ACE AccouNrAhrys AGOOLtGI vbcy serJiGes, Tax Q VLGI FLVLGI b/LCia L Covb£kLtGI VLt Mr Yomi Awosola 100 River View Grays Essex RM16 4BA The Redeemed Christian Church OF God, Jesus People 13 August 2024 Dear Mr Yomi Awosola, Accounts for Period ended 31/12/2023 Please find attached final accounts for The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) for the period ended 31/12/2023 [including filleted/abbreviated accounts if appropriate]. Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office. Please do not hesitate to contact us if you have any queries. Yours sincerely, LUKMON OGUNBADEJO Two Ace Accountants - A Division of Two Ace Investment Limited 11 Anglia Way9 South Ockendon, Essex, RM15 5FN, United Kingdom Phone: 01708921404, 07984861868 Email: info@twoaceaccountants.com Web: }vV.twoaCe2cc0UnÉatS.cOM Company Registration No. 8417299
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Charity No. 1154692 Company No. 08771996 Trustees, Report and Unaudited Accounts 31 December 2023
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Summary Income and Expenditure Account Balance Sheet Statement of Cash flows Notes to the Accounts Detailed Statement of Financial Activities 8toll Page I
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Trustees Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 08771996 Charity No. 1154692 Principal Office 100 River View Grays Essex RM16 4BA Registered Office 100 River View Grays Essex RM16 4BA Directors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: Adenike Akinlotan Yomi Awosola Trustee for the charity in holding title to charity property Olanrewaju Olukayode Tajudeen Salami Nelson Olusegun Okesola Adenike Mojirade Oyinade Akinlotan Florence Taiwo Jawo Accountants TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON RM15 5FN The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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. Page 2
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Trustees Annual Report The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf of the board Yomi Awosola Minister In Charge 07 August 2024 Page 3
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Independent Examiners Report Independent Examiner's Report to the trustees of The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) I report to the charity trustees on my examination of the financial statements of The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that: accounting records were not kept in accordance with section 386 of the 2006 Act ' or the financial statements do not accord with those records. or the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance with the Charities SORP (FRS 102). 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 financial statements to be reached. Lukmon Bola Ogunbadejo Institute of Financial Accountants - FCA/AFA TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON RM15 5FN 07 August 2024 Page 4
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Statement of Financial Activities for the year ended 31 December 2023 Unrestricted funds Total funds Total funds 2023 2023 2022 Notes Income and endowments from: Donations and legacies 62,451 62,451 68,598 Total 62,451 62,451 68,598 Expenditure on: Charitable activities Other 26,100 44,318 26,100 44,318 22,499 36,104 Total 70,418 70,418 58,603 Net gains on investments Net (expenditure)/income Transfers between funds (7,967) (7,967) 9,995 Net (expenditure)/income before other gains/(losses) (7,967) (7,967) 9,995 Other gains and losses Net movement in funds (7,967) (7,967) 9,995 Reconciliation of funds: Total funds brought forward 102,880 102,880 92,885 Total funds carried forward 94,913 94,913 102,880 Page 5
The Redeemed Christian Church OF God. Jesus People Parish (north Woolwich) Summary Income and Expenditure Account for the year ended 31 December 2023 2023 2022 Income 62,451 68,598 Gross income for the year Expenditure 62,451 68,598 69,722 57,660 Depreciation and charges for impairment of fixed assets 696 943 Total expenditure for the year Net (expenditure)/income for the year 70,418 58,603 (7,967) 9,995 Net (expenditure )/income for the year (7,967) 9,995 Page 6
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Balance Sheet at 31 December 2023 Company No. 08771996 Notes 2023 2022 Fixed assets Tangible assets 2,087 2,087 2,783 2,783 Current assets Cash at bank and in hand 92,826 92,826 92,826 100,097 100,097 100,097 Net current assets Total assets less current liabilities 94,913 102,880 Net assets excluding pension asset or liability 94,913 102,880 Total net assets 94,913 102,880 The funds of the charity Restricted funds Unrestricted funds General funds Designated funds 10 10 102,880 {7,967) 94,913 102,880 102,880 Reserves 10 Total funds 94,913 102,880 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 07 August 2024 And signed on its behalf by: Yomi Awosola Minister In Charge 07 August 2024 Page 7
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Statement of Cash flows for the year ended 31 December 2023 2023 2022 Cash flows from operating artivities Net (expenditure)/income per Statement of Financial Activities (7,967) 9,995 Adjustments for: Depreciation of property, plant and equipment 696 943 Net cash (used in)/provided by operating activities (7,271) 10,938 Net cash from investing activities Net cash from financing activities Net (decrease)/increase in cash and cash equivalents (7,271) 10,938 Cash and cash equivalents at the beginning of the year 100,097 89,159 Cash and cash equivalents at the end of the year 92,826 100,097 Components of cash and cash equivalents Cash and bank balances 92,826 100,097 92,826 100,097 Page 8
