THE REDEEMED CHRISTIAN CHURCH OF GOD LIGHT HOUSE PARISH Charlty reg. no 1126652 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Page I
THE REDEEMED CHRISTIAN CHURCH OF GOD LIGHT HOUSE PARISH CONTENTS Reference and administrative details of the charity Trustees, report Independent examiner's report Statement of financial activities Balance sheet 10 Notes to the financial statements 11-14 Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD UGHT HOUSE PARISH REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRusfEES AND ADVISERS FOR THE PERIOD ENDING 31 DECEMBER 2024 Trustees Pastor David Sola Oludoyi Mr. Sunday Adewole Afolabi Mr. Michael Davies Deacon David Awojobi Charity registration Number 1126652 Principal Office 7 Glebe-field Banbury Oxford OX16 9SE 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 CHRISTIAN CHURCH OF GOD UGHT HOUSE PARISH TRUSTEES, REPORT FOR PERIOD ENDED 31 DECEMBER 2024 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 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity's governlng 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 ELEcfIoN OF TRUSTEES Trustees are appointed and or co-opted under the terms of the trust deed. POLICIES ADOPTED FOR THE INDucfEoN AND TRAINING OF NEW TRUSTEE'S The induction process for a newly appointed trustee comprises an initial meetlng with the Chair and other Trustees, followed by short meetings with the Parlsh pastor on the powers and responsibilities of the Trustees. ORGANISATIONAL STRucfuRE 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. REL4TED PARTY RELATIONSHIPS RCCG Light House Parish is a parish of The Redeemed Christian Church of God whlch has parishes all over the world. The parish's relationship with other parlshes 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 rlsks. OBJECTS AND AcfIvITIES The principal object is the advancement of Christian faith worldwide and the relief of poverty. To promote any charitable activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies: Running seminars in the church with proven ministers of the faith to guide members in the varlous aspect of Christian faith, Support for other charities and Christian events, Providing overseas aid and famine relief, and Involving in economic and community development Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD LIGHT HOUSE PARISH TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2024 The actlvlties for achieving Its objectives indude: Community 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 charities and misslonary that shares its objects In advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need. VOLUNTEERS The church is grateful for the unstinting efforts of its volunteers who are involved in providing services for the charity. It is estlmated that over 2 100 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 splrltual Ilfe 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 mld-week services are open to the publlc to build on their Christian faith. Apart from its Church actlvlties, the charity was involved in the following public benefit efforts: The charity also sponsored a 6-month gym membership for children, women, and men from BAME community as part of its objective of keeping everyone healthy. We also organised 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 CHRISTIAN CHURCH OF GOD LIGHT HOUSE PARISH TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2024 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 POLICY The Trustees, policy is to have unrestricted 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 resen4e 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 mernbers and through gift aid. Pledges are also taken for specific projects. FUTURE DEVELOPMENT The charity is in the process of leasing a building which will enhance her ability 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 centres amongst others. The charity continues 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 CHRISTIAN CHURCH OF GOD UGHT HOUSE PARISH TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2024 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 prepare financial statements 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 Practice (United Klngdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees are required to: Select 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 recognlse their responsibilities to keep proper accountlng records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the flnancial statements comply with the Charities Act 2011. They are also responsible for safeguardlng the assets of the company and hence taking reasonable steps for the prevention and detection of fraud and other Irregularities. The appended financial statements have been prepared on the accruals basls and have been examined by an independent examiner, whose report is also appended. Approv by the Trustees on LcP4July 2025 and sign dont