THE REDEEMED CHRISTIAN CHURCH OF GOD- PRAISE CONNECTIONS End of Year Financial Statements th Year ending 30 November 2024
Contents harity Details and Trustees . Trustees. Reportfor the year ènded 30th November 2024................,.........,..........,....,...............,.......... Independent Examiner's Report to the Trustees and Members..,.....,,..,....,,....,,.........,,...,,..,.....,,....,,.... Slalement of Financial Activities foryear Ended 30th Novembar 2024....................................................... Balance sheet as of 30 November2024.........,....................,.....,.....,....................,....................,................ Notes to the Financial Statement for the year ended 30th November 2024,.... Summary ofAssels by Fund,......,...............,.....,...,,....,....,,...,.....,....,,,.........,....,.........,.....,...,,,.,.,.,.........,,.. Fund movement by type,,..,.,....,.,,.. .12 Analysis of income and expenditure,....,..........,....,..........,..........,.....,...............,...............................,.........13
RCCG- PRAISE CONNECTIONS Charlty Details and Trustees Charity No,. 114985? Trustees Solomon Sonubi Emmanuel Enlrayetan Gbeinisola Jegede Secretary Solomon Sonubi Registered Off ice 68, Nethan Drive Aveley South Ocl<endon Essex RM15 4RJ Accountants Solinx Global Account.ing Services Accountan t5 & Managerllerit Consu Itants Liberty House I, Clarks Road ICII l.UG Bankers HSBC Ban1( PIC Page 3
RCCG - PRAISE CONNEcri NS Trustees. Report for the year ended 30th November 2024 The Trus18es are delighted10 5ubmlt thelr report and accounts for the year ended 3Q November 2024 The Financial ststements have been prepared in accordance with the accoLJnling policies sel out on pages g and 10 and comply with the Statement of Recommended Pra1 ISORP20051, and any applicable law. Trustees The Trustees nam on pagè 3 have seNed throughout the year. Appolntment of Trus16Bs is governed by the Trusl Deed of the charity, The Board Df Trusteès is aulhorised tu appoint new Trustees to fill vacancies arising through rosionalion or daath of an existing Trustee. Investment Powers The Trustees have the authority bestowed on them by the Trust Deed lo make and hold investments using the charity's fund, bul no such investment are presently held. Constitution Ob'octives and Princi al Activities The objectives and principal activities Include the advancement ot Christian Faith Worldwide in ac(t)rdance the doctrine sel out In the SlalamoNI of faith and oth8r relalad activities sel out In the Trusteè Dgeds, such as the relief of povérty, etc. We alm lo restore family values and change lives through weekly sermons and leaching on Sundays and weekly Bible Study and Prayer meetings. Develo ment activities and achievements In the The Trustees are pleased to report that the charily in addiliorTr lo the weekly Sunday se]ce, the following achievements were made through other annual actlvlties organized by the Charity- Resldents In our local commLinity and suburbs were positively irnpacted through the annual Conferenfjes and Semlnsrs organized by the Charily in May 2024, the charity also organized Annual Praise Extreme MLISIC Festival for a15 you'ths In Ihg loc41 communities and suburbs. Through this music f851ival, we are able to Impact positive Christian values into the youths within OLir locality. The Charity al80 organized 8 vl8it to Glebe Housa Nurslng HOMÈ for thè Elderly in Ralnham, Essex, lo slng Chrlstmas Carol end distribute Christ18S gifts lo the residents. These activities attracted positive feedbacks from the residents. The charily also provided free counselling services (using professional counsellorsl to younger adults, Adults 8nd Iderly persons. The charity organpzed free essential skills training for the unemployed to help secure jobs ear Risk Mana ement The Tru8lees have assessed the major risks ID which the Charity is exposed, particularly those relating lo the operation and finan and are satisfied with the risk manasjemenl systems in plaLe lo mitigate any risk exposure. Future Dèvelo monts Tlie Trustees aims lo increase the activities of the Charity year in year out. The Trustees seek lo extend these aclivitios and are pursuing a number of programs to ei)able this lo happen. The eharity wffjll continue lo focus its activities lo meet ils set objective5. Page 4
