THE REDEEMED CHRISTIAN CHURCH OF GOD- PRAISE CONNECTIONS End of Year Financial Statements th Year ending 30 November 2023
Contents Ch8ri1y Details ane Tru51ees....................... Truste6s' Report for thè ytyar ended 301h NovembEI 2023.................................. Iiidepeiident Examiner's Rcport to thè Trustees and Membors.........................._. Slalen)enl of Financial Actlvities lor Year Ended 30th November 2023.............-.......................................,. B&lance sheet as of 30th November 2022 Noltrs lo the FinGnci21 StaleneNt lor the year ended 30th November 2023................................................. Summary ofAssels by Fund............... Fund movement by type.................................-...-..................................... Analysis of income and expenditu.. .12
RCCG- PRAISE CONNEcfioNS Charity Details and Trustees Cl)arity No: 149852 Trustees Solomon Sonubi EmmanLtrÈI -nirayÈtan Gbemisola JeEede Secretary Solornon 5onubi Re¢lstered Ofllce 68. Nethan Drive Aveley South Ockendon Essex RM15 4FU Accguntants Solinx Global Accounting Services Accountan'.s & Management Consultants Liber¥y House l. Clarks Road IGI IUG Bankers HSBC Bank PIC Page 3
RCCC7- PRAISE CONNEcfioNS Trustees, Report for the year ended 30th November 2023 The. Trustees are d81ighlecl to 5ubmtt their repori and accDunls forthe yearendd 30 Novembei 2023 The Financi81 statetne-,ts have been orepared in acwrdanca wlh the a¢U.-tin9 policEs sel o. l on pagcs 9 and 10 3nd cotnply With the Statement of Recommended PracliiÉ (SORP25), and any appli(able law. Trustees The Ttus-.ees narTred on page 3 -8ve serve{3 througmL tie y88'. Appoiritrnent of Tiusiees k5 govemed by the Trust Deed of Ilie charity. he BrI of TNslees is aultM)rised to apInt to fill va¢>ncies arising through resignat1) or de.ath of Bn exk81ing Trustee. Investment Powers The Trustees have the authority besttiYI on thern by the Trust De& to rnakB and trw)Id InveslThnts using the charitys fund, but no such Investment are presently hdd. Constitution Ob'ectives and PrEnci al Actlvities The oblectries and prinop8." acbvit'es l-.:duoe Ihe }VariCeTnt of Chwi5tia) Worfdwide in acwrd8nce hmth thè dodrine set out In the Statement of fw'kh 8nd Olhu reIed acti1 set oul in the TfUSt suth as th8 rel01 poverty, etc. We aim to tore famity wJlues and ch8nge INes Ihrough Eekly Serr[$ and leaching on Sundays and weekly Bible Study and Prayer meglings. Develo ment actlvities and achievements In the ear Tn8 TrusL68S are pleased to repork +hat iqe ¢Mari'.y in d1-h)n to."l)e fekly Sunday Ser%qce. thefollowng achievements werè m8d8 through other annual actrv lies ory8-. Yie¢ ty the Cyarity.. Resid8nls in our IoGg1 community and suburb5 were pos¢ve 1rnpac through tr8 annual (feren5 anif Seminars organized by L4e ChaNly in Apil 2023.'the (87ty d50 organiz& Annud Praise ExtretrÉ Music F&stp1 for all youths in the h)cal communitie5 and 5ulyJrb5. Thn)ugh this mL1t fesiNal. we are ablo to Impact positive Christvan values :.nto the youths wthin our klty. Thg Charity 8Lso organized a ¥Asit lo Glebe House Nutsing Fh)me forthe Eldety in R8inh3tn, Essex, to sing Chrfslmas Card and distrite ChrtmaS grfEs'.o li $1$. These attracted positNe feYbJcks from the residents. The charv.y provided free G)unselling serwces lusing pfeSsI)nal ctunsdlorsl to yoynger adul:s, Adults and Elderly persons. Risk Mana ement The Trustees h8vg assessgd the fflaN)r risk5 to the Charity exposed. garti(yJlarly those ielating to the operatlon and .financ£ and ar8 SatSfi 1th Ihe rk mawen*nt in pla to Mat? any rsk exposure. Future Davelo ments The Trustees a'm5 to inuga5e the gclfvi'ies o'b the Charity year in yearout. Tho Trust seek to extend Ihe5e athitie5 and are ?ur5uin9 a number of prtjgrarns to enable this to hapw. The charity wlll (x)rrtiriU8 to focus its activit% to meet rts set oblte$. Page 4