ir behalf by: stor D Sola Olu Trustee Mr.M Trust hael Davies Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOC) UGHT HOUSE PARISH INDEPENDENT EXAMINER'S REPORT FOR PERIOD ENDED 31 DECEMBER 2024 TO THE TRUSTEES OF THE REDEEMED CHRISTtAN CHURCH OF GOD UGHT HOUSE PARISH I report on the accounts of the charity for the year ended 31 December 2024 which is set out on pages 8 to 13. RESPEcfivE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER The charity's trustees are responsible for the preparation of the accounts. The charity, trustees consider that an audit is not required for this year under section 142(2) of the Charitie5 Act 2011 and that an independent examination is needed. It Is my responslblllty to: examlne the accounts under sectlon 145 of Charltles Act 2011; follow the procedures laid down in the General Directions given by the Charlty Commissioners (under section 145(5)(b) of the 2011 Art). and state whether partlcular matters have come to my attention. BASIS OF EXAMINER'S STATEMENT My examlnation was carried out in accordance with the General Directions given by the Charlty Commlsslon. An examlnatlon Includes a revlew of the accountlng records kept by the charlty and a comparison of the accounts presented wlth those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provlde all the evldence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" vlew, and the report 15 Ilmited to those matters set out in the statements below. EXAMINER'S STATEMENT In connectlon wlth my examlnation, no matter has come to my attentlon: ( l) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: proper accounting records are kept (In accordance wlth 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 which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Aklntayo Ojo FCCA 46 Hollywood Way Erith Kent DA8 2QE Date: 5b July 2025 Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD - UGHT HOUSE PARISH ATEMENT OF FINANCIAL AcrtvrrIES FOR YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Restricted Total Total Funds Funds Fund5 Funds 2024 2024 2024 2023 Notes INCOMING RESOURCES Donatlons, legacles & slmllar Incomlng resol 2 Activltles in furtherance of charlty's object Investment Other Income Total Incomlng resources 312,099 27 2,769 5,000 319,895 312,099 37,998 3,902 10,675 364,674 244,644 113,254 1,645 5,000 364,543 37,971 1,133 5,675 44,779 RESOURCES EXPENDED Charitable expenditure Grants payable - Indlvioual Grants payable - institutional Costs of activities in furtherance of charities objects Management and governance costs Total resources expended 6,216 20,506 6,216 20,506 6,633 22,089 235,888 2,989 265,600 28,511 264,400 2,989 294,111 225,308 2,620 256,650 28,511 Net (outgoing)/incoming resources for year 54,295 16,267 70,562 107,893 Total funds at the start of the year 64,871 95,792 160,663 52,770 BALANCE AT END OF YEAR 119,166 112,059 231,225 160,663 Movements In reserves and all recognlsed and losses are shown above The charlty's Incomlng resources and resources expended all relate to continulng actlvltles. Page 9
THE REDEEMED CHFusfIAN CHURCH OF GOD - LIGHT HOUSE PARISH BALANCE SHEEr AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSErs Tangible Fixed assets 10 9,565 11,423 CURRENT ASSETS Cash and bank balances Debtors 11 215,074 8,167 223,241 12 3,050 3,050 UABILrriES Creditors Amount due in less than 12 months Amount due after one year 13 1,550 2,150 1,550 2,150 NEf ASSETS 231,255 12,323 CHARITY FUNDS General unrestdcted General restrlrted TOTAL FUNDS Id le 119,166 112,059 231,225 64,871 95,792 160,663 The accounts have been prepared In accordance wlth the speclal provlslon of Statement of Recommended Practlce.. Accountlng and Reportlng by Charltles (SORP) Issued March 2005 as modlfled for smaller charltles Approved by the Trustees on 2J, *Ji July 2025 and signed on thelr behalf by: Mr Michaeli Trustee avies Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD - UGHT HOUSE PARISH NOTES TO THE ACCOUNTS I. ACCOUNTING POLICIES (a) The accounts are prepared under the hlstorlcal cost conventlon and In accordance with applicable accounting standards. They follow best prartlce as set out In the Statement of Recommended Prnttl.' Accountlng and Reportlng by Charitles (SORP} issued March 2005 as modified for smaller charitle5. (b) Income and expenditure Is accounted for on an accruals ba515. (c) Flxed assets comprtse furnlture and equlpment and musical equlpment and have been eostlng more than £lOO. Tanglble fixed assets are ststed at cost le55 depreclatlon. Depreclatlon Is provlded at rates calculated to write off the cost of flxed a55ets, less thelr estlmated resldual value, over thelr experted useful Ilves on the followlng bases.. Muslcal equlpment 25% reduclng balance Fumlture and flttln9S 25% reduclng balance Cornputer equlpment 25% reduclng balance Motor Vehlcles 25% reduclng balan (d) Unrestrlcted funds are Incomlng resources re¢elved for the