THE REDEEMED CHRISTIAN CHURCH OF GOD GREAT GRACE ASSEMBLY Chorlty reg. rno 1147IS9 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Page I
THE REDEEMED CHRIsfiAN CHURCH OF GOD GREAT GRACE ASSEMBLY CONTENTS Reference and adrninistratlve detalls of the charlty Trustees, report Independent examlner's report statement of financial actlvlties Balance sheet io Notes to the flnanclal statements 11-14 Page 2
TrIE REDEEMED CHRISTIAN CHURCH OF GOD GREAT GRACE ASSEMBLY REFERENCE AND ADMINIRATIVE DETAILS OF THE cHARY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDING 31 DECEMBER 2024 Trustees Mrs S O Ogunleye Pastor Olajide Jolugbo Mis5 Anthonla Ajlbona Mlss Vlvian Esoko Mrs Irene Onomlvbori Charlty registration number 1147159 Principal 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 CHRISTIAN CHURCH OF GOD GREAT GRACE ASSEMBLY TRUSTEES, REPORT FOR PEIUOD ENDED 31 DECEMBER 2024 The Trustees submlt thelr annual report and the financlal statements of The Redeerned Christlan Church of God Great Grace Assembly (the charity) for the year endlng 31 December 2024. The tnjstees conflrm that the annual report and flnanclal statements of the charity comply with the current statutory requirements of the charity's goveming document and the provisions of the Statement of RecommerTrded Prartlce (SORP) 'Accounting and Reporn9 by Charities" issued In March 2005. STATUS The charlty was constituted under a Trust deed dated 151 August 2011 and Is registered In England and Wales on the 8th May 2012 with charity number 1147159. APPOINTMENT OR ELECTION OF TRUSTEES Trustees are appolnted and or co-opted under the terms of the trust deed. POUCIES ADOPTED FOR THE INDucfIoN AND TRAINING OF NEW TRUSTEE'S The Inductlon process for a newly appolnted Trustee comprises an Initial meetlng with the Chalr and other Trustees, followed by short rneetlngs with the Pastor in Charge on the powers and responslblllties of the trustees. ORGANISATIONAL STRucfuRE AND DECISION MAKING The charlty Is organised so that the trustees meet regularly to manage Its affalrs. The Pastor In Charge manages the day-to-day admlnistratlon of the church. RELATED PARTY RELATIONSHIPS RCCG Great Grace Assembly Is a parish of The Redeerned Chrlstlan Church of God which has parishes all over the wodd. The parlsh's relatlonshlp wlth other parishe5 is governed by an 'Agreement for Common Purposes,. RISK MANAGEMENT The trustees have assessed the major rlsks to whlch the chartty Is exposed, those related to operations and )Inances of the ¢harlty and are satlsfied the systems arg In place ro mltlgate our exposures to the major rlsk5. OBJEcfs AND AcfiviTIES The prlncipal object Ss the advancemÈnt of Christlan falth worldwlde and the rellef of poverty. To promote any charltable attivity for the beneflt of the local people. To achleve Its objectives, the church adopted the followinq strategies.. Runnlng semlnars In the church wlth proven minlsters of the falth to gulde members in the varlous aspect of Christian falth, Support for other chadtles and Chrlstlan events, Providing overseas ald and famine relief, and Involvlng In economlc and community development The actlvltles for achievlng Its objectlves Include: Communlty outreach events Conferences and events welfa support to membets and general publlc, and Varfous mlsslonary artlvltles Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD GREAT GRACE ASSEM8LY TRUSTEES, REPORT (Contlnued) FOR PERIOD ENDED 31 DECEMBER 2024 GRANT MAKING POUCY The church supports vlslting mlnlsters of the gospel both wlthln and outslde the United Klngdom, Support Is also given to RCCG Central Office, World Evangellsm Mlsslon, Festlval of Llfe an*J other RCCG Programmes. The church 5UPPOrts other charltles and misslonary that shares its objects In advancement of Christlan falth and rellef of poverty. The church gives occasional grants to congregatlona members who are In need. VOLUNTEERS The church Is grateful for the un5tlntlng efforts of Its volunteers who were Involved In provldlng servlces for the charlty, It Is estlmated that over 2400 hours were provlded by volunteers durlng the year. If thls