Registered number: 6794767 Charity number: 1137881 RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) INDEPENDENT EXAMINATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
RESURRECTION LIFE CENTRE LTD (A company Ilmited by guarantee) CONTENTS Page Reference and adminislrative details of the Charitable Company, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet 10-11 Statement of cash flows 12 Notes to the financial statements 13-28
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Pastor Adeseye Atunrase Mr Adejumo S Bakare Pastor Chuka Nwafor. Chief Execulive Mrs Christiana Ekaete Olaoye Company registered number 6794767 Charlty reglstered number 1137881 Reg istered office Rear of 31-33 High Road Chadwell Heath Romford Essex RM6 8QJ Chief executlve offlcer Pastor Chuka Nwafor Accountants Stephen Michael Associates Chartered Certfied Accountants Chartered Certified Accountants 201 Borough High Street London SE1 1JA Bankers Barclays Bank PIC 1- 2 Trinity Way Chingford London E4 8TD Page 1
RESURRECTION LIFE CENTRE LTD {A company limited by guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the Charitable Company for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a direclors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in tha UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charitable Company qualif$ as small under section 382 of Ihe cpanioS Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. The Charitable Company also trades under the names U8 Chadwell Heath Nursery & Preschool and RLC Community Resource Centre. Objectlves and activities a. Pollcles and objectlves Resurrection Life Centre, shall be for the benefit of the residents in the Boroughs of Havering, Barking & Dagenham and Redbridge in particular fllieS with children and young people, by.. Advancing the education of the residents through the provision of training, Early Years Childcare facilities and Community Children & Family Support Services; The provision of seNices, advice, support and guidance on issues relaling to Parenting, Youth Developmenl, Children and Adult Education., Encouraging the study of the needs of children and families in the local 8rea 8nd promoting publlc interest in and recognition of these needs The relief of hardship and poverty in the borough of Havering, Barking and Dagenham and Redbridge and around the world and promotion of communily education and awareness of the plight of the disadvantaged and less privileged of s([elY. Seeking to REEEID (recruit, equip, empower, envision, inspire and deploy) young people, men and women within the local community to maximize their life potential for the public benefit of our communily, the nation and humanity. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by thé Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity {PB2)'. b. Volunteers In spite of the very difficult and unprecedented years gone by due to the COVID 19 global Pandemic, the charitable company is grateful for the unstinting efforts of its volunteers who are involved in service provision, and numerous charitable and fundraising initiatives. It is estimated that over 5,000 volunteer hours were provided during the year. If this is conservatively valued at £10.00 an hour the volunteer effort amounts to over £50,000. The charitable company has recently appointed a volunteer programs coordinator to ensure that best value is dorived from the sterling efforts of our volunteers. Page 2
RESURRECTION UFE CENTRE LTD {A company Ilmlted by g uardntee) TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance Review of activities The charitable company serves as a resource centre for the provision of subsidised Community Children & Family Support SeNices, Early Years Childcare & Education, Adult Education, Professional Training and Out of School Services, Youth Development & Empowerment Projects and Parenting Courses and Support Services for the benefit of the general public and the provision of meeting accommodation at a reasonable rate for the general public in the boroughs of Havering, Barking and D8genham and Redbridge. In addition to that, il also supports other local activities with like purpose of advancing the Christian faith across the world, In the year under review. the charitable company engaged in various activities for the benefit of the general public. Flnancial review a. Reserves pollcy The Board has agreed lo seek to maintain free reserves of at least three months, operating costs. Thls should enable the organisation to meet any outstanding liabilities in the event of expected funding being lost or reduced. The free reserve for the year is £0 (2023- £01. The trustees recognise that the current level of free reserve does not reach the above target and are considering ways in which additional funds will be raised. b. Principal funding The principal funding of the charity in the year under review comes from the unrelenting support of RCCG-ICC, whose continued manpower and material inputs and financial generosity has aided the RLC to deliver on ils charitable objectives. This combined with income generated from professional setvices rendered to both Ihe general public and local authorities and volunlary donations are the principal source of funding of the RLC in Ihe year under review. We continue to appreciate the patronage and commitment of our local partners and service users on a range of our services like the Earty Years Services, Out of School Clubs, Family Contact SeNices etc. We also acknowledge and appreciate our local authority for continued patronage of our services for funded children. Page 3
