THE REDEEMED CHRISTIAN CHURCH OF GOD GREAT GRACE ASSEMBLY Charity reg. no 1147159 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Page I
THE REDEEMED CHRIsfIAN CHURCH OF GOD GREAT GRACE ASSEMBLY CONTENTS Referen and administrative details of the charity Trustees. report Independent examiner's report statement of financial attivlties Balance sheet 10 Notes to the financial statements 11 -14 Page 2
THE REDEEMED CHRIsfiAN CHURCH OF GOD GREAT GIUCE ASSEMBLY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDING 31 DECEMBER 2023 Trustees Mrs S O Ogunleye Pastor Olajide Jolugbo Miss Anthonia Ajibona Miss Vivian Esoko Mrs Irene Onomivbori Charity registration number 1147159 Pri ncipal Office 35 Stoneycroft Close London SE12 OSN Pastor in charge Pastor B M Adaralegbe Accountant Resource Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Bankers HSBC 38 High Street Dartford Kent DAI IDG Page 3
THE REDEEMED CHRisfIAN CHURCH OF GOD GREAT GRACE ASSEMBLY TRUSTEES, REPORT FOR PERIOD ENDED 31 DECEMBER 2023 The Trustees submit their annual report and the financial statements of The Redeem1 Christian Church of God Great Grace Assembly (the charity) for the year ending 31 December 2023. 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 Recommend8J Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005. STATUS The charity was constituted under a Trust deed dated 1° August 2011 and is gistered in England and Wales on the 8th May 2012 with charity number 1147159. APPOINTMENT OR ELECTION OF TRUSTEES Trustees are appoi nted and or co-opted under the terms of the trust deed. POLICIES AD0ED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEE'S The induction process for a newly appointed Trustee comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Pastor in Charge on the powers and Sponsibl11t1es of the trustees. ORGANISATIONAL sfRUCTURE AND DECISION MAKING The charity is organised so that the trustees meet regularly to manage its affairs. The Pastor in Charge manages the day-to-day administration of the church. RELATED PARTY RELATIONSHIPS RCCG Great Grace Assembly is a parfsh of The Redeemed Christian Church of God which has parishes all over the world. The parish's relationship with other parishes is governed by an 'Agreement for Common Purposes,. RISK MANAGEMENT The trustees have assessed the major risks to which the charity Is exposed, those related to operations and finances of the charity and are satisfied the systems are in place to mitigate our exposures to the major risks. OBJEcfs AND AcfIvITIES The principal object is the advancement of Christian faith worldwide and the relief of poverty. To promote any charitsble activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies.. Running seminars in the church with proven ministers of the faith to guide members in the various aspect of Christian faith, Support for other charities and Christian events, Providing overseas aid and famine relief, and Involving in economlc and community development The activities for achieving its objectives include.. Community outreach events Conferences a nd events Welfare support to members and general public, and Various missionary activities Page 4
THE REDEEMED CHRIStIAN CHURCH OF GOD GREAT GRACE ASSEMBLY TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 GRA MAKING POLICY The church supports visib'ng ministers of the gospel both within and outside the United Kingdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life and other RCCG Programmes. The church supports other charities and missionary that shares its objtS in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need. vOLUEERs The church is grateful for the unstinting efforts of its volunteers who were involved in providing services for the charity. It is estimatèl that over 2400 hours were provided by volunteers during the year. If this is conservatively valued at £8.50 per hour, the volunteer's effort will amount to over £20,400. REVIEW OF AcfIvITIES The church continues to enjoy tremendous growth in