THE REDEEMED CHRISTIAN CHURCH OF GOD ADONAI AMBASSADORS ASSEMBLY
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
(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 | 2-5 |
| Independent Examiner Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to Accounts | 9-12 |
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
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THE REDEEMED CHRISTIAN CHURCH OF GOD- ADONAI AMBASSADORS ASSEMBLY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2024
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 2024. 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:
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The advancement of the Christian faith worldwide; and
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The relief of poverty
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b. STRATEGIES FOR ACHIEVING OBJECTIVES
The church has adopted the following strategies for achieving the above objectives:
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Organizing seminars and conferences in the church with proven speakers and ministers of the faith to guide members in the various aspects of the Christian faith; and
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Support for other charities and Christian events.
c. ACTIVITIES FOR ACHIEVING OBJECTIVES
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Community Outreach Events
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Conferences and events
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Welfare support to members and general public, and
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Various missionary activities
The Charity was involved in the following public benefit efforts:
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The church started the youth hangout on Saturdays from 2pm to 6pm whereby the youth in the community are invited to come in to play games - table tennis, table football, snooker, scrabble, monopoly etc. They are also provided with refreshment, and it has proved to be popular with the young people.
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The church, having completed the extension to the church premises, which is designated as the youth church, the management, in agreement with the board of trustees, let it out for pre-school and allow access for other local groups that need it for one meeting or the other
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The church has started health awareness sessions where we talk about weight management and how to conduct CPR - cardiopulmonary resuscitation and these health talks are an ongoing initiative that is being coordinated by the medical personnel who are members of the congregation - doctors, pharmacists and nurses
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The church apart from providing spiritual support for her members is actively socially engaged within her community.
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The church supports the PENNU charity, which is a charity that works with the elderly.
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The church also provides food support on request to the needy and substance misusers who walk in especially on Sundays and plans are afoot to resume the food bank project and the supply to the homeless shelter closest to her premises.
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
All services provided by the Charity have been carried out by volunteers. The church is grateful for the efforts of its volunteers who are involved in service provision.
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.
The Church continued its work in alongside Teens Challenge, a Youth organization that works with youth against drugs and substance abuse. In this regard, a three month outreach has been agreed with the Teens challenge to hold from February to April 2024.
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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.
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.
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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:
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a) Select suitable accounting policies and apply them consistently;
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b) Make judgments and estimates that are reasonable and prudent;
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c) State whether applicable accounting standards and statements of recommended practice
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have been followed, subject to any departures disclosed and explained in the financial statements.
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d) Prepare the Financial Statements on the going concern basis unless it is inappropriate to
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presume that the charity will continue in operation.
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: 30 November 2024
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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 2024, which are set out on pages 7 to 12.
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:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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: or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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: 30 November 2024
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THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Statement of Financial Activities for the year ended 31 January 2024
| 2024 | 2024 | 2024 | 2023 | ||
|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | ||
| Incoming Resources | |||||
| Incoming resources from generated funds: | |||||
| Voluntary income: donations | 2 | 45,778 | - | 45,778 | 63,532 |
| Total Incoming Resources | 45,778 | - | 45,778 | 63,532 | |
| Resources Expended | |||||
| Charitable activities | 3 | 37,000 | - | 37,000 | 48,005 |
| Governance costs: | 4 | 4,119 | - | 4,119 | 1,975 |
| Total Resources expended | 5 | 41,119 | - | 41,119 | 49,980 |
| Net Incoming/(Outgoing) Resources for the year |
4,659 | - | 4,659 | 13,552 | |
| Total funds at 1 February 2023 | 140,439 | 14,957 | 155,396 | 141,844 | |
| Transfer between funds | - | - | - | - | |
| Total funds as at 31 January 2024 | 6 | 145,098 |
14,957 | 160,055 | 155,396 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Balance Sheet as at 31 January 2024
| 2024 Notes £ £ FIXED ASSETS Tangible Fixed Assets 7 383,565 383,565 CURRENT ASSETS Debtors - Cash in Hand/ Bank 745 745 CREDITORS: Amount falling due within a year 8 125 NET CURRENT ASSETS 620 TOTAL ASSETS LESS CURRENT LIABILITIES 384,185 CREDITORS: Amount falling due more than a year 9 224,129 NET ASSETS 160,055 ACCUMULATED FUNDS Restricted 14,957 Unrestricted 145,099 TOTAL FUNDS 10 160,055 |
- 139 |
2023 £ 391,723 |
|---|---|---|
| 391,723 | ||
(4,712) |
||
| 139 4,851 |
||
| 387,011 231,615 |
||
| 155,396 | ||
| 14,957 140,439 |
||
| 155,396 |
THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Notes to the financial statements for the period ended 31 January 2024
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 purposes.
