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2021-08-01-accounts

Report of the Trustees for the Year Ending 1[st] August 2021

The Board of Trustees presents their report and the financial statement for the Year ended 1[st] August 2021.

The Trustees confirm that the financial statement have been prepared in Accordance with the accounting policies set out below and compliance with the Charity trust deed and the recommendations of the Statement of Recommended Practice, Accounting and Reporting by Charities and complies with the applicable law

Principal Objectives and Performances

The organisation is a registered charity and was set up by a Trust Deed executed on the 10th August 2004, A summary of the organisation's stated objects is "The Advancement of the Christian Faith Worldwide and relief of poverty"

The mission statement guiding our work is to:

Help all people move towards whole person maturity, and to build a church where friendship, trust, and loyalty are valued.

Board of trustees

The organisation is governed by a Board of Trustees headed by Dr ‘Mayokun Olajide, the members served on the council throughout the year under review are named above

Financial Reviews

The statement of the financial activities shows income of £90,302 and expenditure of £73,955.00 and surplus of £16,347.00

This financial support from members has enabled the church/Charity to support a number of Christian organisations, charities and visiting ministers as well as meeting other charitable objectives. The present level of funding is adequate to support the continuation of the church objectives.

The charity is also aware of the need to have a documentary policy in place regarding reserve; this is currently under review by the trustees. In accordance with guidelines issued by the Charity Commission, the Board of Trustees has adopted and continues to ensure a policy regarding the use of building funds and other donations, which involves. This policy continues to ensure that the Charity has sufficient funds to meet all current and known future liabilities. The amount of donations from members for the building fund continues to be kept as restricted income as reflected in the balance sheet.

Activities of the Charity for the Year Ending 1[st] August 2021

Most of the activities of the charity take place in the summer months between June and August. However, as result of the COVID-19 pandemic, most of these activities for summer 2021 did not hold in compliance with the UK Government’s guidelines on social distancing or moved online, where possible.

In September 2020, the Charity organised a conference with the aim of providing spiritual, physical, financial and other forms of personal development to women who worship in the church and in the Wolverhampton community. This was a well-attended programme with positive and encouraging feedback from most participants.

A similar programme of activities including a leadership seminar was organised for men in the Wolverhampton community in November 2020. The seminar was facilitated by leading leadership coaches in Wolverhampton.

The Charity regularly hosts personal development programmes for the Youth and Young adults. In the year under review, several empowerment and self-development activities including leadership seminars, confidence building workshops, taxes, career development and mental health seminars were organised for these groups in the community. The COVID19 pandemic that necessitated a lockdown throughout the year resulted in these activities moving online.

The Charity also organised a children’s programme in the summer of 2021. In spite of the lockdown, children engaged in a number of fun activities over the 3 days including watching movies. These activities also benefitted children in communities in parts of west midland, and nationally because they were held online.

The charity continues to be active in carrying out outreach programmes, including evangelism and other activities aimed at providing spiritual support to members of the community. In July 2021, the Charity hosted another Phenomenal Growth Conference (PGC) online.

In summary, The Board of Trustees conclude that the performance of the Charity has been satisfactory in terms of advancement of the Christian faith. Pastors and other volunteers are commended for demonstrating resilience in maintaining the activities of the Charity throughout the difficult period of COVID19 restrictions.

Future Plans (and post-COVID19)

The charity plans to continue in engaging in activities highlighted above. Other activities that are planned after the end of the pandemic include:

  1. A scheme to contribute towards supporting homeless people in Wolverhampton, through donations of clothing and other essential materials.

  2. Visit to orphanages.

  3. Strengthening counselling sessions, developing biblical principles, organising leadership seminars, economic empowerment, impacting Entrepreneurship skills.

  4. The charity will continue to support African mission, an aid relief agency to underprivileged people in Africa. The Charity will also continue to actively support the World Evangelical Mission, which is involved in furthering the Christian faith all over the world.

  5. The Charity is still actively searching for a new building for worship and for hosting some of its activities.

Political and Charitable Activities

The charity did not make any political or charitable donation during the financial Year, it major activity during the year was just the preaching of the gospel.

Public Benefit

The charity acknowledges its requirement to demonstrate clearly that it must Have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in this report.

The Trustees confirm that they have paid due regard to the Charity Commission Guidance on public benefit before deciding what activities the charity should Undertake.

