THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) KING'S TOWER ASSEMBLY Company reg. no-. 13746020 Charity rcg. no.. l 197654 DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2024
THE REDEEMED CHRisfiAN CHURCH OF GOD {RCCGI KING'S TOWER ASSEMBLY TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDEO 30 NOVEMBER 2024 CONTENTS PAGE Reference and administrative detsils Dirertors report Independent Examinerfs report Statement of financial activities statement of financial position io. Note5 to the accounts Page I
THE REDEEMED CHRISTtAN CHURCH OF GOD {RCCG) KING'S TOWER ASSEMBLY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR ThE PERIOD ENDED 30 NOVEMBER 2024 Directors Ibikunle Adewunmi Oduyemi Peter Bamikole Oladipo Fatima Musa 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 Olvwatobi Independent Examiner Akintayo Oio FCCA Resource Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Bankers Barclays Bank PLC Market Square Aylesbury HP20 Page 2
THE REDEEMED CHRISTtAN CHURCH OF GOD (RCCG) KING'S TOWER ASSEMBLY TRUSTEES REPORT FOR PERIOD ENDED 30 NOVEMBER 2024 The Directors submit their report and financial statement for The Redeemed Christian Church of God (RCCG) King's Tower Assembly (The Charity) for the period ended 30 November 2024. The Directors confirrn that the Directors. report and financial statements of the charity comply with current statutory requirements of the charity's governing document ènd the provisions of the statement of Recommended PraLtice (SORP) "Accounting and Reporting by Charities" Issued in March 2005. STATUS The Redeemed Christian Church of God (RCCG) King's Tower Assembly 15 a Charitable company. It was incorporated as a private lirnited company by guarantee without share capital on 16th November 2021. It replaced a previous (Trust) The Redeemed Christian Church of Gotj King's Tower Assembly with registration number 1146548. APPOINTMENT OR ELECTION OF TRUSTEES Directors are appointed and or co-opted under the terms of the articles of association. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The induction process for a newly appointed Trustee comprises 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 regularly to mange its affairs. The parish pastor manages 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 finances of the charity, and are satisfied that systems are in place to mitigate our exposures to major risks. OBJECTIVES AND ACTivmES 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 (RCCG) KING'S TOWER ASSEMBLY TRUSTEES. REPORT FOR PERIOD ENDED 30 NOVEMBER 2024 The activities for achieving Tts objectives include-. Community outrcaih evcnts. Conferenccs and events. Welfare support to members and gcneral public, and Various missionary activilies PUBLIC BENEFITS The Church's Sunday and mid-week services a open to the general public to build on their Christian faith. Apart from Its Church acb"vities, the charity was involved In the following publ.,c bep,efit efforts.. The ch.arity conducted seminars on marriage, immi9ration and financial empowermeit for merybers of the community. Professionals in the community were employed for the sem'.nar. Tr,e =harity organised multicultural event in the community to foster better relationshi p -een members, and also to discuss topics bothering on community development. arity supported notable charities. and also contributed to disaster relief efforts around th,e wcrtd through Disaster Relief Agencies in UK. Our efftsts are geared tov¥ards SUPPOrting the prograrnmes of our local community, prornoling co-.es', "n In our community, and impatting the lives of the young people and the elderly. GIiANT MAKING POLICY The church 5UPPOrts visiting ministers of the gospel both within and outside the United ki ngaom. .rt 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 sha-. es Its objects In the advancement of Christian faith and relief of poverty. VOLUNTEERS The church is grateful for the unstinting efforts of its volunteers v4ho are involved In providing services for the charity. It is estimated that over 3000 hours are provided by volunteers durin9 the year. If this Is conservatively valued at £8.00 per hour. the volunteers effort will amount to over £24,000. Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD {RCCG) KING'S TOWER ASSEMBLY TRUSTEES, REPORT FOR PERIOD ENDED 30 NOVEMBER 2024 REVIEW OF ACTIVITIES The church continues to enj.oy tremendous growth in its physical and spiritual life during the vear, 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 unrestrirted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the currenl activities to continue if there 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 serVes. PRINCIPAL FUNDZNG Funding has been provided mainly through tithes and offerings by church members and through donations. Pledge5 are also taken for specific projects. FUTURE DEVELOPMENTS The charity continues to explore various ways of spreading the gospel of Christ in an effecfive rnanner. The charity is also looking to grow in membership and continue to develop its mernbers to make life-changing impact 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 REDEENED CHRISTtAN CHURCH OF GOD (RCCG) KING'S TOWER ASSEMBLY TRUSTEES. REPORT FOR PERIOD ENDED 30 NOVEMBER 2024 STATEMENT OF DIRECTORS, RESPONSIBILITIES The Directors are responsible for preparing the annual report and financial 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 Dirertors have elected 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 required to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing the finanaal statements, the Directors are required to: Select suitable accounting polioes and apply them consistently; Make judgement and estimates that are reasonable and prudent- Prepare the finanaal statements on a going concern basis unles5 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 finanaal position of the tharity 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 taking steps for the prevention and detertion of fraud and other irregularities. The appended financial statements have been prepared on the accnjals basis and have been examined by an independent examiner, whose report is alx) appended. Approved by the Directors on 2g'f4 June 2025 and si9ned on their behalf bv.. Fatima Musa Director Page 6
THE REDEEMED CHRISTtAN CHURCH OF GOD (RCCG) KING'S TOWER ASSEMBLY INDEPENDENT EXAMINERS REPORT FOR PERIOD ENDED 30 NOVEMBER 2024 TO THE DIRECTORS OF ThE REDEEMED CHRISTIAN CHURCH OF GOD {RCCG) KING'S TOWER ASSEMBLY I report on the accounts of the charity for the period ended 30 November 2024 which Is set out on pages 9 - 13 REsPE1VE RESPONSIBILrrtES OF THE DIRECTORS AND THE EXAMINER The charity Directors are responsible for the preparation of the accounts. The Charity's DI ctors consider that an audit is not quired for the year under settion 142(2) of the Charities Act 2011 and that an independent examination is needed. Et is my spOnsIbl11ty to- exomine the accounts under section145 of Charities Act 2011; follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. and State whether particular matters have come to my attention. BASIS OF MY EXAMINATtON My examination was carried out in accordance with the 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 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 consequently no opinion is given as to whether the accounts present a "true and fair" vlew and the report is limited to those matters set out in the statements below EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: { l) which gives me reasonable cause to believe that in any material respect 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 which agree with the accounting records and comply with the accounting requirernents of the Companies Act 2006- or (2) to which, in my opinion, attention should be drawn tn order to enable a proper under- standing of the accounts to be reached. Akintayo Ojo FCCA g) June 2025 46 Hollywood Way Erith. DA8 2QE Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOO IRCCGI KING'S TOWER ASSEMBLY STATEMENT OF FINANCIAL ACtIVlTIES FOR PERIOD ENDED 30 NOVEM8ER 2024 2024 2024 2024 2023 Total Unre51ricted Itestricted T¢tal Funds Funds Fun(Js Funds INCOMING RESOURCES Notes Donations, legacies & similar incoming resoLFrces Activities in furtherance of charily's object Investment income Total incoming resources 58,902 9,494 3.241 62,143 9,494 89,190 1,946 68.396 3.241 71,637 91,135 RESOURCES EXPENDED Grants payable - individual Grants payable - institutional Costs of activities in furtherance of charities objects Management and governance costs Total resources expended 6.680 6.680 9,685 62,232 2.160 71.072 2,225 64,457 2.160 73,297 77,533 2,975 90,193 2.225 Net {outgoing)lincoming resources for year 2,677 1,016 1,661 942 Total funds at the start of the year 1.079 5.005 6,084 5.142 BALANCE AT END OF YEAR 1.598 6,021 4,423 6.084 Movements in reseryes and all recognised and losses are shown above The charity's incoming sOurceS and resources expended all relate to continuing activities. Page 8
JlbJ4 Jiii i FIXED ASSETS Tangible Fixed assols CURRENT ASSETS Cash and bank balancL LIABILITIES Amount falling due within one year 12 ASSETS 4.411 CHARrrY FUNDS General unrestricted General restricted TOTAL FUNDS Id le 4,42J (al For the year er)ding 30 November 2023 the company was tItle0 to exempmon Irom ludll under Ilibn 477121 of the Companies Act 2006 relarjng to the sm)11 ccmpanies reqime. Ibl The members have not required the company to obtsin an audit of Its account In a(<.'daLP wilh section 476 of the Companies Act 2006. Icl The directors acknovlledge their responsibillty for., i. ensuring the company keeps accounting recor¢s whKh compty with Sedlon J116', and ii. Preparing accounts whith 9ive a trve and lèir vlew of the state of aflairs ol Lhe coinpoiiy at the eiid of the financial year. and of its proht and loss lor th¢ ftnanclal yiiar, In arroi'dai)IL" wilh the r(xiyiiviiieiit• of secuon 39? and which otherwlse comply Wlih the rL¥JulrLrymL4nis ol Lh¢ Ctyi)paniL% Atl i&,lJllii¥ 10 accounts. so as far Is appIable to the company. Idl Thar the accounts have been prepared In aCcordat Wih tht pi'(¥vlloth apl1(01e to flYnl)•nie4 %111)Ifit to the smèll compan*es regime. Approved by the Directors on 2.(rfj June 2025 and signc.(l on Ilii'lf l)¢iliiill Iiv.. Fatima Musa Director Pagf: 9
THE REDEEMEO CHRISTIAN CHURCH OF GOD IRCCGI KING'S TOWER ASSEMBLY NOTES TO THE ACCOUNTS FOR PERIOD ENDED 30 NOVEMBER 2024 I. ACCOUNTING POLICIES {a) The accounts are prepad uThler ihe historical cost £venOn and In acCordae with applicable accounting standards. They follow best practict as set out in the Statement of Recomrnended Prattite.. Accounting and Reporting by Charities IS08PI issued March 2005 as modifitd for smal tharit*s. Ibl Income and expeneiture Is accounted for on an accruals basls. Icl Fixe(J assets comprise furntture equiwnent and musltal equipment antl have been costlng More than É30D. Tangible fixed assets are st3ted at cost less depreciation. Oepreciation is provided at rates catculaied ro write off the cost of assets. less their estimated residual vèlue. over their expecled useful lives on the following bases". Musical equiprnent 25% reduciThJ balance Furniture and rthngs 25Yo reducing balance 25% reducing bèlance 25% reducing balance Computer equipment Motor Vehides Idl Unrestncted fijnds ore Incoming sourceS received for the objects of the tharity without further specified pur)ose and a available as general funds. lel Restricted fvnds are subject to restrictjons on their expeThJibJre Imped by their dorK)rs. Unre5frirted Restrirted Total Totèl Fund5 Funds Funds Funds 2024 2024 2024 2023 