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2024-09-30-accounts

REGISTERED CHARITY NUMBER: 1189288

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

THE REDEEMED WORSHIP CENTRE CIO

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

THE REDEEMED WORSHIP CENTRE CIO

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14 to 15
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THE REDEEMED WORSHIP CENTRE CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

The trustees present their report with the financial statements of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The purposes of the Church are:

The advancement of the Christian faith in accordance with the Basis of Faith, primarily, but not exclusively, within Leicester and the surrounding neighbourhood; and such other charitable purposes as shall, in the opinion of the charity trustees, put into practice the Christian faith in accordance with the Basis of Faith, including but not limited to: the prevention and relief of need, hardship and sickness; the advancement of education; and the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life; Provided that the advancement of such purposes must be undertaken in a manner that is consistent with the Doctrinal Distinctive and Ethical Statements as may be adopted and amended by the Church from time to time.

We are a multi-cultural church in the city of Leicester aiming to serve our community to the best of our ability. Our programmes implemented include various age groups from newborn babies to the elderly. We serve as a centre for Open Hands charity donated goods collection. We run free coffee mornings for the community every last Saturday of the month. This program includes free cup-cakes, scones, and soup for the community. In addition to the above we are running free holiday clubs for 5-11-year-olds during half term holidays throughout the year.

Public benefit

The trustees have had regard to the Charity Commission guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

On the 1st of June 2023, the church purchased a two-story building for the sum of £610,108. This acquisition marked a significant milestone in our journey as it provides a dedicated space for our religious activities and supports our general charitable purposes. We are committed to fostering spiritual growth and community engagement through our programs. Currently, we host three face-to-face Sunday church meetings every week, which serve as an opportunity for members to gather in worship and fellowship. These meetings have been well-received, characterized by their lively atmosphere and spiritually uplifting content, leading to a steady increase in our membership. Moving forward, we remain dedicated to improving the building and its facilities to better serve our congregation and continue to provide a space that meets the spiritual and practical needs of our growing membership.

We held a family fun day on the 24th of August 2024. This was an event we held for our community. We hired a 40 metres long Lightning Two-part obstacle course, a Rock 'N' Roll Gladiator Joust, Inflatable Mini-Darts (8ft Tall), a Bouncy Castle and Table tennis table, all for the community to enjoy. We also had face painting as well as Arts and Crafts activities. This event cost us about a thousand pounds overall. We had around 300 people from the community, and these were a mixture of both children and adults. As trustees we unanimously agreed to host this event every year as a contribution to our community. This was a 3-hour free event with free food and drinks for the community.

We have bought a mobile phone to communicate with new members as well as a means of contact to individuals who might need prayer and any help etc.

Page 1

THE REDEEMED WORSHIP CENTRE CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL REVIEW

Financial position

The statement of financial activities shows total income for the year of £94,888 and the total expenditure of £103,713 leaving a deficit of £8,825 for the period.

Reserves policy

The trustees are responsible for setting a reserves policy, considering the administrative overheads of the charity.

The Trustees reviewed the reserves of the Church. They concluded that the policy is to maintain unrestricted funds, which are the free reserves of the Church, at a level of which equates to at least three month's committed expenditure.

Reserves held at the year end amount to £193,919 (2023 - £202,744).The Trustees will continue to monitor the level of reserves to ensure that they remain both appropriate and adequate for the charity's needs.

FUTURE PLANS

There are no big events planned except to access the sustainability of all the activities which have been implemented this far which includes a yearly family fun day and "Around the World", a cultural evening of celebrating the various cultures represented in our church.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, which is based on the Charity Commission Foundation Model for a Charitable Incorporated Organisation.

The charity governing constitution was adopted on 9 April 2020 and the charity was incorporated as a Charitable Incorporated Organisation (CIO) on 30 April 2020.

Recruitment and appointment of new trustees

Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Church.

Subject to the following paragraphs, every charity trustee shall be an elder of the church governed by this constitution and no-one may be appointed as an elder within the church without also being appointed as a charity trustee. The responsibilities of the elders are the responsibilities that are assigned to elders in the New Testament.

The charity trustees may describe the role and responsibilities of elders in more detail in the Rules.