Is conservatlvely valued at £8.50 per hour. the volunteer's effort wlll amount to over £20,400. REVIEW OF AcrIvrrIES The church contlnues to enjoy tremendous growth In Its physlcal and splrftual actlvlties durlng the year, In the advancement of Chrlstlan faith in accordance wlth the doctrlnes set out in the Statement of Falth as contained In Its trust deed. The Charity was involved In several charitable works for public benefit in Its communlty. It organlsed the followlng as part of its publlc beneflts Feedlng of homeless people In the communlty. The chadty's Chrlstmas lunch on Jesus provlded food hampers for the less prlvileged In the commun5ty durlng Chrlstmas. Conferences on physical and mental health. Start-up buslne55 trainlngs for members. Communlty Elder5 Outreach where the church vlslts elderly people In the community, provides them with grocerles and help to ease thelr soclal Isolatlon. Emotional and welfare support for people going through mentsl health crisls and bereavement. welfa interventions for victlms of domestlc abuse. Prlson outreach and Rehabllltatlon of ex-offenders. INVESTMENT POUCY The Trustees have declded that at present, funds should be retalned in Banks and Bulldlng Societles, and as far a5 P0551ble In Inte$t bearÉng accounts. RESERVES POLICY The Trustees, polity Is to have unrestrirted and uncornmitted fvnds (free reserves) to cover 3 to 6 months of resources expended whlch equals to roughly £30,000 to £60,000 in general funds. They feel that thls would enable the current activitles to continue If there Is a significant drop in fundlng. It would obvlously be necessary to then con51der how the funding would be replaced or actlvltles changed. The present free reserve Is above the range, but the Trustees ore continulng to seek additlonal unrestrlcted funds to bulld up Its reserve. Page 5
HE REDEEMED CHRISTIAN CHURCH OF GOD GREAT GRACE ASSEMBLY TRUSTEES, REPORT (Contlnued) FOR PERIOD ENDED 31 DECEMBER 2024 PRINCIPAL FUNDING Fundlng has been provlded malnly through tlthes and offerlngs by church members and through glft ald. Pledges are also taken for speclflc projects. FUTURE DEVELOPMEhrr The charity contlnues to explore varlous ways of spreadlng the gospel of Chdst in an effective manner. The charity is also looklng to grow in membershlp and contlnue to develop its members to make life-changlng Impatt In society. Page 6
ThE REDEEMED CHRisfiAN CHURCH OF GOD GREAT GRACE ASSEMBLY TRUSTEES, REPORT (Contlnued) FOR PERJOD ENDED 31 DECEMBER 2024 STATEMENT OF TRUEE5. RESPONSIBILrriES The charlty trustees are responsible for preparlng the Trustees, Annual Report and flnanclal statements In accordance wlth appllcable law and UnSted Klngdom Accountlng Standards {Unlted Klngdom Generally Acttpted Accountlng Prattlce). The law appllcable to charltles In England and Wales requires the trustees to prepare flnanclal statements for each flnanclal year whlch glve a true and falr vlew of the of the charlty and of the Incomlng resources and appllcatlon of resources of the tharlty for that perlod. In preparlng these financlal 5tstements, the trustees are requlred to: Select sultsble accountlng pollcles and then apply them consistentlyi Observe the methods and prlnclples In the Charltles SORP; Make Judgement and estlmates that are reasonable and prudent. Prepare the flnanclal statements on the golng concern basls unless It Is InJpproprlate to presume that the compèny wlll contlnue In operatlon. The trustees recoanlse thelr responslbllitles to keep proper accountlng records that dlsclose with reasonable accuracy at any tlme the flnanclal posltlon of the ehJrlty and enable them to ensure that the flnan¢131 statements comply wlth the Charltles Act 2011. They are also responslble for safeguardlng the assets of the company and hence taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. The appended flnanclal statements have been prepared on the accruals basis and have been examlned by an Independent examlner, whose report Is also appended. Approved by the Trustees on 2025 and slgned on thelr behalf by: Mrs S O Ogunley Trustee Mrs v esoko Trustee Page ?
