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2023-12-31-accounts

Charity Registration No. 1154805 Company Incorporation No. 08777951

THE REDEEMED CHRISTIAN CHURCH OF GOD THE KINGS SANCTUARY

Report & Financial Statement for the year ended

31 December 2023

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY Year ended 31 December 2023

REPORT AND FINANCIAL STATEMENTS
PAGE
CONTENTS
REPORT OF THE BOARD & STATEMENT OF BOARD'S RESPONSIBLITIES 2-4
INDEPENDENT EXAMINER'S REPORT 5
STATEMENT OF FINANCIAL ACTIVITIES 6
BALANCE SHEET 7-8
NOTES TO THE FINANCIAL STATEMENT 9-11

1

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY Year ended 31 December 2023

Reference and Administrative Details

Report of the Trustees

The trustees have the pleasure of presenting their annual report and financial statement of Redeemed Christian Church of God - The Kings Sanctuary for the year ended 31 December 2023. The trustees confirm that the annual report complies with the statutory requirements of the Charities Act 2011 and , the church's governing document and FRE 102 (SORP) for Charities.

BOARD MEMBERS, OFFICERS, ADVISERS AND BANKERS

General Overseer

Pastor E A Adeboye

Board of Trustees

Ms Tracy Gilbert Mrs Oluwakemi O. Awosika Pastor Festus Azaka

Pastor In Charge

Pastor Helen Ronke Azaka

Principal Address

Flat 21, Bordeaux House 1 Luxembourg Mews London E15 1SD

Accountants

Da-Silva and Associates Limited Chartered Certified Accountants 14 Farm Close Dagenham RM10 9TX

Bankers

Lloyds Bank Plc Barclays Bank Plc Natwest

Statutory Registration

Charity Number: 1151877 CompanyNumber: 08470482

2

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY Year ended 31 December 2023

Report of the Trustees (Contd)

Principal activities

The charity's principal activity during the year continued to be the advancement of the Christian faith worldwide in accordance with the doctrine set out in the Statement of faith of our trust deed and the relief of poverty to those at risk in the general public.

Organisation structure, governance and management

RCCG The Kings Sanctuary is a Company in England and Wales since 15th November 2013 and also a registered charity in United Kingdom since 29th November 2013. The overall control of the charity is the responsibility of the board of trustees were adopted by a Memorandum of Association dated 15th Nov-13

The pastor in charge is responsible for the day to day activities of the charity. The pastor liases with the board of trustees, when they meet to review the activities of the organisation.

Related party relationship

RCCG The Kings Sanctuary is a member of the Redeemed Christian Church of God (RCCG), which has parishes in the UK and Worldwide. This relationship is governed by an article of common purposes. RCCG The Kings Sanctuary make regular contributions for RCCG UK for it's annual activities.

Risk management

The trustees have assessed the major risks to which the church is exposed to, in particular those relating to it's internal control, it's operations and finances of the church and are satisfied that systems are in place to mitigate exposure to any major risks.But these are constantly being reviewed for improvement.

Reserve Policy

RCCG The Kings Sanctuary ensures that a reservation of at least one month of the fixed operational costs are maintained at all times, to safeguard against unforseen contigencies.

Grant Making Policy

RCCG The Kings Sanctuary make regular contibutions to the RCCG World evengelical, RCCG Central office fund, Festival of life amongst others; in fulfilment of it's obligations. The Charity also make donations to other Charities within the UK, in line with it objects.

Financial review

The Charity's financial statement for the year ended 31 December 2023 shows a net Surplus in funds of £6,673 ( 2022 Net Deficit: £715)

3

THE REDEEMED CHRlSfiAN CHURCH OF GOD- THE KINGS SANcfuARY Year ended 31 December 2023 Report of the Trustees {Contd) Volunteers RCCG The Kings Sanctuary is grateful for the Immence effort of all It's dedlcated volunteers who ensure that all our activities are well organised and professionally condurted. Trustees, responsibilities Law applicable to charitles and companles in England and Wales requires the trustees to prepare financial statement for each financial year which gives a true and fair view of the stste of affairs of the charity and of surplus or deficit for the period. In preparing the financial statements the truste¢s have,. Selerted suitable accounting policies and applled them consistently. Made judgements and estimates that are reasonable and prudent. Stated whether applicable accounting standards have been followed. Prepared the financial statements on a going concern basis. The trustees have overall responsibility of ensuring that the church has an approprlate system of controls,- flnancial or otherwise. They are responsible for keeping proper accounting iecords which disclose with reasonable accuracy at anytime the financial position of the church, and to enable them to ensure that the financial statements comply with FRS 102 SORP for Charities and the Charitles Act 2011. They are responslble for safeguarding the assets of the Charity and hence take reasonable steps for the detection and prevention of fraud and other irregularities. This report was approved for the board of trustees on the 2L_£_ 2024. racy Gilbert Trustee

Independent Examiner's Report to the Trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD ("RCCG") THE KINGS SANCTUARY

