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2024-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD ("RCCG") PALACE OF GRACE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Charity No: 1148870

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

Contents Page
Legal and Administrative Information 3
Trustees' Report 4 - 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes forming part of the Financial Statements
10 - 11

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name: THE REDEEMED CHRISTIAN CHURCH OF GOD("RCCG") THE REDEEMED CHRISTIAN CHURCH OF GOD("RCCG")
PALACE OF GRACE
Charity Registration Number: 1148870
Address: 75 Kingsman Drive
Botley, Southampton
SO32 2FW
Trustees: Michael Ebhogiaye (Chair)
Lauretta Onanuga
Pastor Ibukun Joseph Aderibigbe
Accountants: Firstcap Associates
27 Old Gloucester Street
London WC1N 3AX
Bankers: Barclays Bank

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THE REDEEMED CHRISTIAN CHURCH OF GOD ("RCCG") PALACE OF GRACE

TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2024

The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of God Palace Of Grace Parish, Eastleigh (the charity) for the year ended 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 Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.

STATUS

The charity is constituted under a Trust Deed dated 6th November 2011 and was registered on the 2nd of September 2012 as a charity in England and Wales with charity number 1148870.

APPOINTMENT OR ELECTION OF TRUSTEES

Recruitment and appointment of trustees would be in line with Trust Deed and with the consent of the trustees. The Criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEE'S

The induction process for a newly appointed director 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 their affairs. All major decisions are collectively taken by the trustees. The trustees are unpaid, and details of any related party transactions are disclosed as applicable in the notes to the account. The Parish Pastor manages the day to day administration of the church.

RELATED PARTY RELATIONSHIPS

RCCG Palace Of Grace Parish, Eastleigh is a parish 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, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate our exposure to the major risks.

OBJECTS AND ACTIVITIES

The principal object is the advancement of Christian faith worldwide and the relief of poverty. To promote any charitable activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies: Running seminars and training programs in the church with proven ministers of faith to guide members in the various aspect of;

The activities for achieving its objectives include:

  1. Community outreach events

  2. Conferences, seminars and training events

  3. Welfare support to parishioners and needy ones in Eastleigh and her environ.

  4. Various missionary activities.

  5. Collaborate with charity like Neighbourly majorly to supply food donations.

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THE REDEEMED CHRISTIAN CHURCH OF GOD ("RCCG") PALACE OF GRACE

TRUSTEES' REPORT (Continued) FOR YEAR ENDED 31 DECEMBER 2024

GRANT MAKING POLICY

The church supports visiting 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 Programs. The church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives support and occasional grants to parishioners who are in need.

PUBLIC BENEFITS

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the charity' aims and objectives and in planning future activities.

VOLUNTEERS

The church is grateful for the efforts of its volunteers who are involved in providing services for the charity.

REVIEW OF ACTIVITIES

The church continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust deed. The Charity has continued to affect it community positively. Apart from meeting the needs of the less privileged in our community, we held activities to bring the whole community together.

In the Year the Church was able to enlarge its place of worship by leasing additional space from the landlord. The place has been redecorated to make it conducive and safe for the purpose for which it will be used. The musical equipment, information technology equipment, and audio visual equipment were upgraded to ensure worship. For the future, the charity plans to increase its activity in Eastleigh and be more involved in community organised events for public benefit.

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 directors' policy is to have unrestricted and uncommitted funds (free reserves) to cover 2 to 4 months of resources expended, which can be found in the financial statement. 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 present free reserve is below the policy range.

The trustees are continuing to seek additional unrestricted funds to build up the reserve.

PRINCIPAL FUNDING

Funding has been provided mainly through tithes and offerings by church members and through gift aid receivable. Pledges are also taken for the specific projects. Donations were received towards the church building project.

FUTURE DEVELOPMENT

The charity continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life-changing impact in society.

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THE REDEEMED CHRISTIAN CHURCH OF GOD("RCCG") PALACE OF GRACE

TRUSTEES' REPORT (Continued) FOR YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

The trustees are responsible for preparing the annual report and financial statements in accordance with applicable laws and United Kingdom Generally Accepted Accounting Practice.

Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements for each year which will 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:

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 Charity 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 irregularities.

The appended financial statements have been prepared on an accruals basis and have been examined by an independent examiner, whose report is also appended.

Approved by the Trustees on

and signed on their behalf by:

19/09/2025 Pastor Michael Ebhogiaye Trustee

19/09/2025 Mrs. Lauretta Abosede Onanuga Trustee

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the Trustees of RCCG PALACE OF GRACE

I report on the accounts of the above Charity for the year ended 31 December 2024 set out on pages 5 to 12

Respective responsibilities of trustees and independent examiner

The Charity's Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that independent examination is needed.

