THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY Company reg. no: 13746020 Charity rcg. no: 1197654 DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2023
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSENBLY TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR ThE PERIOD ENDED 30 NOVEMBER 2022 CONTENTS PAGE Reference and administrative details Director5 report Independent Examinerf5 report statement of financial activities statement of financial p051tion io. Notes to the accounts 11- 13 Page I
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE PERIOD ENDED 30 NOVEMBER 2023 Directors Ibikunle Adcwunmi Oduyemi Petor Bamikole Oladipo Oluscgun Adcsina Oludele -Resigned 3 1 December 2023 Falima Musa -Appointed S Febrsjary 2024 Secretary Israel David Oluwatobi Company registered number 13746020 Charity registered number 1197654 Principal Office 57 Colesmead Road Redhill RHI 2EN Parish Pastor Pastor Israel David Oluwatobi Independent Examiner Akintayo Ojo FCCA Resource Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Bankers Bèrclays Bank PLC Market Square Aylesbury HP20 Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY TRUSTEES REPORT FOR PERIOD ENDED 30 NOVEMBER 2023 The Directors submit their report and financial statement for The Redeemed Christian Church of God King's Tower Assembly (The Charity) for the period ended 30 November 2023. The Directors confirm that the Directors, report and financial statements of the charity comply with current Statutory requirements of the charity's goveming document and the provisions of the statement of Recommended Practice (SORP) -Accounting and Reporting by Charities. Issued in March 2005. STATUS The Redeemed Christian Church of God (RCCG) King's Tower Assembly is a Charitable company. It was incorporated as a private limited company by guarantee without share capital on 16th November 2021. It replaced a prevrous (Trust) The Redeemed Christian Church of God King's Tower Assembly with registration number 1146548. APPOINTMENT OR ELECTION OF TRUSTEES Directors are appointed and or co-opted under the temis of the artide5 of association. POUCIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The induction process for a newly appointed Trustee comprise5 of an initial meeting with the chair and other trustees. followed by short meetings with the parish pastor on the powers and responsibilities of the trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the Directors meet regularty to mange its affairs. The parish pastor manage5 the day to day administration of the church. RELATED PARTY TRANSACTION RCCG King's Tower 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.. RISK MANAGEMENT The Directors have assessed the major risks to which the charity is exposed, in particular those related to operations and finance5 of the charity, and are satlsfied that systems are in place to mitigate our exposures to major risk5. OBJECTIVES AND ACTIVITIES The principal object is the advancement of Christian faith in accordance with the statement of beliefs of The Redeemed Christian Church of God, and the relief of poverty. To achieve its objectives, the church adopted the following strategies: Running Sunday worship services and midweek bible study, Supporting other charities and Christian events, Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY TRUSTEES. REPORT FOR PERIOD ENDED 30 NOVEMBER 2023 The activities for achieving its objettives include.. Cornmunity outreach events. Conferences and events, Welfare support to members and general public. and Various mi55ionary activities PUBLIC BENEFITS The Church's Sunday and mid-week services are open to the general public to build on their Christian faith. Apart from its Church artivities. the charity was involved in the following public benefit efforts: The charity conducted seminars on Malage, immigration and financial empowerment for members of the community- Professiona15 in the community were employed for the seminar. The charity organised multicultural event in the community to foster better relationship between members, and also to discuss topics bothering on community development. The charity supported notable charities. and also contributed to disaster relief efforts around the world through Disaster Relief Agencies in UK. Our efforts are geared towards SUPPOrting the programme5 of our local community, promoting cohesion in our community, and impacting the lives of the young people and the elderly. 