THE REDEEMED CHRISTIAN CHURCH OF GOD, PENIEL COURT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 CHARITY NO: 1185305 COMPANY NO: 11975351
TtLe Redeemed Ctsrl¥tiAn Chureh of God, Penlel Court Finattelal st*temeLts for the year ended 31 May 2024 Contents Legal and Adminstrative Inforniatio Report of the Trustees ststement of Trustees Resp)nsibilities Independent Acc(Juntant RepDrt Statement of Finaticial Activities Balance Sheet Notes to the Accounts 12- 15
Ttse Redtemed Cbrl¥tiAn Chuteh of God, Penlel Court Finanelal st*tement8 for the ytar ended 31 May 2024 Adttthilstratlve InforntIOll Charlty Name.. The Redeemed Christian Church of God, Peniel Court Charlty Reg18tratlon flumber: 1185305 Company Number: 11975351 Registered Office Addr•M: 100, Lincoln Road, Erith, DA8 2DT Mrg Ogheneochuko George Mr Oladapo Olorunsola-Biias Mr Owolewa DEnDI& Accountant: Motab consult£eY Limited 52 Alexandra Road Erith DA8 2BA Bankers: Barclays Batik PIC Page I
Ttse Redetmed Chrlstithtt Chutelk of God, Penlel Court Report of the trn¥tee¥ for the Ye ettded 31 Mthy 2024 TtLe charity's area of operation and UK charitable re%istr&tion The Redeemed Christian Church of God IRCCGI Peniel Court is a patish under the RCCG Worldwide Church with the primary obJectLve to leach out to all about the Christian faith with a focus within the Borough of Dartford and its imTnediate environs. The charity is registered with the Charity Commission in Eng]and & Wales ICCEW) with the charity nutnber 1185305. Leg gtrn¢tur¢ of th¢ ¢haTtty The charity is constituted as a company limited by war8nte¢, registered wider the Companies Acts. The governing document of the charity is the Memorandum and Artides of Association establishing the company under company legisLqtion, dated 2nd May 2019. There are no restrictions in the goveming documents on the operation of the charity or on its investment powers other than tho$e imposed by tharity law. B) Law all trustees are directors under COmp£ieS Act 2006 Ld all directors are trustees under Charities Act and have respon8ibilitie8 such, utider both compatiy and charity legislation. Ttse followkng per$ots4 served as trustees durlng the perlod etsded 31 May 2024:_ The tru$iees who tserved as tmstees in ihe reporiing period are a$ showm on page I, and there were no changes during the year, or in the period between the period end and the approva] of the account$. Our Alms and ObJeetlve$ Purpose and The objects of the ChltY are.. al To advance the christian faith in accordance with the statement of belief appeanng in the schedule hereto in Wilmington, Kent, Dartford and such other Parts of the United Kingdom or the world as the trustees Tray from tirne to time think fit and to fijlfil such other PUTposes which are exclusively tharitable according to the law of England and Wales tmd are tonnected with the charitable work of the charity. bl To relieve persons who are in need, hard8hip, aged or sick and to re]ieve the distress caused thereby in the said location £d in such other parts of the United KingdonL or the world as the trustees rnay from tirne to tirne think fit. Ensuring our work delivers our We hope to review our aims, objectives and activitie8 each year. This review will look at what we have achieved and the outconies of our work with the preOu5 12 months. The review will look at the success of each key activity and the benefits they have brought to those groups of people they are set up to heLp. The review also help us ensure our airn. objectives and activities ren)ain fo¢used on our Stated purposes. We have referred to the guid]ECe contained in the Charity Comrnisgioii'g general guidance on public benefit when reviewing our aitn and objeetives and in planning our fr)re activities. In particular, the trnstees con$idei how planned activities will contribute to the aims and objectives they have set. Page 2
