Registered Charity Number :_ 1126373 THE REDEEMED ASSEMBLIES TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR END 30 April 2024 THE REDEE[ED ILSSEMBLIES TRUST 821 OLD KENT ROAD LOM)ON London trachurch@yahoo.co.uk
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 TRUSTEES, REPORT............................................................................................................................................ INDEPENDENT EXAMINER'S REPORT............................................................................................................ STATEMEKf OF FINANCIAL ACTIVtriES...................................................................................................... BALANCE SHEET................................................................................................................................................ NOTES TO THE FINANCIAL STATEMENTS..................................................................................................10
THE REDEEMED ASSEMBLIES TRUST TRUSTELS, REPORT FOR THE YEAR ENDED 30 April 2024 The Trustees present their report with the unaudited financial statements of the charity for the year ended 30 April 2024. REFERENCE AND ADMINISTrATIVE DEfAILS Charity No. l 126373 Principal Office 821 Old Kent Road London SE151NX Trustees The following Trustees served during the year: s. iyi L. OHONYON S. OKUNDAYE O. OMORUYI V. EZANI Key Management Personnel Trustee Trustee Trustee Trustee Trustee Chair OSAGIE OMORUYI LINDA OHONYON NIAMKEY AMAN VICTOR EZANI PASTOR SUNDAY SANDRA OKUNDAYE Accountants SA ACCOUNTANCY PRACTICE Equitable House l O Woolwich New Road London SE18 6AB Bankers Barclays Bank PLC & Santander UK 104-108 Tower Bridge Rd, London , SEI 3NG OBJEcfivES AND ACTivmES The charity is governed by a constitution signed and approved by the trustees of the church The main activity of the organisation is to extend the Gospel of the Lord Jesus Christ to the cornmunities, having fellowship with one another for edification and supporting the emotional and physical needs of its members and the wider community. Our fellowships transcend across the borders of United Kingdom to the uttermost parts of the world. other activities include- a) relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress; b) provide support to families to eliminate food poverty and essentials through her Foodbank and Food Redistribution Unit.
THE REDEEMED ASSEMBLIES TRUST TRUSTELS, REPORT FOR THE YEAR ENDED 30 April 2024 c) provide Community residents with employment coaching and support. d) provide Community residents food banks, and daily breakfast throughout the year 2023 e) provide temporary shelters for homeless people fj provide music classes for youth and fitness club ACHIEVEMEKfs AND PERFORMANCE The organisation, through distribution of tracts, group & individual virtual evangelism has continued to propagate the gospel throughout the communities in spite of increasing cost of living. As a religious registered charity, numbered 1126373, our core has been to reach, teach and advance the Christian faith and help the local community with a focus on unemployment, homelessness, anti- social behaviour, fighting hunger/ food poverty and reducing waste. Weekly in our Board meetings, crafting better ways to enhance the lives of our local community takes the centre stage, hence the need to set up Care Group Centres. Our care group centres is an online community that helps to look out for residents in need, by having care group leaders who do everything possible to scout for those that require help and assistance. They are added to the groups platform where we are then able to reach and touch them. Weekly, there are study sessions which gives us in depth awareness into most of the challenges they go through. And we can categorically say that a lot have benefitted from our counselling sessions. And our welfare scheme which is a vital part of the Care Group centres cater to the physical needs of residents. Certainly, we know that most times when people experience counselling and platforms are not created to ensure they become active in responsibility groups they could slide into very dangerous habits because of exposure to bad company. So, the Redeemed Assemblies Trust also created the Service Teams System. Here, we created an avenue whereby