Reserve Polic 11 15 the poliw of the Charity lo mainl8in unrestricted fL,[S 21 a level ythich Drowde5 SLrttioent funds to mver rnan8oetrEnl and adminislralion and. support costs. iinr&slricled fur5 'e expeded lo be mciniai-.ed al a levd throughout th&year. However. durin9 Ihe year under revi8W, ther& weie ) rtsiricied funds ifi Ihe tnarity's DKS. Statement of Truslees, Re5 onsibilities Charity law reouire5 the Governing Body Ic ppere finanual ststgnients for each finanoal ye8f in actord?n¢e th Unit¢d Kingdom Genera'.ty Accepted Accountln9 Praciice Iuriited King(kntn Accounl".ng S18nd8.'csl appl cablp law. Under tharity law the Coveming Body rnu5t f%)t approve the financol slatements unle55 11 B saIrIed that they give a true and fair view of the slate ot affairs of',he Chority G.-.(S o. its net ino)ming or outgoing oso.f¢ÈS'or I'"21 period. In PparIng the6e fill8nu81 stslements. Ihe Goveming Body required io: Select th8 tnost sutÈable a(Munbffj policies and then apply thetn u)nsistty. Make jLdoements and a¢unting iim8le5 thèl a wsonatAe and prudent. Slate whether applIble acctsuniiryj siadarts have be follcwed. subject lo any fflaterial departures dis¢105ed and explained in the finenual SiateThnts.' and Prepa financwl statements on the going a)ncem basis unless11 is inapproprfate to pr&surne th81 the Charity will continue to operate. The )Vei Body is respK>ll5iblefor keeplThJ propw acry)unJng YrdS Ihal are sufficient to 5howand explain th8 Chaty,5 trans*ions and di5C.'05e rea5(?bae accuracy 8t 8ny iirne finawal posit'on of the Chèriiy and enable it to ensure thal the financial steterne.its cotnpty wilh the Ctriartbes Ad 20 11. It a150 wponsible for s8feguaiding the ass815 of Ihe Ch£rity and ensuring their FToper applicatn unoer char.ty and henrEfor ts1 reasonab Steps for the prevenlion and d8t6ction olfravd and olhu Irregularit$. roval This r8POrt was approved bylhe Board OfTnk$ on the 3fKJ 5kJned on Iheir behalf by.. Tru8t88'. Page 5
RCCG- PRAISE CONNECTIONS Independen(. Examiner's Report to the Trustees and Meinbers Wo repTh i on Ihe fInCIal slalÈFfiÈnts Jl the ftk-ai-eiyfcr year ertr 3Q Novenibèr 2023 wh.(. are sel oul bolow. and 110tes lo the financial statements oli pages 9 to fjo. Res oclive Res onsibilities of Trustee% and Examiner As thÉ Trustees, you responsible furlhe preparation of the ac¢xunls. you nSider tha( an 8udit is not requir1 for thi8 year (under sethon 43(21 of the Charity AL11993 Ilhe Adl and Ihal independent exaiiiinalion is needed. It IS OLII $nsibilItY lo. Ex8mino Ihe 8ccounl under s00 4313Xal of the Act. To follow the preduleS laid in the Genefal Diredions by the Charrty C<)mm&sion (under section 4317} Ibl of the Act,. and to slate whether particular mattets Mave cy)rrt to our attention. Basis of Indo endent Examinerfs Re Our examinatv)n was carried out in ac0)rean the Geierd r.}-.S gNen by tre Charity Commissioner $. An examln8tk)n n¢luces review of the accountiffj records kept by tr.e Ttuslees ané è comparison of the accx)unts pseIe wth Ihose records. It also includes nseratI0r, of aiy unUual-.ter er e sdosures in itr.e èccnunts and, seekin9 exJl?nalions from you as the Trustees concErning any such m8tlers. The prOreS unde:.tsken th) prowde all the evidenc£ tliat would be required in an audit and consequenb'y do rK)l express an audit opinh)n cxi the VMY given by the acUnts. ort Indo endgnl Examinerfs Statemont In accord2n with I.e exam n07% ro matter ha5 come to (xjr atelltn whith gives us reasonable xuse-.o believe that in any maeri31 respect that the rUlentS lo keep ac(x)unting re(xyds in &(x)rd8nce thrflh sorn 4 1 of the Act., and to prepare accounts wliich agoe wilh the coUnTrJ recorts aw io ry)mply wth the awun'Jr,g quirerien1s of the Act have nol been mel or to whkh. In our opinion. atlerrtion s,iould draw)":n o",der lo enable a prope., und¥sl?ndinq of the aGcounls to be reached. SOLINX GLOBAL ACCOUNTING SERVICES. (Accountants & mufr7agefr7lt Consuttontsl Page 6
