THE REDEEMED CHRISTIAN CHURCH OF GOD LIGHT HOUSE PARISH Charity reg. no 1126652 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Page I
THE REDEEMED CHRIAN CHURCH OF GOD UGHT HOUSE PAFUSH CONTENTS Referen and admlnistrative details of the charlty Trustees, report Independent examiner's report Statement of financial attlvltles Balance sheet 10 Notes to the financial statements 11-14 Page 2
THE REDEEMED CHRisfiAN CHURCH OF GOD LIGHT HOUSE PARISH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDING 31 DECEMBER 2023 Trustees Pastor Davld Sola Oludoyi Mr. Sunday Adewole Afolabi Mr. Michael Davies Deacon David Awojobi Charity registration Number 1126652 Principal Office 43 West Street Banbury Oxford OX16 3AH Pastor in charge Pastor Abraham Adegoke Accountant Resource Management Consultants Ltd Chartered Certified Accountants 46 Hollywood Way Erith DA8 2QE Bankers HSBC Bank PIC 65 Cornmarket Oxford Oxfordshire OXI 3HY Page 3
THE REDEEMED CHRisfIAN CHUR OF GOD LIGHT HOUSE PARISH TRUSTEES, REPORT FOR PERIOD ENDED 31 DECEMBER 2023 The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of God Light House Parish (the charity) for the year ending 31 December 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005. STATUS The charity was constituted under a Trust deed dated 30th September 2008 and is registered in England and Wales with charity number 1126652. APPOINTMENT OR ELECTION OF TRUSTEES Trustees are appolnt&J and or co-opted under the terms of the trust deed. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEE'S The induttion process for a newly appointeLI trustee comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Parish pastor on the powers and responsibilities of the Trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the Trustees meet regularly to manage its affairs. The Parish pastor manages the day-to-day administration of the church. RELATED PARTY RELATIONSHIPS RCCG Light House Parish is a parish of The Redeemed Christian Church of God which has parishes all over the world. The parish's relationship with other parishes is governed by an 'Agreement for Common Purposes,. 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 the systems are in place to mitigate our exposures to the major risks. OBJEcfs AND ACTIVITIES The principal object is the advancement of Christian faith worldwlde and the relief of poverty. To promote any charitable activlty for the benefit of the local people. To achieve its objectives, the church adopted the following strategies: Running seminars in the church wlth proven ministers of the faith to guide members in the various aspett of Christian faith, Support for other chariti&s and Christian events, Providing overseas aid and famine relief, and Involving in economic and community development Page 4
THE REDEEMED CHRlSfIAN CHURTh OF GOD LIGHT HOUSE PARISH TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 The attivities for achieving its objettives include: Communlty Outreach events Conferences and events Welfare support to members and general public, and Various missionary activities GRANT MAKING POUCY The church supports visiting ministers of the gospel both within and outside the United Kingdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life and other RCCG Programmes. The church supports other chariti&s and missionary that shares its obJS in advancement of Christian faith and relief of poverty. The church gives occasional grBnts to congregational members who are in need. VOLUNTEERS The church is grateful for the unstinting efforts of its volunteers who are involved in providlng services for the charity. It is estimated that over 2100 hours are provided by volunteers during the year. If this is conservatively valued at £8.50 per hour, the volunteer's effort will amount to over £17,850. REVIEW OF ACTIVITIES The church continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in the Statement of Faith as contained in our trust deed. PUBLIC BENEFITS The church's Sunday and mid-week servlces are open to the public to build on their Chrlstian faith. Apart from its Church activities, the charity was involved in the following public benefit efforts: The charlty also sponsored a 6-month gym membership for chilttren, women, and men from BAME community as part of its obj'ective of keeping everyone healthy. We also organiseJ sewing classes for women in our community as a means of empowering the women. The charity runs a monthly football game for the men In the community. The church organised a soup kitchen for the less privileged in Bansbury, The church held outdoor evangelism and open crusade and gave out free bottled water as an expression of the love of Christ. Our efforts are geared towards supporting the programmes of our local council, promoting cohesion in our community, and positively impacting the lives of the young people and the elderly. Page 5