all those with certain skillls or giftings could make very productive use of them like singing, acting, playing the instruments, maintenance, ushering, sound etc. They are able to connect with those of same expertise. And we can boldly say that over the years, so many have been well trained while a lot have served and are still serving in those service teams. Even though we know we may not be able to completely solve the shelter issues of most residents, we have really done so much in terms of providing Temporary Shelters for most residents that have taken advantage of our Care Groups Platforms. There would have been no way we would have peace in our heart knowing that there are still people who are unprotected from the biting cold. To a very large extent, we can say that we have maintained a very strong commitment to a vital aspect of our objectives which is to provide temporary homes for the homeless. Our foodballk was awarded the Winller of 'The London Faith & Belief Conllnunity Awards 2022., Winner Certificate was awarded for services to and for faith and belief communities in Greater London Tlie church, The Redeemed Assemblies Trust was also awarded Southivark Faith & Belief Awards 2022 Runner Up. Awarded in recognition for outstanding work serving the residents of Southwark. The church, The Redeemed Assemblies Trust was also awarded Southivark Faith & Belief Aivards 2024 RECOGNISED presented to the breakfast club of The Redeemed Assemblies Trust for outstanding work servillg the residents of the comtllullity
THE REDEEMED ASSEMBLIES TRUST TRUSTELS, REPORT FOR THE YEAR ENDED 30 April 2024 The church, The Redeemed Assemblies Trust was also awarded Southivark Faith & Belief Awards 2024 Winner "Cost of Living Crisis Support". Awarded in recognition for outstanding work serving the residents of Southwark. Over the recent period, according to reporLlrecord on 'foodiverse'. our conllnunity impact shoivs that we have provided the collllnullity ivith 1.230.337.0 (over a millioll) meals equivalent, through 5 11,354.Okg (over 511 tons) of collected food savillg 1,490,684.Okg of C02 During this financial year, there was an increase in the supply of our food bank, including deliveries. Over £370,000 worth of food, essentials and other support given to the community members. There were other foreign missions, projects some including Benue Community Water Project in Nigeria, Onwubiko in Ivory Coast Mission, among other projects. There was no change of trustees of The Redeemed Assemblies Trust during this period. All necessary administrative activities to support change of trustees were completed, submitted and documented. The Men's, Women's, Youth and Children ministries marked their respective yearly anniversaries by organising forums to discuss various issues related to men, women, youth, children and family relationships. These programmes also attracted a lot of participants and helped resolve a lot of domestic issues. The church also organised marriage seminars to help married couples in and out of church community. Though this year was challenging, by the grace of God we were still able to reach many with the help of technology and we are looking forward to operating differently when we go in person with the experience gained during this difficult time. PLANS FOR FLrruRE PERIODS The Redeemed Assemblies Trust is always committed to focusing on our established vision until we have achieved our mission. Our acclaimed purpose has really propelled us to stick to the visions as spelt out as follows; 1)Open more branches in the UK. 2) Continue to affect the local community in a positive way. 3) Continue to offer support in cash and in kind to the needy. 4) Pioneer a music school to involve the youth in our community. 5) To set up coffee morning to engage the elderly in our community srRUCTURE GOVERNANCE AND MANAGEMEKr It is our hope and prayer that through our dedication and hard work, the Lord will bless and help us to achieve our purpose. The organisation's commitment to maintaining a positive momentum over the coming years is to offer excellent value for money. We also want to continue to develop a healthy and attractive relationship with our members and the entire community. ststement of trustees, responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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
