THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS Charlty reg. no 1138107 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page I
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANcfuARY FOR ALL NATIONS CONTENTS Reference and administrative details of the charity Trustees report Independent examiner's report Statement of financial activities Balance sheet 10 Notes to the financial statements 11-14 Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDING 31 DECEMBER 2024 Trustees Mr. Oluwole Oyenekan Mrs. Olusola Oluwatipin - Resigned 02/11/2024 Mr. Sehinde Orola Resigned 02/11/2024 Mr. Abimbola Sulola Mr. Mfonobong Udoekong Appointed 22/10/2025 Charity registration number 1138107 Principal Office 19 Aperdele Road Leatherhead KT22 7QT Parish Pastor Pastor Louis Oikeh Independent Examiner Akintayo Ojo FCCA Resource Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Bankers Barclays Bank PIC Surbiton Surrey Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANcfuARY FOR ALL NATIONS TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and the financial statements for The Redeemed Christian Church of God Grace Sanctuary for All Nations (the charity) for the year ended 31 December 2024. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005. LEGAL STATUS The charity was constituted under a Trust Deed dated 13th September 2010 and is registered in England and Wales wlth charity number 1138107. APPOINTMENT OR ELEcfIoN OF TRUSTEES Trustees are appointed and or co-opted under the terms of the trust deed. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The induction process for newly appointed trustees comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Parish Pastor on the powers and responsibilities of the trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the trustees meet regularly to manage Its affalrs and take decisions on major Issues affectlng the charity. The Parlsh Pastor manages the spiritual aspect and the day-to-day administration of the church. RELATED PARTY RELATIONSHIPS RCCG Grace Sanctuary for All Nations is a parish of The Redeemed Chrlstian Church of God (RCCG) which has parishes all over the world. Grace Sanctuary for All Nation's relationship with other RCCG parishes is governed by an 'Agreement for Common Purposes. RISK MANAGEMENT The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied those adequate systems and controls are in place to mitigate our exposures to the major risks. 08JEcfs AND ACTIVITIES The principal object is the advancement of Christian faith worldwide and the relief of poverty. and to promote any charitable activity for the benefits of the local people. To achieve its objectives, the church adopted the following strategies: Conducting Sunday worship services, midweek bible study and prayer meetings Running seminars in the church with proven ministers of the falth to guide members in the varlous aspect of Christian faith, Support for other charities and Christian events, Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS TRUSTEES, REPORT (Continued) FOR YEAR ENDED 31 DECEMBER 2024 Organising children and youth artivities to promote unity in the community, and Regular visitations within the local community to provide required support. The activities for achieving its objectives include: Community outreach events Conferences and events Welfare support to members and public, and Various missionary activities GRANT MAKING POLICY Under the "Agreement of Common Purpose" Grace Sanctuary for All Nations, Kingston upon Thames has agreed to Support RCCG Missions. Support is given to RCCG Central Office, World Evangelism Mission, Festlval of Life and other RCCG Programmes. The church supports other charities and missionary that shares its objects In advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need. VOLUNTEERS The charity enjoys the services of various volunteers, who contribute enormously to various areas of service provision, development, and implementation of the church's vision. The charity is grateful to its volunteers for their services to the charity during the year. It is estimated that over 2000 hours were provided by volunteers during the year. If this is conservatively valued at £8.00 per hour, the volunteer's effort will amount to over £16,000. REVIEW OF AcfIviTIES The Charity continues to participate at the forefront of community services in Kingston. One volunteers from the church serves as members of the Kingston Street Pastors and one as member of Kingston Prayer Pastors. This gives the church opportunity to be an integral part of the work that is going on in sharing the love of God and keeping Kingston and its youths safe at weekends. The charity had virtual evangelising through the year with several guest ministers. It also held door to door evangelism, sharing tracts and flyer5 in the community. This brough about increase in the nL5mber of congregations during church services. The Charity celebrated the Mother's Day and Father's Day respectively for the members of its immediate community. The Charity held seminars on mental health issues. Members of the community well attended this. The Charity continues to run her food bank to help support those in need in the community. Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANcfuARY FOR ALL NATIONS TRUSTEES, REPORT (Continued) FOR YEAR ENDED 31 DECEMBER 2024 The Charity organised an evangelical conference on virtual in November whlch attracted people all over the world with old members from Nigeria, Canada, USA, and the Netherlands joining the 3 hours programme. The Charity organised community outreach in the community park in March 2024. The outreach lasted 6 hours, tracts and flyers wee shared to members of the community and food packs was also shared with the community. The Charity marked her 15th Anniversary in first week in December 2024, and it was glorious and well attended. PUBLIC BENEFITS The trustees confirm that they have referred to the guidance contained In the Charity Commission's general guidance on public benefit and to its supplementary public benefit guidance advancing religion and relieving poverty when reviewing the charity's aim and objectives and in planning future activities and grant making policy for the year. INVESTMENT POLICY The trustees have decided that at present, funds should be retained in banks and as far as possible in interest bearing accounts. RESERVES POLICY The trustees, policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended which equals to £8,000 to £16,000 in general funds. They feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed. The trustees are content that its free reserve of £20,000 is adequate and above its policy range, but the trustees are continuing to seek additional unrestricted funds to build up its reserves. PRINCIPAL FUNDING Funding has been provided through voluntary tithes and offerings members of the church members. FUTURE DEVELOPMENT The charity continues to explore numerous ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membershlp and continue to develop Its members to make Ilfe-changing impact In society, Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS TRUSTEES, REPORT (Continued) FOR YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The charity trustees are responsible for preparing the Trustees, Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattice). The 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistentlyi Observe the methods and principles In the Charities SORP. Make judgement and estimates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the company wlll continue in operation. The trustees recognise their responsibilities to keep proper accounting records that 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 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irreg ularities. The appended flnancial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report Is also appended. Approved by the Trustees in 29110 2025 and signed on their behalf by: Mr. Oluwole Oyenekan Chairman Board of Trustee Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANcfuARY FOR ALL NATIONS INDEPENDENT EXAMINER'S REPORT FOR YEAR ENDED 31 DECEMBER 2024 TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD SANcfuARY FOR ALL NATIONS GRACE I report on the accounts of the charity for the year ended 31 December 2024 which is set out on pages 10 to 15. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 142(2) of the Charities Act 20 1 l and that an independent examination is needed, It Is my responsibility to: examlne the accounts under sectlon 145 of Charities Act 2011. follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b} of the 2011 Act); and state whether partlcular matters have come to my attention. BASIS OF EXAMINER'S STATEMENT My examination was conducted In accordance with the General Directlons given by the Charity Commission. An examination includes a review of the accountlng 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 concernlng any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair" view, and the report is limited to those matters set out in the statements below. EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: proper accounting records are kept (in accordance with section 41 of the Act). and accounts are prepared which agree wlth the accounting records and comply with the accounting requirements of Act. or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Akintayo Ojo FCCA Chartered Certified Accountant 46 Hollywood Way Erith Kent DA8 2QE Date: Et- 2025 Page 8
THE REDEEMED CPIRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS STATEMENT OF FINANCIAL ACTivrrtES FOR YEAR ENDEO 31 DECEMBER 2024 Unrestrltted Resrricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 Notes INCOMING RESOURCES Donatlons, legacles & 51mllar Incoming resources Activities in furtherance of charity's object Investment Income Gift aid Total incoming resources 19,204 146 579 8,905 28,834 1,065 20,269 146 579 8,905 29,899 21,270 180 973 1,065 22,423 RESOURCES EXPENDED Charitable expenditure Grants payable - individual Grants payable - Institutlonal Costs of attlvitles In furtherance of charitles objects Management and governance costs Total resources expended 402 1,570 402 1,570 1,078 47,682 2,000 51,654 47,682 2,000 51,654 28,227 900 30,205 Net (outgoing)/incoming resources for year 22,820 1,065 21,755 7,782 Total funds at the start of the year 110,149 1,862 112,011 119,793 BALANCE AT END OF YEAR Movement in funds Oesignated - building Restricted - bulldlng General unrestricted Total funds at the end of the year 87,329 2,927 90,256 112,011 63,063 63,063 2,927 24,266 90,256 63,063 1,862 47,086 112,011 2,927 24,266 87,329 2,927 Movements in reserves and all recognised and losses are shown above. The charity's incoming resources and resources expended all relate to contlnuing attivities, Page 9