Risk Management.

The trustees actively review the major risks which the charity faces on a regular Basis. The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems are in place for regular reports to be produced so that steps can be taken to mitigate these risks.

Related Party Transaction

RCCG, Fountain of Grace is a member of the Redeemed Christian Church of God (RCCG) with parishes all over the world. The relationship is governed by an “Agreement for Common Purposes” between the charity and RCCG.

On behalf of the charity

These financial statements were approved by the Board on 20[th] August 2021, and the he notes form part of the financial statements.

Dr ‘Mayokun Olajide

22/04/2022

Chairman of Board of Trustees

Charity registration number: 1105604

RCCG Fountain of Grace

Annual Report and Financial Statements

for the Year Ended 1 August 2021

RCCG Fountain of Grace

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 3
Statement of Trustees' Responsibilities 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 16

RCCG Fountain of Grace

Reference and Administrative Details

Chairman Dr Mayokun Olajide Trustees Mrs Idah Ogunbusola Dr Kenny fatosin Charity Registration Number 1105604 Principal Office St. Johns Square Wolverhampton WV2 4AT

Page 1

RCCG Fountain of Grace

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 1 August 2021.

Objectives and activities

Public benefit

We understand religious activities, Sunday services for members. We also undergo community activities like sports and dance clubs for the youths, women cooking group activities, counselling for families,women musical group and drama group in the community. We support the Police in our community by donating to thier crime watch magazine.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management Financial instruments

Objectives and policies

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

The annual report was approved by the trustees of the charity on 24 May 2022 and signed on its behalf by:

Page 2

RCCG Fountain of Grace

Trustees' Report

M.Olajide ......................................... Dr Mayokun Olajide Chairman

Page 3

RCCG Fountain of Grace

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 24 May 2022 and signed on its behalf by:

M.Olajide ......................................... Dr Mayokun Olajide Chairman

Page 4

RCCG Fountain of Grace

Independent Examiner's Report to the trustees of RCCG Fountain of Grace

I report to the trustees on my examination of the accounts of RCCG Fountain of Grace for the year ended 1 August 2021.

Responsibilities and basis of report

As the charity trustees of RCCG Fountain of Grace 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 RCCG Fountain of Grace's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 RCCG Fountain of Grace 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 accounting 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.

Deborah Igbinosa

......................................

24 May 2022

Page 5

RCCG Fountain of Grace

Statement of Financial Activities for the Year Ended 1 August 2021

Note
Income and Endowments from:
Donations and legacies
Investment income
3
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
6
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Donations and legacies
Investment income
3
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
6
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327
Unrestricted
funds
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910		 Total
2021
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327
Total
2020
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 16.

The notes on pages 8 to 16 form an integral part of these financial statements. Page 6

RCCG Fountain of Grace

(Registration number: 1105604) Balance Sheet as at 1 August 2021

Note
Fixed assets
Tangible assets
12
Current assets
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
15
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
16		 2021
£
220,000
71,230
(3,580)
67,650
287,650
(84,323)
203,327
203,327
203,327		 2020
£
220,000
54,812
(3,579)
51,233
271,233
(84,323)
186,910
186,910
186,910

The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 24 May 2022 and signed on their behalf by:

M.Olajide

......................................... Dr Mayokun Olajide Chairman

The notes on pages 8 to 16 form an integral part of these financial statements. Page 7

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

RCCG Fountain of Grace meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 8

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Page 9

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 10

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 11

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2 Income from donations and legacies

Regular giving and capital donations
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
71,423
71,423
81,725		 Total
funds
£
71,423
71,423
81,725

3 Investment income

Other investment income
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
18,879
18,879
20,749		 Total
funds
£
18,879
18,879
20,749

Page 12

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

4 Expenditure on raising funds

a) Investment management costs

Note
Allocated support costs
Total for 2021
Total for 2020
5
Expenditure on charitable activities
Note
Governance costs
Total for 2021
Total for 2020
6
Other expenditure
Note
Staff costs
Wages and salaries
Total for 2021
Total for 2020
Page 13		 Unrestricted
funds
General
£
13,657
13,657
23,415
Unrestricted
funds
General
£
100
644
12,225
10,958
23,927
31,765
Unrestricted
funds
General
£
3,300
3,300
4,544		 Total
funds
£
13,657
13,657
23,415
Total
costs
£
Total
funds
£
100
644
12,225
10,958
23,927
31,765
Total
expenditure
£
Total
funds
£
3,300
3,300
4,544