We report on the accounts of the Redeemed Christian Church of God ("RCCG") - The Kings Sanctuary for the year ended 31st December 2023, which are set out on pages 6 to 12.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) 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 an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligilbe for independent examination, It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions 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 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:

Mrs Eileen Da-Silva FCCA MBA BA(Hons)

Da-Silva and Associates Ltd 14 Farm Close Dagenham Essex RM10 9TX

29/05/

…………………………………… 2024

5

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY

STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2023

2023
£
Notes Unrestricted
Fund
£
INCOME
Income from Donations
Donations and Legacies
2
30,292
Total Income
30,292
EXPENDITURE
Expenditure on
Charitable Activities
4
23,619
Total Expenditure
23,619
Net Income/(Expenditure)
6,673
Total Funds brought forward
19,730
26,403		 2022
£
Unrestricted
Fund
£
19,834
19,834
20,549
20,549
(715)
20,445
19,730

6

BALANCE SHEET AS AT 31 DECEMBER 2023

£
Notes
Fixed assets
Tangible fixed assets
7
Current assets
Accounts receivable
8
Cash at bank and in hand
Creditors: amount falling due within one year
9
Net current assets/current liabilities)
Total assets less current liabilities
Creditors: amount falling due after more than one year
TOTAL NET ASSETS
RESERVES
Unrestricted Funds
10		 2023
£
-
10,450
16,455
26,905
(500)
26,405
26,405
-
26,405
26,405		 2022
£
-
13,250
10,608
23,858
(4,128)
19,730
19,730
-
19,730
19,730

7

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KINGSSANcfuAY BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2023 In p￿parIng this financial statement.. l. The directors are of the opinion that the cornpany is entitled to exemption frorn audit under section 477121 of the Companiès Act 2Q)6 relating to srnall companies. 2. No notice has been deposited under section 476 of the Companies Act 2006 and 3. The directots acknowledge their responsibillties for- Ensufing that the company keep accounting records which comply wlth section 386 of the Companies Act 2006 and Preparing account5 whith givè true and fair view of the statè of affairs of the company as at the end of the financial year and of ivs surplus and deficit in accordance with the requirements of sertion 396, and which othefwise cornply with the requiremerlts of this Art relating to account5, $0 far as applicable to the companv. This financial statement have been prepared in accordance with the provisions applicable to companie5 subjed to the small companies regime, Approved on behalf of the board of trustees on the 202 Ms Tracy Gilbert Trustee Pastor Festus Azaka TNst

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

  1. Accounting Policy

The principal accounting policies, all of which have been applied consistently throughout the year, are set out below:

(a) Scope and basis of the financial statements

The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice, "Accounting and Reporting by Charities" (SORP 2005) issued in March 2005

(b) Incoming Resources

All income is accounted for when the Charity has entitlement to the funds, the amount can be quantified and there is certainty of receipt.

(c) Resources expended

All expenditure is accounted for on accrual basis

Management and administration costs include management of the charity's assets.

(d) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost and depreciated on a straight line basis over their useful economic lives.

The depreciation rates applied, are as follows:

Church Equipment 25%
Motor Vehicle 50%

9

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS (Contd) Year ended 31 December 2023

2. INCOME
Donations and Legacies
Donations
Gift Aid Reclaimed
3.
Income from Activities for Generating Funds
Other donations
4.
Donation to others
RCCG WEM & COF
Festival of Life
RCCG Campground
Others
5.
Support Cost
Conferences and Development costs
Church Thanksgiving &Event
Publicity & Advertising
Rent
Depreciation cost
Transport,logistics & Storage
Telephone & media
Books, Printing and Stationeries
Repairs, Renewals & Replacements
Welfare/Gifts
Misc Expenses		 2023
Unrestricted
Fund
£
22,390
3,632
26,022
4,270
4,270
1,800
480
2,500
800
5,580
500
2,320
100
6,237
-
2,472
708
195
1,558
1,501
1,571
17,162		 2022
Unrestricted
Fund
£
17,253
2,580
19,834
-
-
1,800
480
-
300
2,580
-
2,799
1,015
7,148
125
2,182
932
380
701
1,027
222
16,531

10

THE REDEEMED CHRISTIAN CHURCH OF GOD - THE KINGS SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS (Contd) Year ended 31 December 2023

6.
Governance & Management
Independent Examination
Other Accountancy Service
Legal & Professional costs
Honorarium
7.
Account Receivable
Loan to Members
8.
Creditors: amount falling due within one year
Accountancy
accurals
9.
Movement in funds
Opening Balance
Incoming Resources
Outgoing Resources		 2023
£
500
363
13
-
876
2023
Unrestricted
Funds
£
10,450
500
-
500
19,730
30,292
(23,619)
26,405		 2022
£
480
258
-
700
1,438
2022
Unrestricted
Funds
£
13,250
480
3,648
4,128
20,445
19,834
(20,549)
19,730

11. Taxation

RCCG The Kings Sanctuary is now an incorporated charity and is eligible to the exemption from taxation available to charities on their charitable activities. No charge to taxation therefore arises.

11