNTANTS LIMITED Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom
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THE REDEEMED CHRISTIAN CHURCH OF GOD
HOUSE OF FAITH CONNECTIONS
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED
| 31 MARCH 2024 GROSS INCOME Donations and legacies EXPENDITURE ON: Charitable activities Governance costs Excess Income Prior year adjustment Funds brought forward |
NOTES 2 6 7 |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 192,587 8,737 201,324 200,932 |
|---|---|---|
| 162,848 10,207 173,055 152,615 1,445 - 1,445 1,392 |
||
| 164,293 10,207 174,500 154,007 |
||
| 28,294 - 1,470 26,824 46,925 15,444 - 15,444 - 293,147 - 293,147 246,222 |
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| 336,885 - 1,470 335,415 293,147 |
The notes thereon form an integral part of the accounts
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| THE REDEEMED CHRISTIAN CHURCH OF GOD | THE REDEEMED CHRISTIAN CHURCH OF GOD | THE REDEEMED CHRISTIAN CHURCH OF GOD | |||
|---|---|---|---|---|---|
| HOUSE OF FAITH CONNECTIONS | |||||
| BALANCE SHEET | |||||
| AS AT 31 MARCH 2024 | Current year | Current year | Current year | Prior year | |
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| Assets: | NOTES | £ | £ | £ | £ |
| Freehold property | 8 | 37,955 | - | - 37,955 |
37,955 |
| Leasehold property | 9 | 105,195 | - | - 105,195 |
119,221 |
| Fixed Assets | 10 | 36,862 | - | 36,862 | 62,030 |
| 180,012 | - | 180,012 | 219,206 | ||
| Current assets | |||||
| Gift aid receivable | 29,377 | - | - 29,377 |
25,560 | |
| Cash & bank | 133,563 | 12,952 | 146,515 | 135,773 | |
| 162,940 | 12,952 | 175,892 | 161,332 | ||
| Creditors: Amount falling due | |||||
| within one year | 11 | 895 | - | 895 | 750 |
| Net working capital | 162,045 | 12,952 | 174,997 | 160,582 | |
| 342,057 | 12,952 | 355,009 | 379,788 | ||
| Financed by: | |||||
| - | - | ||||
| General Funds | 336,885 | 1,470 | 335,415 | 354,786 | |
| Long-term unsecured loan | 12 | 19,594 | - | 19,594 | 25,002 |
| - | - | ||||
| 356,479 | 1,470 | 355,009 | 379,788 |
The balance sheet and the notes thereof were approved by the trustees and signed on its behalf by:
22[nd] January 2025
-------------------------------------------------} Pastor Oladayo Odugbile (Chairman, Board of Trustees)
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024
1 Accounting Policies:
The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom with the application of FRSSE and the Statement of Recommended Practice, “Accounting and Reporting by
Charities” (“SORP 2000 and SORP 2005”) issued by the Charity Commission. A summary of the principal accounting policies, which have been applied consistently, is set out below.
a) Basis of Preparation of Financial Statements
The financial statements are prepared under the historic cost convention and include the results of the Charity's operations, which are described in the Trustees Report, all of which are continuing.
b) Comparative Figures
Comparative figures are shown on the statement of accounts of the charity for the balance sheet (previous account is a statement of affairs) figures only. Comparative figures are not shown as this is the first accounts of the charity after the registration.
c) In-coming Resources
All income is credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.
d) Restricted funds
Restricted funds are to be used for specific purposes as specified within the objects of the Charity. Expenditure, which meets these criteria, will be identified to the fund, together with a fair allocation of management and support costs. There was no restricted fund during the year.
e) Unrestricted Funds
Unrestricted funds are donations and other incomes received or generated for the objects of the Charity without further specified purpose and are available for general funds.
f) Resources Expended
Direct Charitable Expenditure includes all expenditures incurred by the Charity in direct pursuit of its charitable objectives.
Governance expenditure includes all costs not directly related to the Charitable activities and cannot be allocated to direct charitable expenditure.
g) Donated Services and Gifts in Kind: The value of donated services and gifts in kind provided to The Redeemed Christian Church of God House of Faith Connections is recognized in the statement of financial activities and in the balance sheet at their value to the charity, as determined by the Trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 – CONT’D
h) Tangible Fixed Assets
Tangible fixed assets with a value exceeding £100 are recognised in the balance sheet at cost or revalue figures less depreciation calculated at rates intended to write off the excess of the cost over the anticipated residual value of the assets on a straight-line basis over their estimated useful economic lives.