It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with general direction given by the Charity Commission.

An examination includes a 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 accounts, and seeking explanations from the 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 statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. Which gives me reasonable cause to believe that in any material respect the requirements -

  2. To keep accounting records in accordance with section 130 of the 2011 Act; and

  3. To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or

  4. To which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Firstcap Associates 27 Old Gloucester Street London WC1N 3AX

Adedapo Adesanya for Firstcap Associates

Date: 20 September 2025

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES

Notes
Incoming resources
Incoming resources from generated funds:
Voluntary Income:
3
Donations and Offerings
Activities for generating funds:
Total incoming resources
Resources Expended
Cost of generating funds
Costs of generating voluntary income
4
Charity activities
Governance and other support costs
5
Total resources expended
Net Income / expenditure before other
recognised gains or (losses)
Other recorgnised gains or (losses)
Directors' funding
Net movement in funds
Reconciliation of funds
Total funds brought forward
Transfer between funds
Balance written off
Total funds carried forward		 Unrestricted
Restricted
Funds
Funds
£
£
37,595
-		 2,024
2,023
Total
Total
Funds
Funds
£
£

37,595
28,479
37,595
-		 37,595
28,479
11,523
10,706
24,412
18,160
35,935
28,867
1,660
(387)
-
-
1,660
(387)
1,811
2,198
-
-
-
-
3,471
1,811

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

Name: Michael Ebhogiaye Sign:

Date: 19/09/2025

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

BALANCE SHEET AS AT 31 December 2024

Notes
Current Assets
Debtors
2
Cash at bank and in hand
Accruals
3
Net Current Assets
Total Net Assets
Unrestricted Funds
General funds
Directors' funding
Surplus for the year
Fund balances		 2024
£
1,000
2,471
3,471
-
3,471
3,471
1,811
1,660
3,471		 2023
£
-
2,409
2,409
(598)
1,811
1,811
2,198
(387)
1,811

`

Name: Michael Ebhogiaye

Signature:

Position: Chair of Trustees

Date: 19/09/2025

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(a) Accounting Convention

The Financial Statement has been prepared under the historical cost convention, in accordance with applicable UK Accounting Standards and also with the recommendations in the Statement Of Recommended Practice (SORP): Accounting and Reporting by Charities issued in March 2005.

The Charity has taken advantage of the exemption of Financial Reporting Standard no.1 from the requirements to produce a Cash Flow Statement on the ground that it qualifies as a small Charity applicable accounting standards and the Charities SORP (Statement Of Recommended Practice)

(b) Fund Accounting

General funds are unrestricted funds, which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Unrestricted funds may include a revaluation reserve representing the restatement of investment assets at market value where applicable. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

(c) Incoming Resources

Income is mainly from voluntary contributions from members of the Church and bank interest received which are included in the financial statements.

(d) Resources Expended

Expenditure is accounted for on an accrual basis and are classified under headings that aggregate all costs included related to the category on a consistent basis year to year. Management and administration costs are those incurred in connection with administration of the organisation and compliance with constitutional and statutory requirements.

(e) Tangible Fixed Assets and Depreciation

Fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided on all tangible fixed assets at rates calculated to write off cost over their expected useful lives as follows:

Freehold Building Furnitures, Fixtures and Fittings. Computers and Equipments

Straight line method 20% Straight line method 33% Straight line method

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RCCG PALACE OF GRACE

FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

3
Accruals
Loan to members
3
Accruals
Central Office
Others
4
Incoming Resources
Unrestricted
Funds
Tithes, Offering & Thanksgiving
31,861
Gift Aid
5,680
Bank Interest Received
54
37,595
5
Cost of generating funds in furtherance of
the charity's object:
Telephone & Telecommunications
Rent & Utilities
Church Outreach, Events & Hospitality
Training, Meetings & Conferences
Welfare Support
6
Management & Administration of Charity
Charitable Donations:
Central Office Fund
Church Running Expenses & Administration
Insurance
Travelling Expenses
Printing, Postage & Stationery
Accountancy Fees
Equipment leasing		 Restricted
Funds
-
-
-		 2024
£
1,000
1,000
2024
£
-
-
-
2024
£
31,861
5,680
54
37,595
2024
£
260
3,597
3,537
1,250
2,879
11,523
2024
£
6,173
8,254
251
1,026
443
350
7,915
24,412		 2023
£
-
-
2023
£
498
100
598
2023
£
24,460
3,980
39
- 28,479
2023
£
1,325
2,477
4,107
1,273
1,525
10,706
2023
£
4,515
6,551
243
1,250
243
250
5,009
18,060

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