REGISTERED CHARITY NUMBER: 1114041
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
REDEEMED CHRISTIAN CHURCH OF GOD – THE COVENANT ASSEMBLY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 |
| Independent Accountants' Report | 10 |
| Income and Expenditure Account | 11 |
REDEEMED CHRISTIAN CHURCH OF GOD – THE COVENANT ASSEMBLY
TRUSTEES REPORT for the Year Ended 31 March 2023
The Trustees present their report and the unaudited financial statements for the year ended 31 March 2023.
Reference and Administrative Information
Charity Name : Redeemed Christian Church of God – The Covenant Assembly Charity registration number : 1114041 Registered Office and operational address : 1 Eden Avenue Chatham ME5 0HN
Trustees
Pastor Stephen Temitope Bello Deacon Adebowale Ojedokun Mr Adefoluso Adetoba Deaconess Olabisi Olufunke Adeyemi Deacon Kolade Duduyemi Mr Oluwatoyin Adeniran Pastor Aderonke Mosuro
Accountants
Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay CT6 5NP
Bankers
HSBC plc
AIM AND PURPOSES
The Redeemed Christian Church of God (RCCG) ‘The Covenant Assembly’ is a Christian church which seeks to fulfil our purpose and calling as followers of Jesus Christ. Our main objective is to promote the gospel of our Lord Jesus Christ according to the doctrines and practices of the Redeemed Christian church of God worldwide. This we do in many ways as outlined in the report below. It is our belief that as we witness the love and blessings of God in our Christian community, we in turn are able to extend this to the larger society and draw others unto Jesus.
Objectives of the charity, principal activities and organization of our work
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The furtherance of Christianity and the Christian education.
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Provision of a suitable atmosphere where Christian principles can be taught and developed within our community.
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Establishment of a church open to all nations and nationalities where the practical Christian virtues will be taught and experienced.
The main activity of the church over the past year includes Christian worship, training and seminars, outreach programs to increase awareness of Christianity and to spread the gospel of our Lord Jesus Christ.
The Church has also been involved in motivating members to develop fully their potential spiritually, mentally and physically.
The charity has a number of volunteers who assist in helping to achieve its objectives.
Page 1
REDEEMED CHRISTIAN CHURCH OF GOD – THE COVENANT ASSEMBLY
TRUSTEES REPORT for the Year Ended 31 March 2023
Development activities and achievements in the year from April 2022 – March 2023
The year under review has been an eventful year and we give God all the glory for help in overcoming every challenge to forge ahead successfully. We settled into meeting in person on Sundays but maintained a virtual option through zoom. Our God has remained faithful to us. Praise God!
Conditions at our place of worship has been conducive and our services have always been lively and welcoming. However, we have a challenge with the wifi signal that is often erratic. We also have to take account of the fact that moving equipment back and forth does have its impact on wear and tear of equipment. Our midweek events such as house fellowships and prayer services remained online only.
We have maintained our mantra that no family within the church, or without that we know of, would lack for the basic necessities. In this period of economic challenges, we have always been ready to extend a hand of support whenever needed. There was a unique situation where the leadership made a decision to step in and support a student with their school fees.
We continued our program of supporting children and youth in our community in developing their musical talent. It is a joy to see the development in the children with some growing into having competence in different instruments such as bass and guitar. We currently sponsor 10 children between ages 10 and 17. We are working towards graduating some of them and creating room for others.
Our youth were able to attend the annual youth camp, Newday, held at the Norfolk showground in the Summer. The church provided assistance to all who needed it so no one was left behind due to lack of funds. We also collaborated with St James and St Philips church to hold the Summer holiday club in Walderslade. The Church vision of praying and fasting by the leaders for the National and local government as well as our community was pursued with vigour in the cause of the year in review.
We continued to support the vision of RCCG by providing financial and manpower support to programmes such as Festival of Life, School of Disciples, Central office and the Area.
We also continue to support our community by contributing to the food bank and meeting the needs of any members of the local community who may seek our support. Furthermore, we continue to sponsor some disadvantaged children across the world through Compassion UK.
Future Developments
We will continue to support families affected by the harsh economic situation due to the war in Ukraine providing financial and material assistance in line with our policy on Giving. Our welfare leader also provides advice and guidance so eligible families receive their due support from government initiatives.
We will continue to invest in our Youth by supporting them to be able to attend the Newday Camp. We will also invest in training for volunteers of the Children and Youth Churches.
We will take opportunities that arise to engage with our local community and will be investing some resources into community projects in line with our mandate.
FINANCIAL REVIEW
The church made a surplus in the year of £8,603 (2022: £14,016) which, when added to the reserves brought forward, leaves reserves of £124,721 (2022: £116,118) to carry forward to next year. Of these funds £20,105 (2022: £20,105) is restricted and for the building fund.
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REDEEMED CHRISTIAN CHURCH OF GOD – THE COVENANT ASSEMBLY
TRUSTEES REPORT for the Year Ended 31 March 2023
POLICY STATEMENTS
Liquidity
It is the policy of the covenant Assembly to maintain unrestricted funds which are the free reserves of the charity at a level which equates to approximately four months unrestricted expenditure. This provides sufficient funds to cover management, administration, support costs and emergency expenditure that might arise from time to time. The unrestricted funds are maintained at this level as a result of significant reserves entrusted to the RCCG ‘The Covenant Assembly’.