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 the advancement of Christian faith and lief of poverty. VOLUNTEERS The church is grateful for the unstinting efforts of its volunteers who are involved in providing Services for the charity. It is estimated that over 3000 hours are provided by volunteers during the year. If this is conservatively valued at E8.00 per hour, the volunteers effort will amount to over £24.000. Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY TRUSTEES. REPORT FOR PERIOD ENDED 30 NOVEMBER 2023 REVIEW OF AcfIvITIES 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 contained in our constitution. RESERVES POLICY The Company's policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the current activities to continue if Ihere is any significant drop in funding. It would obviously be necessary then to consider how the funding would be replaced or activities changed. The present free reserve is below the policy range but the trustees are continuing to seek additional funds for the reserves. PRINCIPAL FUNDING Funding has been provided mainly through tithes and offerings by church members and through donations. Pledges are also taken for specific projects. FUTURE DEVELOPMENTS The charity continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is a150 looking to grow in membership and continue to develop its member5 to make life-changing impart in the community. The charity has launched the initiative to purchase its property by 2028 for the effective running of the charity. Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY TRUSTEES. REPORT FOR PERIOD ENDED 30 NOVEMBER 2023 STATEMENT OF DIRECtORS' RESPONSIBILITIES The Directors are responsible for preparing the annual report and financlal statements in accordance with applicable laws and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under . that law, the Directors have eletted to prepare the financial statements in accordance with the United Kingdom Generally Acceptable Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are qUIred to give a true and fair view of the state of affairs of the charity and of the SLtrplus or deficit of the charity for that period. In preparing the finanoal statements, the Directors are required to: Select suitable accounting policies and apply them consistently; Make judgement and estimates that are reasonable and prudent: Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in operation. The Directors recognise their responsibilities to keep 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 Companies Act 2006. They are also responsible for safeguarding the assets of the company and henceforth tsking steps for the prevention and detertion of fraud and other irregularities. The appended financial statements have been prepared on the accruals ba515 and have been examined by an independent examiner. whose report is also appended. Approved by the Directors on June 2024 and signed on their behalf by: Fatima Musa Director Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY INOEPENDENT EXAMINERS REPORT FOR PERIOD ENDED 30 NOVEMBER 2023 TO THE DIREcfoRS OF THE REDEEMED CHRISTIAN CHURCH OF GOD KING'S TOWER ASSEMBLY I report on the accounts of the charlty for the pertod ended 30 November 2023 vihich is set out on pages 9- 13 RESPECTIVE RESPONSIBIUTIES OF THE DIREOR5 AND THE EXAMINER The charlty Direttors are responsible for the preparatlon of the accounts. The Charivs Directors consider that an audit is not required for the year under section 142(2) of the Charities Act 2011 and that an Independent examination is needed. It Is my responsibility to: examine the accounts under section145 of Charities Act 2011; follow the procedures lald down In the general Directions glven by the Charity Commission (under section 145(5)(b) of the 2011 Art; and State whether particular matter5 have come to my attention. BASIS OF MY EXAMINATION My examination was carrled out In accordan with the General Directh)ns glven by the Chars Commission. An examination indudes a rewew of the accountlng 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 account. and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all evidence that would be required In an audit, and