The Redeemed Chrl¥tiAtt Chutelk of (lod, Penlel Court Report of the trn¥tte¥ for the Ye ettded 31 MAY 2024 T&e focus of our work Our main objective since our inaugutation has been to continually explore irnmediate community and environrneTht with the Niew to add relevance and be a soutce of support in the Wilmington, and Dartford comTrunity. The strategies we have applied to meet this objective include". l. Provision of weekly church services on Sutidays and Thursdays prayer meetings to minister to the physical, spiritual and nterIal needs of the people. 2. ProM$ion of special events and meetings to meet the spetific need$ of target groups in the community such as Men, Women, Youths and Children, through engaging uryth them in outreach actLVjties. 3. Provision of material support to ernberS of the conununity undergoing fanCIaL dilCultieS. 4. Working with other ¢hri$tian agencies and churehes in the Borough and its enrOn$ to advance the preaching of the gospel. 5. Provision of pastoral care for the eMberS and other Trernbers of the comrnunity. 6. Empowering our Youths to be world changers through provision of Christian leadership trainings and eommunity engagement activities. A¢tlvltles undertaken In the year The charity continued to boost her online presence in addition to th¢ physical worship location in WihAington Ctrmmunity Chuith where we meet every Sunday afternoon for hybiid service. - We also continued our fanCIal and matetiai support to fami]ies lespecially widow81 wuthin outside the Community. Peniel Court continued her participation in the Wilrnington Village Comrnunity Fr organised by the ParisEL Council in August 2023 where we engL4ed ad interacted with the eommuThity. The charity was given the opportunity during the 2023 fair to minister in songs and also gave out free bibles and other Christian literareS to willing mernbers of the public. During the yuletide season, our way of sharing the love of ClSt during this period, RCCG Peniel Court made cash donations to the folLowing charities- Dartford Foodbank, The Salvation Ary, and the Community Needs Foundation in Thaesme&d. We also made clothing and toiietress donations to Slade Green Foudbank. charity also Trade donations of Chtistmas gift vouchers to iesidents of the YMCA hostel in Dartford. We also Tnade cash donations to 8Otne of the identified widows in our books during Christmas. - As a pEish of the Redeemed Christian Church of Gi>d worLdwide, RCCG Peniel Court continued her regula support to the RCCG Global outreach by ensuring that our monthly contribution to the World EvangelisTr Mission IWEMI fund through the RCCG CentraL olCe here in the UK. Page 3
The Redeemed ChrIstl Church of God, Penlel Court Report of the tru6tee8 for the year ended 31 MAY 2024 wtw Used atsd benetlttd from our serriP Our church services presented with both the regulat congregant and the NTrsitoi or seeker in mind. We minister to the physical, mental and spiiitual needs of the member$ in our services giving specific eonsideration to the seekers or new comers in our midst who may not nete$$arily have a thurch background and as such may not understand the proces$e$ and procedure$ of christianiry. We also helped in the relief of poverty and hardship 2unongst both regular and irreguLar congregants who suffered one forrn of finEclaI hArdship or the other due to the living cost crisis of the nation occasioned by the ongoing Russia-UkrThe war. How our actiTritie& deliver public benefit Our main activities and who we try to help are described beLow. All our charitable activities focus on the advancement of the Christian religion, the re]ief of poverty and sickness in the society. a. Ministering every week ta the spiritual needs af the penple through bible study, prayer meetings, and eounselling sessions. b. Our focus as a ministry and church is the outreach for souls. Volunteer The charity depends on the support of its volunteers, which is rnuch appreciated. The volunteers are involved it] senryce provision Ld administrLltion. The chatity has si¥ volunteers Èd they put in about 1,000 volunteer hours. The Yolunteeis and cELatity accept £d agree that no contrLlCt of eTrploiryneTht is created by the voLunteei arrangement. stThcture, Governance and ManaKement TILe method8 U8ed to re¢rult and appolnt new ¢harlty tru8tee• The directors who are also trustees for the purpose of charity law oversee the strategc diiection of the charity and due to the nature of church work the trustees have been selected based on their faith, tharaeter, $kill$ set in management, growth and commitment to the vision of the charity. The charity continues to enjoy the support of the current set of