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2023-06-30-accounts

REGISTERED COMPANY NUMBER: 07682320 (England and Wales) REGISTERED CHARITY NUMBER: 1143443

Report of the Trustees and Financial Statements for the year ended 30th June 2023 For REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

DTT Consultancy Ltd 36 Daffodil Close Hatfield Hertfordshire AL10 9FF

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Contents of the Financial Statements For the year ended 30th June 2023

Page
Trustee's Report 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 8
Detailed Statement of Financial Activities 9

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Report of the Trustees For the year ended 30th June 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07682320 (England and Wales)

Registered Charity number

1143443

Registered office

Alpine Street Off Church Street Basford Nottingham NG6 0HS

Trustees/Directors

Pastor Rasaq Adio Ibrahim Dr Adetutu Omosola Emmanuel Dr Ayanate Alalibo Ephraim

Independent Examiner

Tunji Ogedengbe

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure

The church is organised so that the trustees meet regularly to manage its affairs. There is a volunteer office administrator, who manages the day to day administration of the church.

Related parties

RCCG - Divine Covenant Centre is a member of Redeemed Christian Church of God (RCCG) which has Parishes all over the world. The relationship is governed by an Agreement for common purposes between the Parishes and RCCG.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Page 1

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Report of the Trustees For the year ended 30th June 2023

FINANCIAL REVIEW Reserves policy

The net incoming resources for the year amounted to £29,615 All these have been unrestricted reserves and no fund is allocated to restricted project.

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets. The free reserves held by the church should be 3 months of annual expenditure. At this level, the trustees feel that would be able to continue the current activities of the church in the event of significant drop in funding.

Principal funding sources

This is provided mainly through voluntary tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects.

FUTURE DEVELOPMENTS

The church will continue to explore various ways of spreading the gospel of Christ in an affective manner. The charity is also looking to grow in membership and continue to develop its members to make life - changing impact in society, plant more parishes and due to the increase in the number of members, our future plan is to accommodate those members and likely additional.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of RCCG - Divine Covenant Centre for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Pastor Rasaq Adio Ibrahim ON BEHALF OF THE BOARD:

Date: 30th November 2023

Page 2

Independent Examiner's Report to the Trustees of

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

I report on the accounts for the year ended 30 June 2023 set out on pages four to nine. Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is required. The charity's gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of FCCA DChA. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My 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 statements below. 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

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Tunji Ogedengbe 36 Daffodil Close Hatfield Hertfordshire AL10 9FF

Date:30th November 2023

Page 3

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Statement of Financial Activities

For the year ended 30th June 2023

Notes
INCOMING RESOURCES
Incoming resources from generated funds
Voluntary income
Investment income
2
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Charitable activities
Governance costs
Total resources expended
NET INCOMING RESOURCES
RECONCILIATION OF FUNDS
Total funds brought forward
Prior Year Adjustment
TOTAL FUNDS CARRIED FORWARD		 2023
Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
99,754
-
99,754
-
-
-
99,754
-
99,754
19,331
19,331
50,808
50,808
70,139
-
70,139
29,615
-
29,615
157,532
157,532
-
187,147
-
187,147		 2022
Total
Funds
£
77,662
-
77,662
14,214
47,682
61,896
15,766
141,766
-
157,532

Page 4

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE Balance Sheet

At 30th June 2023

2023
Unrestricted Restricted
Total
Funds
Funds
Funds
Notes
£
£
£
FIXED ASSETS
Tangible assets
5
127,801
127,801
CURRENT ASSETS
Debtors: amounts falling due after more than one year
6
-
-
Cash in hand
59,696
59,696
59,696
-
59,696
CREDITORS
Amounts falling due within one year
7
350
350
NET CURRENT ASSETS/(LIABILITIES)
59,346
-
59,346
TOTAL ASSETS LESS CURRENT LIABILITIES
187,147
-
187,147
CREDITORS
Amounts falling due after more than one year
8
-
-
NET ASSETS
187,147
-
187,147
FUNDS
9
Unrestricted funds
187,147
187,147
Restricted funds
TOTAL FUNDS
187,147
187,147		 2022
Total
Funds
£
130,601
-
27,281
27,281
350
26,931
157,532
-
157,532
157,532
157,532

Page 5

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Notes to the Financial Statements

For the year ended 30th June 2023

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on reducing balance Fixtures and fittings -25% on reducing balance Motor vehicles - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

Bank interest receivable

3. NET INCOMING/(OUTGOING) RESOURCES

Net resources are stated after charging/(crediting):

Depreciation - owned assets

Page 6

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Notes to the Financial Statements - continued For the year ended 30th June 2023

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2023

Trustees' Expenses

There were no trustees' expenses paid neither for the year ended 30 June 2023

5. TANGIBLE FIXED ASSETS

COST
At 1 July 2022
Additions
At 30 June 2023
DEPRECIATION
At 30 June 2022
Charge for year
NET BOOK VALUE
At 30 June 2022		 Freehold
Fixtures and
Motor
property
fittings
vehicles
Totals
£
£
£
£
125,000
11,201
-
136,201
-
125,000
11,201
-
136,201
5,600
5,600
2,800
2,800
-
8,400
-
8,400
125,000
2,801
-
127,801

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Debtors
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Mortgage
Accrued expenses		 2023
2022
£
£
-
-
2023
2022
£
£
-
-
350
350
350
350

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Page 7

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Notes to the Financial Statements - continued For the year ended 30th June 2023

MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement in
At 1/07/22
funds
At 30/06/23
£
£
£
157,532
29,614
187,147
157,532
29,614
187,147
Incoming
Resources Movement in
resources
expended
funds
£
£
£
99,754
70,139
29,615
99,754
70,139
29,615

Page 8

REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE

Detailed Statement of Financial Activities For the year ended 30th June 2023

INCOMING RESOURCES
Voluntary income
Offering
Gift aid
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Evangelism
Central Office
Honorarium
W.E.M.
Donations
Mission
Areas/ zonal Contribution
Governance costs
Mortgage interest
Accountancy fees
Music
Multimedia
Office and Church Equipment
Printing, Postage and stationary
Building Insurance
Rent
Welfare
Insurance
Musical Equipment
Building
Travel Expenses
Pastor's allowance
Pastor's thanksgiving
Hospitality
Training
Conference
Maintenance
Admin and Office Expense
Telephone
Website and publicity
Utilities
Professional fees
Outreach
Debt write off
Depreciation
Total resources expended
Net income		 2023
2022
£
£
95,099
77,662
4,655
-
99,754
77,662
-
195
1,200
2,600
4,775
2,713
10,200
7,750
1,456
456
1,700
-
-
500
19,331
14,214
350
350
2,163
1,000
-
318
1,864
1,000
577
723
797
-
432
-
707
-
973
847
2,200
-
912
2,150
3,483
1,364
22,000
19,667
2,036
691
3,692
1,231
-
2,452
1,500
455
-
288
1,411
357
361
728
659
1,411
1,989
800
2,050
1,100
800
-
5,000
2,800
2,800
50,808
47,682
70,139
61,896
29,615
15,766

Page 9