Reserve Polic 11 is the poliry ol the Charity to mciinlain unrestricted funds al a level wliich provides sufficient funds to cover management and adminislralion and, support costs. Unreslricled funds are expected lo be maintsined al a level throughout the year, However, durlng the year under review, there were no resthcted funds In Ilie charity's books. Statement of Trustees. Res onsibilities Charity law requires the Governing Body ID prepare financial Statements for each tinanoal year in accordance with United Kingdom Generally A¢Geple(l Accounting Practice {United Kingdom Accounting Standards) and appllcable law. Undtsr charity law th& Goveming Body mu8t not approve Ihg ff nanclal statements unless It is satisfied that they give 8 tnje and falr view of Ilie slate of affairs of tho Charlty and of ils nel incoming or outgoing resources for that period. In preparing these fiiiancial slalements, the Goveming Bady is required to,, S8lect the most suitable atxounling policies and then apply Iham consislenlly. Make judgements and accounting eslimates Ihal are reasonable and prudent. Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the, financial statements., and Pr8pare the financi31 stalemènls on the golng concem basi8 unless it is inappropriala lo presuma that thé Charity will conlinue Iv opeiale. The Governing Body is responsible for keeping proper accounting records that are sufficient ID shc)w and explain the Charity,. tr8nsadions and disclose with reasonable accuracy al any lime the flnanoial position of the Charity and enable il lo 8nsure Ihal th8 finaiicial staloments comply with the Charities Act 2011. It is also r8sponsiblg ft)r safoguarding tho a%sets of Ihe Charity and ensuring their prop8r application und8r charity law and h&nc& for takiiig reasonable stops for the prevention and detection of frakjd and other irregularities. roval This report was approved by the Board of Tru51ees on the and signed on their behalf by.. Truslae.. Page 5
RCCG - PRAISE CONNECTIONS Independent Examiner's Report to the Trustees and Members We r8porl Dn the financial statements of th8 Charity lor tl)e year ended 30 November 2024 ivhich are sel out below, and notes to the financial slalemenis on pag8s 9 10 10. Res ective Res onsibilities of Trustees and Examiner As the Trustees, you are responsible for the preparation of the accounts. you consider that an 8udil is ng1 required for this year lunder section 4312) Df Ihe Charity Act 1993 {the Acl) and that independent examination is ne&d&d. It Is uur responsibility lo.. ExBmine Ihe account under section 43{3Xal of the Act. To follow the procedures lald down In the General Directions given by the Charity Commission (under section 43 [71 Ibl of Ihe Act., and lo state whethE4r particular matters have come to our allenlion, Basis of Inde endent Examiner's Re ort Our examination was carried out in a¢wrdan¢e qlh the General Directions given by the Charity Qlommissioner s. An examinatlon inciudes r6view of the accounting records kept by th8 Trustees and a comparlson of the accounts presented with those records.11 also includes consideralion of aiiy unusual il8ms or disdosures in the accounts and, seeking explanations from you as the Trustees concerning any such matters. The procedures undertaken do not provide all the evidènce that would be raquirad in an audit and consequently we do not express an audit opinion on the view given by the accounts. Inde endent Examlner's Statement In accorclancg with the examination, no m2tler has comg lo our attention whlch gives us reasonable Cause lo believe that in aiiy alerial respect that the requirements lo keep accounting records in accordancè wllh sectlon 41 of Ihe Act,. and lo prepare accounts which agree wllh the accounting records and lo comply with the accounting requirements of the Act have not been mel or lo whi¢li, in our opinion, atlenlion should be drawn in order lo enable a proper understanding of the accounts to be reached. SOLINX GLOBAL ACCOUNTING SER VICES. fAccountrJnts & Mono¥ement Consultants) Page 6
