2024-03-31-accounts - Redeemed Christian Church Of God - Living Word Liberation Centre (Holy Ghost Zone)

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REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE- SOUTHAMPTON FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS 1. CHARITY INFORMATION 2. ACCOUNTANT’S REPORT 3. REPORT OF THE TRUSTEES 4. BALANCE SHEET 5. INCOME AND EXPENDITURE ACCOUNT 6. NOTES TO THE ACCOUNTS	PAGES
	1 2 3-4 5 6 7-9

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024

CHARITY NO.: 1133816 REGISTERED OFFICE: 21/25 St Marys Place Southampton SO14 3HY BANKER LLOYDS TSB

ACCOUNTANTS:

TMA Associates Ltd Accountants & Tax Consultants 4 Hillbrow Close, Bexley Kent. DA5 2HF

Page 1

ACCOUNTANTS’ REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON FOR THE YEAR ENDED 31 MARCH 2024

We have examined the financial statements on pages 5 to 6 which have been prepared under the accounting policies set out on page 4 for the year ended 31 March 2024.

Respective responsibilities of Trustees and Examiner

The Trustees are responsible for the preparation of accounts, and they consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.

It is our responsibility to

examine the accounts (under section 43(3)(a) of the 1993 Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
to state whether particular matters have come to my attention.

Basis of Opinion

We conducted our examination in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Opinion

In connection with the examination, no matter has come to my attention: -

which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 41of the 1993 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act. have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

TMA ASSOCIATES LTD 4 HILLBROW CLOSE ACCOUNTANTS & BEXLEY. TAX CONSULTANTS DA5 2HF

DATE ..............................…............

Page 2

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report along with the financial statements of the charity for the year ended 31[st] March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 4 and comply with the charity’s trust deed and applicable below.

Constitution and objects

Redeemed Christian Church of God, Holy Ghost Zone - Southampton is constituted under a trust deed and is a registered charity number 1133816.

The objects of the charity are worshipping of God, spreading the word and preaching the Gospel of Christ and the life after life. To contribute to the health and educational needs of the community.

Organisation

The trustees who have served during the year and since the year end are set out below: -

Mrs Olabisi Oluwakemi Abu Mr Frank Abu Mrs Ubong Matthias Uttah Mrs Anietie Joseph-Aninmadu

Reserves Policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Page 3

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON REPORT OF THE TRUSTEES (CONTD.) FOR THE YEAR ENDED 31 MARCH 2024

Trustees’ responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to: -

Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They 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.

Approved by the trustees and signed on their behalf by:

……………………………………………

Date ………………………….

Page 4

THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

nrestricted	nrestricted	Res	tricted	dowmen	2 291 291	2 291 291	024 632 - Total	2023 £ 289 811 - 289 811 Funds
Funds £ 291 632 - 291 632		F	unds £ - - - - - - -	Funds £ - - - - - - - - - - -
							632
- 830 101 646 140 037					101 140		- 830 646 037	- 791 49 908 154 356
242 513			- - -		242		513	205 055
	49 119 - 49 119					49 49	119 -	84 756 - 84 756
			-				119

Page 5 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON BALANCE SHEET AS AT 31 MARCH 2024

Notes FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Debtors & Prepayments 5 Bank/Cash Balances Development Fund Account Charity Account CURRENT LIABILITIES Creditors and Accruals 6 LONG CURRENT LIABILITIES Loan 1 Loan 2 - Bounced Back Loan UNRESTRICTED FUNDS Accumulated Funds Add: Net movement in funds - Unrestricted funds Net movement in funds - Restricted funds Accumulated Funds C/F	£ £ £ £ 473 874 471 229 76 461 28 348 156 649 134 009 3 152 46 800 5 458 504 241 720 209 661 (10 435) 231 285 (7 681) 201 980 705 159 673 209 217 375 226 616 21 637 29 565 239 012 256 181 466 147 417 028 417 028 332 272 49 119 84 756 0 0 466 147 417 028 2024 2023	£ £ £ £ 473 874 471 229 76 461 28 348 156 649 134 009 3 152 46 800 5 458 504 241 720 209 661 (10 435) 231 285 (7 681) 201 980 705 159 673 209 217 375 226 616 21 637 29 565 239 012 256 181 466 147 417 028 417 028 332 272 49 119 84 756 0 0 466 147 417 028 2024 2023
	217 375 21 637 417 028 49 119 0	673 209
		256 181 417 028
		417 028

APPROVED BY THE BOARD OF TRUSTEES ON …………………………………………………

AND SIGNED ON THEIR BEHALF BY: ……………………………………….