THE REDEEMED CHREsrrAN CHURCH OF GOD GREAT GRACE ASSEMBLY INDEPENDENT EXAMINER'S REPORT FOR PEIUOD ENDED 31 DECENBER 2024 TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY. I report on the accounts of the charfty for the year ended 31 December 2024 whlch Is set out on pages 9 to 14. RESPEcftVE RESPONSIBILMES OF THE TRUSTEES AND THE EXAMINER The charlty's trustees are responslble for the preparatlon of the accounts. The charlty's trustees conslder that an audlt Is not requlred for thls year under sectlon 142(2) of the Charltles Act 2011 and that an Independent examlnatlon Is needed. It Is my responslblllty to: examlne the accounts under settlon 145 of Charltles Act 2011. follow the procedures lald down In the General Dlrectlons glven by the Charlty CommlsslDners (under sectlon 145(5){b) of the 2011 Act); and state whether partlcular matters have come to my attentlon. BASIS OF EXAMINER'S STATEMENT My examlnatlon was carrled out In accordance wlth the General Dlrectlons glven by the Charlty Commlsslon. An •x•mlnatlon Includes a revlow of the accountlng records kept by the charlty and a comparlson of the accounts presented wlth those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the account5 and seeklng explanotlons from you as trustees concemlng any Such matters. The procedures undertaken do not provlde all the evldence that would be reoulred In an èudit, and consequently no oplnlon Is glven as to whether the accounts present a "true and falr" vlew and the report Is Ilmlted to those matter5 set out In the statements below. EXAMINER'S STATEMENT In connertlon wlth my examlnatlon, no matter has come to my attentlon: { l) whlch glves me reasonable cause to belleve that In aNy materlal respect the trust$ hav• not met the requirements to ensure that: proper accountlng records are kept (In accordance wlth sectlon 41 of the Art),, and accounts are prepared whlch agree wlth the accountlng records and comply wlth the accountlng requlrements of Act, or (2) to whlch, In my op5nlon, attentlon should be drawn to enable J proper understandlng of the accounts to be reached. Aklntayo Ojo FC 46 Hollywood Way Erlth Kent DAB 2QE Date.. 2025 Page 8
TME REDEEMED CHRIsfIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY STATEMENT OF FINANCIAL A[v[rIEs FOR YEAR ENDED 31 DECEMBER 2024 Totsl rotal Funds Funds Funds Funds 2024 2024 1024 2023 Notes INCOMING RESOLIRCES l)onatlons, leoacles & slmllar Inwmlng resource5 Artivltles in fijrtherance of chartly'5 object Grants recelved other income Total Incomlng resour 202,326 650 5,000 202,326 3,237 5,000 141,068 4,285 5,000 710 151,063 2,587 209,115 2,587 211,702 RESOURCES EXPENDED Charltable expendlture Grants payable - Indivlduals welfare Grnnts payèble - institutional Costs of athvltle5 In furtherance of Charltles objects Management and governance costs Total resources expended 3,873 3,873 4,213 153,949 5,946 163,768 153,949 5,946 163,768 146,291 8,931 159,436 Net (outgolnglllncomlng resources for year 45,347 2,587 47,934 8,373 Total funds at the stsrt of the year 70,213 70,213 78,586 BALANCE AT END OF YEAR 115 560 118 147 Movements In reserves and all recoonlsed and 105ses are shown above The charlty'5 Inwmln9 resources and resources expended all relate to ¢ontlnuln9 actlvltes. Page 9
