Registered number 1137660
The Redeemed Christian Church of God Fountain of Revival
Report and Accounts
30 June 2022
The Redeemed Christian Church of God Fountain of Revival Registered number: 1137660 Trustees' Report
The trustees present their report and accounts for the year ended 30 June 2022.
The Redeemed Christian Church of God, Fountain of Revival is a branch of the worldwide Church, the Redeemed Christian Church of God.
General vision of the Church
n To make heaven.
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n To take as many people as possible with us.
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n To have a member of RCCG in every family of all nations.
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n To have a parish in every 5 mins walking distance / 5 mins drive in every city of the world.
Our branch continuously supports the vision by conducting evangelisms, prayer sessions and various forms of fellowships as often as possible.
Review of the Year
During the year ended 30 June 2022, Church attendance and donations were higher than 2021 levels. The trustees decision taken in 2017 is still valid: that to maintain and forge a disticnt identity, the Church should source alternative suitable premises. Hence, it is still our hope to move into more suitable premises in the coming years, as soon as alternative premises can be secured.
Financial Review
The financial activities of the Church mainly comprise unrestricted grants and donations.
Restricted donations require that the funds be used in a specific way or for a specific purpose by the Church. However, the church had no restricted funds during the financial year under review. All unrestricted funds go towards the operating expenses of the church.
The major source of income is the voluntary contributions of members during church services and specific project appeals. Donations received during the year amounted to £40258, an increase of 10.04% over last year's total of £36586. Total surplus generated from all donations including gift aid income tax recoverable was £3568.
Church bank balance at the year end was £7033, an increase from the previous year end figure of £6470.
In summary, the finances of the church is improving, with a reasonable level of reserves. However, if the long sought move to more distinct premises happens at any time in the future, it is expected that church finances will improve significantly as memebership will grow, alongside a regular level of voluntary donations from existing members.
The aim is to continue to build on the successes achieved in the past years in prayer ministry, evangelism, youth and junior church activities and caring for the elderly in the community and continueing our reserves policy to ensure that operations are not jeapardised in the short term and that the long term aims are met.
This report was approved by the board on 28 April 2023 and signed by its order.
Elizabeth T. Makinde Secretary
The Redeemed Christian Church of God Fountain of Revival
Independent Examiner's Report to the Trustees of RCCG - Fountain of Revival
This report on the financial statements of the RCCG - Fountain of Revival for the year ended 30 June 2022, which are set out on pages 4 to 9, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 ('theRegulations') and s.43 of the Charities Act 1993('theAct').
Respective responsibilities of the Trustees and examiner
As Trustees of the RCCG - Fountain of Revival, you are responsible for the preparation of the financial statements; you consider that the audit requirement of the Regulations and s.43 of the Act does not apply. It is my responsibility to issue this report on those financial statements in accordance with the terms of the Regulation.
Basis of this report
My examination was carried out in accordance with the General Directions given by the Charity Commission under s.43(7) of the Act and to be found in the Church guidance, 2006 edition. That examination includes a review of the accounting records kept by the Trustees and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
n to keep accounting records in accordance with section 41 of the Act; and
- n to prepare financial statements which accord with the accounting records and comply with the requirements of the Act and the Regulations have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
A. C. Thomas
28 April 2023
The Redeemed Christian Church of God Fountain of Revival Statement of financial activities for the year ended 30 June 2022
| Notes Incoming resources 2 Donations eligible for gift aid Income tax recoverable Other donations Direct charitable expenditure Governance costs Employee costs Premises costs Governance costs Other operating income Net incoming resources Exceptional items: profit on the disposal of tangible fixed assets profit on the disposal of investments Income from investments Interest receivable Interest payable Net movement in funds Balance at 1 January Balance at 31 December |
Unrestricted funds 2022 £ 39806 7961 452 48219 -31939 16280 - -4682 -8030 -12712 - 3568 - - - 3568 - - 0 3568 12667 16235 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ 39,806 29627 7,961 5925 452 6959 48,219 42511 -31939 -24642 16,280 17869 - - -4682 -4429 -8030 -6911 -12712 -11340 - - 3568 6529 - - - - - - 3568 6529 - - - 0 0 2 - 3568 6527 12667 6140 16235 12667 |
|---|---|---|
1
The Redeemed Christian Church of God Fountain of Revival Balance Sheet as at 30 June 2022
| Notes Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 8 Net assets Capital and reserves Accumulated funds 9 Shareholders' funds |
8,428 7,033 |
2022 2021 £ £ 774 812 774 812 5,925 6,470 12,395 (540) 15,461 11,855 16,235 12,667 - - 16,235 12,667 16,235 12,667 16,235 12,667 |
2022 2021 £ £ 774 812 774 812 5,925 6,470 12,395 (540) 15,461 11,855 16,235 12,667 - - 16,235 12,667 16,235 12,667 16,235 12,667 |
|---|---|---|---|
| 15,461 - |
|||
| 12,667 - |
|||
| 12,667 | |||
| 12,667 | |||
| 12,667 |
O. A. Adeleye Chairperson Approved by the board on 28 April 2023
2
The Redeemed Christian Church of God Fountain of Revival Notes to the Accounts for the year ended 30 June 2022
1 Accounting policies
The financial statements have been prepared in accordance with the provisions of the Charities Act 1993, and the Charities (Accounts and Reports) Regulations promulgated thereunder, and the Statements of Recommended Practice issued by the Charity Commission.
