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2023-01-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD ADONAI AMBASSADORS ASSEMBLY

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

(Company Limited by Guarantee)

Company Reg. No: 06798958 Charity Reg. No: 1131076

THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY

CONTENTS
Charity Information 1
Trustees Annual Report 2-4
Independent Examiner Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to Accounts 8-11

THE REDEEMED CHRISTIAN CHURCH OF GOD -ADONAI AMBASSADORS ASSEMBLY Charity Information

General Overseer

Pastor E. A. Adeboye

Directors/Trustees

Mr Christopher Okworu Mrs Adejumoke Agbenike Mr Emmanuel Adeyemi Akinyemi Mrs Funmilola A Oyeniran

Minister In Charge

Pastor David Akomolafe

Company Registration No: 06798958

Charity Registration No: 1131076

Principal Location Adonai House 13 Trowbridge Road Romford RM3 8YW

Bankers HSBC PLC 23 Denmark Hill Camberwell Green London SE5 8RP

Accountants

Enodel UK Limited t/a iSolve Accounting & HR 29 Main Road Romford, Essex United Kingdom RM1 3DD

1

THE REDEEMED CHRISTIAN CHURCH OF GOD- ADONAI AMBASSADORS ASSEMBLY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of God - Adonai Ambassadors Assembly (the church) for the year ended 31 January 2023. The Trustees confirm that the annual report and financial statements of the church comply with the requirements of the church's governing documents, Charities Act 2011 and the “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 2019)”.

Structure, governance and management

a. CONSTITUTION

The church was constituted under a company limited by guarantee under a memorandum and article of association incorporated 22 January 2009 and was registered on 19 August 2009 as a charity in England and Wales with charity number 1131076.

b. METHOD OF APPOINTMENT OR ELECTION OF DIRECTORS/TRUSTEES

Directors/Trustees are elected and co-opted under the terms of the Articles of Association.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The church is organized so that the directors/ trustees meet regularly to manage its affairs. The trustees manage the day-to-day administration of the church.

e. RELATED PARTY RELATIONSHIPS

RCCG Adonai Ambassadors Assembly is a member of the Redeemed Christian Church of God (RCCG), which has parishes all over the world. The parish's relationship with RCCG and other parishes is governed by an 'Agreement for Common Purposes'.

f. RISK MANAGEMENT

The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church and are satisfied that systems are in place to mitigate our exposure to the major risks.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The objects of the Charity are:

2

b. STRATEGIES FOR ACHIEVING OBJECTIVES

The church has adopted the following strategies for achieving the above objectives:

c. ACTIVITIES FOR ACHIEVING OBJECTIVES

The Charity was involved in the following public benefit efforts:

The Church in August 2022, during the Summer, arranged a one month Summerfest for the Youth and the Children and a professional youth/children worker was invited with her team to deliver the event.

d. GRANT MAKING POLICIES

Under the Common Purposes Agreement (see above), RCCG-Adonai Ambassadors Assembly has agreed to make contributions to RCCG (UK). In addition, the church supports missionary organizations such as Festival of Life and World Evangelism Mission. The church also provides support to members of the congregation who are in need. This is done at the discretion of the trustees.

e. VOLUNTEERS

The church is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 2,000 volunteer hours were provided during the year. If this is conservatively valued at £10.00 an hour the volunteers’ effort amounts to over £20,000.

Achievements and performance

a. REVIEW OF ACTIVITIES

We have had tremendous growth in the physical and spiritual life of the church during the year and in the advancement of the Christian Faith in accordance with the doctrines set out in the Statement of Faith as contained in the article.

Part of the Church’s newly developed working relationship is with the Teens Challenge, a Youth organization that works with youth against drugs and substance abuse

b. INVESTMENT POLICY AND PERFORMANCE

The Trustees have decided that at present, funds should be retained in Banks and Building Societies. The board should agree any change in such banking arrangements. As far as possible, funds will be retained in interest bearing accounts.

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c. RESERVES POLICY

The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level, which equates to approximately three months of unrestricted expenditure.

d. PRINCIPAL FUNDING

This is provided mainly through voluntary giving of tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects.

e. FUTURE DEVELOPMENTS

The church 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.

In this regard, a three month outreach has been agreed with the Teens challenge to hold from February to April 2024.

4

Trustees' Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.

The Charities Act 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 surplus or deficit of the charity for that period.

In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records, which 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 Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Board of Trustees and signed on their behalf by:

Signature: Christopher Okworu

Name: Christopher Okworu

Date: 15 August 2023

5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2023, which are set out on pages 7 to 11.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts 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 and can confirm that no material matters have come to my attention, which gives me cause to believe that:

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.

Olusiji Odeleye

Enodel UK Ltd t/a i-solve Accounting & HR 29 Main Road Romford Essex RM1 3DD

Date: 15 August 2023

6

THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY

Statement of Financial Activities for the year ended 31 January 2023

2023 2023 2023 2022
Notes Unrestricted Restricted Total Total
£ £ £ £
Incoming Resources
Incoming resources from generated
Voluntary income: donations 2 53,535 9,997 63,532 62,992
Total Incoming Resources 53,535 9,997 63,532 62,992
Resources Expended
Charitable activities 3 40,572 7,434 48,005 73,970
Governance costs: 4 1,975 - 1,975 4,859
Total Resources expended 5 42,547 7,434 49,980 78,829
Net Incoming/(Outgoing) Resources for
the year		 10,989 2,563 13,552 (15,837)
Total funds at 1 February 2022 119,903 21,941 141,844 157,681
Transfer between funds 9,547 (9,547) - -
Total funds as at 31 January 2023 6 140,439
 14,957 155,396 141,844