its physical and spiritual activities duri ng the year, in the advancement of Christian faith in accordance with the dottrines set out in the Statement of Faith as contained in its trust deed. The Charity was involved in several charitable works for public benefit in its community. It organised the following as part of its public benefits Feeding of homeless people in the community. The charity's Christmas lunch on Jesus provided food hampers for the less privileged in the community during Christmas. Conferences on physical and mental health. Start-up business trainings for members. Community Elders Outreach where the church visits elderly people in the community, provides them with groceries and help to ease their social isolation. Emotional and welfare support for people going through mental health crisis and bereavement. Welfare Interventions for victims of domestic abuse. Prison outreach and Rehabilitation of ex-offenders. INVESTMENT POLICY The Trustees have decided that at present, funds should be retained in Banks and Building Societies, 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 roughly £30,000 to £60,000 in general funds. They feel that this would enable the current attivities 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 present free reserve is above the range, but the Trustees are continulng to seek additional Ltnrestricted funds to build up its reserve. Page 5
HE REDEEMED CHRESTIAN CHURCH OF GOD GREAT GRACE ASSEMBLY TRUSTEES, REPORT (Continued) FOR PERIOD ENDED 31 DECEMBER 2023 PRINCIPAL FUNDING Funding has been provided mainly through tithes and offerings by church members and through gift aid, Pledges are also taken for specific projects. FUTURE DEVELOPME The charity continues to explore various ways of SpadIng the gospel of Christ in an effectlve manner. The charity is also looking to grow in membership and continue to develop its members to make life-changing impatt in society. Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD GREAT GKACE ASSEMBLY TRUSTEES, REPORT (Contlnued) FOR PERIOD ENDED 31 DECEMBER 2023 srATEMEKf OF TRUSTEES, RESPONSIBILlnES The charity trustees are responslble for preparlng the Trustees, Annual Report and flnanclal statements in accordance with appllcable law and Unlted Klngdom Accounting Standards (United Klngdom Generally Accepted Accounting Pract1). The law applicable to charities In England and Wales requlres the trustees to prepare finanaal statements for each f5nanclal year which glve a true and fair vlew of the of the charlty and of the incoming resources and application of resources of the charlty for that period. In preparing these flnancial statements, the trustees are required to: Selett suitable accounting pollcles and then apply them conslstentlyi Observe the methods and principles in the Charitles SORP; Make Judgement and estlmates that are reasonable and prudent; Prepare the flnancial ststements on the golng concern basls unless it is inappropriate to presume that the company wlll continue in operatlon. The trustees COgnise thelr responsibilitles to keep proper accountlng records that dlsclose with reasonable accuracy at any tlme the financial position of the charlty and enable them to ensure that the financlal statements comply with the Charities Act 2011. They are alsa responsible for safeguarding the assets of the company and hence taking reasonable steps for the prevention and detection of fraud and other irregLtlarities. The appended flnancial ststements have been prepared on the accruals basis and have been examined by an Independent examiner, whose report is also appended. Approved by the Trustees on 2024 and slgned on their behalf by: Mrs S O Ogunleye Trustee Mrs V Esoko Trustee Page 7
