Registered number 1137660
The Redeemed Christian Church of God Fountain of Revival
Report and Accounts
30 June 2023
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 2023.
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 2023, Church attendance and donations were slightly lower than 2022 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 £37705, a decrease of 6.34% over last year's total of £40258. Total deficit generated from all donations including gift aid income tax recoverable was £1471.
Church bank balance at the year end was £5074, a decrease of £1959 from the previous year end figure of £7033.
In summary, the finances of the church declined slightly, but still 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 30 April 2024 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 2023, 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
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n to keep accounting records in accordance with section 41 of the Act; and
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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.
S. Vincente
30 April 2024
The Redeemed Christian Church of God Fountain of Revival Statement of financial activities for the year ended 30 June 2023
| 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 2023 £ 36285 9071 1420 46776 -36932 9844 - -4755 -6560 -11315 - -1471 - - - -1471 - - 0 -1471 16235 14764 |
Unrestricted Unrestricted funds funds 2023 2022 £ £ 36,285 39806 9,071 7961 1,420 452 46,776 48219 -36932 -31939 9,844 16280 - - -4755 -4682 -6560 -8030 -11315 -12712 - - -1471 3568 - - - - - - -1471 3568 - - - 0 0 - -1471 3568 16235 12667 14764 16235 |
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The Redeemed Christian Church of God Fountain of Revival Balance Sheet as at 30 June 2023
| 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 |
9,071 5,074 |
2023 2022 £ £ 619 774 619 774 8,428 7,033 15,461 - 14,145 15,461 14,764 16,235 - - 14,764 16,235 14,764 16,235 14,764 16,235 |
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| 14,145 - |
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O. A. Adeleye Chairperson Approved by the board on 30 April 2024
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The Redeemed Christian Church of God Fountain of Revival Notes to the Accounts for the year ended 30 June 2023
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 Restricted and unrestricted donations and gift aid tax reclaimable 3 Operating profit This is stated after charging: Depreciation of owned fixed assets 4 Interest payable Interest payable |
2023 2022 46776 48219 2023 2022 £ £ 155 193 2023 2022 £ £ - - - - |
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The Redeemed Christian Church of God Fountain of Revival Notes to the Accounts for the year ended 30 June 2023
| 5 Tangible fixed assets Cost At 1 July 2022 Additions At 30 June 2023 Depreciation At 1 July 2022 Charge for the year At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 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 2022 Prior year adjustments At 1 July 2022 (Deficit)/surplus for the year At 30 June 2023 |
Equipment Total £ £ 5,555 5,555 - - 5,555 5,555 4,781 4,781 155 155 4,936 4,936 619 619 774 774 2023 2022 £ £ 9,071 8,428 9,071 8,428 2023 2022 £ £ - - - - - - 2023 2022 £ £ - - - - 2023 2022 £ £ 16,235 12,667 - - 16,235 12,667 (1,471) 3,568 14,764 16,235 |
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The Redeemed Christian Church of God Fountain of Revival Income and expenditure account for the year ended 30 June 2023
| 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 |
2023 2022 £ £ 36,285 39,806 9,071 7,961 1,420 452 46,776 48,219 46,776 48,219 - - 32,888 26,432 1,720 827 - - - - 813 1,775 1,511 2,905 36,932 31,939 4,755 4,682 4,755 4,682 3,316 3,141 2,616 4,233 155 193 473 463 6,560 8,030 |
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| 11,315 - 12,712 |
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