RESURRECTION UFE CENTRE LTD IA company Itmited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management a. Constitution Resurrection Life Centre Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The charitable company is constiluled under a Memorandum of Association dat8d 19 January 2009 and Is a registered Gharity number 1fj37881 The principal object of the charitable company is to provide subsidised Community Children & Family Support Services, Early Years Childcare & Education, Adult Education, Professional Training and Out of School S8rvic8s, Youth Development & Empowerment Prciects and Parenting Courses and Support Services for the benefit of the general public and the provision of meeting accommodation al a reasonable rate for the general public in the boroughs of Havering, Barking and Dagenham and Redbridge. b. Methods of appolntment or electlon of Trustees The management of the charitable company is the responsibility of the Board of Trustees who are elected and co-opted under the terms of the Memorandum of Assccialion. c. Policles adopted for the Inductlon and tralning of Trustees The induction process for any newly appointed member of the Board of Truslees comprises of an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the Executive Adminislralor on the powers and responsibilities of the Trustees. A Trustees Induction Pack is provided to the Trustees, which includes excerpts from the Charity Commission Guidelines such as Doc CC3 and CC11, i.e. the Essential Trustee.. wh8t you need lo Know and the Trustees Expenses and Payment. Page 4
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future perlods The charitable company continues to review and revise ils development plan which it hopes lo fulfil by the year 2025. It projects that by 2025 it will: 1. Becoma a leading provider of grassroots community based seNices for children and families in the local community. 2. Build closer working relationships with locaj resident groups, businesses, community groups and local authority agencies. 3. Be involved in the initiation and development of people led seniices thal Creatively and practically meet the need5 of the local comrllunity. 4. Create more jobs and increase educational and employment opportunities within the local community as a means of tackling the issues of hardship and poverty. 5. Based on information gathered from our vast user group we aim to provide very accessible and affordable local venues and services to a broad age and ability group within the Chadwell Heath and neighbouring communities 6. Comillence in conjuiictioii with the RCCGICC, the A'ebuildiiig and i'evival of the old and disused Japan Road Coniinunity Ceiiti'e iii 2025 and Incooi.a[C it with the existinE cominunity IESOUI'ce ceiiti'e. The mei'gei. will be iiiodern and vibi'ant coininui)ity resource centre as well as a youth developineiit and leadei'ship centre to be called: The Dream Centre YDLC - St Cliads Park Youth Development & Indoor Activityl Leadei'ship Centre. It will cater priinal'ily foi. the needs of cliildren and young people between the age5 of 8- 19, aiid up to 25 foi. those with special needs aiid disabillties, who live within the Borough and sui'rouiiding Commuiiities.. Members, liability The Members of the Charllable Company guarantee to contribute an amount not exceeding £1 to the assets of the Charitable Company in the event ofwinding up. Page 5
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, responsibilities The Trustees (who are also the directors of the Charitable Company for Ihe purposes of company law) are responsible for preparing the Tru5tees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial StatentS for each financial year, Under company law, the Truslees must not approve the financial statements unless they are satisfied that they give a true and falr view of the slate of affairs of the Charilable Company and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by. iiastor Adeseye Atunrase Date.. 24 ia . 3094 Page 6
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's report to the Trustees of Resurrection Llfe Centre Ltd I'the Charltable Company'l I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2024. Responsibllitles and basis of report As the Trustees of Ihe Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the reqlsirements of the Companies Act 2006 <'the 2006 Act,). Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Companvs accounts ¢arTied out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5)(b) of the 2011 Act. Page 7
