2024-05-31-accounts - The Redeemed Christian Church Of God Solution Assembly

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THE REDEEMED CHRISTIAN CHURCH OF GOD

SOLUTION ASSEMBLY

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

Company Reg. No 8062791

Charity Reg. No 1148330

LONDON ACCOUNTANCY PRACTICE SOJOURNER TRUTH COMMUNITY CENTRE 161 SUMNER ROAD LONDON SE15 6JL.

THE REDEEMED CHRISTIAN CHURCH OF GOD
SOLUTION ASSEMBLY
(A company limited by guarantee)
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024
	Page
CONTENTS	2
Administrative information	3
Report of the Trustees	4-6
Independent Examiner’s Report	7
Statement of Financial Activities	8
Balance Sheet	9
Notes to the accounts	10-11
Detailed Income and Expenditure	12

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY (A company limited by guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024

Governing Document The RCCG is an incorporated organisation governed by the Companies Act 2006 as a company limited by guarantee with the Company Number 8062791 and Charity Number 1148330. DIRECTORS AND TRUSTEES Mrs Folake Sodunke……..............Chairperson Mr Femi Ogundipe.........................Secretary COMPANY SECRETARY Pastor Julius Adetoro REGISTERED OFFICE THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY NORTHAMPTON 28, Nova Close Overtone Northampton NN6 0SH BANKERS Barclays Bank Plc Weston Favell Northampton INDEPENDENT EXAMINER London Accountancy Practice Sojourner Truth Centre 161 Sumner Road London SE15 6JL

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY (A company limited by guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024

OBJECTS AND PRINCIPAL ACTIVITIES

The advancement of Christian faith,
To provide church services and
Conduct religious worship,
Relief sickness and
Preservation and protection of physical and mental health
To relieve poverty

ACTIVITIES, DEVELOPMENTS AND ACHIEVEMENTS:

(See the RCCG separate Annual Report)

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY (A company limited by guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 STATEMENT OF DIRECTORS’ RESPONSIBILITIES

Law applicable to incorporated companies in England and Wales requires the trustees, who are also the directors of the company, to prepare financial statements which give a true and fair view of the state of affairs of the charity at the end of the year and of its financial activities during the year then ended. In preparing those financial statements, trustees are required to:

select suitable accounting policies and 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 material departures disclosed and explained in the financial statement, and
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the project will continue in operation.

The directors are responsible for keeping proper records which disclose at any time the financial position of the project. They are also responsible for safe guarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed by:……………………………….......Secretary Date………...................2024

Femi Ogundipe

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY (A company limited by guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024

FINANCIAL REVIEW

The results of the year’s operation are set out in the attached financial statements. During the year, the income of £87,958 was received against the expenditure of £66,761. The surplus for the year was £21,197 and reserve for the year ended 31 May 2024, was £125,922. Included in the reserves was unrestricted fund of £121,699.

The trustees have been aware of the need to comply with good practice guidelines issued by the Charity Commission on free reserves and the RCCG Solution Assembly’s policy is included in the notes to the accounts.

RESERVES POLICY

The trustees have reviewed its free reserves policy and have turned its entire unrestricted fund into an emergency reserve to enable the RCCG to meet its obligations in the event of a shortfall in income or sudden upturn in expenditure.

RISK MANAGEMENT

The trustees have examined the major risks which the RCCG faces and believe that by maintaining our free reserves at a reasonable level, combined with our annual review of the controls over key financial systems, this will provide sufficient resources in the event of adverse conditions. The trustees will have to examine other operational and business risks which the organisation may face and establish systems to mitigate the significant risks.

TANGIBLE FIXED ASSETS

The organisation keeps an asset register.

VOLUNTEERS

The RCCG recognises the significant contributions made by volunteers.

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD (SOLUTION ASSEMBLY) ON THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024

I report to the charity trustees on my examination of the accounts of The Redeemed Christian Church of God (Solution Assembly) for the year ended 31 May 2024 as set out on pages 8-10 DD / MM / YYYY .

Responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

Independent examiner's statement [I have completed my examination. I confirm that no material matters have come to my attention (other than that disclosed below *) which gives me cause to believe that:

• accounting records were not kept in accordance with section 386 of the Companies Act 2006; or

• the accounts do not accord with such records; or • the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

•the accounts have not been prepared in accordance with the Charities SORP (FRS102).

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.