2. DONATIONS. LEGACIES AND SIMILAR INCOMING RESQVRCES Collertion and other donations Planned giving Gift aid receivable Sundry donations Building offering 49,842 9,060 49,842 9,060 30 62,731 21,297 4,862 300 89, 190 30 3,211 3,241 3,211 58.902 3. AcfiviTIES IN FURTHERANCE OF CHARITY'S OWECT Sales of Study manual Donation to New Parish HMRC Employer NIC Grant 79 7,358 2,057 9.494 79 7,358 2,057 9,494 1,946 1,946 4. INVESTME NT INCOME Bank Interest Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD IRCCGI KING'S TOWER ASSEMBLY NOTES TO THE ACCOLIHrs FOR PERIOD ENDED 30 NOVEMBER 2024 2024 2024 2024 2023 vnrestrirted Restricred Total Total Funds Fund5 Funds Funds 5. Grants payable - individual Individual welfare 6. Grants payable - institutional Charitable giving -UK Charitable giving -over5eas Total 6.680 6,680 9,685 6,680 6.680 9,685 List of institutional grants payable RCCG WEM Wodd Evangelism RCCG Central Office Central Office Suppo Festival of fe Mission support Camp Ground Mission support Compassion Donation to Charity Total grant payable institutional 4,200 600 600 4.200 600 600 4,485 600 600 4,000 1.280 6.680 1,280 6.680 9.685 7. COST OF AcrIvtrIES IN FURTHERANCE OF CHARITVS OBJECTS Visiting speakers expenses Seminar, conferences and subscriptions Travel and subsistence 850 439 1,741 19,708 761 3,725 220 836 1,797 21,875 836 1,797 24,100 Hall hire. rent & rates Music, liturgy & church group Mission. evangelism & projects Welfare & hospitality Telephone & internet Pri nting, postage, IT consumables and stationery Motor expenses Worship cost & church occasion Training mission utilities Depreciation Insurance Repair & maintenance Staff cost Office expenses Admin & finance costs 2,225 1,033 591 1,033 591 952 1,272 952 1,272 55 338 390 1,394 3.965 285 6.359 1,240 2,642 128 338 390 1,394 3,965 285 112 26.S90 695 2,062 4,533 1,014 155 31,004 256 112 26.590 742 62.232 742 64,457 2,225 77,533 Page 11
THE REDEEMED CHRISTIAN CHURCH OF GOD IRCCG) KING'S TOWER ASSEMBLY NOTES TO THE ACCOUNTS FOR PERIOO ENDED 30 NOVEMBER 2024 2024 2024 2024 2023 UThresthcted Restritted Total Total Fun¢ts Funds Funds Funds 8. MANAGEMENT AND GOVERNANCE COSTS Professional fees -Legal & lease Professional fees -other Examiner's fees - accountancy 760 1.400 2.160 760 1,400 2,160 1,525 1,450 2,975 9. TANGIBLE FIXED ASSETS Motor vehicles Musical Computers Furniture & equipment & projectors rittings Total 30-Nov 2024 Cost At l December 2023 Additions At 30 November 2024 3.995 7,93S 3.226 11.161 6,142 711 6,853 2,747 20,819 3,937 24,756 3.995 2,747 Depreclatlon At l December 2023 Charge for the year At 30 November 2024 3.619 376 3,995 4.464 2.335 6,799 5,066 1,254 6,320 2,747 15,896 3,965 19,861 2,747 Net book value At 30 November 2024 4,362 3,471 533 4.895 4,923 At 30 November 2023 376 1,076 10. CASH BALANCES Peri011 ended Period ended 30-Nov 2024 2,979 2,979 30-Nov 2023 2.611 2.611 Cash in Bank at year end 11. CREDITORS Trade creditorf5 due within 12 months Accrual.. Staff cost 30-Nov 2024 2,000 1,450 3,450 30-Nov 2023 Accrual.. accountancy fees 1,450 1,450 12. RELATED PARTY TRANSACTIONS 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 IRCCG) KING'S TOWER ASSEM8LY NOTES TO THE ACCOUNTS FOR PERIOD ENDED 30 NOVEMBER 2024 13. STAFF COST AND NUMBERS Staff costs were as follows Pertod ended Period ended 30-Nov 30-Nov 2024 2023 Wages and salaries Social security costs WPS - Employer 28,500 1.946 559 31,004 28,500 1,946 559 31,004 Period ended Period ended 30-Nov 30-Nov 2024 2023 No. The average number of employee during the year was as follows Pastoral Charity administration Total No employee received remuneration amounting to more than £50,000 in the year. 14. INCOMING RESOURCESI{RESOURCES EXPENDED) Period ended Period ended 30-Nov 30-Nov This is stated after charging 2024 2023 Depreciation of tangible assets owned by the charity Accountant's fees 1,394 1,450 2,062 1,450 Page 13