7

THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Balance Sheet as at 31 January 2023

2023
Notes
£
£
FIXED ASSETS
Tangible Fixed Assets
7
391,723
391,723
CURRENT ASSETS
Debtors
-
Cash in Hand/ Bank
139
139
CREDITORS:
Amount falling due within a year
8
4,851
NET CURRENT ASSETS
(4,712)
TOTAL ASSETS LESS CURRENT LIABILITIES
387,011
CREDITORS:
Amount falling due more than a year
9
231,615
NET ASSETS
155,396
ACCUMULATED FUNDS
Restricted
14,957
Unrestricted
140,439
TOTAL FUNDS
10
155,396		 2022
£
358,257
358,257
-
31,343
31,343
5,821
25,522
383,779
241,935
141,844
18,882
122,962
141,844

8

THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Notes to the financial statements for the period ended 31 January 2023

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), for charities issued in July 2019 and applicable accounting standards.

Incoming Resources

These are recognised in full in the Statement of Financial Activities in the period in which they are received Included are income from tithes, offerings, gift aid and interest received during the year from investments and accounted for as restricted or unrestricted-funds.

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

(i) Charitable activities

This comprises all costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

(ii) Governance costs

This comprises all costs incurred by the charity in support of the service delivery.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at at deemed cost less depreciation, the capitalisation limit is £200. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land & Building at 2% reducing balance

Leasehold Improvements at 2% reducing balance Computer, projectors & musical equipments at 18% reducing balance Fixtures & Furnitures at 18% reducing balance

Impairment is considered annually.

Debtors

Trade and other debtors are recognised at the settlement amount due.

Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors & Provisions

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.

9

THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Notes to the financial statements for the period ended 31 January 2023 Cont.

2 Donations and legacies

Donations and legacies
Unrestricted Restricted Total 2023 Total 2022
funds funds
£ £ £ £
Tithes & Offering 34,582 - 34,582 52,157
Other Income 12,508 9,997 22,505 2,550
Gift Aid 6,445 - 6,445 8,285
Total 53,535 9,997 63,532 62,992

3 Expenditure on: Charitable Activities

4
**5 **		 Bank charges
Central Office
Children Dept.
Church Plant Expenses
Depreciation
Donation- Other Charities
Festival Of Life
Financing Costs
Insurance
Light and heat
Printing & Publicity
Repairs, Renewals & Maintenance
Rent & Rates
Office Admin
Misc Expenses
Event Costs
Welfare, Donations, & Hospitality
World Evangelical Mission
Governance Cost
Property Consultancy
Accountancy Fees
Total
Total Resources Expended
Charitable Activities
Governance Cost		 Unrestricted
funds
£
241
1,200
717
2,016
1,400
6,341
-
9,815
923
688
1,015
434
-
512
465
2,498
8,678
3,629
40,572
Unrestricted
funds
£
-
1,975
1,975
Unrestricted
funds
£
40,572
1,975
42,547		 Restricted
funds
£
-
-
-
-
6,984
-
-
-
-
-
-
-
-
-
-
450
-
-
7,434
Restricted
funds
£
-
-
-
Restricted
funds
£
7,434
-
7,434		 Total 2023
£
241
1,200
717
2,016
8,383
6,341
-
9,815
923
688
1,015
434
-
512
465
2,948
8,678
3,629
48,005
Total 2023
£
-
1,975
1,975
Total 2023
£
48,005
1,975
49,980		 Total 2022
£
219
2,643
100
20,000
7,769
823
600
6,870
1,559
372
780
544
3,433
684
554
1,025
13,535
12,460
73,971
Total 2022
£
3,059
1,800
4,859
Total 2022
£
73,970
4,859
78,829

10

THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY

Notes to the financial statements for the period ended 31 January 2023 Cont.

6 Analysis of net assets between funds
Unrestricted
funds
£
At 1 February 2022
119,903
Surplus/(Deficit) for the year
10,989
Transfer between funds
9,547
At 31 January 2023
140,438
7 Tangible fixed assets
Land &
Building
£
Cost
At 1 February 2022
340,000
Additions
41,849
At 31 January 2023
381,849
Depreciation
At 1 February 2022
32,667
Charge for the year
6,984
At 31 January 2023
39,651
Net book value
At 1 February 2022
307,333
At 31 January 2023
342,198
8 Creditors: amounts falling due within one year
2023
£
Other creditors
4,851
4,851
9 Creditors: amounts falling due more than a year
2023
£
Mortgage
208,613
Other Long-term Loans
23,002
231,615		 Restricted
funds
£
21,941
2,563
(9,547)		 Total 2023
£
141,844
13,552
-
155,396
Computers,
Projectors,
Musical
Equipments
£
9,138
-
9,138
7,727
212
7,939
1,411
1,199		 Total 2022
£
157,681
(15,837)
-
141,844
Fixtures &
Fittings
£
5,863
-
5,863
4,342
228
4,571
1,521
1,292		 Total
£
407,033
41,849
14,957
Leasehold
Improvements
£
52,032
-
52,032 448,882
4,039
960		 48,776
8,383
4,999 57,159
47,993 358,257
47,033 391,723
2022
£
5,821
5,821
2022
£
217,084
24,851
241,935

10 Total Funds

Unrestricted funds are grants and donations received or receivable for the objects of the charity without restrict as to purpose but are available as general funds.

Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.

11