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

7 Analysis of governance and support costs

Governance costs

Allocated support costs
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
10,958
10,958
11,598		 Total
funds
£
10,958
10,958
11,598

8 Net incoming/outgoing resources

Net incoming resources for the year include:

2021 £

9 Trustees remuneration and expenses

10 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs		 2021
£
36,300
-
36,300		 2020
£
36,150
1,394
37,544

No employee received emoluments of more than £60,000 during the year

Page 14

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Tangible fixed assets

12 Tangible fixed assets
Cost
At 2 August 2020
At 1 August 2021
Depreciation
At 1 August 2021
Net book value
At 1 August 2021
At 1 August 2020
13 Cash and cash equivalents
Cash at bank
14 Creditors: amounts falling due within one year
Trade creditors
Other creditors
15 Creditors: amounts falling due after one year
Bank loans		 Land and
buildings
£
220,000		 Total
£
220,000
220,000
-
220,000
220,000
2020
£
54,812
220,000
-
220,000
220,000
2021
£
71,230
2021
£
3,580
-
3,580
2021
£
84,323
2020
£
3,580
(1)
3,579
2020
£
84,323

16 Funds

Page 15

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Balance at 2
August 2020
£
Unrestricted funds
General
186,909
Balance at 2
August 2019
£
Unrestricted funds
General
177,160
17 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
18 Analysis of net funds
Cash at bank and in hand
Net debt
Net debt
Page		 Incoming
resources
£
90,302
Incoming
resources
£
102,474
16		 Resources
expended
£
(73,884)
Resources
expended
£
(92,724)
Unrestricted
funds
General
£
220,000
71,230
(3,580)
(84,323)
203,327
Unrestricted
funds
General
£
220,000
54,812
(3,579)
(84,323)
186,910
At 2 August
2020
£
54,812
54,812
At 2 August
2019
£
-		 Balance at 1
August 2021
£
203,327
Balance at 1
August 2020
£
186,910
Total funds at
1 August
2021
£
220,000
71,230
(3,580)
(84,323)
203,327
Total funds at
1 August
2020
£
220,000
54,812
(3,579)
(84,323)
186,910
At 1 August
2021
£
54,812
54,812
At 1 August
2020
£
-

RCCG Fountain of Grace

Statement of Financial Activities by fund for the Year Ended 1 August 2021

Income and Endowments from:
Donations and legacies
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2021
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327		 Total
Unrestricted
Funds
2020
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910

This page does not form part of the statutory financial statements. Page 17

RCCG Fountain of Grace

Detailed Statement of Financial Activities for the Year Ended 1 August 2021

Income and Endowments from:
Donations and legacies (analysed below)
Investment income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2021
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327		 Total
2020
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910

This page does not form part of the statutory financial statements. Page 18

RCCG Fountain of Grace

Detailed Statement of Financial Activities for the Year Ended 1 August 2021

Donations and legacies
Committed giving
Investment income
Gift aid payments from group undertakings
Raising funds
Wages and salaries
Staff training
Staff welfare
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Printing, postage and stationery
Charitable donations
Sundry expenses
Cleaning
Advertising
Independent examiner's fee
Legal and professional fees
Charitable activities
Evangelism and Events
World Evangelical Mission
Children, Youth & Choir
Office Equipment
RCCG Central Office
Mortgage
Other expenditure
Honorarium
Stipends
Conference		 Total
2021
£
71,423
71,423
18,879
18,879
(33,000)
(60)
(2,052)
(2,714)
(1,466)
-
(583)
(300)
(1,957)
-
-
(2,821)
-
(1,704)
(46,657)
(100)
(12,225)
(644)
-
(1,390)
(9,568)
(23,927)
(1,800)
(1,500)
-
(3,300)		 Total
2020
£
81,725
81,725
20,749
20,749
(33,000)
(858)
(1,936)
(4,153)
(1,412)
(6,600)
(391)
(1,152)
-
(456)
(1,096)
(4,311)
(350)
(700)
(56,415)
(1,595)
(17,570)
(1,002)
(730)
(1,300)
(9,568)
(31,765)
(1,300)
(1,850)
(1,394)
(4,544)