trustees. TILe pollcl¢• and procedures for the Inductton and tsalnlng of trustees All of the trustees are already familiar with the practical workings of the charity, as they currently serve in similar capacities in other eharities. Trustees are required and encouraged to attend series of short training sessions to familiarise themselves with the eharity £d the context within whieh it operates. TILe charAty'8 organh&tlonal structure The charity is governed by a board of trustees elected to serve and run its affairs. The trustees meet regularLy £d at times on ad-hoe basis, to nLqnage the affairs of the Church. The trustees assisted by the minister-in-chatge and ehurch leaders. How the charity makeB declslona and how deelslons are delegated The board of trustees meet bi-annually are responsible for the strategic direetion and policy of the Chlty. A schenie of delegation is in plaee Ld the ILqy to day responsibility lor the provision of services rests with the mini8ter-in-charge. He is ably assisted by the church leadership £d other volunteers. Page 4
The Redeemed Chrlstlan Church of God, Penlel Court Report of the tru8tee8 for the year etsded 31 May 2024 RelAted pArty latIO&111pts The charity is a paTish of the The Redee]ned ChTiStian Church of God - a network co]nprised of parishes all over the world. There is agreement of common putpose entered into by The Redeemed Christian Church of God, Peniel Court artd The Redeemed Christian Church of GcKi Worldwde which documents this. During Ihe period ended, voluntary income was £30,8491£18,006 in 20231 while expediture for the year was £14,863 IZI 1,293 in 20231. The net movement in funds for the period as shown in the $tatement of financial activities wa$ £15,9861£6,7 13 in 20231. The value of net assets at 31st May 2024 is £61,328 IU5,092 in 20231 Polleles ots re8erve8 The board of trustee$ have examined the charity's requirement for re$erve$ in light of the risks to the Charity. It has e$tabli$hed a wlicy whereby the unre$rricted funds not committed or inve$red in tangible fixed a$$ets to be held by the ¢harity Should be between 3 to 6 month$ of the expenditure. The expenditure for the year is £14,863, therefore the targeted reserve should be between £L5,425 £7,712 in general funds. The reserves are needed to rneet the working capit3J requiiernent of the chatity and the trustees are confident that at this level, they will be able to continue the current attivities of the charity in the event of a signific¥mt drop in funding. This general reserve policy as been met. The charitable activities are totally dependable on voluntary donations. A5 a consequence, the going LQ)ncein bd$is is dependent on the future Ilow of these uncertain funding $tieam. Atcordingiy the trustees have obtained and reiryewed forecasts for future periods till May 2024 to ascertain going concern basis. They are $ati$fied at the tirne of approving the finaftcial statements, that it 1$ appropriate to adopr the going ¢oncern l)asi$ in preparing tht fjnancial statements. Prlnclpal fundatsg Sources This is provided mairtly through voluntary tithes and offerings by the church members during church service$, and bank transfers. Pledges are also takerl for specific project$. Additional source of income in the year was through gift aid. Plan8 for the tllre As the chanty has now relocated back to the c0munIty, we will through physical presence Lvntinue to be mc)re intentional in our community engagement programs. We 11 al$0 cofttinue to maintain our online presence in reachitig out to more people iti fulfilment of our objective of the advanment of the christi£ faith.. - We 11 and/or in ojllaboration with other liked minded charities, organise conferences ad seminars for mernbers and the public1c0Munlty with a view to ernpDweTing and equipping them for economic, social and leadership roleslre$pon$ibilities. The chlty will continue to identify and cater for the needs of its members, irnniediate cornniunity EU]d the UK in general. This will be in terms of Continued care and support to w'idows, Ld identified family llLembers in need due to the high cost of living. Continue to collaborate with other chariries rhat have the $ame aims and obje¢tives $0 a$ to enhan¢e our serviee delivery to the public and further our public nefit purpose to the community and soeiety. Page 5