RCCG - PRAISE CONNECTIONS Statement of Financial Activities for Year Ended 30th November 2024 Unrestricted Funds (2024 Restricted Endowment (2024) fund5 fund5 Total fiiiids (2023) total funds Income and endowments from: Donations, legacies and other Income 2.366,990 2,366,990 885.080 Income from charitable activities Investments Othèr Incom Total income 482,241 482,241 221,270 2,849,231 2,849,231 1,108,350 Expendlture on: Expenditur8 on charitable activitie5 Donations to other charities Total expendilure 1,057,486 191 189 1,248,675 1,057,486 191,189 1,248,675 267,564 2,050 269,614 Gainsllosses on investment assets Net Incom& I18xp8ndltur81 resources before transfer 1,600,556 1,600,556 836,736 Transfers Gross transfers betwean funds - in Gross transfers batwoen funds - out Other recognlzed galns I losses Gains on revaluatlon, flxed assets, charity's own use Net movement In funds 1,600,556 1,600,556 836,736 Total funds brought forward 1,318,296 1,318,296 481,560 Total funds carried fOard 2,918,852 2,918,852 1,318,296 Ther8 were no recognized gains or1085es for the year other those Included In the statement of Financial Activities. Pcige 7
RCCG - PRAISE CONNECTIONS Balance sheet as of 30th November 2024 Class Descri tion 2024 2023 Flxed assets TV set Camping Canopy PA System Projector Storage trailer Computers & Laptops Muslcal Inslrumenls Multi-media Equipment Mini buses Prolactor Scrèèn Aluminum Church Pulplt DM Sel Instrument Speaker Trolley Total Fixed assets 3,318 1,266 7,910 1,376 4,219 1,688 10,547 1,835 90 12,926 8,712 9,207 11,222 9,694 S,534 35,324 56,250 3,154 4,206 275 64,926 124,826 Current assets Bank Balances Total assets 1,600,558 1,725.382 1,318,298 1,383,222 Represented by funds Unrestricted Designated Restricted Endowmènt Totsl 1,725,382 1,383,222 1,725,382 1,383,222 Trustee Member: Page 8
RCCG- PRAISE CONNECTIONS Notes to the Financial Statement for the year ended 30th November 2024 Accountin Policies Prin¢ipal accountlng pollcles The financlal slalemenl has been prepared under th8 hisloricsl cost convention and in accordanc& wilh thè Stslement Df R9comm8nded Practlco ISORP 20051, appllcable aecounting standards and the Charilios Act 1993. The Charity has taken advantage of the exemption in the Financial Reporting St<*ndard from the requirement lo produca a cashflow stat&ment on the ground that il qualifies 88 small charity. Fixecl as$ets and depreciation Tangible fixed assets for the year by the Charity are slated at cost less depreciation, wrttten off on a slraighl-line basi5. Oeprecialion is provided al rates calculated to write off the cost or valuation of fixed assets,. Furniture, Fitlino & Equipment 25Y Incoming Resources These are income from Offerings, Ttthes, Donations. Gills ald elc, Charltable Trading In¢omo There is no inme genorated from any Charitablo trading during Ihls period. Taxatlon The ¢h8rity has rèceived tharilable 8x@mption under Sèction 505 cjf the Income and CA)rporalion Taxe5 Acl 1998. Value Added Tax IVA TI Value Added Tax is not rec.overable by the Charity and as ovuch not indL4ded in the relevanl cost in the Statement of Financial Activities. Expenditura Expenditur8 is included in th8 financi81 statomenl DN an accrual basis. Grant, donation, and gtfts receivable for the general purpose of th@ Charity are cr8di.led lo the Statement ol Financial Activities ISOFAI in the year they are received. Page 9
