2024-08-31-accounts - Rccg Living Praise Parish

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THE REDEEMED CHRISTIAN CHURCH OF GOD "RCCG" LIVING PRAISE PARISH

Report and Financial Statements

For the Year ended 31 August 2024

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH

PROJECTED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2024

Contents	Page
Officers and professional advisers		2
Independent auditors’ report		8
Notes to the accounts		11

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Officers and Professional advisers

TRUSTEES

VINCENT OPEOLUWA DINA GRACE MODUPE OLAWEPO CHUKWUMA ANSELM OKOJIE

REGISTERED OFFICE

25 Elm Drive Leeds England LS14 6FQ

BANKERS

LLOYDS/TSB BANK

EXAMINER

AACSL Accountants Limited 1st Floor North Westgate House Harlow Essex CM20 1YS

CHARITY COMMISSION REGISTERED NUMBER 1182943

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 August 2024

The Trustees, for the purposes of the Charities Act 1993 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the Charity. The Charity is governed by a Memorandum and Articles of Association.

PRINCIPAL ACTIVITIES, AIMS AND ORGANISATION OF THE CHARITY

The principal activities of the charity continue to be the provision of religious activities, church services, counselling, seminars and other community-based services. The objects of the trust ("the objects") are:

1) The advancement of Christian faith in United Kingdom and worldwide in accordance with the doctrines set out in the statement of faith contained in the schedule.

2) The relief of poverty.

3) Giving psychological and emotional assurance to members via the word of faith and spiritual support

THE MAIN ACHIEVEMENTS OF THE ORGANISATION DURING THE PERIOD WERE:

Quarterly family services to discuss family issues to help families understand their responsibilities in the community.
Annual variety services where we encourage talents shows ranging from acting, dancing and singing in the community.
Back to school fun day for the children in the community to help them have funs before going back to school.
Annual picnic to encourage family and youth gatherings to improve social interaction.
Christmas love box to help with local welfare with provisions of basic foods for the local community.
Annual financial support for homeless people in the local area.

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH REPORT OF THE TRUSTEES (Continued)

FOR THE YEAR ENDED 31 August 2024

PLANS FOR THE FUTURE

We plan to continue carrying out various youth programmes for our youth in the community. Already we have received reports from parents that our youths are behaving well at school and home.

INCOME GENERATION

The Charity has generated £169,477 in donations during the year. This includes both direct transfers into charity’s account and cash donations.

RISKS

The factors that may affect the Charity’s delivery of its objectives include:

a) Reputation of Charity and the relationship with the community.
b) Ability to generate enough funds to successfully complete the identified projects for the charity.

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH produces an annual plan for delivery against its objectives. This plan sets out the targets for the year and is then broken down to a work plan. THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH has developed a strategy, which specifies how it will deliver the key programmes of work. The strategy also identifies targets and performance indicators.

RESERVES POLICY

The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds is held to meet the above policy of the Charity going forward.

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH

REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED 31 August 2024

GOVERNANCE AND INTERNAL CONTROL

A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At 31 August 2024, the Board had a membership of Three people.

The Board meets three times a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day-to-day activities of the charity. None of the committee members is being remunerated.

All Trustees receive the handbook for Trustees provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this the Charity follows the code of practice for governance produced by the Governance Hub.

Company law requires the Trustees to prepare financial statements for each financial year, which comply with the Charities Act 1993 as amended

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

They include:

A strategic plan and annual budget approved by the Trustees;
regular consideration by the Trustees of financial results, in particular variance from budget; and
Delegation of authority and segregation of duties.

STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in its activities.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Act 1993 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH

REPORT OF THE TRUSTEES (continued)

YEAR ENDED 31 August 2024

DISCLOSURE OF INFORMATION TO EXAMINER

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the Charity’s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity’s examiner is aware of that information.

EXAMINER

In line with the provision exemption in the Charities Act 1993 as amended, the trust decided to appoint an examiner, which will review the accounts for the year ended 31 August 2024. In accordance with this appointment, AACSL Accountants Limited was appointed as examiner.

Approved by the Board of Trustees and signed on behalf of the Board by:

GRACE MODUPE OLAWEPO on behalf of the trust. Trustee 20 November, 2024

Independent Examiner’s Report to the Trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH

We report on the projected accounts of the Trust for the year ended 31 August 2024, which are set out on pages 9 to 13.

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 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is needed.

It is our responsibility to:

examine the accounts (under section 43(3)(a) of the 1993 Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
To state whether particular matters have come to our attention.

Basis of independent examiner’s report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In connection with our examination, no matter has come to our attention:

(1) Which gives us reasonable cause to believe that in any material respect the requirements,

to keep accounting records in accordance with section 41 of the 1993 Act; and
To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act as amended.