Ttse Redetmed Chrlstithtt Chutelk of God, Penlel Court Report of the trn¥tee¥ for the ye&t ettded 31 MAY 2024 R¥ponslbilltlts¥ of the Tru¥tt¥lDlreetors The charity's trustees are responsible for the preparation of accounts in accordance with the terms of the Companies Act 2006, Charities Act 2011 and the Chaiities IAccounts and Reportsl Regulations 2008, and follow current best practice and prepare the account$ according to FRS 102 SORP 2015 Istatement of Recommended Practice for A¢¢ounting and Reporting by Charitiesl 2015, as amended by the bulletin i$$ued in October 2018 and applicable to all accounting period$ beginning oft or after 1st January 20191. (The SORPI. In particular, the Companies Act 2006 Ld chatity law requires the trustees to prepare financial statements for each financial year which give a true and fail view of the state of affairs of the chaTity as at the balance sheet date and of it$ incoming resources and applications of resourtes, including income and expenditure, for the financial year. In preparing those financial statements the trustees are required to prepare the accounts in aCcord2Ce with United KingdonL Generally Accepted Accounting Practice (United Kingdom Accoutingstandards and applicable lawl., select suitable accounting policies and then apply them consistently,. ke judgements and estimates that are reasonable and prudent., prepare the financial statements on the on going tontern basis unless it is inappropriate to presume that the eh&rity will tontinue on that basis", state whether applicable accounting standards and $tatements ofrecommended praetiee have been followed, Subject to any material departures disclosed and explaitted in the financial statements. The trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the chatity and enables them to ene that the financial statements comply with the Companies Act 2006 and the iegulations made under the Chatities Act. The trustees are also responsible foi safeguarding the assets of the Chatity and henee for taking reasonable $tep$ ftri the prevention and detection of fraud and other irteBularities. Members of the Board ofTrn¥tee8 Members of the boaid of trustees, and trustees for the purpose of charity law, who setved dunng the year and up to the date of this report are set out on p8ge l. In accord£Ce with charity law, &8 trustees, we certify that.. So far as we are aware, there is no relevant infomation of whith the company's accountants are unaware of., and as the trustees of the charity we have taken all Steps that we ought to have taken in order to make ourselves aware of any relevant inforniation and to establish that the Charity's accountants are aware of that information. Page 6
The Redeemed ChrIstl Chureh of (lod, Penlel Court Report of the tru8tee8 for the year etsded 31 MAY 2024 VAethod of preparntion of accounts - small compllny Provi)n8 The financial staternents are set out on pages 9 to I l. The financial statements have been prepared implementing the FRS 102 SORP Istatefflent of RecOended Practice foi Accounting and RepoRting by Charities) 2015, las aeTrded by the bulletin issued in October 20113 and applicable to all accounting periods beginning on or after 1st January 20 191, lThe SORP), and in accordance with the Finantial Reporting Standard 102,leffertive 1st January 20161 These financial statement$ have been prepared in accordance Thith the provi$ion$ in Part 15 of the Companies Act 2006, applicable to cornpanies subject to the srnall companies regime. This report has been approved by the board of trustees on 23 February 2025. Mrs DeneD¢bukO George Director/Tiustee Mr Owolewa DarÉunola DirectoF/Trustee Page 7