RCCG - PRAISE CONNECTI NS Contlnuation of Notes to the Financlal Statements for Ihe year endéd 30th November 2022 Resources oxpended include those charitable expenditures which are tliose costs incurred by Ilie charity in the deliverance of Ils aclivilies and servicgs. It indud6s both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support tliem. Unrestrlcted General Fund- comprising Funds which can be us8d in accordanca uvith the ch8rildble obj9cls al the discretion of the Trustees. Re$trf¢led Funds-Re8tricted funds are funds which can only be used for the specific purpose as18id out by the donor. Expeiiofilure which meets this criterion is Identtfied to the fund, tog61her with a fair allocation of overheads cost. -Fhere were no raslriclgd lunds during the year. Page 10
Summary of Assets by Fund Generlll Desl iiated Restricted Eiidoivment 2024 2023 Flxed assets- Intangible as¥et8 TVs81- 3,318 3,318 4,219 Camping Canopy- 1,266 4,584 1,266 4,S84 Totals 5,907 Flxgd assots . Tanglbl@ assets PA Syslom . Projector- Storage traller- Computers & Lapfrops - Musical Instrurnents- Multi-media Equipment- Minibus Drum Sel Inslrumenl. Spgakar Trollgy- 7.910 1378 7,910 1376 10,547 1,835 90 12,926 8.712 9,207 11,222 4,206 275 64,926 9,694 6,534 35,324 56,250 3,154 9,694 6,534 35,324 56,250 3,154 Totals 124,826 124,826 Current assots . Cash at bank and in hand Bank Balances- 1,600,556 1,725,382 1,600,556 1,725,382 1,318,296 1,383,222 Total$ Grand total 1,725,382 1,725,382 1,383,222 Pagg 11
Fund movement by type enin IncomiAI Oiit oin Transfers Gainsllosses Closiii Building - Building Fund UnreslriGte 1216,368 1,216,368 1,216,368 1,216,368 Sub-total for Building General . General fund Unreslrlcted 1,318,296 1,318,296 1,632,863 1,248,675 2,849,231 11,248,675) 1,118,315 2.9Ya,852 SU£018[ for Gengral Revaluatlon reserves Designated sub.total for Revaluation Grand total 1 318 296 2,849 231 1248 675 2,918,852 Page 12
Analysis of income and expenditure Total Unrestricted Desi iiated Restricted End0Tlent 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacies Tithe and Offerings Thanksglving donations Donations towards buildings 800,000 550,622 1,216,368 2,366,990 600,000 550,622 1,216,368 2,366,990 500,000 156,350 450,000 1,106,350 Totsl Income from charitablo actlvltlas Donation to Church building including Gift Aid Receivad from HMRC Charfties 482,241 482.241 221,270 Total 2,849,231 2,849,231 1,327,620 Investments Income from Other Investments Total Other income PR108 - Loan R8payment received Donations towards Rotreat Total INCOME TOTAL 2,849,231 2,849,231 1,327,620 Page IS
EXPENDITURE Expenditure on charitsble activities 2024 Expenditure on charitable activities PR2001 Minister's Stipend and Expenses PR2002 - Other Ministry staff Costs PR2003 - Rent-Hall for church Services PR2004- Other Local Costs PR2005- Publicity PR2006- Staffs Training and Education PR2007- Accountancy Fee PR2008 - Stationeries and Prrnling PR3001 Donations to oth8r Missions and Charitie PR4001- Assets Repairs and Maintenance PR4002 - Assets Depreciation PR4003- Insurances PR4004- Assets Flnancè Expenditure on charitable activities Totals Other expenditure PR2009- Software and IT PR2010 - Accommodation and Travel PR5001 - Loan to Other Charitlès PR6001 PA & Multi- Media System Accessories PR6010 - Bank Charges other expenditure Totals Expenditure Grand Totals 2024 2023 46,645 46,645 14,150 69,171 69,171 31,713 53,458 53,458 2,970 433,784. 752 433,784. 752 105,887 5,996 7,600 7,600 14,866 2.150 1,000 1,000 27,172 27,172 2,864 233,880 233,880 2,050 22,837 22,837 1 ,700 20,410 15,719 125,052 20,410 15,719 125,052 21,642 1,572 1,159.66 1,057,486 1,057,486.04 207,560 736 736 1,172 169,955 169,955 59,710 20,000 497 191,189 1,248,675 20,000 497 191,189 1,248,675 1,000 172 62,054 269,614 Page 14
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