THE REDEEMED cHRIlAN CHURCH OF GOD LIGHT HOUSE PARISH TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 INVESTMENT POLICY The Trustees have decided that at present, funds should be retained in Banks and Building Societies, and as far as possible in interest bearing accounts. RESERVES POUCY The Trustees. policy is to have nStricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed. The present free reserve is below the policy range, but the Trustees are continuing to seek additional unrestricted funds. PRINCIPAL FUNDING Funding has been provided mainly through tithes and offerings by church members and through gift ald, Pledges are also tsken for specific projects. FUTURE DEVELOPMENT The charity is in the process of leasing a buildi ng which will enhance her abi lity to fully run her activities in the community. The charity has plans to run soup kitchens for the homeless, exercise room to help people keep fit and prevent obesity, after school clubs and children centS amongst others. The charity contlnues to explore various ways of spreading the gospel of Christ in an effective manner, The charity is also looking to grow in membership and continue to develop its members to make life-changing impact in society. Page 6
THE REDEEMED CHRIsfIAN CHURCH OF GOD LIGHT HOUSE PARISH TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable laws and regulations. Charity law requires the Trustees to prepa financial ststements for each financial year, Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Prattice (United Kingdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the stste of affairs of the charity ano of the surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees are required to.. Selett suitable accounting policies and then apply them consistently; Make judgement and estimates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Trustees recognise their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Att 2011. They are also responsible for safeguarding the assets of the company and hence taking reasonable steps for the preventlon and detection of fraud and other irregularities. The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended. Approved by the Trustees on If September 2024 and signed on thelr behalf by: Pastor D Sola Oludoyi Trustee Mr. Michael Davies Trustee Page 7
THE REDEEMED CHRIsfIAN CHURCH OF GOD LIGHT HOUSE PAFUSH INDEPENDENT EXAMINER'S REPORT FOR PERIOD ENDED 31 DECEMBER 2023 TO THE TRusfEES OF TrIE REDEEMED CHRISTIAN CHURCH OF GOD UGHT HOUSE PARISH I report on the accounts of the charity for the year ended 31 December 2023 which is set out on pages 8 to 13. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER The chartty's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not requiral for this year under section 142(2) of the Charities Act 2011 and that an independent examination is needed. It is my respgnsibilÈty to: examine the accounts under section 145 of Charities Att 2011. follow the procedures laid down in the General Direttions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and state whether particular matters have come to my attention. BASIS OF EXAMINER'S STATEMENT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a 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 trustees concerning any such matters, The procedures undertaken do not provide all the evidence that would be required in an audlt, 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 statements below. EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: proper accountlng records are kept (in accordance with section 41 of the Act); and accounts are