consequenUy no opinion is given as to whether the accounts present a "true and falrf, view and the report is limited to those matters set out in the statements belavl EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: (l) which glves me reasonable cause to believe that In any material respert the trustees have not met the requirements to ensure that: proper accounting records are not kept In accordance with the companies Act- and accounts are prepared whlch agree with the accountlng records and comply with the accountlng requirements of the Companles Act 2006; or (2) to whlch, In my opinlon, attentlon should be drawn In order to enable a proper under- standing of the accounts to be reached. Aklntayo Ojo FCCA 25 June 2024 46 Hollywood Way Erhth. DA8 2QE Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD - KING'S TOWER ASSEMBLY srATEMENT OF FINANCIAL ACTtVITIES FOR PERIOD ENDED 30 NOVEMBER 2023 2023 2023 2023 2022 Unrestrirted Restritted Total Total Fund5 Funds funds Funds INCOMING RESOURCES Note5 Donations, legacies & similar incoming resources Activities in furtherance of charity's object Investment income Total incoming resources 85,103 1.946 4,087 89,190 1,946 76,054 1,999 87,048 4,087 91,135 78,052 RESOURCES EXPENDED Grants payable - individual Grants payable - institutional Costs of activities in furtherance of charities objects Management and govemance costs Total resOUrS expended 65 9,112 9,043 642 9,685 76.193 2,975 88,211 1,340 77,533 2,975 90,193 66,954 2,360 78.490 1,982 Net (outgoing)/incoming re50urce5 for year 1,163 2,105 942 438 Total funds at the start of the year 2,242 2,900 5,142 5.580 BALANCE AT END OF YEAR 1,079 5,005 6,084 5.142 Movernents in reserves and all recognised and losses are shown above The charity's incoming resources and resources expended all relate to continuing activities. Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD- KING'S TOWER ASSEMBLY STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2023 Notes 2023 2022 FIXED ASSETS Tangible Fixed assets io 4.923 5,973 CURRENT ASSETS Cash and bank balances 2,611 2,611 2.793 2,793 UABILtTIES Amount falling due within one year 12 1,450 1,450 3.623 3,623 ASSETS 6.084 5.143 CHARrrY FUNDS GeneTrl unrestricted GeneTrl restricted TOTAL FUNI DS Id le 1,079 5.005 6,084 2,242 2,900 5.142 121 For the yÈar ending 30 November 2022 the company was entitkd to exempb.on from audit under sertion 477121 of the Companie5 Act 2006 relating to the small companies gIMe. Ib} The rrembers have not required the company to obtain an audit of it5 account in accordance with 5ecb.on 476 of the Cornpanies Art 2006. Icl The directors acknowlet1oe their respongbility for.. i. ensuripg the company keeps accounting records which cornp with Sectson 386,. and ii. Preparing accounts which give a true and fair view of the state of affairs of the company at the end of the financial year. and of its pioht and loss for the financial ye6r. In a¢¢ordance with the reqbreMentS of section 393. and whsch otherwise comply Wilh the requirements of the Companies Aci relatin4 to accounts, so as far Is applicable to the company. Idl That the accounts have been prepared in accordance with the provis(S appllcable to companies subject to the small tompanies regime. Approved by the Direttors on June 2024 and signed on their behalf by: Fatima Musa Director Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD - KING'S TOWER ASSEMBLY NOTES TO THE ACCOUNTS FOR PEFUOD ENDED 30 NOVEMBER 2023 I. ACCOUNTING POLICIES (al The accounts are prepared under the historical cost ionvention and in accordance with applicable accounting standards. They follow best practice a5 set out in the Statement of Recommended Prèctice= Accounting Reporting by Charities ISORP) issued March 2005 as modified for smaller charitles. Ib) Income and expenditure is accounted for on an accnjals basls. It) Fixed assots comprise fvmiture an<J equipment and musical equlpment and have been c05ting more than £300. Tangible fixed assets are stated at cost less depreciakntsn. Depreciation is provided at rates £alculated to write off the cost of fixed assets. less their estimated residual value, over their expected useful live5 On the folloY4ing bases.. Musical equipment 25% redudng balare Fumiture and fiitin9S 25% reducing balance Computer equipment 25% reducing balance Motor Vehicles 25% reducirwj