THE REDEEMED CHRisfIAN CHURCH OF GOD GREAT GRACE ASSEMBLY INDEPENDENT EXAMINERS REPORT FOR PERIOD ENDED 31 DECEMBER 2023 TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY. I rep)rt on the accounts of the tharity for the year ended 31 December 2023 which is set out on pages 9 to 14. 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 requir for this year under section 142(2) of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to: examine the accounts under section 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 particular matters have come to my attention. BASIS OF EXAMINER'S STATEMENT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination include5 3 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 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 accountlng records are kept (in accordance with settion 41 of the Act); and accounts are prepared which agree with the accounting records and comply wlth the accounting requirements of Act; or (2) to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached. Akintayo Ojo FCCA 46 Hollywood Way Erith Kent DA8 2QE Date., Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY STATEMENT OF FINANCIAL ACTivfrIES FOR YEAR ENDED 31 DECEMBER 2023 Unrestrittèd Restritted Totsl Total Funds Fund5 Funds Funds 2023 2023 2023 2022 Notes INCOMING RESOURCES Donations, legacies & similar incoming resources Attivities Sn furtherance of charity's obj.ect Grants received Other income Total Incoming resour$ 141,068 2,027 5,000 710 148,805 141,068 4,285 5,000 710 151,063 164,807 4,894 5,000 2,258 2,258 174,701 RESOURCES EXPENDED Charitable expenditure Grants payable - individuals welfare Grants payable - institutional Costs of activities in furtherance of charltles objerts Management and governance costs Total resour$ expended 320 4,168 4,213 4,213 146,291 8,931 159,436 146,291 8,931 159,436 147,456 3,723 155,668 Net (outgolng)/incoming resou rces for year 10,631 2,258 8,373 19,033 Total ndS at the start of the year 78,586 78,586 59,553 BALANCE AT END OF YEAR 67,955 2,258 70,213 78,586 Movements In serveS and all recognised and losses are showll above The charity's incoming resources and resources expended all relate to continuing activltes. Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Tangible Fixed assets 6,621 4.016 CURRENT ASSETS Cash and bank balances Debtors io li 77,315 83,925 3,500 87,425 77,315 LIABILITIES CdItorS Trade creditor's due wlthin 12 months AccnJ81: accountancy fees 12 4,935 I,ioo I,IOD Credltor's due after 12 months 8,788 11,755 NET ASSErs 70,213 78,586 CHARITY FUNDS General unrestrlcted General restricted TOTAL FUNDS Id le 67,955 2,258 70,213 78,586 78,586 The accounts have been prepared In acttlrdaTr wlth the SFeclal provlslon of Statement of Recommende¢ pract4.. A£cauntln9 and ReportlThJ by (SORPI Issued March 2005 as modlfled For smaller charltles Approved by the Trustees on 14rf, S6ft 2024 and signed on thelr behalf by: Mrs F Ogunleye Trustee Mrs V Esoko Trustee Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY NOTES TO THE ACCOUNTS I. ACCOUNTING POLICIES (al The accounts are prepared under the htstorical cost convention and in accordance with appllcable accounting Stsndards. Tney follow best practyce as set out in the Statement of Recommended Prathce: Accountlng and Reporring by Charities ISORPI Issued March 2005 as modified for smallèr charities. Ibl Income and expenditure Is accounted for on an accruals basis. (c} Fixed assèt5 comprise furniture and equipment and musica1 equipments and have been c05ting more than EIQ). Tangle fixed assets are stated at C051 less depreciation. Depreclation is provided at rates cakulated to write off the cost of fixe(J asset5. less their estimated residL4al value, over thelr expetted usefvl lives on ttte following bases.. Musical equipments 25% reduclng balance Fumitures and fittings 25% reduclng balance Comwter equlpff*nts 25% reducing balance Motor Vehicles 250kn reduclng balance Idl Unrestritted funds are Incomin9 resources re1ve for the obJecrs of the charity wlthout further specified purpose and ao available as general funds. {e) Restthtted funds are subjett to restrictions on their expenditure Impos by their donors. Unrestricted Re5tticted Total Total Funds 2023 Funds Funds Funds 2023 2023 2022 2. DONATIONS, LEGACIES AND SIMIL4R INCOMING RESOURCES Collection and other donations Accrued gift aid Other Income 138,233 138,233 133,912 30,859 35 164,807 2,835 141,068 2,835 141,068 3. AcfIvmES IN FURTHEPANCE OF CWARITfS OBJECT Other donatlons Building Project Christmas lunch on Jesus 2,027 2,027 2,258 762 4,112 20 4,894 2,258 2,027 2,258 4,285 4. GRANT RECEIVED HMRC'S Employers NI relief CJRS Grants 5,000 5,000 5,000 5,000 5,000 5,000 4. OTHER INCOME Interest Income 710 710 Page 11