THE REDEEMEO CHRISTIAN CHURCH OF GOD - GREAT GRACE ASSEMBLY BALANCE SHE AS AT 31 DECEM8ER 2024 Notes 2024 2023 FIXED ASSETS Tangible Flxed assets 6,885 6.621 OJRRENT ASSETS Cash and bank balances Debtors io li 118,634 77,315 118,634 77,315 UABILITIES Credltors Trade credIto$ due wlthln 12 months Accrual,. accountancy fees 12 1,550 CredltoV$ due after 12 months 5,822 8,788 NEf AssErs 118 147 CHARrrY FUNDS General unrestrlrted General - restrlrted TOTAL FUNDS Id le 115,560 2,587 118 147 70,213 The •cuJunts hav¢ be•N pr•p•rqd In accordance wlrh th• SPtd•l pravllon of StstèmMi of Recommended Proctk•'. Ac<ountlne •na R•porting by Chartt5 ISORPI iiw•d Morth 2005 •• mtrJlfl•d for irnall•r Ehadtl Approved by the Tnjstees on 2025 and slgned on thelr behalf bv: F Ogunleye Trustee Mrs V Esoko Trustee Itf7475- Page 10
THE REDEEMED CHRISTIAN CPIURCPI OF GOD - GREAT GRACE ASSEMBLY NOTE5 TO ThE ACCOUNTS I. ACCOUNTING POUCEES la) The ¥ctounts are prepared under the hlsttyk81 c05t conventlon and In attordènte wlth Op[Cable accountlr st4n¢)rds. They follow best pratti¢e as set out Sn the Statement of RecommerFded Practk4- AE¢ounJnll ar ReportiTrJ by Cbèrltles ISOKPI Issued March 2005 a$ m¢dlfleé for small2r charltles. Ibl Income and exp¢ndltsJ¢e 1$ acmunted for on an occruab b)s15. {cl Flxtd assets comprf#e lurnlture and e4ulprnenl and Mcal equlprnents &rté have b•eD co#lno mora than ÉIOO. TarvJlble fixed assets are srated at cost legs deprectatlon. tkprec+otton 1$ prOed èt rates rnlCulat to wrtte off the cost of fixed assets, less taElr estlrnated reslduèl v•lue, over their expected usefvl Ilv& on the folltswlng b)w.' Mu51ul equlpments IS% roduclng balance Fumiture5 and fitdngs Computer eoulpment5 Notor Vehlcles 25% r£dwJw balance 25% reduclng balan 25% reduclng balanc (01 Unrq51dcted funds are Incomlng regtsyrtes reeelved for the obJ4cts of the charlty thout turther speclfled purpose ènd a avallabie as oeneral funds. lel Re5trlcted funds are subject to rexrtct6ons on thelr experM11ture lrnposed by thelr donors. Unrestrlcted Restrtcted Totsl Total Fund6 30Z4 Funds Funts Funds 302J xo 2, nONATIQNS. LEGAcfES AND SIMILAA INCOMING RESOURCES Collertlon and other donatlons Accrued glft ald Other Income 200,181 200,181 138,233 2,145 202,326 2,145 202,326 2,835 141.068 3. A1VE5 IN FURThERANCE OF CHARMS OBJE Other donatlons Bullding Projett Sales of manuals 450 450 2,587 200 3,237 2.027 2,258 2.587 200 650 2,587 4,285 4. GMAfK RECEIVED HMRC'S Employers NI rellef CJRS Grants 5,000 5,000 s,000 5,000 5,000 5,000 4. OTHER INCOME Interest income 1,139 1,139 710 Page 11
