THE REDEEMED CHRISTIAN CHURCH OF GOD (LOVE ASSEMBLY) FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 2024. Charity Number 1131819 THE REDEEMED CHIUSTIAN CHURCH OF GOD. (LOVE ASSEMBLY) INDEX Content Page Index to the content Trustees report Accounlants Certificate Income and Expenditure Account Balance Sheet Notes to the Account 9-10 Page I The Redeemed Christian Church of God (Love Assembly) Report of the trustees for the year ended 31st December 2024 The trustees are pleased to present their report together with the linancial statements of the charity for the year ended 31 st December 2024. Objectives of the charity The objects of the charity are: Advancement of the Christian faith ivorldwide To relief sickness and financial hardship and to promote and preserve good health. iii) To advance education To achieve these: . The charity engaged in running Sunday services in its locality. Organise crusades. Regular evangelism. Prayer meetings & bible studies. The door of the charity is widely open to any one in need of counselling on an), matter. Youth activities are organised to help young ones become responsible and useful in the society. During the }'ear training was held to educate the community on . Trip was organised to Margate beach front as a means of promoting Healthy living for participants. During the festive periods we organised visits to Cambenvell Green Where rough sleepers were entertained with lunch parks and drinks. Couples dinner was organised to promote family and communal Hannony. Page 2 Organisation An elected board of at least three members administers the charity. The board meets four times a year. A pastor is appointed by the board to manage the spiritual and the day-to- day operations of the charit),. There are volup.teers assisting the pastor in the administration and other areas where help might be needed. Risk review The trustees have conducted a review of the major risks to which the charity is exposed and systems have been established to minimise those risks. Internal procedures are established and regularl) reviewed to ensure compliance at all times. Responsibilities of the trustees Company law requires the trustees to prepare financial statements for each financial year which give a tru¢ and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended. In preparing those financial statements which give a true and fair view, the trustees should follow best practice and: Select suitable accounting policies and then apply them consistently . Make judgements and estimates that are reasonable and prudent . State whether applicable accounting standards have been followed, subject to an). material departures disclosed and explained in the financial statements Pagc 3 . Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitv will continue on that basis. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and also to ensure that the fmancial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Reserve Policy The trustees of the charity have a prudent reserve policy, conscious of the t.act that the charity is not self-financing and aware that reserve must be set aside in case of funding challenges. The trustees have adopted a policy of keeping a reserve account separately from the general funds where all activities of the organisation are run from. The trustees move unused funds into this account from time to time. The gift aid received is also kept in this account. This polily will be reviewed from time to time. Grant Making Policy The Charity support visiting ministers of the gospel both within and outside the United Kingdom. Support is also giN'en to RCCG central office, World evangelism mission. Festival of life and other RCCG programmes. The church support other charities and missionary that shares its objectives in advancement of Christian faith and relief of poverty. The Lhurch gives OLcasional grants to people/congregalional members who are in need. Page 4 Future Development 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. During the year the charity Started a once in a month food bank out reach for the homeless. The programme has been very successful and has been a life changing experience for the attendants. The trustees Trustees; V4ho are also directors under company law: who served during the year and up to the date of this report are as follows: Dr Adeniyi Faboya Deacon Tope Awobajo Pastor Samuel Eesuola On behalf of th¢ Board of Trustees Mr Tope Awobajo Page 5 THE REDEEMED CHRISTIAN CHURCH OF GOD (LOVE ASSEMBLY) ACCOUNTANTS CERTIFICATE ST FOR THE YEAR ENDED 31 DECEMBER 2024. In accordance with instruction given to us, we have prepared the Annexed Income and Expenditure account and balance sheet under the historical cost convention, using the accounting records; inforniation and explanation supplied to us by the trustees, and certify that they are in accordancc there-in. Topson & Co 24 Harbour House Coldharbour Lane Rainham RM13 9YB Page 6 THE REDEEMED CHRISTIAN CHURCH OF GOD {LOVE ASSEMBLY) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 SUMMARY INCOME AND EXPENDITURE ACCOUNT. Notes Unrestricted Restricted 2024 2023 INCOMING RESOURCES Donations 25639 25639 29986 Other voluntary income 4153 4153 1450 Income from gift aid Income from investment 471 471 421 TOTAL INCOMING RESOURCES 30263 30263 31857 RESOURCES USED Grants 3160 3160 6250 Direcl parish expenditure 19357 19357 18785 Managemenl and govemance cost 20979 20979 17168 TOTAL RESOURCES USED 43496 43496 42203 NET INCOMING RESOURCES -13233 -13233 .10346 BALANCES BIF AT BEGINNING OF YEAR 41162 41162 51508 BALANCES CARRIED FORWARD 27929 27929 41162 Page 7 THE REDEEMED CHRISTIAN CHURCH OF GOD (LOVE ASSEMBLY) BALANCE SHEEf AS AT 31ST DECEMBER 2024 Notes 2024 2023 Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Rent Deposit Creditor.. amounts falling due within one year 32259 46700 433 5538 Net current assels Provision for liability and charges Net current assets less current liabilities 27929 41162 27929 41162 Funds Restricled funds Unrestricted funds Total funds 27929 27929 41162 41162 Page 8 THE REDEEMED CHRISTIAN CHURCH OF GOD (LOVE ASSEMBLY) NOTES ON FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024 1. Aceountlng Pollcl•8 The finanual statements have been prepared under the historical cost Ctsnvent￿n a￿1 in accordance wrth the statement of recommended practicè. accounting and Reports"ng by chanb.es ISORPI applicabk accountiThJ standards and Companies Aci 1985 IDonations Unrèstricted Rostri¢tsd Funds Funds 2024 2023 Tithes & Offerings Thanksgiving Offering 21118 4521 21118 4521 26694 3291 29985 3.Oth•r voluntsry Incon Building Funds Mission 4153 1450 1450 4153 4153 1450 4.Income from glft ald 5.Income from inv•$tmgnts Bank interest ￿CeIV￿d 471 471 421 6.Grants pald Fol Commpasion UK Central Office Area l Mission Evangelical Alliance 600 600 5300 200 150 2200 2200 3160 3160 7.Dir8et parL8h expondlture Ministry.. Insurancè Rent 1303 6343 1303 6343 1483 6954 Church- runnln Admin Printinglstalionery Accessoriès Storage Repair & Maintainanc OMC￿raInIng Ev8ngelism Travels Volunteers Honouiarium Van Expenses others Deprec4ation cost: 535 23 365 23 353 1536 80 707 1428 1816 1428 1816 4557 2750 4557 2750 50 372 2927 2700 700 750 231 372 19357 Nll 19367 18786 Page 9 8.Manag•ment & Govemanc? Cost Accountants fee Salaries. Tax & Nl 650 16518 17168 650 20329 20979 20329 20979 9.Net m¢Mment In fund$ for the Y•ar The net movernenl in fund for the year is stated aftèr charging: 2024 2023 Depreciation on tangible assets Accounlanl$ remung18lbon 650 650 10.Tangiblg fixed a8s•ts Cost At 1 January 2024 Additions At 31 December 2024 Equipment compute￿ Fixiures & FrttiThJs Total 4557 225 5228 Dopreclatlon At 1 January 2024 Charge for thé year At 31 December 2024 4S57 225 445 5227 4557 225 Net book value All fixed 853ets are used direcuy lor dbutth PLWP05es. 11.Cr•dltorn: amounts talllng dy• withlrt one year Accountants f Tax & Salary 850 Page 10