prepared which agree with the accounting records and comply with the accounting requirements of Act. or (2) to whlch, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Akintayo Oio FCCA 46 Hollywood Way Erith Kent DA8 2QE Date: Xl, September 2024 Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD - LIGHT HOUSE PARtSH STATEMENT OF FINANCIAL AcfIviTIES FOR YEAR ENOED 31 DECEMBER 2023 unrestrlcted Re5trftted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 Notes INCOMING RESOURCES Donations, legacies & similar incomlng resol 2 Attivities In furtherance of charity's objett Investment Other income Total Incoming resources 244,644 5,754 1,645 5,000 257,043 244,644 113,254 1,645 5,000 364,543 169,261 25,047 107,500 6,796 201,105 107,500 RESOURCES EXPENDED Charitable expenditure Grants payable - individual Grants payable - instltutlonal Costs of actlvities in furtherance of charities objerts Management and governance costs Total resources expended 6,633 22,089 6,633 22,089 9,125 12,793 203,605 2,620 234,947 21,703 225,308 2,620 256,650 159,227 2,190 183,335 21,703 Net (outgolng)/lncoming sourceS for year 22,096 85,797 107,892 17,770 Total funds at the start of the year 42,775 9,995 52,770 35,000 BALANCE AT END OF YEAR 64,871 95,792 160,662 52,770 Movements In reserves and all recognlsed and losses are shown above The charity's Incomlng resources and $OUrceS expended all relate to continuing actlvltles. Page 9
THE REDEEMED CHRisfIAN CHURCH OF GOD - LIGHT HOUSE PARESH BALANCE SNEEr AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Tanglble Fixed assets io 11,423 2,939 CURRENT ASSETS Cash and bank balances Debtors li 148,340 3,050 151,390 50,981 200 51,181 12 LIABILITIES Creditors Amount due In less than 12 months Amount due after one year 13 2,150 1,350 2,150 1,350 NET ASSETS 160,662 52,770 CHARITY FUNDS General unrestrlcted General restrlcted TOTAL FUNDS Id 64,871 95,792 160,662 42,775 9,995 52,770 le The aeeounts have beer> prapared In accordance with the special provision of Statement of Recommended Practice: Accounting and Repon9 by Charitle5 (SORPI Issued March 2005 as modffled for smaller charities Approved by the Tnjstees on 14 September 2024 and signed on their behalf by: Mr Mlchael Davles Trustee Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD - LIGHT HOUSE PARISH NOTES TO THE ACCOUNTS I. ACCOUNTtNG POLICIES lal The accounts ara prepared under the historical cost convÈntlon and in accordan Mth appllcable accounting standar(Js. They follow best practice as set out in the Ststement of Recommended Prattice: Accounting and Reporting by Charitios ISORP) issued March 25 as modified for smaller tharltles. (b) Income an(J expendlture is aecounted for on an accruals basis. Icl Frxed assets comprise furnre and èquipment and musical equipment and have been costing more than £ICM). Tanglble flxed a55ets are statÈd at cost le55 depreciation. DepLatiOn Is providéd at rates calcul8ted write off the cost of fixed assets, less their estimated residual value, over thèir expetted usthl lives on the following bases.. Musical equipment 25010 reduclng balance Furniture and fittings 250kn reducing balancé Computer equipment 25% reduong balance Motor Vehicles 25% reducing balance Id) Unrestrirted funds are incoming resources recelved for thè tsbjects of the charlty without further 5pectfied purpose and are available a5 general fund5. {e) Restritted fun¢$ a subject tr) restrictions on their expendlture Imposed by their donors. untte Restrittéd Total Total Funcjs Funds Funds Funds 2023 2023 2023 2022 2. DONATIONS, LEG4CIES AND SIMILAR INCOMING RESOURCES Collectlon and other donations - Gift Aid Tithe Collectlon at all servlces Other donations 38,708 136,573 68,099 1,264 244,644 38,708 136,573 68,099 1,264 244,644 38,816 102,698 20,312 7,434 169,261 3. AcllvITtES IN FURTHERANCE OF CHARrrvs 08JE Book Sales Donatlons 492 5,262 492 10,865 21,686 80,211 113,254 80 5,189 19,779 5,603 21,686 80,211 107,500 Retreat Fees Building Fund 5,754 25,047 4. INVEsfMENT Interest recelved 1.645 1,645 5. OTHER INCOME Grant - HMRC'S Employers, NI rebate Christmas party & donation to needy 5,000 5,000 4,381 2,415 6,796 5,000 5,000 Page 11