TME REDEEMED CHFugfIAN CHURCH OF GOD- GREAT GRACE ASSEMBLY NOTES TO THE ACCOUNTS Unrestrftted Restricted Total Total Funds FndS Funds Fund5 2023 2023 2023 2022 5. Grants payable - indivlduals Member's welfare Total 320 320 6. Grants payable - Institutional Charitable givlng -UK Total 4,213 4,213 4,213 4,213 4,168 4,168 List of Institutional grants payable RCCG WEM World Evangelism RCCG Central Offlce Central Office Suppc Camp Grotjnd UK Mlssion support Others Mission su pport Total grant payable - Institutlonal 2,773 440 1,000 2,773 440 1,000 2,668 300 1,200 4,168 4,213 4,213 7. COST OF AcfIviTIES IN FURTHERANCE OF CHARITY'S OBJECTS Visiting speakers expense5 3,450 Worship cost 696 Travel and subsistence Hall hire, rent & rates Mission and evangelism Community project Publicity & Media Welfare & hospitality Printing, postage, stationery & IT consumables Music, Ilturgy & church group Motor running costs Staff cost Depreciation Sundry expenses Conference, trainlng & retreat Insurance Telephone Charity Support 3,450 696 2,565 loo 2,428 26,770 2,033 6,784 2,554 2,473 790 1,112 180 2,428 26,770 2,033 6,784 2,554 2,473 790 1,112 180 125 24,448 1,725 7,702 144 835 2,051 1,227 2,774 76,488 4,388 1,008 296 316 1,341 19,923 147,456 81,722 5,195 1,768 1,000 3,583 1,680 2,074 146,291 81,722 5,195 1,768 1,000 3,583 1,680 2,074 146,291 8. MANAGEMENT AND GOVERNANCE COSTS Pmffessional fee5 - Legal Proffe5sional fee5 - Other Examiner's fees - accountancy 6,086 1,295 1,550 8,931 6,086 1,295 1,550 8,931 2,623 I,ioo 3,723 Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD- GREAT GRACE ASSEMBLY NOTES TO THE ACcOUs 9. TANGIBLE FIXED ASSETS Motor Musical Computers Furniture & Vehicle equlpments & projettors Fitting5 Total 31-Dec 2023 Total 31-Dec 2022 Cost At l January 2023 Additions At 31 December 2023 14,500 3,463 1,126 4,589 1,670 6,674 8,344 538 20,171 7,800 27,971 18,816 1.355 20,171 14,500 538 Depreciation At l January 2023 Charge for the year At 31 December 2023 11,500 3,000 14,500 2.727 527 3,254 1,670 1,669 3,339 258 16,155 5,195 21,350 11,767 4,388 16,155 258 Net book value At 31 December 2023 1,336 5,005 280 6,621 4,016 At 31 December 2022 3,000 736 281 4,016 Year ended 31-Dec Year ended 31-Dec 2022 10. CASH BALANCES 2023 Cash and bank 77,315 83,925 11. DEBTORS Year ended Year ended 31-Dec 2022 31-Dec 2023 Accrual & Prepayments Loans Total 3,500 3,500 12. CREDITORS Year ended 31-Dec 2023 Year ended 31-Dec 2022 Accrual.. accountancy fees Accual,. staff cost Total 1,550 3,385 4,935 I,ioo I,ioo Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY NOTES TO THE ACCOUNTS 12b. CREDITORS Year ended 31-Dec 2023 Year ended 31-Dec 2022 Trade creditoVs due after 12 months Bounce back loan 8,788 11,755 13. RELATED PARTY TRANSACTIONS During the year, the church paid institutional grants to other RCCG organlsations such as the World Evangelism Misslon as stated in note 7. 14. STAFF COST AND NUMBERS Staff costs We as follows Year ended 31-Dec 2023 Year ended 31-Dec 2022 Wages and salaries Social security costs Pensions 76,500 5,222 71,373 5,115 81,722 76,488 Year ended Year ended The average number of employee during the year was as follows 31-Dec 2023 No. 31-Dec 2022 No. Pastora Charity admlnlstratlon Total No employee received remuneration amounting to more than £50,000 in the year. 15. NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended Year ended This Is stated after charging 31-Dec 2023 31-Dec 2022 Depreciation of tangible assets owned by the charity Accountant's fees 5,195 1,550 4,388 I,ioo Page 14