Risk Management
The Church liability insurance is reviewed on a regular basis.
The cash handling procedures set up a few years ago is felt to be adequate in collecting, recording and banking voluntary income.
Cheques are signed by at least two signatories at any one time.
Any potential hazards or issues which come to the attention of the leadership team of the RCCG ‘The Covenant Assembly’ are dealt with immediately.
An up to date Child protection policy to safeguard all children who attend our meetings is in place.
Statement of Trustees Responsibilities
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with the provisions of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006. The financial statements are required by law 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 these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They 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.
Statement As To Disclosure Of Information To Accountants
So far as the trustees are aware, there is no relevant information of which the charity's accountants are unaware, and each trustee has taken all the steps that ought to have been taken as a trustee in order to make themselves aware of any relevant information and to establish that the charity's accountants are aware of that information.
Approved by the trustees and signed on their behalf by:
Pastor Stephen Temitope Bello
Date: 2023
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THE REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the Year Ended 31 March 2023
| Funds 2023 Notes £ Incoming resources: Voluntary income: Tithes, gifts and donations 53,222 Investment income 430 Activities for generating funds - Incoming resources from charitable activities - Total incoming resources 53,652 Resources expended Costs of generating funds: Fundraising and publicity - Charitable activities 45,049 Total resources expended 3 45,049 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Net incoming resources before other recognised gains (net income for the year) 8,603 Other recognised gains Gain on revaluation of investments - Net movement in funds 8,603 Total funds brought forward 96,013 Total funds carried forward 11 104,616 Unrestricted |
Restricted Funds 2023 £ - - - - - - - - - - - 20,105 20,105 |
Total Funds 2023 £ 53,222 430 - - 53,652 - 45,049 45,049 8,603 - 8,603 116,118 124,721 |
Total Funds 2022 £ 37,172 10 - - |
|---|---|---|---|
| 37,182 | |||
| - 23,166 |
|||
| 23,166 | |||
| 14,016 - |
|||
| 14,016 102,102 |
|||
| 116,118 |
Movements in funds are disclosed in Note 11 to the financial statements.
The notes form part of these financial statements
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REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
STATEMENT OF FINANCIAL POSITION 31 March 2023
| 31.3.23 Notes £ FIXED ASSETS Tangible assets 9 CURRENT ASSETS Cash at bank 125,679 CREDITORS Amounts falling due within one year 10 1,391 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES RESERVES Restricted funds Building fund Unrestricted funds Income and expenditure account 11 |
31.3.22 £ £ 433 117,474 1,356 124,288 124,721 20,105 104,616 124,721 |
£ - 116,118 |
|---|---|---|
| 116,118 | ||
| 20,105 96,013 |
||
| 116,118 |
The charity is entitled to exemption from audit for the year ended 31 March 2023.
The members have not required the charity to obtain an audit of its financial statements for the year ended 31 March 2023.
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The trustees acknowledge responsibilities for:
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(a) ensuring that the charity keeps accounting records which comply with the Charities Act and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of the Charities Act relating to financial statements, so far as applicable to the charity.
The financial statements were approved by the Board of Trustees on ............................................. and were signed by:
............................................................ Pastor Stephen Temitope Bello Trustee
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REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
1. STATUTORY INFORMATION
Redeemed Christian Church of God is a charity registered in England and Wales. The charity's registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Accounting convention
These financial statements have been prepared in accordance with the Charities Act 2011 (the Act) and the Statement of Recommended Practice (SORP). The financial statements have been prepared under the historical cost convention.
Financial Reporting Standard Number 1
Exemption has been taken from preparing a cash flow statement on the grounds that the charity qualifies as a small charity.
Turnover
Turnover represents gifts and donations received.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost, 25% on cost and 20% on cost
Fund accounting
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Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectivities of the charity.
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Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy, The following specific policies are applied to particular categories of income:
Gifts and donation are recognised when received; Investment income is included when receivable.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT and is reported as part of the expenditure to which it relates:
- Costs of generating funds comprise the costs associated with both the costs of attracting the income and those of providing the facilities to generate the income. 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. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
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continued...
REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
- TOTAL RESOURCES EXPENDED
| Basis of allocation Costs directly allocated to activities Donations & gifts Direct Children & youth Direct Honorariums Direct Evangelism & special events Direct Choir Direct Subscriptions Direct Travel Direct Support costs allocated to activities Rent & rates Usage Light & heat Usage Insurance Usage Communications Usage Sundry expenses Usage Accountancy Usage Software Usage Post and stationery Usage Professional fees Usage Bank charges Usage Depreciation Usage Total resources expended |
Charitable activities 2023 Total £ £ 15,969 15,969 7,521 7,521 2,571 2,571 1,891 1,891 4,419 4,419 2,168 2,168 250 250 6,116 6,116 200 200 364 364 413 413 594 594 696 696 402 402 451 451 645 645 83 83 296 296 45,049 45,049 |
2022 Total £ 8,539 52 1,200 589 2,890 1,760 - 4,930 - 341 221 611 696 144 190 129 374 500 |
|---|---|---|
| 23,166 |
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continued...
REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
4. NET (OUTGOING)/INCOMING RESOURCES
The deficit is stated after charging:
| 31.3.23 £ Depreciation - owned assets 296 (Profit)/Loss on disposal of assets - Trustees remuneration and other benefits etc - |
31.3.22 £ 500 - - |
|---|---|
5.
EMPLOYEES AND DIRECTORS
The average number of employees during the year was nil (2022: nil).
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' Expenses
There were no trustees' expenses for the year ended 31 March 2023 nor for the year ended 31 March 2022.
7. DONATIONS
| DONATIONS | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| World Evangelical Mission | 4,200 | 4,200 |
| Gifts and donations | 11,769 | 4,339 |
| 15,969 | 8,539 |
8. TAXATION
Analysis of the tax charge
As a charity, Redeemed Christian Church Of God - The Covenant Assembly is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Plant and | |
| machinery | |
| etc | |
| £ | |
| COST | |
| At 1 April 2022 | 22,452 |
| Additions | 729 |
| At 31 March 2023 | 23,181 |
| DEPRECIATION | |
| At 1 April 2022 | 22,452 |
| Charge for year | 296 |
| At 31 March 2023 | 22,748 |
| NET BOOK VALUE | |
| At 31 March 2023 | 433 |
| At 31 March 2022 | - |
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continued…
REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
|---|---|---|---|---|---|---|---|
| 31.3.23 | 31.3.22 | ||||||
| £ | £ | ||||||
| Other creditors | 1,391 | 1,356 | |||||
| 11. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | |||||||
| At | 1.4.22 | **in ** | funds | At 31.3.23 | |||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| Income and expenditure account | 96,013 | 8,603 | 104,616 | ||||
| Restricted Funds | |||||||
| Building fund | 20,105 | - | 20,105 | ||||
| TOTAL FUNDS | 116,118 | 8,603 | 124,721 | ||||
| Net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Movement | |||||
| resources | expended | in funds | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| Income and expenditure account | 53,652 | (45,049) | 8,603 | ||||
| Restricted Funds | |||||||
| Building fund | - | - | - | ||||
| TOTAL FUNDS | 53,652 | (45,049) | 8,603 |
The building fund is for acquiring new premises either by lease, rent or purchase.
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CHARTERED ACCOUNTANTS' INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
We report on the accounts of the Church for the year ended 31 March 2023, which are set out on pages 4 to 9.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
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It is our responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to our attention.
Basis of independent examiner’s report
Our 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 accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with our examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay Kent CT6 5NP
Date:……………………………………………
This page does not form part of the statutory financial statements
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REDEEMED CHRISTIAN CHURCH OF GOD - THE COVENANT ASSEMBLY
INCOME AND EXPENDITURE ACCOUNT for the Year Ended 31 March 2023
| TURNOVER Tithes Offerings Gift Aid Sundry donations Thanksgiving OTHER INCOME Interest receivable and similar income COST OF SALES Children & youth Honorarium Evangelism & special events Subscriptions Choir Travel DEPRECIATION AND OTHER AMOUNTS WRITTEN OFF ASSETS Depreciation of plant and machinery Depreciation of computer equipment OTHER CHARGES Rent Light and heat Software & maintenance Insurance Post and stationery Communications Accountancy fees Professional fees Bank charges Donations & gifts Sundry expenses NET SURPLUS |
2023 £ £ 37,166 6,637 8,665 401 353 53,222 430 53,652 7,521 2,571 1,891 2,168 4,419 250 (18,820) 46 250 (296) 6,116 200 402 364 451 413 696 645 83 15,969 594 (25,933) 8,603 |
2023 £ £ 37,166 6,637 8,665 401 353 53,222 430 53,652 7,521 2,571 1,891 2,168 4,419 250 (18,820) 46 250 (296) 6,116 200 402 364 451 413 696 645 83 15,969 594 (25,933) 8,603 |
2022 £ £ 24,526 6,771 5,485 285 105 37,172 10 37,182 52 1,200 589 1,760 2,890 - (6,491) 500 - (500) 4,930 - 144 341 190 221 696 129 374 8,539 611 (16,175) 14,016 |
2022 £ £ 24,526 6,771 5,485 285 105 37,172 10 37,182 52 1,200 589 1,760 2,890 - (6,491) 500 - (500) 4,930 - 144 341 190 221 696 129 374 8,539 611 (16,175) 14,016 |
|---|---|---|---|---|
| 7,521 2,571 1,891 2,168 4,419 250 |
52 1,200 589 1,760 2,890 - |
|||
| 46 250 |
500 - |
|||
| 6,116 200 402 364 451 413 696 645 83 15,969 594 |
4,930 - 144 341 190 221 696 129 374 8,539 611 |
|||
| 8,603 | 14,016 |
This page does not form part of the statutory financial statements
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