Signed ……………………………………………..

The notes on pages 7 to 9 form part of these financial statements

Page 6 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1 ACCOUNTING POLICIES

a. The accounts are prepared under the historical cost convention with the exception of investments which are stated at market value. They comply with the requirements of Statement of Recommended Practice 'Accounting Charities' ('SORP') and are in accordance with applicable accounting standards.
b. General accumulated funds are unrestricted funds available to the church for its general purposes and include funds designated by the Church for a particular purpose; the use of such designated funds remains at the discretion of the Church's Trustees.
c. There is no Restricted Fund at the moment.
d. The governance, management and administration expenses reported in note 3 relate to the whole of the Church's activities and a proportion of these charges are allocated to expenditure headings on a basis consistent with the use of the resources.
e. Investments are stated at market value. It is the Church's policy to keep valuations up to date such that when investments are sold there is no gain or loss arising to previous years.
f. Tangible assets are included at cost and depreciation is provided on a straight line basis, in order to write off the assets over their useful lives.
g. All expenditure is accounted for on an Accrual Basis.

The depreciation rates are as follows:
Motor Vehicle	20%
Building Improvement	10%
Recording Equipment	10%
Musical Equipment	10%
Computer and Office Equipment	10%
Fixtures and Fittings	10%

2	INCOMING RESOURCES Collection Tithes & Appeal Rental Income Other Income HMRC JRS Grant Building Project Fund Gift Aid TOTAL INCOMING RESOURCES	U	nrestricted	Res	tricted	En	dowmen	2024 2023 £ £ 79 486 67 440 104 689 88 828 28 456 24 168 10 260 8 288 - - 15 786 49 236 52 955 51 851 291 632 289 811 Total Funds
			Funds £ 79 486 104 689 28 456 10 260 - 15 786 52 955 291 632	F	unds £ - - - - - - -		Funds £ - - - - - - - -
					-

Page 7 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTD.) FOR THE YEAR ENDED 31 MARCH 2024

n	restr	icted	Res	tricted	dowmen	2024 £ 830 830 30 401 32 912 3 503 1 059 14 073 19 698 101 646 Total	F	2023 £ 791 791 19 803 4 588 2 821 663 9 677 12 356 unds
Funds £ 830 830 30 401 32 912 3 503 1 059 14 073 19 698 101 646	Fun	ds 830	F	unds £ -	Funds £ - - - - - - - - - - - - - -
		830		-
				- - - - - -
				-				49 908
131 498 2 8 537 - 140 037				- - - -		131 498 2 8 537 - 140 037
				-
242 513				-		242 513	205 055

4 FIXED ASSETS

Computer Land & Motor Recording Furniture Musical & Office

Equipmen	Fittings 21 347 1 549 22 896	Fittings 21 347 1 549 22 896	Equipment	Equipment
£ 1 099 0 1 099 713 43 756 343 386			£ 19 463 5 607 25 070
	19 541 1 961 21 502		15 933 2 507 18 440
		1 394		6 630
		1 806		3 530

Page 8 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTD.) FOR THE YEAR ENDED 31 MAY 2024

5 6 7	DEBTORS AND PREPAYMENTS 2024 2023 Debtors and Prepayment 76 461 28 348 CREDITORS AND ACCRUALS Other Creditors and Accruals 10 435 7 681 CLERGY ALLOWANCES Pastors Allowances / Wages 57 417 43 333 No employee received remuneration amounting to more than £60,000 in the year.

8 FUNDS

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objectives.

Restricted funds comprise those funds which the trustees are obliged to spend only on particular purposes set out by the donor or in an appeal document

This is an unincorporated charity, constituted by trust deed. It's principal objective is spreading the word and preaching the Gospel of Christ and the life after life. To contribute to the health and educational needs of the community.

It prepares its accounts in accordance with the SORP and with applicable accounting standards.

Page 9