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.
THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Notes to the financial statements for the period ended 31 January 2024
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
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 purposes.
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
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
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.
THE REDEEMED CHRISTIAN CHURCH OF GOD-ADONAI AMBASSADORS ASSEMBLY Notes to the financial statements for the period ended 31 January 2024 Cont.
| 2 3 4 **5 ** |
Donations and legacies Tithes & Offering Other Income Gift Aid Total Expenditure on: Charitable Activities 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 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 £ 35,620 1,556 8,602 45,778 Unrestricted funds £ 226 1,200 - - 8,158 2,350 300 16,786 1,113 1,136 - 100 638 150 810 - 4,033 37,000 Unrestricted funds £ 2,319 1,800 4,119 Unrestricted funds £ 37,000 4,119 41,119 |
Restricted funds £ - - - - Restricted funds £ - - - - - - - - - - - - - - - - - - Restricted funds £ - - - Restricted funds £ - - - |
Total 2024 £ 35,620 1,556 8,602 45,778 Total 2024 £ 226 1,200 - - 8,158 2,350 300 16,786 1,113 1,136 - 100 638 150 810 - 4,033 37,000 Total 2024 £ 2,319 1,800 4,119 Total 2024 £ 37,000 4,119 41,119 |
Total 2023 £ 34,582 22,505 6,445 63,532 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 |
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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 At 1 February 2023 (Deficit)/Surplus for the year Transfer between funds At 31 January 2024 7 Tangible fixed assets |
Unrestricted funds £ 140,439 4,659 - 145,098 |
Restricted funds £ 14,957 - - |
Total 2024 £ 155,396 4,659 - 160,055 |
Total 2023 £ 141,844 13,552 - |
|---|---|---|---|---|
| 14,957 | 155,396 | |||
| Land & Building £ Cost At 1 February 2023 381,849 Additions - At 31 January 2024 381,849 Depreciation At 1 February 2023 39,651 Charge for the year 6,984 At 31 January 2024 46,634 Net book value At 1 February 2023 342,198 At 31 January 2024 335,215 8 Creditors: amounts falling due within one year 2024 £ Accruals 125 Other creditors - 125 9 Creditors: amounts falling due more than a year 2024 £ Mortgage 202,132 Other Long-term Loans 21,997 224,129 |
Leasehold Improvements £ 52,032 - |
Computers, Projectors, Musical Equipments £ 9,138 - 9,138 7,939 212 8,150 1,199 988 |
Fixtures & Fittings £ 5,863 - 5,863 4,571 228 4,799 1,292 1,064 |
Total £ 448,882 - |
|---|---|---|---|---|
| 52,032 | 448,882 | |||
| 4,999 960 |
57,159 8,383 |
|||
| 5,959 | 65,542 | |||
| 47,033 | 391,723 | |||
| 46,073 | 383,340 | |||
| 2023 £ - 4,851 |
||||
| 4,851 | ||||
| 2023 £ 208,613 23,002 |
||||
| 231,615 |
10 Total Funds
Unrestricted funds are grants and donations received or receivable for the objects of the charity without restrictions 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 identifie to the fund.
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