RESURRECTION LIFE CENTRE LTD (A company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Independent examlner's statement Since th8 Charitable Companls gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Association of Chartered Certified Accountanls , which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the exam ination giving me cause to believe.. accounting records were not kept in resp8Ct of the Charitable Company as required by section 386 of the 2006 Act; or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other Ihan any requirement that the accounts give a 'true and fairf Mew which is not a matter considered as part of an independenl examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lappli¢able lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland <FRS 102)]. 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. Signed.. Dated. 3 t) Mi¢h8el Oyewobi FCCA Stephen Michael Associates Chartered Certified Accountants 201 Borough High Street London SE1 IJA Paga 8
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Note Income from: Donations and legacies Charitable activitl8S 2,168 609,889 2,168 609,889 6,020 501.085 Total Income 612,057 612,057 507, 105 Expenditure on: Charitable activities 560,021 560,021 555, 761 Total expenditure 560,021 560,021 555, 761 Net movement in funds 52,036 52,036 (48, 656) Reconciliatlon of funds: Total funds brought foNard Nel movement in funds 673 {43,177) 52,036 142,504) 52,036 6, 152 (48, 656) Total funds carrled forward 673 8,859 9,532 (42, 504) The Statemenl of financial 8clivilies includes all gains and losses recognised in the year. The notes on pages 13 to 28 form part of these financial statements. Page 9
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee REGISTERED NUMBER: 6794767 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets 9,273 12,302 9,273 12,302 Current assets Debtors Cash al bank and in hand 75,072 32,853 58,697 14, 178 107,925 72,875 Creditors., amounts falling due within one year 12 (105,8281 (123,518) Net current assets I liabilites 2,097 (50, 643) Total assets less current Ilabilities 11,370 (38,341) Creditors: amounts falling due after more than one year Net assets Illabilites excluding p8nslon asset 13 (1,838 (4, 163) 9,532 (42,504) Total net assets 9,532 (42,504) Charity funds R8slricted funds Unrestricted funds 15 15 673 673 (43, 177) 8,859 Total funds 9,532 (42,504) Page 10
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) REGISTERED NUMBER: 6794767 BALANCE SHEET (CONTINUED AS AT 31 MARCH 2024 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying wilh the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Pastor Adeseye Atunrase Date, gq.11, a024 The notes on pages 13 lo 28 form part of these financial statements. Page11
RESURRECTION UFE CENTRE LTD (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activlties Net cash used in operating activities 14,942 (8, 127) Cash flows from investlng activitles Purchase of tangible fixed assels 2,910 N81 cash provlded by Investlng activities 2,910 Cash flows from financlng activltles Cash inflows from new borrowing Repayments of borrowing 6,058 {2,325) (8,510) Net cash provlded byl{used In) finan¢Sng actlv5tles 3,733 {8,5101 Change in cash and cash equlvalents In the year Cash and Gash equivalents at the beginning of the year 18,675 14,178 (13,727) 27,905 Cash and cash equlvalents at the end of the year 32,853 14,178 The notes on pages 13 to 28 fonn part of these financial statements Page 12
RESURRECTION LIFE CENTRE LTD (A company limlled by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation Resurreclion Life Centre Ltd is a private company limited by gurantee, incorporated in England on 19 January 2009. The address of its registered office is: Rear of 31-33 High Road Chadwell Heath Romford Essex RM6 6QJ Accountlng policies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Resurrection Life Centr8 Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated In the relevant accounting policy. 2.2 Income All income is recognised once the Charitable Company has entitlemenl to the income. it is probable that the income will be received and Ihe amount of income receivable can be measured reliably. 2.3 Expendlture Expenditura is recognised once there is a legal or constructive obligation to Iransfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking Ihe activilies which further the Charitable Companls objectives, as vlell as any associated support costs. All expenditure is inclustve of irrecoverable VAT. Page13