Signature……………………………………Dated .............................2024 Ade Adebambo, MBA, ACMA,ACG London Accountancy Practice 161 Sumner Road London SE15 6JL

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY STATEMENTOF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MAY 2024 Unrestricted Restrictsd Fund Fund 2024 Total 2023 Total INCOMING RESOURCES Legacies & Donakn'ons ItNestment Income - Bank Interest 86,648 1.310 87,958 86.648 79,616 1,310 140 87,958 79,756 RESOURCES EXPENDED Direct Charitable Costs 66,761 66,761 60,668 66,761 66,761 60,668 Net Incoming Resources 21,197 21,197 19,088 Balance Brougm Fotward 100,502 4,223 104,725 85,637 Balance Carried Fotward 121,699 4,223 125,922 104,725

For the period ended 31 MAY 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts
these accounts have been prepared in accordance with the provision applicable to companies subject to the small companies’ regime.

The financial statements on pages 8 to 9 were approved by the board of directors on

…………………………………..2024 and signed on its behalf by

Sign…………………………………………..Director Folake Sodunke

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY (A company limited by guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024

1. ACCOUNTING POLICIES

1.1 Basis of preparation of Financial Statements.

The financial statements are prepared under the historical cost convention and include the results of the charity’s operations which are described in the Directors’ Report and all of which are continuing.

The accounts have been prepared in accordance with the Statement of Recommended Practice Accounting by Charities.

The charity has taken advantage of the exemption of Financial Reporting No 1 from the requirements to produce a cash flow statement on the grounds that it qualifies as a small company.

1.2 Incoming Resources

1.2.1 Revenue grants are credited on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are included on the Balance Sheet as deferred income to be recognised in the future accounting period.
1.2.2 Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities.

1.2.3 Donations

Donations are accounted for on a cash receipts basis unless deferred.

1.2.4 Other incoming resources

Other incoming resources are accounted for on an accruals basis.

1.2.5 Deferred income

Where a grant or donation is received in advance for expenditure in a future accounting period recognition of that income is deferred and released in the period in which the expenditure is incurred.

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY (A company limited by guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024

1.3 Restricted Funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of management and support costs.

1.4 Unrestricted Funds

Unrestricted funds are donations and other income received or generated for the objects of the organisation without further specified purposes and is available for general funds.

1.5 Designated Funds

Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.

1.6 Resources Expended

Direct charitable expenditure includes all expenditure incurred by Redeemed Christian Church of God Solution Assembly in direct pursuit of its charitable objectives. Management and administration expenditure includes all costs not directly related to the charitable activities and which cannot be allocated to direct charitable expenditure.

1.7 Tangible fixed assets

Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives. The charity has a register of assets.

2.0 Creditors: Amount falling due within one year Accountancy Fees / Bookkeeping	2024 2023 £ £ 900 800

THE REDEEMED CHRISTIAN CHURCH OF GOD SOLUTION ASSEMBLY DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2024 2024 Total 2023 Total INCOMING RESOURCES Unrestricted Restricted Fund(£) Fundl£) 60,411 2,846 3,417 18,668 673 633 1.310 87,958 Tithe & Offering Thanks Giwr AnniversarylCoUpS Nighl Buikfjing Furmy DonalionlFirst fruit Sunday School IrNeslment Income- Bank Inlere# Total Incoming Resources 60,411 2,846 3,417 18,668 1,500 673 2,297 633 160 1.310 140 87,958 79,756 72,088 3,571 OUTGOING RESOURCES Charitable Actlvities Salaries Rent Expensesibuilding Vicarage Semces Worbd Evangelical Ministryl COC Book PrIntiStaOry1zO0mIInterneI Tianing FUeLTranspOrtraVel Keyboard Expenses Members wearelEntertainMents African Mission Subscription Accountary FeeslBookkeeping Insurance Conference Chiklren Day Retreals Sound Equipment Fast Host Companies House Donation and Gifl lo Church Merrt)ers Student Sunday School Bank Charges Sundry Expenses Total Resources Expended 12.000 6,307 6,000 22,957 404 1,252 1,186 400 2,381 12,000 12,goo 6,307 5,726 6,000 6,000 22,957 20,748 404 836 1,252 1,186 400 2,381 60 1,950 900 1,467 162 1,375 1,900 1,774 1,950 900 1,467 162 1,375 800 1,388 300 1,458 1,111 642 647 3,010 3,010 3,805 350 350 260 38 337 66,761 60,668 66,761 12