## **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**<br>|**10-11**|
|**Detailed Income and Expenditure**|**12**|



2 



## **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 

3 



## **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) 

4 



## **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 

5 



**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. 

6 



## **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 

7 



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 

9 



## **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. 

10 



## **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**<br> <br> <br>Accountancy Fees / Bookkeeping|<br>**2024                   2023**<br>**£                         £**<br> **900**<br>  **800**|
|---|---|



11 



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
AnniversarylCoUp￿S 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 PrInti￿Sta￿O￿ry1zO0mIInterneI
Tianing
FUeLTranspOrt￿raVel
Keyboard Expenses
Members we￿arelEntertainMents
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