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounting policies (continued) 2.4 Tangible flxed assets and depreciatÉon Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cosl or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cosl model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of langible fixed assets less their residual value over their estimated useful live5, Depreciation is provided on the following bases.. Nursery equipment Motor vehicles Office equipment 150h straight line basis 250h reducing balance basis 15% straight line basis 2.5 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered, Prepayments are valued al the amount prepaid net of any trade discounts due. 2,6 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. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefil will be required in seltlemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount thal the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced pawnents for the goods or services it must provide. Provisions are rneasured at the best estimate of the amounts required to settle Ihe obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liabilily. The unwnding of the discounl is recognised in the Statement of financial activities as a finance cost. 2.8 Financial instruments The Charitable Company onEy has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are Initial recognised at Iransaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 14
RESURRECTION LIFE CENTRE LTD (A company Ilmited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continuedl 2.9 Finance leases and hire purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed 8ssets. Assets acquired by fi'nance lease are depreciated ov&r the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charitable Company. Obligations under such agreements are included in creditors, net of the finance charge allocated lo future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on th8 net obligation outstanding in each period. 2.10 Operating leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight- line basis over the lease term. 2.11 Pensions The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by Ihe Charitable Company to the fund in respect of the year, 2.12 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 Charitable Company and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 15
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestrlcted funds 2024 Total funds 2024 Donations 2,168 2,168 Unr8Stricled funds 2023 Total funds 2023 Donations 6, 020 6,020 Income from charitable activitles UnrestrScted funds 2024 Total funds 2024 Income from charitable activities - Children education services 609,889 609,889 Unrestrict8d funds 2023 Tot81 funds 2023 Income from charitable acttvities - Children education servIS 501,085 501,085 Page 16
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Children education seNices 560,021 560,021 Unrestricted fuijds 2023 Total 2023 Children education seNices 555, 761 555, 761 Analysis of expendlture by activities Activitles undertaken directly 2024 Support costs 2024 Total funds 2024 Children education services 496,601 63,420 560,021 Aclivilies undertaken directly 2023 Support costs 2023 Tolal funds 2023 Children education seNices 498,631 57, 130 555, 761 Page 17
RESURRECTION LIFE CENTRE LTD (A company Ilmited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by activlties (continued) Analysis of dlrect costs Children education services 2024 Total funds 2024 Staff costs Nursery and pre-school expenses Premises costs Communication costs Professional fees 411,907 38,261 35,411 8,171 2,851 411,907 38,261 35,411 8,171 2,851 496,601 496,601 Childn educ8tion seNic8S 2023 Tolal funcls 2023 St8ff costs Nursery and pre-school expenses Premises costs Comm unication costs Professional fees 398, 135 32,963 50,804 11,318 5,411 398, 135 32, 963 50, 804 11,318 5,411 498,631 498,631 Page 18
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by activities (continued) Analysls of support costs Children educatlon servlces 2024 Total funds 2024 Staff costs Depreciation Vehicle expens6S Rent Communication costs Computer software and SeiCe8 Office expenses Bank service charge Repairs and maintenance Independent Examiners, fee Dues & Subscription Govemance costs 31,003 3,029 11,332 3,760 890 4,545 554 2,281 81 1,243 1,402 3,300 31,003 3,029 1,332 3,760 890 4,545 554 2,281 81 1,243 1,402 3,300 63,420 63,420 Page 19
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities {contlnued Analysis of support costs (continued) Children educalion services 2023 Total funds 2023 staff costs Depreciation Vehicle expenses Rent 31,463 2,036 6,476 5, 645 2, 489 929 148 1,917 202 34 718 1,773 3,300 31,463 2, 036 6,476 5,645 2,489 929 148 1,917 202 34 718 1, 773 3,300 Computer software and seNices Office expenses Travel and accommodation Bank service charge Repairs and maintenance Printing postage and stationery Donation Dues & Subscription Governance costs 57, 130 57, 130 Independent examlner's remuneratlon 2024 2023 Fees payable to the Charitable COmpanS independent examinerfor the independent examination and preparation of the Charitable Company's annual accounts 3,300 3,300 Page 20