Ttse Redeemed Chrlstithtt Chut¢lk of God, Penlel Court Independent tsUtant'S report for tbe year ended 31 2024 We report on the financial statements ofThe Redeemed Christian Chureh of God, Peniel Court for the year ended 31 May 2024 which u)mprise the Statement of Pinancial Activities, the Income and Expenditure Ac¢ount, the Balance Sheet and the related notes to the financial statements, including a Summary ol significant ac¢ounting policie$. In our opinion, the a0mpanY1ng fLnaneial statements of the Charitable company are prepared. in all material respects. in accordance tvith the Companies Act 2006 and with the charity law applicable within the jurisdiction of Et]gland & Wales and the aceoutit8 have been preparedin accordance to FRS102 SORP ISLqtement ol Recommended Practice for Accounting and Reporting by Ch£witiesl 2015, as Eunended by the bulletin issued in October 2018 Ld applicable to all 2coUntIng periods beginning on or after 1st Janu2uy 20191. lThe SORP), published by the Chatity Con]mission in England & Wales ICCEWI, effective January 2016, under the historical cost convention, in accoidance the accounting po]icies set out on page 12, which franiewoik constitutes the app]icable United KingdouL Generally Accepted Accounting Practice. Respe¢tlve responslblutles of trustee8ldlrectors and the ac¢ountatst As described on page 6, you, the charitable Company tru$tee$, who are al$0 directors of the company for the purpo$e of Company Law are responsible for the preparation of the accounts. The trnsteeg consider that the audit requirement of Seetion14411l of the Charities Act 2011 (the Act) does not apply. and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require audit in acCordce with Part 16 of the COn]p£IeS Act 2006 and th&t no member or members have requested ELn audit pursuant to Section 476 of the Companies Act 2006. The trustees also consider the charitable cotnpany to be exempt frorn the requitrement to be subject to independent examit]ation. Our responsibility IS to prepare accounts upon the basis of the infor]nation supplied to us, without conducting aJ]y fortnal scruitiny. No Statement of oplnlots We have not carried out any audit procedure and have relied upon information supplied to us by the twstees, and the information supplied bv the tru$rees in the (x)urst of tht examination is not subjected to audit Le$t$ or enquiries, and ¢onsequently we do not express an audit or other assurance opinion on the view given by the accounts. Motab Cortts rtcy Limited Charteied Accountants 52 Alexandra Road Erith DA8 2BA 23 February 2025 Page 8
Ttse Redeemed Chrlstithn Church of God, Penlel Court 8t&tement of Flttatsei ActlFltle8 Iltteludltsg Ineomt Atsd Expe1{tUre Aeeoutttl for the year etsded 31 rw 2024 2024 2023 Utttetstrieted Fllnd Rektrieted Fundw total Funds Notes Total Fund8 Income Incotne and etsdowtunetsts frotn: Donatiotib Total Income 30,849 30,849 30,849 30,849 18,006 18,006 Expendltwe on: CharitabLe activities Total penditure 14,863 14,863 14.863 14.863 11,293 11,293 Net income for the year 15,986 15.986 6,713 Net Income after transfer 15.986 15.986 6.713 Net movement In fund• 15,986 15,986 6.718 Reeoncijiation of funds: Total fllnds brought fonvard Adjustrnent against reserve 45,092 250 45.092 250 38,379 Total funds carrled forward 61,328 61,328 45,092 As requiied by paragtagh 4.60 of the SORP, the brought fOvard and c3Jried forward funds above have been agreed to the balance sheet. This statement of fuclaI activities includes alL gains and losses in the year. All activities derive from continuing operations. The notes attaehed on pages 12 to 15 form integral part of these Ount8 Page 9
The Redeemed Chrlstlan Church of God, Penlel Court Ineotne and Expendlture Account for the year ended 31 May 2024 as requlred by the Companle8 Act 2006 2024 2023 Income Income from operations 30.849 18,006 Gross Income In the year befort exceptlonal Itern 30,849 18.006 Ex¢eptltstt•J itsm¥: Rea]ised gains on disposal of t£gible assets held for the charity's own use Gro8¥ th¢ome In the year kn¢Ludkng exceptlonAI Items Expendltmte e.haritahle. expenditure, excluding depreciation Depwiation Governance costs 14,537 126 200 10,278 815 200 Total expendlture for the year 14.863 Net incorne before in the fancIal year 15,986 6.713 on sutplus on ordinary activities flet lttcome after Its ttse Anan¢knl year 15.986 6.713 Retained 8urylui for the fanCial year 15,986 All activities derive from continuing operations. In &ccordLce with the provision8 of the comp£ieS Act 2006, the headings £d subheadings used in the Inconie and Expenditure Aecount have been adapted to refleet the special nature of the charity's activities. The notes attached on pages 12 to 15 form an integral part of these a¢counts Page 10