THE REDEEMED CHRISTEAN CHURCH OF GOD GRACE SANcfuARY FOR ALL NATIONS BANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Tangible Fixed assets io 1,928 1,276 CURRENT ASSETS Debtors Cash and bank balances li 12 65,650 23,478 89,128 15,745 96,241 111,986 LIABILITIES Creditors & Accruals Accrued accountancy fees (amount falling due within one year) 13 800 650 600 1,250 800 NET ASSETS 90,256 112,011 CHARITY FUNDS Designated - buildlng Restricted - buildlng General unrestricted TOTAL FUNDS Id ie If 63,063 2,927 24,266 90,256 63,063 1,862 47,086 112,011 The accounts have been prepared In accordance wlth the speclal provlsion of Statement of Recommended Practice.. Accounts'ng and Reporting by Charities (SORP) IS5Lted March 2005 as modlfied for smaller charitie5 Approved by the Trustees on 2025 and slgned on their behalf by., 2911012025 Mr. Oluwole Oyenekan Chairman Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES lal The accounts are prepared under the historlcèl cost conventlon and in accordance wlth applScable accounting standard5. They follow best practlce as set out In the Statement of Recommended Practice.. Accounfing and Reportlng by Charities ISORPI issued March 2005 as modified for Smaller charities. (b) Income ond expenditure is accounted for on an accruals basis. (cl Flxed assets comprise furniture and equipment and muslcal equipment and have been costin9 more than £250. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the tost of fixed assets, les5 thelr estimated re51dual value, over their expected useful lives on the folbowlng bases.. Musical equlpment 25% reducing balance Furniture and fittings 25Vc reduclng balance Computer equipment 25% reduclng balance (d) Unrestricted funds are incoming resource5 recelved for the objects of the charity without further speclfled purpose and are avallable as general funds. (e) Restricted funds are subject to restrlctlons on their expendlture Imposed by their donors. (f) Deslgnated fLtnds Bre unrestricted general lunds reserved for speciflc projert to promote the charity's object. Unrestrtcted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES Collection and other donations Tithe Other collections Sundry donatlons 19,204 19,204 745 320 20,269 14,430 6,693 147 21,270 745 320 1,065 19,204 3. ACTtvtnES IN FURTHERANCE OF CHARrrY's OBJECT Employer's NI rellef Book sales 146 146 146 146 180 180 4. INVESTMENT INCOME Interest received 579 579 973 S. GIFf AID Gift aid reclaimed 8,905 8,905 Page 11
THE REDEEMED CHRTSTIAN CHURCH OF GOD GRACE SANcfuARY FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDEO 31 DECEMBER 2024 Unrestricted Restrltted Total Total Fund5 Funds Funds Funds 2024 2024 2024 2023 6. Grants payable - individual Individual welfare 402 402 7, Grants payable - institutional Charitable glving -UK Charitable giving -overseas Total 1,570 1,570 1,078 1,570 1,570 1,078 List of institutional grants payable RCCG WEM World evangelism RCCG Central Office Central Office Suppc Festival of Life Mbsslon Support Evangelical Alliance Mlssion Support Other Charitles Charity donations Total grant payable institutional 145 650 260 145 650 260 52 600 240 90 515 1,570 515 1,570 96 1,078 8. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS Guest ministers expenses Hall hire, rent & rates Books and teaching materials Missions and evangelism Welfare & hospitallty Printing, postage, stationery & telephone Insurance Communlty projerts Worship cost & church occasion IT Consumables Music Admin expenses Depreciatlon Conference costs & retreat Travel & subslstence Staff cost 500 7,435 172 2,306 2,529 500 7,435 172 2,306 2,529 400 4,090 180 1,629 1,532 173 142 12,487 3,245 156 270 575 793 2,298 4,875 9,900 47,682 142 12,487 3,245 156 270 575 142 2,194 2,016 2,176 489 793 2,298 4,875 9,900 47,682 575 3,159 472 9,000 28,227 9, MANAGEMENT AND GOVERNANCE COSTS Professional fees Examiner's fees accountancy 1,200 800 2,000 1,200 800 2,000 250 650 900 Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2024 10. TANGIBLE FIXED ASSETS Musical equipment Church Office equlpment equiprnent Total 31-Dec 2024 Total 31-Dec 2023 Cost At l January 2023 Addltlons At 31 December 2023 8,074 2,858 400 3,258 259 470 729 11,191 870 12,061 10,690 501 11,191 8,074 Depreciation At l January 2023 Charge for the year At 31 December 2023 6,223 575 6,798 2,858 loo 2,958 259 118 377 9,340 793 10,133 9,340 575 9,915 Net book value At 31 December 2023 1,276 352 1,928 1,276 11. CASH BALANCES Year ended Year ended 31-Dec 31-Dec 2024 2023 Cash at Bank 23,478 23,478 96,241 96,241 12. DEBTORS Year ended 31-Dec 2024 Year ended 31-Dec 2023 Other Debtors 65,650 65,650 15,745 15,745 13. CREDtroRS Year ended Year ended 31-Dec 31-Dec 2024 2023 800 650 600 1,250 Accrual and deferred income.. accountancy fee5 (amount falling due withln one year) 800 Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD GRACE SANCTUARY FOR ALL NATIONS NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2024 14. RELATED PARTY TRANSAcfIoNS During the year, the church paid institutional grants to other RCCG organisations such as the World Evangelism Mission as stated in note 7. 15. STAFF COST AND NUMBERS Staff costs were as follows Year ended Year ended 31-Dec 31-Dec 2024 2023 Wages and salaries Social security costs 9,000 9,000 9,000 9,000 Year ended Year ended 31-Dec 31-Dec 2024 2023 The average number of employee durlng the year wa5 as follows No. No. Pastoral Charity administration Total No employee received remuneration amounting to more than £50,000 in the year. 16, NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended Year ended 31-Dec 31-Dec 2024 2023 Thls is stated after charging Depreciation of tangible assets owned by the charity Independent Examiner's fees 575 650 575 650 Page 14