THE REDEEMED ASSEMBLIES TRUST TRUSTELS, REPORT FOR THE YEAR ENDED 30 April 2024 financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. 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 Charity Act 1993 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the trustees are required to: Signed on behalf of the charity's trustees s. iyi Trustee Chair 30 April 2024
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 Indepen Examlnerfs Report to the trustses of THE REDEEMED ASSEMBUES TRusr I report to the trustees on my examination of the accounts of THE REDEEMED ASSEMBLIES TRUST for the year ended 30 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. Responsibilities arKI basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). The trustees consider that an audit is not required for this year under the Charities Act 201 I, s.144(2) (the 2011 Act) and that an independent examination is needed. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs ststement As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination by being a qualified member of FCCA, FAIA. 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 that in, any material respect: the accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. 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 accounts to be reached. Mark Essandoh FCCA, FAIA SA ACCOUNTANCY PRACTICE Equitable House l O Woolwich New Road London SE18 6AB 30 April 2024 SA Accountancy Prnctlc• Limitod
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 Recommended categories by actii.ity Notes UDrestricted funds Total Funds 2024 Total Funds 2023 Income ¥4nd endowments from: Donations and legacies 866,103.56 866,103.56 556,845.57 Charitable activities 336,567.83 336,567.83 139,430.00 Total 1,202,671.39 1.202,671.39 696,275.57 Expendlture on: Raising funds 282,092.72 282,092.72 176,069.52 Charitable activities 826,240.90 826,240.90 566,468.67 Other 8,287.00 8,287.00 14,765.00 Total 1,116,620.61 1,116,620.61 757J03.19 Net Incomel(expendlture) 86,050.78 86,050.78 (61,027.62) Net movement ID funds 86.050.78 86,050.78 (61.027.62) Reconciliation of funds: Total funds brought forward 289,148.86 289,148.86 350,176.48 Total funds carrled forward 375,199.64 375,199.64 289,148.86
THE REDEEMED ASSEMBLIES TRUST BALANCE SHEET FOR THE YEAR ENDED 30 April 2024 Recommended categories by actii.ity Notes UDrestricted funds Total Funds 2024 Total Funds 2023 Fixed assets Tangible assets 181,506.00 181,506.00 183,315.00 Total fixed assets 181,506.00 181,506.00 183J15.00 Current assets Cash at bank and in hand 79,401.43 79,401.43 141,355.98 Total current assets 79.401.43 79,401.43 141J55.98 Creditors: amounts falling due vithill Olle year 10 18,963.50 18,963.50 11,380.00 Net current assetsl(liabilities) 60.437.93 60,437.93 129.975.98 Total assets less current liabilities 241943.93 241,943.93 313290.98 Creditors: amounts falling due after one year 11 24,142.12 Tot¥41 llet assets or liabilities 241943.93 241,943.93 289,148.86 Funds of the Charity Unrestricted funds 12 375,199.64 375,199.64 289,148.86 Restricted income funds 12 Endowment funds 12 Total funds 375,199.64 375,199.64 289,148.86 The funCIal statements were approved by the Board on 16-Dec-2024 and signed on its behalf by: Apostle Sunday Iyi chairnn
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 l Accounting Policies 1.1 Accounting Policies The principal accounting policies adopted by the Clwity, which is a public benefit entity, in tbe preparatloll of the accounts are as folloivs. 1.2 Basls of pi'epai"atlo These accounts have been prepared under the historical cost convention, as modified by the inclusion of clwitable properties alld fed asset investments and illvestment properties at valuation. These accounts have been prepared in accordance ivith "Accounting and Reporting by Charities.. Statement of Reconllnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stalldard applicable ill the UK alld Republic of Irelalld {FRS 102)" (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. These accounts are presented in pounds sterling and rounded to the nearest pound. 1.3 Golllg concei The Trustees have prepared fanCIal projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to contillue in operatlollal existellce for the foreseeable future. Thus they Colltinue to adopt the going concern basis of accounting in preparing the accounts. 2 Income from Donations and Legacies UDrestricted funds Total funds 2024 Totgdl funds 2023 AnalTrsls Gift Aid Other Tithes & Offerings 224,348.28 2,000.00 639,755.28 866.103.56 224,348.28 2,000.00 639,755.28 866,103.56 188,167.21 5,254.88 363,423.48 556,845.57 3 Income from Chaiitable Activities Unrestricted funds Total funds 2024 Total funds 2023 ADAIysis Food Bank Donations in Kind 336,567.83 336,567.83 336,567.83 336.567.83 139,430.00 139,430.00 10