Ttse Redeemed Chrlstithn Church of God. Penltsl Court Balattee Sheet *8 at 31 MAY 2024 2024 2023 Fixed ets Tangible assets Ilote¥ 501 Current &S8ets Debtors Cash ai bank amd in hand 905 905 65.446 49,736 Credltors io Net current a88ets 60.827 45,092 Net assets 61,328 45,092 Unre$trleted futsds: Unrestricied revenue fund 61,328 45,092 Total fund 61,328 45,092 As required by paragragh 4.60 of the SORP, the brought forward and eatried lorward funds above have been agreed to the SOFA. The directo[$ are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. The ernber8 have not required the company to obtain an audit in accordance with section 476 of the Act. The directors LknoW1edge their resposibiLty for CopIyIng with the requiremeL]ts ol the Companie8 Act 2006 with respect to accounting records and the preparation of accounts. The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006, applicable to the small companies regime. Mrs Ogheneochuko George Director/Trustee Approved by the board of trustees on 23 FebruLUy 2025 Mr OwoLewa Daramola DirectorlTrustee The notes attsched on pages 12 to 15 form an integral part of these accounts Page 11
Ttse Redeemed Chrlstithtt Chutelk of God, Penlel Court Notets fornilng part of the fjnanelal st*temettt8 for the ytar ended 31 May 2024 l. A¢¢ountlng Poll¢les The principa] aceounting policies are summarised below. The accounting policies have been applied consistently throughout the year in the preceding ye. lal Ba8ts of preparatlon and a¢¢ountlng eonventlo The aeeounts have been prepared on the accrual basis, under the historieal cost conventiott. and in accordance &ccordanee with the Financial Reporting Standard 102, leffective 1st January 20161 and FRS 102 SORP IStLltement of Recommended PIE4Ctice for Accounting and reporting by Charitie512015, las amended by the Bulletin issued in Ortober 2018 and applicable to all peTIS be&nning on or after 1st January 20191. IThe SORry. published by the Charity Commission in Ertglartd & Wales ICCEWI. effeetive January 2016. and in &ccordanee with all applicable law in the ciwitys jurisdiction of registration, except that the chlirity I& prepared the fancial statement in accordance Thith the FRS 102 SORP 2015, las sended by the Bulletin issued in October 2018 and applicable to allaccounting periods bewnning on or after 1st January 20191. IThe SORPI. In preferets¢e ¢0 the previous SORP. the SORP 2005. Ivhich a$ beert withdrawrt Aotwlth$vdrtdittg the fa¢t that the extant statutory regulations, the Charities IAccounts and Reports) Regulations 2008 refer expjicitiy to the SORP 2005. This as been done to accord with current be8t practice. Ibl Fund A¢¢ountlng Unrestrieted funds are available for use at the discretion of the trustees in furtherance of the general objeetives of the charity. Unrestricted funds may include a rev8luation reseTh?e representing the restatement of illvestment assets at mELrket values where applicable. Desiwated funds are unre3tricted funds earmarked by the trustees for particular PUTpDses. Restricted funds are subjected to regtrictiong on their expenditure imposed by the donor or through the terms of an appeal. Icl Nature. ¢ategorle8 and recognltlon of In¢ome l ineomes are Included in the statement of fiwdttei aetivities when the charity is entitled to the tme and the amount Can be qu£tified with reasonable &ccuracy. Thefoliowlng speclfic polldes are applieci to partlcular cat6gorles ollnconw." Voluntary income is receivfd hy way of 8rants. donations and gifts and is included in full in the stateTnent of rittarteial aetlvlties whett reeeivtable. Grartts. whtre entitlement IS conditional on the delivery of a specifie performance by the charity, are recognised when the charity becomes uneonditionally entitled to the gr£t. Donated sevéices and facilities Are included at the value to the charity where this CÉ be quantified. Idl Volunt¢ero In accordance with the SORP, and in recognition of the ditTiculties in placing a monetary value on the 8ervice8 from volunteers, the contribution of volunteers is not incLuded within the income of the charity. lel Recognltlon of Ilabllltles and ezpendlture A liability [d the related expenditure is recognised whet) a legal constructive obligatiot) exists as a result of past event and when it is more likely than not that & transfer of economic benefit will be Fequired in setdement and wheA the amount of the objigatiort bt mtasured or reliably estimated. Liabilities arising froTn future funding commitments and constructive obligations, where the tiniing or the amount of the future expenditure required to $et¢le the oblig2tion are un¢ervdirt. ve ritse to a provi$iott in the accounts, whieh 18 reviewed at the aecouttting year end. Ifl Flxed a88ets Fixed assets ale sttea at ¢ost less 4¢¢UTnu14tEd depreciation. Depre¢iatitrn is provided at rates calculated to write the cost of each asset over its expeeted useful life, which in cases is estimated at 5 years. Page 12