Full year depreciation is charged in the year of acquisition, irrespective of the date of purchase and no depreciation is charged in year of asset disposal. The following rates are to be used except where the asset is on a finance lease where the lower of the period of repayment and the useful life is applied.
| Office fixture & fittings | 20% |
|---|---|
| Partitioning & refurbishment | 20% |
| Motor vehicle | 20% |
Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015
| NOTES 2 Donations, grants, and legacies Tithe Offering Thanksgiving Building donation WOFIA Donations Gift Aid- provision Other donations Grant for the food bank Other Income |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 121,419 - 121,419 120,309 18,278 - 18,278 18,111 3,873 - 3,873 3,838 13,977 - 13,977 13,849 955 - 955 946 29,377 - 29,377 24,125 4,248 - 4,248 590 - 8,737 8,737 19,157 460 - 460 7 |
|---|---|
| 192,587 8,737 201,324 200,932 |
THE REDEEMED CHRISTIAN CHURCH OF GOD
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HOUSE OF FAITH CONNECTIONS
NOTES TO THE ACCOUNTS ENDED
31 MARCH 2024
| NOTES 3 Charitable activities- Direct spending Outreach & publicity Conferences & Seminars Food bank Welfares Pastor's Welfare Training Women ministry expenses (WOFIA) Entertainment & hospitality Visiting ministers 4 Charitable activities- Grant funding activities Grants made to WEM and COF Grants to other organizations Grant to individual Total |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 - £ £ £ £ 5,563 - 5,563 5,171 9,440 - 9,440 7,507 - 10,207 10,207 16,442 9,735 - 9,735 11,804 37,931 37,931 28,457 2,677 - 2,677 4,399 250 250 5,689 - 5,689 5,576 5,100 - 5,100 3,217 76,384 10,207 86,591 82,573 6,820 - 6,820 8,160 4,047 - 4,047 1,736 150 - 150 - 11,017 - 11,017 9,896 |
|---|---|
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THE REDEEMED CHRISTIAN CHURCH OF GOD
HOUSE OF FAITH CONNECTIONS
NOTES TO THE ACCOUNTS ENDED
31 MARCH 2024 - CONT’D
| NOTES Support costs for charitable activities 5 Premises & administrative costs Motor running & Travels Licenses and Permits Printing and stationery Finance charges Utilities Telephone Profesional fees Insurance Repairs Subscriptions Cleaning and waste disposal General expenses Depreciation Mortgage depreciation 6 Total charitable expenditure Direct spending Grantmaking activities Support costs |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 2,673 - 2,673 4,049 868 - 868 - 4,623 - 4,623 3,749 554 - 554 1,826 8,266 - 8,266 4,758 2,340 - 2,340 1,477 150 - 150 2,680 6,092 - 6,092 5,173 4,047 - 4,047 6,495 199 - 199 1,176 899 - 899 - 1,228 - 1,228 1,292 29,483 - 29,483 13,446 14,026 - 14,026 14,026 |
|---|---|
| 75,447 - 75,447 60,147 |
|
| 76,384 10,207 86,591 82,573 11,017 - 11,017 9,896 75,447 - 75,447 60,147 |
|
| 162,848 10,207 173,055 152,615 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS
| NOTES TO THE ACCOUNTS ENDED | Current year | Current year | Current year | Current year | Prior year | |
|---|---|---|---|---|---|---|
| 31 MARCH 2024 - CONT’D | Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | |||
| NOTES | 2024 | 2024 | 2024 | 2023 | ||
| 7 | Other expenditure- governance costs | £ | £ | £ | £ | |
| Independent examination | 945 | - | 945 |
750 | ||
| Interest on loan | 500 | - | 500 | 642 | ||
| 1,445 | - | 1,445 | 1,392 | |||
| 8 | Freehold land | |||||
| The charity bought a freehold land for a car park which are partly | ||||||
| financed by Tridos Bank and internally | generated | |||||
| funds. | ||||||
| 9 | Leasehold property | |||||
| At the cost of purchase | 270,000 | - | 270,000 |
270,000 | ||
| Less amortization b/d | (150,779) | - | (150,779) | (136,753) | ||
| 119,221 | - | 119,221 |
133,247 | |||
| Less amortization for the year | (14,026) | - | (14,026) | (14,026) | ||
| NBV b/f | 105,195 | - | 105,195 | 119,221 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD
HOUSE OF FAITH CONNECTIONS
NOTES TO THE ACCOUNTS ENDED
31 MARCH 2024 - CONT’D
| NOTES 10 11 |
Fixed assets Costs 1 April 2024 Addition during the year Disposal Depreciation As at 1 April 2023 Charged for the year Disposal Net Book Value 31st March 2024 31st March 2023 Creditors: Amount falling due within one year Sundry creditors |
Equipment Renovation Vehicle Total £ £ £ £ 97,792 88,864 45,308 231,965 4,315 - - 4,315 - - - - |
|---|---|---|
| 102,107 88,864 45,308 236,280 |
||
| 65,211 88,863 15,861 169,935 20,421 - 9,062 29,483 - - - - |
||
| 85,633 88,863 24,922 199,418 |
||
| 16,475 1 20,386 36,862 |
||
| 32,581 1 29,448 62,030 |
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| Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 895 - 895 750 |
||
| 895 - 895 750 |
Trustees Remuneration and Reimbursement of Expenses: The Trustees did not receive any remuneration for the period.
13 Related party transactions The Redeemed Christian Church of God is the main headquarters of all RCCG Church branches. During the period, the charity paid institutional grants to other RCCG organizations such as the World Evangelism Mission.
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