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 4 Expenditure on Raising Funds Total funds 2024 Total llds 2023 An¥4h"sis Departmelltal Expellses Support Costs 19,332.06 262,760.66 282.092.72 13,652.81 162,416.71 176,069.52 5 Expenditure on Charitable Activities Totydl fllnds 2024 Totydl fllnds 2023 Analysis Mission Printing and stationery Legavprofessiollal fees Rellt-Premises Costs Comtnullity Outreach Expenses Food Baith Donations in Kind Travelling Cost Light, Heat & Power Support Costs 38,363.96 1,053.66 38,749.15 68,748.47 53,495.73 333,580.95 21.887.81 7,600.51 262,760.66 8?6,240.90 3,416.44 41,421.33 156,853.12 30,681.37 139,430.00 23,578.30 8,671.40 162,416.71 566,468.67 11
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 6 Support Costs Total funds 2024 Tot¥dl funds 2023 AnalTr"sis Wages and salaries Repairs & Maintenance Fuel Expenses Legal & Professional Cost Telephone, Mobile & Illternet Medical Bills-staff Welfare Pension Expenses Temporary Staff & Recruitment Staff Training Staff Welfare Insurance PAYE Taxes Honorarium Payments 190,609.72 46,992.54 463.21 69,725.18 970.84 159.20 4,532.80 10,770.00 19,792.08 153,981.34 3,550.82 21,147.08 2,826.50 525,521.31 165,306.52 16,096.57 983.20 58,654.18 1,733.49 10,572.24 5,462.10 4,600.(M) 7,995.00 34,959.00 975.58 16,018.35 1,477.19 324,833.42 7 Other Expenditure Unrestricted funds Total funds 2024 Total funds 2023 AnalTr'sis Depreciation Charge for the Year - Plant & Machillery Depreciation Charge for tbe Year - Motor Vehicles 8,287.00 8,287.00 8,287.00 6,478.00 8.287.00 8,287.00 14,765.00 12
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 8 Tangible Fixed Assets 8.1 Cost or Tr"gluation Freehold Land & Buildings Plant & Machinery Motor Vehicles At 01 May 2023 Additions 179,724.00 41,433.00 32,389.00 Disposals Revaluations Transfers At 30 April 2024 179,724.00 41,433.00 32,389.00 8.2 Amortisation and impairments Freebold Land & Buildings Plant & Machinery Motor Vehicles At 01 May 2023 Additions 3 1,364.00 32,389.00 8,287.00 Disposals Revaluatlolls Transfers At 30 April 2024 39,651.00 32.389.00 8.3 Net book value Freehold Land & Buildings Plant & Machinery Motor Vehicles At 01 May 2023 At 30 April 2024 179,724.00 10,069.00 179,724.00 1,78?.00 13
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 9 Cash at bank and in hand Total funds 2024 Total llds 2023 Cash at bank and on hand 79,401.43 79.401.43 141,355.98 141,355.98 10 Creditors: Amounts falling due within one year Total funds 2024 Total lld$ 2023 Bank loans and overdrafts 18,963.50 18.963.50 11,380.00 11,380.00 11 Creditoi"s: Amounts falling due after one year Total funds 2024 Total funds 2023 Bank loans and overdrafts 24,142.12 24,142.12 14
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 12 Charity funds 12.1 Details of mateiial funds beld alld movements dlliillg the c[TRRE I'epoilillg peiiod Fund balances brought forward Fund balances carried forward Fund names Income Expenditure Transfers Gains and losses I nrestrlcted funds 289,148.86 1,202,671.39 {1,116,620.6 i) 375,199.64 Total 289,148.86 1,202,671.39 {1,116,620.6 i) 375,199.64 12.2 Details of matei'ial funds held movemellts dllIg the PREVIOUS I'epoi*Rllg peiiod Fund balances brought forn'ard Fund balances carried forward Income Expenditure Galns and losses Fund names Transfers Unrestricted funds 350.176.48 696,275.57 (757,303.19) 289,148.86 Tot¥41 350,176.48 696,275.57 (757,303.19) 289,148.86 12.3 Transfers between funds Thls Year Amount Betsveen unrestricted and restricted funds Betiveen endowment and restricted funds Bettveen endowment and unrestricted funds Last Year 15
THE REDEEMED ASSEMBLIES TRUST FOR THE YEAR ENDED 30 April 2024 Amount Between unrestricted and restricted funds Betiveen endowment and restricted funds Betsveen endowment and unrestricted funds 16