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2024-03-31-accounts

RCCG MARANATHA ASSEMBLY

MILTON KEYNES

THE REDEEMED CHRISTIAN CHURCH OF GOD MARANATHA ASSEMBLY

TRUSTEE’S REPORT AND ANNUAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

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MILTON KEYNES

RCCG MARANATHA ASSEMBLY

Page
Corporate Information 3
Board of Trustee’s Report 4
Independent Examiner’s Report 8
Statement of Financial Activities 9
Statement of Financial Position 10
Accounting Policies 11
Notes 12

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Corporate Information

Registered Charity Number: 1176702 Registered Company Number: 11079881 Registered Office: C/O 42 Buckingham Gate, Eaglestone Milton Keynes MK6 5AA Pastor in Charge: Olusina Moses Aruna Board of Trustees: Morenikeji Omotayo Aruna Omolara Eunice Abdul Bankers: Lloyds Bank

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Board of Trustee’s Report

Introduction

The Trustees present their annual report and the financial statements of The Redeemed Christian Church of God (RCCG) Maranatha Assembly (the charity) for the period ended 31 March 2024. 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.

Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 4 of the Charites Act 2011 to have due regard to the Charity Commission’s guidance on public benefit "Charites and Public Benefit".

Structure, Governance and Management

RCCG Maranatha Assembly 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'.

The charity was constituted under a trust deed dated 17th January 2018 and is registered in England and Wales with charity number 1176702

Appointment or Election of Trustees

Trustees are elected and or co-opted under the terms of the trust deed.

Policies Adopted for the Induction and Training of New Trustees

The induction process for a newly appointed trustee comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Pastor in Charge 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 its affairs. The Pastor in Charge manages the day to day administration of the church.

Objectives 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:

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Board of Trustee’s Report

The activities for achieving its objectives include:

Achievements and Performance

RCCG Maranatha Assembly opened its Sunday and mid-week services to the general public to build on their Christian faith. Apart from its Christian activities, the charity was involved in other community projects for public benefits. Some are as follows:

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance advancing religion and relieving poverty when reviewing the charity's aim and objectives and in planning future activities and grant making policy for the year.

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 Programmes. The church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity, and are satisfied the systems are in place to mitigate our exposures to the major risks.

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Board of Trustee’s Report

Financial Review

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.

During the year to 31st March 2024, the church had a total income of £28,046. Total operating charitable expenditure was £25,004 giving a surplus fund of £3,042.

The Charity’s principal funding sources has been provided mainly through tithes and offerings by church members and through gift aid. Pledges are also taken for specific projects.

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 trustees' policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended which equals to roughly £20,000 to £40,000 in general funds. 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 trustees have set aside £30,000 as free reserve within its policy range but the trustees are continuing to seek additional unrestricted funds to build up its reserves.

Volunteers

The church is grateful to its volunteers who gave their services for free to the charity. It is estimated that over 3,000 hours were provided by volunteers during the year. If this is conservatively valued at £10.44 per hour, the volunteer's effort will amount to over £31,000.

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 lifechanging impact in society.

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Board of Trustee’s Report

Trustees’ Responsibilities

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

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for the year. In preparing these financial statements the trustees are required to:

The trustees are responsible for keeping 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 Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Board of Trustees on 15 December 2024 and signed on their behalf by:

Full Name: Omolara Abdul

Signature: Position: Chairperson Date: 15 December 2024

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Independent Examiner’s Report

Report to the trustees/members of: The Redeemed Christian Church of God Maranatha Assembly On accounts for the year ended: 31st December 2024, set out on pages 10 - 16 Charity No: 1176702

Respective responsibilities of trustees and examiner

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

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with 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:

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

Signed: Date: 15 December 2024

Name: Tobi Labeodan FCCA, for and on behalf of Chedders Ltd

Relevant professional qualification(s) or body (if any): ACCA

Address: Ground Floor, Synium House, r/o 94-96 High Street, Henley in Arden, B95 5FY

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Statement of Financial Activities: Year Ended 31st March 2024

Notes
Income:
Donations and legacies
1
Other income
1
Total Income
Total Income
Expenditures on:
Charitable Activities
2
Other Charitable Activities
2
Other Costs
2
Total Expenditures
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed assets
Gains/(losses) on investment assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward at 1 April 2023
Total funds carried forward at 31 March 2024		 2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
£
25,023
-
25,023
3,022
-
3,022
28,046
-
28,046
28,046
-
28,046
12,483
-
12,483
12,071
-
12,071
450
-
450
25,004
-
25,004
3,042
-
3,042
-
-
3,042
-
3,042
27,562
-
27,562
30,604
-
30,604		 2023
2023
2023
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
31,038
-
31,038
6
-
6
31,044
-
31,044
31,044
-
31,044
13,327
-
13,327
8,553
-
8,553
400
-
400
22,279
-
22,279
8,764
-
8,764
-
-
8,764
-
8,764
18,798
-
18,798
27,562
-
27,562

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Statement of Financial Position: Year Ended 31st March 2024

Notes
Fixed Asset
Tangible assets
3
Total Fixed Asset
Current Assets
Loans & Advances
Accrued Income
Cash at bank and in hand
Other Debtors
Total Current Assets
Creditors: amounts falling due within one year
Other Creditors
Other Current Liabilities
Total Creditors: amounts falling due within one year
Net current assets (liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
Other Non-Current Liabilities
Total Creditors: amounts falling due after more than one year
Total net assets (liabilities)
The funds of the charity:
Restricted Reserve
General reserves
Surplus/(Deficit) for the year
Total charity funds		 2024
£
1,874
1,874
28,731
-
28,731
-
-
-
28,731
30,604
-
-
30,604
27,562
3,042
30,604		 2023
£
1,684
1,684
25,878
-
25,878
-
-
-
25,878
27,562
-
-
27,562
18,798
8,764
27,562

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Accounting Policies

Scope and Basis of the Financial Statements

The accounts 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 published in March 2005.

Income

Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.

Expenses

Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fixed assets

Fixed assets with an individual purchase of £250 or more are capitalised and stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Fixtures and fittings 20%
Equipment 20%
Vehicles 20%
Building 2%

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Notes

1.
Income
Income
Donations and legacies
Restricted Income
Total donations & legacies
Other income
Gift Aid Receipts
Other income
Total other income
Total Income
2.
Expenditures
Charitable Activities
Premises
Utilities
Travel
Motoring & Transportation
Insurance
Administration
Advertising
Operations
Finance Charges
Depreciation
Honorarium
Total Charitable Activities
Other Charitable Activities
Levies & dues
Outreach
Central Office
Welfare & Benevolence
Charitable Donations
Total Other Charitable Activities
Other Costs
Professional fees and services
Other costs
Legal fees
Accountancy fees
Total Other Costs		 2024
£
25,023
25,023
2,909
113
3,022
2023
£
31,038
31,038
-
6
6
28,046
2024
£
2,841
261
865
461
204
972
466
3,397
467
2,550
12,483
2,050
6,397
3,624
12,071
50
400
450
31,044
2023
£
2,973
23
880
789
204
1,729
440
3,062
418
2,810
13,327
180
5,961
2,412
8,553
400
400

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Notes

3. Related Party Transactions

During the year, the church made donations and contributions to other RCCG and charitable organisations as shown in note 2 under Central Office and Charitable Giving.

4. Trustee Remuneration & Expenses

During the year, there were not payments or reimbursement of expenses to trustee members.

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