objerts of the charlty wlthout further speclfled purpose and are avallable as general funds. {e) Re5trlcted funds are subject to restrlttlons on thelr expendlture Imposed by thelr donors. Unrestrlcted Restrlcted Total Total Fund5 Funds Funds Funiis 2024 2024 2024 2023 2. OQNATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES Collectlon and other donatlons - Glft Ald Tlthe Collectlon at all services Other donations 72,927 168,134 68,507 2,531 312,099 72,927 168,134 68,507 2,531 312,099 38,708 136,573 68,099 1,264 244,644 3. AcnvmES IN FURTHEIIANCE OF CHARllY's OBJEcr Book Sales Donatlons Retreat Fees Bulldlng Fund 27 27 15,778 14,961 7,232 37,998 492 10,865 21,686 80,211 113,254 15,778 14,961 7,232 37,971 27 4. INVESTMENT Interest recelved 2,769 1,133 3,902 1,645 5, OTHER INCOME Grant - HMRC'S Employers, NI rebate Christmas party & donation to needy Grant from Cherwell Councll 5,000 5,000 5,000 5,675 5,675 5,675 10,675 5,000 5,000 Page 11
THE REDEEMED CHRISTIAN CHURCH OF GOD - UGHT HOUSE PARISH NOTES TO THE ACCOUNTS Unrestrlcted Restrlrted Total Total Funds Funds Funds Fund5 2024 2024 2024 2023 6. Grants payable - individual Individual welfare 6,216 6,216 6,633 7. Grants payable - Institutlonal Charitable glvlng -UK Charitable glving -overseas Total 19,890 616 20,506 19,890 616 20,506 22,089 22,089 Llst of Institutional grants payable RCCG WEM World Evangellsm RCCG Central Office Central Offlce Support Festlval of Ilfe Mlsslons Evangelical Alliance Support to Charltles RCCG Camp ground Missions RCCG Missions & Others MIs51ons Total grant payable - instltutlonal 12,495 2,300 1,200 600 12,495 2,300 1,200 600 8,731 2,220 900 600 4,500 5,138 22,089 3,295 19,890 3,295 19,890 . COST OF AcrNmES IN FURTHERANCE OF CHARITY'S OBJEcrs Special programme & visiting speakers expenses Semlnar and conferences Travel and subslstence Hall hire, rent & rates Music, liturgy & church group Worshlp cost & church occaslon Staff Cost Other staff costs Telephone & Internet PrlntSng, postage, statlonery and publlclty Motor expenses Tralnlng, mlsslon & evangelism Depreciatlon Insurance Repair & malntenance Utilities & water blll Welfare & hospitallty IT Consumables, subscrlptlon & charlty expenses Bank charges Admin and office expenses Communlty ProJett Retreat & Dues Vehlcle flnance charges 363 12,162 4,801 31,160 1,292 10,777 87,604 4,390 1,257 7,456 10,668 7,943 4,458 1,059 3,472 507 18,687 5,404 234 5,944 14,960 15,323 12,162 4,801 31,160 1,292 10,777 87,604 4,390 1,257 7,456 10,668 7,943 4,458 1,059 3,472 507 18,687 5,404 234 5,944 13,551 16,250 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 13,551 16,250 235,888 28,511 264,400 Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD - UGHT HOUSE PARISH NOTES TO THE ACCOUNTS Unre5trlrted Restmcted Total Totsl Fund5 Funds Funds Funds 2024 2024 2024 2023 9. MANAGEMENT AND GOVERNANCE COSTS Admin & Office expenses Professlonal fees Examiner's fees - accountancy 1,439 1,550 2,989 1,439 1,550 2,989 470 2,150 2,620 10. TANGIBLE FIXED ASS5 Fumiture & Flttings Motor Vehicles MusScal Computers equipment & projectors Total 31-Dec 2024 Total 31-Dec 2023 Cost At l January 2024 Additions At 31 December 2024 11,661 8,050 13,389 2,600 15,989 9,287 42,387 2,600 44,987 30,095 12,291 42,386 11,661 8,050 9,287 Depreclatlon At l January 2024 Depreciation for year At 31 December 2024 9,812 617 8,050 6,747 2,864 9,611 6,355 977 7,332 30,964 4,458 35,422 27,156 3,808 30,964 10,429 8,050 Net book value At 31 December 2024 1,232 6,378 1,955 9,565 11,423 At 31 December 2023 1,849 6,642 2,931 11,422 11,423 I I. CASH BALANCES Year ended Year ended 31-Dec 31-Dec 2024 2023 Cash In hand and In Bank Bank balance 120 Day Notice Account 93,941 121,133 215,074 148,340 148,340 12. DEBTORS Year ended Year ended 31-Dec 31-Dec 2024 2023 Loans 8,167 8,167 3,050 3,050 Page 13
THE REDEEMED CHRISTEAN CHURCH OF GOD - UGHT HOUSE PARISH NOTES TO THE ACCOUNTS 13. CREDrroRS Amount falling due wlthln 12 months Year ended Year ended 31-Dec 31-Dec 2024 2023 Trade Cdit0S due within 12 months Accrual: accountancy fees Staff Salary 1,550 2,150 1,550 2,150 14. RELATED PARTY TRANSACTIONS Durlng the year, the church pald Instltutlonal grants to other RCCG organlsatlons such as the World Evangellsm MSsslon as stated In note 7. 15. STAFF COST AND NUMBERS Staff costs were as follows Year ended Year ended 31-Dec 31-Dec 2024 2023 Wages and salarfes Social security costs Pension costs 78,942 6,859 1,803 87,604 61,426 5,272 1,427 Year ended Year ended 31-Dec 31-Dec 2024 2023 No. No. The average number of employee during the year was as follows Pastoral Charlty admlnlstratlon Total No employee recelved rernuneratlon amounting to more than £50,000 In the year. 16. NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended Year ended This Is stated after charglng 31-Dec 2024 31-Dec 2023 Depreciation of tangible assets owned by the charity Accountant's fees 4,458 1,550 3,808 2,150 Page 14