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. - n To take as many people as possible with us. - n To have a member of RCCG in every family of all nations. - 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 - 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. ## **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| |---|---|---| 1 ## **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| |---|---|---| ||**14,145**
**-**|| |||| O. A. Adeleye Chairperson Approved by the board on 30 April 2024 2 **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
**£**
£
-
-
-
-| |---|---| 3 ## **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| |---|---| 4 ## **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| |---|---| ||**11,315**
-
12,712| ||**-**
-
**-**
-| 5