balar Idl Unrestricted funds are irtcomlng resources red for the obj.ects of the charity without further specified purpose and are available as general fvnds. le) Restricted funds are subject to restrictions on thr expenditure imposed by their donors. Unrestricted Restrirted Total Total Funds FLsnds Funds Funds 2023 2023 2023 2022 2. DONATIONS. LEGACIE5 AND SIMILAR INCOMLNG RESOURCES Collection and other donations Planned giving Gift aid receivable Sundry donations Building offering 62,731 21.297 775 62,731 21,297 4,862 300 89.190 S2,791 19,633 3,630 4.087 300 85,103 4,087 76,054 3. AcfIvITIES IN FURTHERANCE OF CHARrrvs OBJECT Grants HMRC Employer NIC Grant 1,946 1.946 1.946 1.946 1,999 1.999 4. IWESTMENT INCOME Bank Interest Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD- KING'S TOWER ASSEMBLY NOTES TO THE ACCOUNTS FOR PERIOD ENDED 30 NOVEMBER 2023 2023 2023 2023 2022 un$tricted Restricted TDtal Total Funds Fvnd5 Fund5 Funds 5. Grants payable individual Individual welfare 65 6. Grants payable - institutional Charitable giving -UK Charitable giving -overseas Total 9,043 642 9,685 9,112 9,043 642 9,685 9.112 List of institutional grants payable RCCG WEM World Evangelism RCCG Central Office Central Office Suppo Festival of Life Mission support Camp Ground Mission 5UPPOrt Total grant payable institutional 4,485 600 600 3,358 9.043 4,485 600 600 4.000 9,685 8,012 550 550 642 642 9,112 7. COST OF ACllVtTtES IN FURTHERANCE OF CHARrrYs OBJECTS Visiting speakers expenses Seminar. conferences and subscriptions Travel and subsistence Hall hire, rent & rates Music, liturgy & church group Mission, evangelism & projects Welfare & hospitality Telephone & internet Printing, postage, IT consumables and stationery Motor expense5 Worship cost & church occasion Training mission utilities Depreciation Insurance 850 439 1,741 19.708 761 3,485 220 6.359 1,240 1,542 128 695 850 439 1,741 19,708 761 3,725 220 6,359 1,240 2.642 128 695 250 144 1.482 14,030 3,796 1.240 686 944 240 1,358 1,306 loo 1,362 1,334 2,674 1,066 48 32,813 1,789 532 66,954 I,ioo 2,062 4,533 1,014 155 31.004 256 2,062 4,533 1,014 155 31,004 256 Repair & maintenance Staff cost Office expenses Admin & finance costs 76,193 1.340 77,533 Page 11
THE REDEEMED CHRISTIAN CHURCH OF GOO - KING'S TOWER ASSIMPLY NOTES TO THE ACCOUNTS FOR PERIOD ENDED 30 NOVEMBER 2023 2023 2023 2023 2022 Unresirfcted Funds Restrlcted Totèl Tottil Fund5 Funds Fund 8. MANAGEMENT AND GOVERNANCE COSTS Professional fees -Legal & lease Professional fees -other Examiner's fees - accountancy 1,525 1,450 2,975 1,525 1,450 2,975 910 1,450 2,360 9. TANGIBLE FIXED ASSETS Motor vehicles Musical Computers Furniture & equipment & projectors fittings Total 30-Nov 2022 C05t At l December 2022 Additions At 30 November 2023 3.995 4,451 3,484 7,935 6,142 2,747 17.335 3,484 20,819 3,995 6,142 2,747 Depreclation At l December 2022 Charge for the year At 30 November 2023 3.095 524 3.619 2,936 1,528 4.464 3,540 1,526 5.066 1,792 955 2,747 11,363 4,533 15,896 Net book value At 30 November 2023 At 30 November 2022 376 900 3,471 1,515 1,076 2,602 4,923 5.973 956 10. CASH BALANCES Perio¢J ended Period ended 30-Nov 30-Nov 2023 2022 2,611 2,793 2,611 2,793 Cash in Bank at year end 11. CREDITORS Trade creditor's due within 12 months Accrual.. Staff ¢ost Accrual: accountancy fees 30-Nov 2023 30-Nov 2022 2,173 1,450 3,623 1,450 1,450 12. RELATED PARTY TRANSAcfioNS During the year. the church paid institutional grants to other RCCG organisations such as the World Evangelism Mission as stated in note 7. Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD- KING'S TOWER ASSEMBLY NOTES TO THE ACCOUNTS FOR PERIOD ENDED 30 NOVEMBER 2023 13. sfAFF COST AND NUMBERS staff costs were a5 follows Period ended Period ended 30-Nov 30-Nov 2023 2022 Wages and salaries Social security costs WPS - Employer 28,500 1,946 559 31,004 30,250 1,999 564 32,813 Period ended Period ended 30-Nov 30-Nov 2023 2022 No. No. The average number of employee during the year was as follow5 Pastoral Charity administration Total No employee received remuneration amounting to more than É50,000 in the year. 14. INCOMING RESOURCES/{RESOURCES EXPENDED) Period ended Period ended 30-Nov 30-Nov 2023 This is stated after charging 2022 Depreciation of tangible assets owned by the charity Accountant's fees 4,533 1,450 2,674 1,450 Page 13