The Redeemed Chrlstlan Church of God, Penlel Court Notes formlng part of the finandal stat¢ments for the year ended 81 May 2024 2. Donations UDre&tricted Restricted 2024 2023 Tithes & Offering Thanksgiving Others Gift aid Total donation 15,501 680 85 14,583 30,849 15.501 680 85 14,583 30,849 17,211 690 105 18.006 3. Charltable expendlture Church Work Cost Costs 2024 2023 Chthrlttsble c4etlvltÉes Ministry to$ts 11,130 11,130 11.130 11.130 6,4¥0 6,480 Support costs Administiation Premises Others 558 2.550 S58 2.550 425 3.533 885 2,700 425 425 8,108 4,613 Professional fees 200 200 200 200 200 200 Total Charltable ezpendltwe 14.238 425 200 14.863 11,293 4. Ilet surylus before tax in the Ilnanclal ye 2024 2023 This is Stated after charging.. Depreciation 126 126 815 815 5. IA¢ome and txpetsdlttsre aeeouttt 2024 2023 At l June 2023 Surplus after t2LK for the year At 31 May 2024 4S,092 15,986 61.078 38,379 6,713 45,092 6. Ttee$ remuneratlon & related pay tratwetlon6 Neither the trnstees or any persons connected ivith them received any remuneration during the year. 7. Tazation As a charity, The Redeemed Chritstian Chureh of God, Peniel Court is exempt from taxation in respeet (Jf inc(Jme r)r eapitsl gains received within categi)ries Cljvered by Chapter 3, part I l Df the Corporation TLLY Act 2010 or s256 of the T&xation of Chargeable Gains Act 1992, to the extent that these are applied exclusively to its charitable objects and for no other putpose. No tax charges have atisen in the charity. Page 13
The Redeemed Chrlstlan Church of God, Penlel Court Notes formlng part of the finandal stat¢ments for the year ended 81 May 2024 8. Tangible red as&ets Music Equipment Media Equip]nent otfice PUrltLe & Equipment Fittings Total COST At l June 2023 Additions iti the period At 3 1 May 2024 DEPRECJATJON Ar i June 2023 Charge for the period At 3 1 May 2024 flET BOOK VALUE AL 3 1 May 2023 2,310 527 335 627 962 159 3,331 627 3.958 2,310 S27 159 2,310 527 335 126 461 159 3,331 126 3,457 2,310 527 159 At 31 May 2024 501 501 9. Debtors 2024 2023 Debtors 905 90S 905 90S 10. Credltor8 2024 2023 Ac¢rual$ - Ac¢ountan¢y fee$ Creditors - WEM & COF Others 1.300 2,673 646 4,619 1,300 2,449 895 4,644 11. Anaiysls of net ao8ets between fund8 Unregtrlcted Funds Restrleted Funds 2024 2023 Tangible fixed a$set$ Current assets Current liabi]ities Net &&set& at 31 May 2024 501 65,446 14,6191 61,328 501 6S,446 14.6191 61,328 49,736 14.6441 45,092 12. mtentS In funds At l AdJu8tmetst June Aillst Reserves At31 IncomlnK OutKOill% Resourees Re8our¢es 2023 2024 R¢otsl¢t¢d fund• Total restricted funds UnrestrA¢ted ndS 45,092 250 30,849 14,863 61,328 Total unrestricted funds 45,092 250 30,849 14,863 61,328 Totdi funds 45,092 250 30.849 14.863 61,328 Page 14
TILe Redeemed ChrA&tlan Church of God Penlel Court Income and Expendlture Accowit for the year ended 31 May 2024 2024 2023 Intome 30,849 18,006 LESS EXPENDtfuR Mljhtstry costs - eharltable actlvltles vctttIEvangelism Travel Entertainment Musician 923 1,239 92 300 3,751 597 426 WEM & COF FOL Welf£e & gifts Donation to charities Honorariu 4,157 loo 450 750 1,133 3,692 11.130 6.480 Support Cost8 - ¢h&tltable a¢tlvltles Premtses Costs Rent 2.SSO 2,700 Admlnl$tratlon Printing arjd stationery Postage Subscription Books & manuals IT expen8es 80 500 96 238 144 558 150 144 885 other eosts Depreciation Training Sundry 126 250 49 42S 815 200 1.028 Governance costs - eharltable a¢tlvltle6 Accountancy fees Professional & consultancy fee$ 200 200 200 200 Surplus for the year Surplus brouglLt fonvord Adjustment ainst reserve Surplus carrled forward 15,986 45,092 250 61,328 6,713 38,379 4S,092 Page 15