The charity trustees may use the Rules to specify circumstances in which a person may be appointed as an elder without being a charity trustee or circumstances in which a person may be appointed as a charity trustee without also being an elder. Whenever it is the case that the charity trustees and elders are not exactly the same group of people, the charity trustees must exercise control and independent decision-making, but may delegate powers to the elders.

Organisational structure

The charity trustees are responsible for the general control and management of the charity.

Chief executive officer

The chief executive officer for The Redeemed Worship Centre is Peter Moyo.

Page 2

THE REDEEMED WORSHIP CENTRE CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1189288

Principal address

The Redeemed Worship Centre The Lighthouse 45 Upper Tichborne Street Leicester LE2 1GL

Trustees

P Moyo T Ndlovu S Dube J C Ndlovu T Phiri P Sibanda

Independent Examiner

Mr Phillip Bott Bsc(Hons) FCA Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

Approved by order of the board of trustees on 16 July 2025 and signed on its behalf by:

P Moyo - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE REDEEMED WORSHIP CENTRE CIO

Independent examiner's report to the trustees of The Redeemed Worship Centre CIO

I report to the charity trustees on my examination of the accounts of The Redeemed Worship Centre CIO (the Trust) for the year ended 30 September 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 accounts to be reached.

Use of our report

This report is made solely to the charity's members. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our work, for this report, or for the opinions we have formed.

Mr Phillip Bott Bsc(Hons) FCA

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

17 July 2025

Page 4

THE REDEEMED WORSHIP CENTRE CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
94,888
EXPENDITURE ON
Charitable activities
Charitable activities
89,116
Support costs
12,197
Governance costs
2,400
Total
103,713
NET INCOME/(EXPENDITURE)
(8,825)
RECONCILIATION OF FUNDS
Total funds brought forward
202,744
TOTAL FUNDS CARRIED FORWARD
193,919		 Restricted
fund
£
-
-
-
-
-
-
-
-		 2024
Total
funds
£
94,888
89,116
12,197
2,400
103,713
(8,825)
202,744
193,919		 2023
Total
funds
£
171,039
75,654
5,101
3,360
84,115
86,924
115,820
202,744

The notes form part of these financial statements

Page 5

THE REDEEMED WORSHIP CENTRE CIO

BALANCE SHEET 30 SEPTEMBER 2024

Notes
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Debtors
6
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
8
NET ASSETS
FUNDS
11
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
598,320
2,682
11,853
14,535
(7,007)
7,528
605,848
(411,929)
193,919		 Restricted
fund
£
-
-
-
-
-
-
-
-
-		 2024
Total
funds
£
598,320
2,682
11,853
14,535
(7,007)
7,528
605,848
(411,929)
193,919
193,919
193,919		 2023
Total
funds
£
613,596
1,491
13,334
14,825
(9,907)
4,918
618,514
(415,770)
202,744
202,744
202,744

The financial statements were approved by the Board of Trustees and authorised for issue on 16 July 2025 and were signed on its behalf by:

P Moyo - Trustee

The notes form part of these financial statements

Page 6

THE REDEEMED WORSHIP CENTRE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income

Income is composed of varieties of donations, gift aid and contributions to restricted funds. All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% straight-line basis excluding land Fixtures and fittings - 20% on cost Computer equipment - 33% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 7

THE REDEEMED WORSHIP CENTRE CIO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' salaries
Trustees' social security
Trustees' pensions paid		 2024
£
12,000
-
173
12,173		 2023
£
12,000
(23)
173
12,150

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.

3. STAFF COSTS

Wages and salaries
Social security costs
The average monthly number of employees during the year was as follows:
Average number of employees		 2024
£
16,534
-
16,534
2024
2		 2023
£
13,134
(23)
13,111
2023
2

No employees received emoluments in excess of £60,000.

continued...

Page 8

THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

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4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 30 SEPTEMBER 2023
Unrestricted Restricted Total
fund fund funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 151,858 19,181 171,039
EXPENDITURE ON
Charitable activities
Charitable activities 75,654 - 75,654
-
Support costs 5,101 5,101
Governance costs 3,360 - 3,360
Total 84,115 - 84,115
NET INCOME 67,743 19,181 86,924
Transfers between funds 34,511 (34,511) -
Net movement in funds 102,254 (15,330) 86,924
RECONCILIATION OF FUNDS
Total funds brought forward 100,490 15,330 115,820
TOTAL FUNDS CARRIED FORWARD 202,744 - 202,744
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continued...