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Notes to the Accounts for the year ended 31 December 2023 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on investment assets This includes any gain or loss on the sale of investments. Page 9
Prepayments are valued at the amount prepaid net of any tra Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Iscounts ue. Page 10
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Receipt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. Page 11
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Notes to the Accounts 3 Statement of Financial Activities ~ prior year Unrestricted funds Total funds 2022 2022 Income and endowments from: Donations and legacies 68,598 68,598 Tota I 68,598 68,598 Expenditure on: Charitable activities 22,499 22,499 36,104 Other 36,104 Total 58,603 58,603 Net income 9,995 9,995 Net income before other gains/(losses) Other gains and losses: Net movement in funds 9,995 9,995 9,995 9,995 Reconciliation of funds: Total funds brought forward Total funds carried forward 92,885 92,885 102,880 102,880 4 Income from donations and legacies Unrestricted Total Total 2023 2022 Tithe and Offering 62,451 62,451 62,451 62,451 68,598 68,598 5 Expenditure on charitable activities Unrestricted Total Total 2023 2022 Expenditure on charitable activities RCCG WEM World Evangelism RCCG Central Office and Festival of Life Mission 2,200 2,200 3,551 1,582 1,582 9,702 Support Other Mission Support Governance costs 22,318 22,318 9,246 26,100 26,100 22,499 Page 12
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Notes to the Accounts 6 Other expenditure Unrestricted Total Total 2023 2022 Employee costs Motor and travel costs 7,986 1,363 13,331 7,986 1,363 13,331 1,080 Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 14,110 696 696 943 19,692 1,250 44,318 19,692 1,250 44,318 19,221 750 Legal and professional costs 36,104 7 Net (expenditure)/income before transfers 2023 2022 This is stated after charging: Depreciation of owned fixed assets 8 Staff costs No employee received emoluments in excess of £60,000. 696 943 9 Tangible fixed assets Cost or revaluation At l January 2023 At 31 December 2023 Depreciation and impairment At l January 2023 Depreciation charge for the year At 31 December 2023 17,689 17,689 17,689 17,689 14,906 14,906 696 696 15,602 15,602 Net book values At 31 December 2023 At 31 December 2022 2,087 2,783 2,087 2,783 Page 13
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Notes to the Accounts 10 Movement in funds Incoming resources At31 (including other At l January gains/losses 2023 Resources December 2023 expended Restricted funds: Unrestricted funds: General funds 102,880 102,880 Designated funds: Donations and Incoming Resources 62,451 (70,418) (70,418) (7,967) Total 62,451 (7,967) Total funds 102,880 62,451 (70,418) 94,913 Purposes and restrictions in relation to the funds: Designated funds: Donations and Incoming Resources To be used for Charitable Activities 11 Analysis of net assets between funds Unrestricted funds Total Fixed assets 2,087 92,826 94,913 2,087 92,826 94,913 Net current assets 12 Reconciliation of net debt At31 At l January 2023 December 2023 Cash flows Cash and cash equivalents 100,097 100,097 (7,271) (7,271) 92,826 92,826 Net debt 100,097 (7,271) 92,826 13 Related party disclosures Controlling party The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 14
The Redeemed Christian Church OF God, Jesus People Parish (north Woolwich) Detailed Statement of Financial Activities for the year ended 31 December 2023 Unrestricted funds 2023 Total funds Total funds 2023 2022 Income and endowments from: Donations and legacies Tithe and Offering 62,451 62,451 62,451 62,451 68,598 68,598 Total income and endowments 62,451 62,451 68,598 Expenditure on: Charitable activities RCCG WEM World Evangelism RCCG Central Office and Festival of Life Mission Support Other Mission Support 2,200 2,200 3,551 1,582 1,582 9,702 22,318 26,100 22,318 26,100 9,246 22,499 Total of expenditure on charitable activities 26,100 26,100 22,499 Employee costs Staff training Welfare 2,693 5,293 7,986 2,693 5,293 7,986 1,080 1,080 Motor and travel costs Vehicles - Leasing and hire costs 1,363 1,363 1,363 1,363 Premises costs Rent 13,331 13,331 13,331 13,331 14,110 14,110 General administrative costs, including depreciation and amortisation Depreciation of Equipment repairs and maintenance 696 696 943 16,430 16,430 11,406 Mission and Evangelism Sundry expenses Telephone, fax and broadband 1,106 87 1,106 87 5,934 1,881 20,164 2,069 20,388 2,069 20,388 Legal and professional costs Accountancy and bookkeeping 1,250 1,250 1,250 1,250 750 750 Total of expenditure of other costs Total expenditure 44,318 44,318 36,104 70,418 70,418 58,603 Page 15
The Redeemed Christian Church OF God. Jesus People Parish (north Woolwich) Detailed Statement of Financial Activities Net gains on investments Net (expenditure)/income (7,967) (7,967) 9,995 Net (expenditure)/income before other gains/(losses) Other Gains (7,967) (7,967) 9,995 Net movement in funds (7,967) (7,967) 9,995 Reconciliation of funds: Total funds brought forward 102,880 102,880 92,885 Total funds carried forward 94,913 94,913 102,880 Page 16