THE REDEEMED CHRIsfIAN CHURCH OF GOD - LEGHT HOUSE PARISH NOTES TO THE ACCOUNTS Unrestricted Restricted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 6. Grants payable - indivldual Individual welfare 6,633 6,633 9,125 7. Grants payable - Institutional Charitable glvlng -UK Charitable giving -overseas Total 22,089 22,089 12,793 22,089 22,089 12,793 List of institutional grants payable RCCG WEM World Evangelism RCCG Central Offi Central Office Support Festival of life Missions Evangelical Alliance Support to Charities RCCG Camp ground Missions RCCG Missions & Others Missions Total grant payable - institutlonal 8,731 2,220 900 600 4,500 5,138 22,089 8,731 2,220 900 600 4,500 5,138 22,089 8,321 1,640 900 600 1,332 12,793 8. COST OF AcfIvITIES IN FURTHEPANCE OF CHARrrY's OBJECTS Special programme & visiting speakers expenses Seminar and conferences Travel and subsistence Hall hire, rent & rates Muslc, Ilturgy & church gmup Worship cost & church occasion Staff Cost 15,339 1,650 13,380 16,041 2,852 2,944 68,124 7,367 2,121 2,143 7,127 2,490 3,808 1,126 3,252 426 6,373 6,420 568 9,835 12,808 15,339 1,650 13,380 16,041 2,852 2,944 68,124 7,367 2,121 2,143 7,127 8,093 3,808 1,126 3,252 426 6,373 6,420 568 9,835 12,808 16,100 17,410 225,308 8,004 3,194 4,568 11,481 3,351 52,316 2,609 1,418 4,854 18,082 5,684 4,368 1,654 2,446 487 Other staff costs Telephone & internet Printingi PQStage, statlonery and publlclty Motor expenses Tralnlng, mission & evangellsm Depreciation Insurance Repair & maintenance utilities & water blll Welfare & hospltallty IT Consumables, su bscrlptlon & charity expenses Bank charges Admln and office expenses Community Projett - Love Christmas Retreat & Dues Vehicle finance charges 5,603 832 840 7,369 1,362 24,309 16,100 17,410 203,605 21,703 159,227 Page 12
THE REDEEMED CHRtSTtAN CHURCH OF GOD - LIGHT HOUSE PARISH NOTES TO THE ACCOUNTS Unrestrfcte¢J RestrScted Total Totsl Funds 2023 Funds Funds Funds 2023 2023 2022 9. MANAGEMENT AND GOVERNANCE COSTS Admin & Office expenses Professlonal fees Examinerfs fees - accountancy 470 2,150 2,620 470 2,150 2,620 840 1,350 2,190 10. TANGIBLE FIXED ASSETS Furniture & Fittings Motor Vehicle5 Musical Computers equlpment & projectors Total 31-Dec 2023 Total 31-Dec 2022 Cost At l January 2023 Addltlons At 31 December 2023 9,195 2,466 11,661 8,050 6,007 7,382 13,389 6,843 2,444 9,287 30,095 12,291 42,386 30,095 8,050 30,095 Depreciation At l January 2023 Depreciatlon for year At 31 December 2023 9.195 617 8,050 4,533 2,214 6,747 5,378 977 27,156 3,808 30,964 22,788 4,368 27,156 9,812 8,050 6,355 Net book value At 31 December 2023 1,849 6,642 2.931 11,423 2,939 At 31 December 2022 1,474 1,465 2,939 2,939 11. CASH BALANCES Year ended Year ended 31-Dec 31-Dec 2023 2022 Cash in hand Bank balance 148,340 148,340 50,981 50,981 12. DEBTORS Year ended Year ended 31-Dec 31-Dec 2023 2022 Loans 3,050 3,050 200 200 Page 13
TFIE REDEEMED CHRISTIAN CHURCH OF GOD - LIGHT HOUSE PARtSH NOTES TO THE ACCOUNTS 13. CREDITORS Amount falling due withln 12 months Year ended 31-Dec 2023 Year ended 31-Dec 2022 Trade creditor's due within 12 months Accrual: accountancy fees Staff Salary 2,150 1,350 2,150 1,350 14. RELATED PARTY TRANSACTIONS Durlng the year, the church paid institutional grants to other RCCG organlsations such as the World Evangellsm Misslon as stated in note 7. 15. STAFF COST AND NUMBERS Staff costs were as follows Year ended Year ended 31-Dec 31-Dec 2023 2022 Wages and salarles Soclal security costs Penslon costs 61,426 5,272 1,427 68,124 46,760 4,381 250 51,390 Year ended 31-Dec 2023 No. Year ended 31-Dec 2022 No. The average number of employee during the year was as follow5 Pastoral Charity administratlon Total No employee received remuneration amountlng to more than £50,000 In the year. 16. NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended Year ended 31-Dec 31-Dec 2023 2022 Thls is stated after charglng Depreciatlon of tangible assets owned by the charity Accountant's fees 3,808 2,150 4,368 1.350 Page 14
Row Labo15 ADMIN EXP BANKCHARGES BBS LOAN REPAYMENT FEES INCOME HMRC HOLDING HMRC REFUND HOLDING FEEGHP INSURANCE- PII PROFESSIONAL FEES -TJ PURCHASES RMCL TRANSFER IN RMCL TRANSFER OUT Grand Total Sumofvalue 240.40 40.60 511.08 15.698.40 6.850.43 6,410.43 2.100.00 176.28 1,972.60 4,000.00 1,800.00 5.350.00