Page 9

THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS

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|||||| |---|---|---|---|---| |Fixtures| |Freehold|and|Computer| |property|fittings|equipment|Totals| |£|£|£|£| |COST| |At 1 October 2023|610,108|18,554|8,104|636,766| |Additions|-|-|404|404| |-|-| |Disposals|(3,000)|(3,000)| |At 30 September 2024|610,108|15,554|8,508|634,170| |DEPRECIATION| |At 1 October 2023|9,762|6,304|7,104|23,170| |Charge for year|9,566|3,111|603|13,280| |-|-| |Eliminated on disposal|(600)|(600)| |At 30 September 2024|19,328|8,815|7,707|35,850| |NET BOOK VALUE| |At 30 September 2024|590,780|6,739|801|598,320| |At 30 September 2023|600,346|12,250|1,000|613,596|

----- End of picture text -----

Included in cost or valuation of land and buildings is freehold land of £122,021 (2023 - £122,021) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors

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||| |---|---| |2024|2023| |£|£| |2,682|1,491|

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continued...

Page 10

THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 9)
Trade creditors
Taxation and social security
Other creditors
8.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 9)
9.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal		 2024
£
3,842
-
639
2,526
7,007
2024
£
411,929
2024
£
3,842
4,163
14,693
393,073		 2023
£
3,547
3,000
-
3,360
9,907
2023
£
415,770
2023
£
3,547
3,841
13,560
398,369

continued...

Page 11

THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

Bank loan
The bank loan is secured on the property to which it relates.
11.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At
1.10.23
£
202,744
202,744
Incoming
resources
£
94,888
94,888		 2024
2023
£
£
415,771
419,317
Net
movement
At
in funds
30.9.24
£
£
(8,825)
193,919
(8,825)
193,919
Resources
Movement
expended
in funds
£
£
(103,713)
(8,825)
(103,713)
(8,825)

continued...

Page 12

THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
At
movement
1.10.22
in funds
£
£
Unrestricted funds
General fund
100,490
67,743
Restricted funds
Buildings
15,330
19,181
TOTAL FUNDS
115,820
86,924
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
151,858
Restricted funds
Buildings
19,181
TOTAL FUNDS
171,039		 Transfers
between
At
funds
30.9.23
£
£
34,511
202,744
(34,511)
-
-
202,744
Resources
Movement
expended
in funds
£
£
(84,115)
67,743
-
19,181
(84,115)
86,924

The restricted building fund is for the purchase of the church property.

12. RELATED PARTY DISCLOSURES

During the year, Trustees made personal donations to the charity amounting to £10,832 (2023: 34,794). No benefits were received as a result of their donations.

Page 13

THE REDEEMED WORSHIP CENTRE CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations tithe
Donations
Gift aid
Building
Total incoming resources
EXPENDITURE
Charitable activities
Trustees' salaries
Trustees' social security
Trustees' pensions paid
Wages
Travel
Insurance
Light and heat
Postage and stationery
Advertising
Ministry costs
Services
Small equipment
Consumables
Rent
Computer consumables
Gifts
Bereavement
Soft furnishings
Youth activities
Repairs
Depreciation of tangible fixed assets
Profit on sale of tangible fixed assets
Support costs		 2024
£
58,663
19,707
15,993
525
94,888
94,888
12,000
-
173
4,534
-
1,489
11,300
897
214
1,558
2,040
451
5,810
540
3,072
-
1,156
-
163
8,742
13,280
(600)
66,819		 2023
£
105,534
15,335
30,989
19,181
171,039
171,039
12,000
(23)
173
1,134
124
297
1,976
3,125
1,101
4,900
5,728
2,808
5,039
4,600
3,597
1,000
603
1,084
700
2,713
15,286
-
67,965

This page does not form part of the statutory financial statements

Page 14

THE REDEEMED WORSHIP CENTRE CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Support costs
Finance
Bank interest
Governance costs
Independent exam fees
Accountancy and legal fees
Total resources expended
Net (expenditure)/income		 2024
£
33,626
2,400
868
3,268
103,713
(8,825)		 2023
£
10,962
3,360
1,828
5,188
84,115
86,924

This page does not form part of the statutory financial statements

Page 15