RCCG - PRAISE CONNEcfioNS StatemeNI of Financial Activities foi" Year Ended 30th November 2023 Unrestricted Fiinds 10?3} Restricted Ei ndovrfnicnl fuiids (20231 1.olal t'iijids (2022) Income and endowments from: Donations, legacies and other Income 885,080 885,oeo 470,957 Incomp from cli8Titable activities Investments Other income Total income 221,270 221.270 119,739 141 590,837 1.106.350 1,106,350 Expendlture on: Exp8ndiluTe on Charitable 8¢t1V&S Don8tioTrs lo other Gharilies Total èxpénditurè 267,564 2.050 269.614 267,5 2,050 2e9,614 131,814 250,684 382,498 Gainsllosse5 on investment assets Nèt income I lexpendlturel resources befor* trdn5fer 836.736 836,738 208,339 Transfers Gross transfers between funds- in Gross trdnsfers between funds- out Other recognlzed galns I losses Gains on revaluation, fixed 8ssets, Charyty's own use Nel movement In fund5 836,736 836,736 208,339 Totsl funds brought fornfard 481,560 481,560 273,221 Total funds carrled forward 1.318296 1,318,296 481,560 Thgre wore no recognized gains or105ses for the year other those Included in the statement of Financlal Actlvltles. Page 7
RCCG- PRAISE CONNECTIONS Balance sheet as of 30th November 2023 Cla&s Deseri tioii 2023 2022 Flxed assets TV set 4,219 5,625 Camping Canopy PA System Proj8cior Storage trailer Computers & Laptops Musical In5trbments Multi-media Equipment Minibus Projector Sueen Alutninum Church Pulpti Dnjm Set Instrument Spe3kerTrolley Total Fixed assets 1,688 10,547 1,835 9D 12,926 8,712 9,207 11,222 2,250 14.063 2,447 120 17,235 11,616 12,276 14,962 4,206 275 64,926 5,6D8 366 86,$68 urrent assets Bank 88lances Total currorrt as$•ts 1318,296 1,383,222 481,560 568,121J ReseNes Excess I Ideficitl to date Startiny balances Total Reserves 836,736 481,560 1,318,296 208,339 273.221 481,560 Represented by funds Unrestricted Designated Restricled Endowment Total 1,318,296 481.560 1.318,296 481,560 Trustee Member= On:S Page 8
RCCG- PRAISE CONNECTIONS Notes to the Financial Statement for the year ended 30th November 2023 Ac.countin Policies Principal 3CCOUntlng policies The finaneia,, ¥.aleMent has beejl PFepared undei the hislorical u)51 (x>nvenlion and in ac£D[dan with Ihe Statstnent ol Recotntnenkned Practice ISORF 21KJ51, 5?pI,'hle a(xx)unling sland81-dE a-, d Ilie Ctr.èrilies Act" 993. The Charity -as taKW ¥antaSe of the exemption in i-.e FinarKi(i RekK)rtiro Slandard from the requirement lo produce a ¢ashlow stalemenl on the grourid that It qualffies as small chanty Fixed 8ssets and depreclation TanGible fixed assets for Ihe year by the Charity are slated al oJst deprecllglion. vffttlen off on a str8ight-line b8SiS. DepreCjatn is provKled & rates calcvlaleit 10 wrtte off the st or valualKin Df fixed a55els'. Furniture. Fitbng & EquipffEnl 25% Incomlng Resource5 These are ino)me trom offer1r, rth. t*)nalton$. Gffls aid etG Charitable Tradirtg Ineome There Is no in(ome gener8te(S Irorn any CharItae trading éurirMJ Ihts period. Taxatlon Th8 charity has received charitabl& 8x8mption undeT SeclK)n 505 of ihe IrKx)rn8 8nd Corpordtion Taxes Act 1998. Value Added Tax (VAT) V?I'Je Added Tax is not reix)verable by the Charty and as noi in tho Td8vant (x)st in the Staternent of Financial Aclivilies. Expenditure Exp8ndilure 15 indud8d in th&fin881 ststem8nl on an AXUal bas. G,.anl, dona(kJn, and grfis re1vable for thÈ general purrx)se of the Chariw ar8 credited to the Statem8nt of Financial Actwities ISOFAI in tho year they are red. Page 9