Have not been met; or

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

AACSL Accountants Limited 1st Floor North Westgate House Harlow Essex CM20 1YS

20 November, 2024

RCCG LIVING PRAISE PARISH STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) for the year ended 31 August 2024

Un-restricted funds 2024 £ 169,477	Total Funds 2024 169,477	Total Funds 2023 £ 107,150
169,477 (81,623) (1,500)	169,477 (81,623) (1,500)	107,150 (125,431) (400)
(83,123)	(83,123)	(125,831) 18,681 - 124,124
86,353 105,443	86,353 105,443
191,796	191,796	105,443

RCCG LIVING PRAISE PARISH Balance Sheet as at 31 August 2024

Notes FIXED ASSETS Equipment at cost Accumulated depreciation TOTAL FIXED ASSETS 5 CURRENT ASSETS Debtors and accrued income 6 Cash at bank and in hand 7 CREDITORS: amount falling due within one year 8 Net Current assets/(Liabilities) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: amount falling due more than one year 9 Net assets FINANCED BY: Unrestricted funds Restricted Funds TOTAL FUNDS	2024 Total £ 374,584 (12,961) 361,623 200 1,434 1,634 (2,244) 361,013 361,013 (169,217) 191,796 191,796 191,796	2023 Total £ 231,487 (9,093)
		222,394 - 7,307
		7,307
		(1,944)
		227,757

		227,757 122,314 -
		105,443 88,723 16,720
		105,443

For the year ending 31 August 2024, the Charity was entitled to exemption from audit under section 477(2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Accounts was approved by the Board of Trustees and signed on behalf of the Board by:

GRACE MODUPE OLAWEPO on behalf of the trust. Trustee 20 November, 2024

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 August 2024

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” (2005), the Charity Act 1993 and applicable UK accounting standards.

Cash flow statement

Under FRS 1 the Charity is exempt from the requirement to prepare a cash flow statement on the grounds that the charity is below the threshold specified in Appendix 2 of the FRS1.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in Note 2.

Investment income and gains are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The grant income where related to performance and specific deliverables are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Premises overheads have been allocated on a floor basis and other overheads have been allocated on the basis of the head count.

Community project costs are those costs incurred directly in support of the objects of the Charity. The community project cost includes other support costs incurred in support of the objects of the Charity. Governance costs are those incurred in connection with governance arrangement of the Charity, which relate to the general running of the Charity and compliance with constitutional and statutory requirements. The basis of allocation for support costs and governance costs has been explained in Note 3.

RCCG LIVING PRAISE PARISH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 August 2024

Note 2. Incoming Resources - General Donations

Note 2. Incoming Resources - General Donations
2024 Unrestricted Restricted Total Funds Funds Funds £ £ £ Un-restricted: Donations, Legacies and similar incoming resources 87,420 60,357 147,777 HMRC Gift Aids 21,700 - 21,700 Restricted: Other direct Collections - - 109,120 60,357 169,477 Note 3. Resources Expended - Activities 2024 Direct Support Total Costs Costs £ £ £ Other Resources Expended 3,252 - 3,252 Depreciation 3,868 - 3,868 Interest on Mortgage 7,903 - 7,903 Other Loan interest 472 472 Priniting & Stationery 1,086 1,086 Rent - - Remmitance to head Office 2,201 - 2,201 Bank Charges 260 - 260 Insurance 306 - 306 Mobile and Internet 497 497 Hotel 362 362 Professional fee 3,749 3,749 Welfare 12,099 12,099 Repairs 6,322 6,322 Church Expenses 32,419 32,419 Utilities 434 434 Travels 1,148 - 1,148 Cost of generating income 4,434 - 4,434 Other Interest 811 - 811 81,623 - 81,623 Note 4. Resources Expended – Governance 2024 Direct Support Total Costs Costs Funds £ £ £ Accountancy 1,500 - 1,500 Other professional fees - - 1,500 - 1,500 The trust allocates all costs as shown in the table above. Costs are allocated between direct costs and support costs based on the actual expenditure and nature of transactions. Note 5. Tangible fixed assets	2023 Total Funds £ 90,430 - 16,720
	107,150 2023 Total £ 110,800 3,868 5,162 3,802 1,799 - - - - - - - - -
	125,431 2023 Total Funds £ 400 -
	400

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Land and
buildings Equipment Total
£ £ £
Cost
At 1 September 2023 209,997 21,490 231,487
Additions 143,097 - 143,097
- - -
Surplus on revaluation
Disposals - - -
At 31 August 2024 353,094 21,490 374,584
Depreciation
At 1 September 2023 - 9,093 5,225
Charge for the year - 3,868 3,868
At 31 August 2024 - 12,961 9,093
Net book value
At 31 August 2024 353,094 8,529 361,623
At 31 August 2023 209,997 12,397 222,393
Note 6. Debtors: amounts falling due within one year
2024 2023 12
This is made up as follows: £ £
Loan to members 200 -
200
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THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 August 2024

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Note 7. Cash at bank and in hand 2024 2023
£ £
Cash at bank 1,434 7,307
Cash at hand - -
1,434 7,307
Note 8. Creditors: amounts falling due within one year
2024 2023
This is made up as follows: £ £
Accountancy Fees 1,500 400
Other creditors - falling due within one year 744 1,144
Other creditors - falling due after one year (Mortgage) - 400
2,244 1,944
Note 9. CREDITORS: amount falling due more than one year
2024 2023
This is made up as follows: £ £
Mortgage Loan 119,047 122,314
Bank Loan 38,170
Members Loan 12,000
169,217 122,314
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Note 10. TAXATION

THE REDEEMED CHRISTIAN CHURCH OF GOD “RCCG” LIVING PRAISE PARISH is a registered charity and is thus exempt from taxation of its income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.