Unrestricted funds represent funds which are expendable at the discretion of the trustees in furtherance of the objects of the church and are held in the general fund.
Restricted funds represent grants and donations received and tax refunds arising thereon, which were allocated by the donor for specific purposes.
Direct charitable expenditure
Direct charitable expenditure includes all expenditure which is directly related to the objects of the charity and comprises grants paid and costs whch are directly attributable to charitable activities including charitable support costs.
Management and administration costs
Management and administration costs represent expenditure incurred in the management of the assets of the charity, organisational administration and compliance with constitutional and other statutory requirements. None of the Trustees received any remuneration, nor were paid expenses in the year ended 30/06/2017.
Grants and donations
There were no accruals for these items at the year end
Depreciation
The cost of tangible fixed assets are expensed in the year of purchase unless the value of an individual item is so material that an immediate write off will distort the annual financial statements, and year on year comparisons. In this respect, any item with value greater than £1000 shall be considered as material.
Depreciation has been provided at the following rates in order to write off material assets over their estimated useful lives.
| Equipment 20% reducing balance 2 Incoming resources 2022 Restricted and unrestricted donations and gift aid tax reclaimable 48219 3 Operating profit 2022 £ This is stated after charging: Depreciation of owned fixed assets 193 4 Interest payable 2022 £ Interest payable - - |
2021 42511 |
|---|---|
| 2021 £ 203 |
|
| 2021 £ 2 |
|
| 2 |
3
The Redeemed Christian Church of God Fountain of Revival Notes to the Accounts for the year ended 30 June 2022
| 5 Tangible fixed assets Cost At 1 July 2021 Additions At 30 June 2022 Depreciation At 1 July 2021 Charge for the year At 30 June 2022 Net book value At 30 June 2022 At 30 June 2021 6 Debtors Gift aid tax recoverable 7 Creditors: amounts falling due within one year Trade creditors Other creditors 8 Creditors: amounts falling due after one year Bank loans 9 Funds At 1 July 2021 Prior year adjustments At 1 July 2021 Surplus for the year At 30 June 2022 |
Equipment £ 5,400 155 5,555 4,588 193 4,781 774 812 2022 £ 8,428 8,428 2022 £ - - - 2022 £ - - 2022 £ 12,667 - 12,667 3,568 16,235 |
Total £ 5,400 155 |
|---|---|---|
| 5,555 | ||
| 4,588 193 |
||
| 4,781 | ||
| 774 | ||
| 812 | ||
| 2021 £ 5,925 |
||
| 5,925 | ||
| 2021 £ 540 - |
||
| 540 | ||
| 2021 £ - |
||
| - | ||
| 2021 £ 6,140 - |
||
| 6,140 6,527 |
||
| 12,667 |
4
The Redeemed Christian Church of God Fountain of Revival Income and expenditure account for the year ended 30 June 2022
| Incoming resources Unrestricted funds Donations eligible for gift aid Income tax recoverable Other donations Total incoming resources Direct charitable expenditure Pastors honoraria Ministry and pastoral expenses WEM Training Conferences Donations and welfare Evangelism Administrative expenses Premises costs Rent, rates and other premises costs Governance costs General administrative expenses Travel and subsistence Depreciation Professional fees Other operating income Other operating income |
2022 £ 39,806 7,961 452 48,219 48,219 - 26,432 827 - - 1,775 2,905 31,939 4,682 4,682 3,141 4,233 193 463 8,030 |
2021 £ 29,627 5,925 6,959 |
|---|---|---|
| 42,511 | ||
| 42,511 | ||
| - 19,959 1,729 - - 311 2,643 |
||
| 24,642 | ||
| 4,429 | ||
| 4,429 | ||
| 2,266 3,902 203 540 |
||
| 6,911 | ||
| 12,712 - |
11,340 | |
| - - |
- | |
| - |
5