RCCG- PRAISE CONNECTIONS Cotltlnuation of Notes to the Finanrial Statement5 forthe year pnded 30th November 2022 Resol1r exPenE indude Ih05e charrfable expenditvres thich gr8 tIK)5e (15 inwrred tyltte ch8rily in th8 deliver3nce Df ils aclivibes services. It ncludes both costs that Can be 811gCat8d dire( 10 such and th)se costs of an indi1 naluie nesSary to support them. Unre$tri¢ted Gefttral Fun& Compr1ng Funts (xrb be used in am)rd3nce wlh tho tharrtab objects at Ihe d15cre".ion of the Tru5tee5. R¢$trlcted Funds-Restrided fud5 a whid) can only be used forthe SDe(ific puipose as12id out by the donor. Exp9nOiture whth meets thts criterion ks ioentI5eo to the knnd. tog&1rVth a fair 211(Kalon of overhead8 Cost. There te t triCt funds duriro th8 year. Page 10
Summary of Assets by Fund Gen¢ral Desi tiated Restrkcted Ei Jidoii'nieiit 2Q23 2Q22 Fixèd assets. Intangle assets TVs$l- 4,219 4,219 1,688 5,907 5,625 2,250 CaMng Canopy- Totals 5.907 Flxod assets. Tangible asséts PA System- Projector storage Ir8iler- Computers & Laptops- Musltal |ps'.rurnerls Mulli-Medi8 Equlpm8nt- Minibus Dwm Set Instrum8nt- Speaker froll8y- 10,547 1.835 90 12,926 8.712 9,207 11,222 42 275 10,547 1,835 90 12,926 8,712 9,207 11,222 4,206 275 84,926 14,063 2,447 120 17,235 11,616 12,27S 14,962 5,608 366 86,568 Totals Current ass81s- Cash yt bank and in hand Bank Baknces- 1 318296 1,383322 1 318296 1,383,222 481,560 568,128 Totals Grarnd lotal 1 383,222 568,128 Poge 11
Fund movement by type eiiin IDCOillili Out oin Trjiisfers GakIisAo¥ses Closiii Buildlng. Bullding Fund Unr&lriclÉd 450.000 450,000 450,000 450,000 Sub-total tor Bulldlng General- General funfl Unrestricted 48".,560 481,560 26a614 {269,6141 888,296 1.318.296 8ub40tal for General 1,106,350 fievalvatlon roserves Desionale 5uts.t¢>tal lor REvaluation Grand total 481,560 1,106350 269 614 3,318,296 Prtge 12
Analysis of income and expenditure ni'estricted Desi EEaied Resriicted Eiidoii'ii)eiiÉ T]LÉ ear Lag( INCOME AND ENDOWMENTS Donatlons and legacie5 Tithe and Offerings Thanksgiving doyations Donations tDwards buildings 500.WO 156.350 450,000 400,141 7D,957 156,350 Total 1,106,350 471.098 Income from charitable activities Donation lo Church building includiThJ Gift Aid Received trom HMRC Charities 221.270 221,270 fj19,739 Total 1,327.620 1,327,820 590,837 Investments Income from Other Investments Total Other income PRI 08- Loan Repayment r8ceN6(1 Donations towards Rgtr8al Total INCOME TOTAL 1,327,620 1,327,620 $40,071 Page J3
EXPENOITURE Expenditure on charttable actlvitles Minislei s Stipend Expenses Otlier Ministry S'.aff Cosu Renl-Hall lor church S?tvices Other Local Costs including others Professional Fe8 Publicity and Enlertai-.ment Staffs Training and Education AcGovnl8nry Fee includlng gift Aid processing Stationeries and Printir Dc>n8tion8 lo Other Missions and Charitio Assets Repairs and Maintenance Assets Depffciation Insur&nces 2023 14,150 31,713 2.970 105,887 5,996 14,866 2.15CI 2.864 2023 14,150 31,713 2.970 105.867 2022 22,360 16,520 12,430 56,478 25,912 12,141 10,850 1,400 5,996 14.866 2,150 2,864 2,050 1,700 21.642 1,572 207,500 2,050 1,700 21,642 1,572 207.560 30.850 18,694 38,473 Totsl 250.fj84 Other expenditure PFQOOg - Soffv¢are and IT PR2010- Acccmmodation and Trdvel PR5001 Loan to Other Charities PR6001 - PA & Multi-media System Accessories PR6010 . Bank Ch8rges 1.172 59,710 1,172 59.710 49,300 52,490 1.000 29,650 172 62,054 269,614 172 374 131814 382.498 Total EXPENDITURE GRANO TOTAL 269.614 Page 14