This page does not form part of the statutory financial statements. Page 19

Charity registration number: 1105604

RCCG Fountain of Grace

Annual Report and Financial Statements

for the Year Ended 1 August 2021

RCCG Fountain of Grace

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 3
Statement of Trustees' Responsibilities 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 16

RCCG Fountain of Grace

Reference and Administrative Details

Chairman Dr Mayokun Olajide Trustees Mrs Idah Ogunbusola Dr Kenny fatosin Charity Registration Number 1105604 Principal Office St. Johns Square Wolverhampton WV2 4AT

Page 1

RCCG Fountain of Grace

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 1 August 2021.

Objectives and activities

Public benefit

We understand religious activities, Sunday services for members. We also undergo community activities like sports and dance clubs for the youths, women cooking group activities, counselling for families,women musical group and drama group in the community. We support the Police in our community by donating to thier crime watch magazine.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management Financial instruments

Objectives and policies

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

The annual report was approved by the trustees of the charity on 24 May 2022 and signed on its behalf by:

Page 2

RCCG Fountain of Grace

Trustees' Report

M.Olajide ......................................... Dr Mayokun Olajide Chairman

Page 3

RCCG Fountain of Grace

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 24 May 2022 and signed on its behalf by:

M.Olajide ......................................... Dr Mayokun Olajide Chairman

Page 4

RCCG Fountain of Grace

Independent Examiner's Report to the trustees of RCCG Fountain of Grace

I report to the trustees on my examination of the accounts of RCCG Fountain of Grace for the year ended 1 August 2021.

Responsibilities and basis of report

As the charity trustees of RCCG Fountain of Grace 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 RCCG Fountain of Grace's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 RCCG Fountain of Grace 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 accounting 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.

Deborah Igbinosa

......................................

24 May 2022

Page 5

RCCG Fountain of Grace

Statement of Financial Activities for the Year Ended 1 August 2021

Note
Income and Endowments from:
Donations and legacies
Investment income
3
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
6
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Donations and legacies
Investment income
3
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
6
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327
Unrestricted
funds
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910		 Total
2021
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327
Total
2020
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 16.

The notes on pages 8 to 16 form an integral part of these financial statements. Page 6

RCCG Fountain of Grace

(Registration number: 1105604) Balance Sheet as at 1 August 2021

Note
Fixed assets
Tangible assets
12
Current assets
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
15
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
16		 2021
£
220,000
71,230
(3,580)
67,650
287,650
(84,323)
203,327
203,327
203,327		 2020
£
220,000
54,812
(3,579)
51,233
271,233
(84,323)
186,910
186,910
186,910

The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 24 May 2022 and signed on their behalf by:

M.Olajide

......................................... Dr Mayokun Olajide Chairman

The notes on pages 8 to 16 form an integral part of these financial statements. Page 7

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

RCCG Fountain of Grace meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 8

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Page 9

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 10

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 11

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2 Income from donations and legacies

Regular giving and capital donations
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
71,423
71,423
81,725		 Total
funds
£
71,423
71,423
81,725

3 Investment income

Other investment income
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
18,879
18,879
20,749		 Total
funds
£
18,879
18,879
20,749

Page 12

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

4 Expenditure on raising funds

a) Investment management costs

Note
Allocated support costs
Total for 2021
Total for 2020
5
Expenditure on charitable activities
Note
Governance costs
Total for 2021
Total for 2020
6
Other expenditure
Note
Staff costs
Wages and salaries
Total for 2021
Total for 2020
Page 13		 Unrestricted
funds
General
£
13,657
13,657
23,415
Unrestricted
funds
General
£
100
644
12,225
10,958
23,927
31,765
Unrestricted
funds
General
£
3,300
3,300
4,544		 Total
funds
£
13,657
13,657
23,415
Total
costs
£
Total
funds
£
100
644
12,225
10,958
23,927
31,765
Total
expenditure
£
Total
funds
£
3,300
3,300
4,544

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

7 Analysis of governance and support costs

Governance costs

Allocated support costs
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
10,958
10,958
11,598		 Total
funds
£
10,958
10,958
11,598

8 Net incoming/outgoing resources

Net incoming resources for the year include:

2021 £

9 Trustees remuneration and expenses

10 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs		 2021
£
36,300
-
36,300		 2020
£
36,150
1,394
37,544

No employee received emoluments of more than £60,000 during the year

Page 14

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Tangible fixed assets

12 Tangible fixed assets
Cost
At 2 August 2020
At 1 August 2021
Depreciation
At 1 August 2021
Net book value
At 1 August 2021
At 1 August 2020
13 Cash and cash equivalents
Cash at bank
14 Creditors: amounts falling due within one year
Trade creditors
Other creditors
15 Creditors: amounts falling due after one year
Bank loans		 Land and
buildings
£
220,000		 Total
£
220,000
220,000
-
220,000
220,000
2020
£
54,812
220,000
-
220,000
220,000
2021
£
71,230
2021
£
3,580
-
3,580
2021
£
84,323
2020
£
3,580
(1)
3,579
2020
£
84,323

16 Funds

Page 15

RCCG Fountain of Grace

Notes to the Financial Statements for the Year Ended 1 August 2021

Balance at 2
August 2020
£
Unrestricted funds
General
186,909
Balance at 2
August 2019
£
Unrestricted funds
General
177,160
17 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
18 Analysis of net funds
Cash at bank and in hand
Net debt
Net debt
Page		 Incoming
resources
£
90,302
Incoming
resources
£
102,474
16		 Resources
expended
£
(73,884)
Resources
expended
£
(92,724)
Unrestricted
funds
General
£
220,000
71,230
(3,580)
(84,323)
203,327
Unrestricted
funds
General
£
220,000
54,812
(3,579)
(84,323)
186,910
At 2 August
2020
£
54,812
54,812
At 2 August
2019
£
-		 Balance at 1
August 2021
£
203,327
Balance at 1
August 2020
£
186,910
Total funds at
1 August
2021
£
220,000
71,230
(3,580)
(84,323)
203,327
Total funds at
1 August
2020
£
220,000
54,812
(3,579)
(84,323)
186,910
At 1 August
2021
£
54,812
54,812
At 1 August
2020
£
-

RCCG Fountain of Grace

Statement of Financial Activities by fund for the Year Ended 1 August 2021

Income and Endowments from:
Donations and legacies
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2021
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327		 Total
Unrestricted
Funds
2020
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910

This page does not form part of the statutory financial statements. Page 17

RCCG Fountain of Grace

Detailed Statement of Financial Activities for the Year Ended 1 August 2021

Income and Endowments from:
Donations and legacies (analysed below)
Investment income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2021
£
71,423
18,879
90,302
(46,657)
(23,927)
(3,300)
(73,884)
16,418
16,418
186,909
203,327		 Total
2020
£
81,725
20,749
102,474
(56,415)
(31,765)
(4,544)
(92,724)
9,750
9,750
177,160
186,910

This page does not form part of the statutory financial statements. Page 18

RCCG Fountain of Grace

Detailed Statement of Financial Activities for the Year Ended 1 August 2021

Donations and legacies
Committed giving
Investment income
Gift aid payments from group undertakings
Raising funds
Wages and salaries
Staff training
Staff welfare
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Printing, postage and stationery
Charitable donations
Sundry expenses
Cleaning
Advertising
Independent examiner's fee
Legal and professional fees
Charitable activities
Evangelism and Events
World Evangelical Mission
Children, Youth & Choir
Office Equipment
RCCG Central Office
Mortgage
Other expenditure
Honorarium
Stipends
Conference		 Total
2021
£
71,423
71,423
18,879
18,879
(33,000)
(60)
(2,052)
(2,714)
(1,466)
-
(583)
(300)
(1,957)
-
-
(2,821)
-
(1,704)
(46,657)
(100)
(12,225)
(644)
-
(1,390)
(9,568)
(23,927)
(1,800)
(1,500)
-
(3,300)		 Total
2020
£
81,725
81,725
20,749
20,749
(33,000)
(858)
(1,936)
(4,153)
(1,412)
(6,600)
(391)
(1,152)
-
(456)
(1,096)
(4,311)
(350)
(700)
(56,415)
(1,595)
(17,570)
(1,002)
(730)
(1,300)
(9,568)
(31,765)
(1,300)
(1,850)
(1,394)
(4,544)

This page does not form part of the statutory financial statements. Page 19