THE REDEEMED CHRisfiAN CHUACH OF GOD - GREAT GRACÈ ASSEMBLY NOTES TO THE ACCOUNTS lknYe¢t+3d Total Total Fund5 Funds Funds Funtts 2024 zo 2024 2023 5. Grants payable - Indlvlduals Membevs welfare Total 6. Grants payable - Instltutlonal Chadtable givlng -UK Total 3,873 3,873 4.213 4,213 3,873 U5t of Institutlonal grants payable RCCG WEM Wodd Evanoeli5m RCCG Central Offlce Central Offlce Suppc Camp Ground UK Mlsslon support Others Misslon support Totsl grant payable - Instltutlonal 3,373 500 3,373 500 2,773 440 1,000 3,873 3,873 4,213 7. COST OF ACTivrrIES fN FVRTHERANCE OF CHARfTh's 08)ECTS Vlsiting speakers expenses 6,050 Wtsrship cost I,ioo Travel and 5ubslstence 1,060 Hall hlre, rent & rates 28,445 Mlsslon and evangellsm 3,264 Communlty pmject 7,139 Publlclty & Medla 1,411 Welfare & hospltality 926 Printlngi Postage, statlonery & rr consumables Muslc, Ilturgy & church group Motor runnlng costs Stsff cost Depreciatlon Sundry expenses Conference, trainlng & retreat Insurance Telephone Charlty Support 6,050 3,450 696 I,ie40 1,060 28,445 3.264 7,139 1,411 926 888 1,798 1,673 87.193 3,391 631 2.557 3,525 1,488 1,350 153,949 2.428 26,770 2,033 6,784 2,554 2,473 790 1,112 180 81,722 5,195 1,768 1,000 3.583 1,680 2,074 146,291 1,798 1,673 87.193 3,391 631 2,557 3,525 1,488 1,350 153,949 8. MANAGEMwf AND GOVERNANCE COSTS Proffesslonal fees - Legal Proffesslonal fees - other Examlnevs fees - accountancy 2,600 1,796 1,550 5,946 2,600 1,796 1,550 5,946 6,086 1,295 1,550 ,931 Page 12
THE REDEEMED CHRISnAN CHURCH OF GOD - GREAT GRACE ASSEMBLY NOTES TO THE ACCOUNTS 9. TANGIBLE FIXED ASSETS Motor Muslcal Computers Furniture & Vehlcle equlpments & proSettors Flttlng5 Totèl 31-Dec 2024 Total 31-Dec 2023 Cort At l January 2024 Addltlons At 31 December 2024 14.500 4,589 I,ioo 8,344 2,555 10,899 538 27,971 3,655 31.626 20,171 7,800 538 D¢prncl*tJon At l January 2024 Charye for the year At 31 December 2024 14,500 3.254 802 4.056 3,339 2,308 5,647 258 281 538 21,351 3,391 16,155 5,195 21.350 14,500 Net l>ook value At 31 December 2024 1,633 5,252 6,885 6,621 At 31 December 2023 1,336 5,005 280 6,621 Year ended Year ènded 31-Dec Jl-Dec 2024 2023 10. CASH BALANCES Cash and bank 118,634 77.315 11. DEBTORS Yr ended Yèar ènded 31-Dec 31-Dec 2024 2023 Accrual & Prepayment5 Loans Total 12. CREDoRs Year end¢d Ywr ended 31-Dec 31-Dec 2024 2023 Accrual: accountancy fees Accual: stsff cost Total 1,550 1.550 1,550 4,935 Page 13
THE REDEEMED CHRIsfIAN CHUXCH OF GOD - GREAT GPACE ASSEMBLY NOTES TO THE AccouNrs 12b. CREDITORS Year ended 31-Dec 2024 Year ended 31-Dec 2023 Trade credltor's due after 12 months Bounce back loan 5,822 8,788 13. RELATED PARTY TRANSAcrtONS Durtng th• year, the Church pald Instltutlon41 grants to other RCCG oryanlsatlons such as the Wodd Evangellsm Mlsslon as ststed In note 7. 14. STAFF COST AND NUMBERS Staff costs were as follows Year ended 31-Dec 2024 Year ended 31-Dec 2023 Wages and salarles Sodal securlty costs Penslons 76,500 5,222 76,500 5,222 81.722 Y•ar enO•d 31-Dec 2024 No. Y•ar •nde(I 31-De¢ 2023 No. The avernge numbèr of employee durfnq the year was as follows Pastoral Charfty èdmlnlstrètlon Totsl Na employee recelved remuneratlon amountlng to more thjn £50,000 In th• yeJr. 15. NEf INCOMING RESOURCESI(RESOURCES EXPENDED) Year ended Year ended 31-Dec 2023 Thls Is stated after charglng 31-De¢ 2024 Depreclatlon of tanglble assets owned by the chorfty Accountant's fees 5,195 5,195 1,550 Page 14