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 409,858 26,161 6,891 400,616 23,501 5,481 442,910 429,598 The average number of persons employed by the Charitable Company during the year was as follows.. 2024 No. 2023 No. Management Staff 44 44 47 47 No employee received remuneration amounting to more than £60,000 in either year. Trustees, remuneration and expenses During the year, one or more Trustees has been paid remuneralion or has received other benefits from 8n employment with the charity in accordance with the charity goveming document. The value of Trustees, remuneration and other benefits was as follows: 2024 2023 Pastor Chuka Nwafor Remunerafion 34,391 880 23,050 504 Pension contributions paid During the year ended 31 March 2024. no Truslee expenses have been incurred (2023 - £NIL). Page 21
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Tangible fixed assets Plant and machinery Motor vehicles Offjce equipment Total Cost or valuation At 1 April 2023 13,931 22,155 9,748 45,834 At 31 March 2024 13,931 22,155 9,748 45,834 Depreclation At 1 April 2023 Charge for the year 10,029 852 14,131 2,006 9,372 171 33,532 3,029 At 31 March 2024 10,881 16,137 9,543 36,561 Net book value At 31 March 2024 3,050 6,018 205 9,273 At 31 March 2023 3,902 8.024 376 12,302 The net book value of motor vehicles held under finance leases or hire purchase contracts as at 31 March 2024 was £5,71112023 - £7,614) l l. Debtors 2024 2023 Due within one year Trade debtors Other debtors 51,863 23,209 34,464 24, 233 75,072 58,697 Page 22
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Credllors.. Amounts falling due within one year 2024 2023 Trade creditor8 other taxation and social security Obligations under finance ase and hire purchase contracts Pension fund loan payable Olher creditors Accruals and deferred income 2,2SO 4,905 5,260 1.361 88,752 3,300 579 8, 653 5, 260 t,082 78,378 29,566 105,828 123,518 13, CredStors: Amounts falling due after more than one year 2024 2023 Net obligations under finance lease and hire purchase conlracls 1,838 4. 163 14. Flnanclal Instrumenls 2024 2023 Financial assets Financial assets measured at fair valu8 through income and expendilure 32,853 14,t78 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 23
RESURRECTION LIFE CENTRE LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Statement of funds Statement of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General Funds (43,177) 612,OS7 (560,021) 8,859 Restrlcted funds Remember 673 673 Total of funds 142,504) 612,057 <560,021) 9,532 Remember fund is donation received to provide support to prisoners with medical and healthcare need in Nig8ria. Page 24
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Statement of funds (continued) statement of funds- prior year Balance al 31 March 2023 Balance 81 l Apnl 2022 Income Expenditure Unrestricted funds General Funds - all funds 5,479 7, 105 (555, 761J (43, 177J Restrlcted funds Remember 673 673 Total of funds 6,152 507, 105 (555, 761) (42, 504) 16. Summary of funds Summary of funds - currenl year Balance at 31 March 2024 Balance at 1 April 2023 Income Expendlture General funds Reslricted funds (43,177) 673 61 2,057 {560,021) 8.859 673 (42,504) 612,057 (560,021) 9,532 Summary of funds - prioryear Ba18nce al 31 March 2023 Balance al l Apnl 2022 Income Expenditure General funds Restricted funds 5,479 673 507, 105 (555, 761) (43, 177) 673 6, 152 507, 105 (555, 761) (42,504) Page 25
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current perlod Restricted Unrestrl¢ted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Cr8ditors due in more than one year 9,273 9,273 107,252 107,925 (105,828) <105,828) {1,8381 {1,838) 873 Total 673 8,859 9,532 Analysls of net assets between funds - prior period Ras117cled Unrestricled funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 12,302 12,302 72, 202 72,875 (123,518) (123,518) (4, 163) (4, 163) 673 Total 673 (43, 177) (42,504) Page 26
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Reconciliation of net movement In funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Stalement of Financial Activities) 52,036 (48,656) Adjustments for: Depreciation charges I ncrease in debtors I ncreasel{decrease) in creditors (3,0291 116,3751 (17.690> 3, 703 {9, 675) 46,501 Net cash provided byl{used in) operatlng actlvltles 14,942 (8, 127) 19. Analysls of cash and cash equivalenis 2024 2023 Cash in hand 32,853 14,178 Total cash and cash equivalents 32,853 14,178 20. Analysls of changes In net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash al bank and in hand Debt due within 1 year Finance leases 14,178 (1,082) (9,4231 18,675 1279) 2,325 32,853 (1,361) (7,0981 3,673 20,721 24,394 Page 27
RESURRECTION LIFE CENTRE LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pension commitments The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,891 (2023 - £5,481) were payable to the fund al the balance sheet date and are included in creditors. Conlribution tolalling £1,083 (2023 - £1,083) were payable to the fund at the balance sheet date and are included in creditors. 22. Related party Iransactlons 2024 2023 Amount owed to RCCG International Christian Centre - in Other creditors (Note 12) Rent payable to RCCG International Christian Centre 73,684 30,000 62, 534 47,000 RCCG International Chrislian Centre Lld (ICC) is a company with a common Chief Executive. Page 28