# **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
1
## **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:
- The advancement of the Christian faith worldwide; and
- The relief of poverty
2
## **b. STRATEGIES FOR ACHIEVING OBJECTIVES**
The church has adopted the following strategies for achieving the above objectives:
* 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
* Support for other charities and Christian events.
## **c. ACTIVITIES FOR ACHIEVING OBJECTIVES**
- Community Outreach Events
- Conferences and events
- Welfare support to members and general public, and
- Various missionary activities
## **The Charity was involved in the following public benefit efforts:**
* 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.
* 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
* 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
* The church apart from providing spiritual support for her members is actively socially engaged within her community.
- The church supports the PENNU charity, which is a charity that works with the elderly.
* 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.
3
## **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.
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:
- a) Select suitable accounting policies and apply them consistently;
- b) Make judgments and estimates that are reasonable and prudent;
- c) State whether applicable accounting standards and statements of recommended practice
- have been followed, subject to any departures disclosed and explained in the financial statements.
- d) Prepare the Financial Statements on the going concern basis unless it is inappropriate to
- 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
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 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:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- 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
- 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
6
## **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**|
5
## **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.
6