REGISTERED COMPANY NUMBER: 07682320 (England and Wales) REGISTERED CHARITY NUMBER: 1143443
Report of the Trustees and **Financial Statements for the year ended 30th June 2024** 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 2024
||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 2024
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 2024. 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 2024
## **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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable 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 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 2024 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:
- examine the accounts under Section 43 of the 1993 Act
- to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 43(7)(b) of the 1993 Act); and
- to state whether particular matters have come to my attention.
## **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
- to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities 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.
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 2024**
|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**
**TOTAL FUNDS CARRIED FORWARD**|**2024**
**Unrestricted Restricted**
**Total**
**Funds**
**Funds**
**Funds**
£
£
£
130,491
-
130,491
-
-
-
**130,491**
**-**
**130,491**
40,279
40,279
75,104
75,104
**115,383**
**-**
115,383
**15,107**
**-**
**15,107**
187,147
**187,147**
-
**202,255**
**-**
**202,255**|**2023**
**Total**
**Funds**
£
99,754
-|
|---|---|---|
|||**99,754**
19,331
50,808|
|||70,139
**29,615**
**157,532**
-|
|||**187,147**|
Page 4
## **REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE Balance Sheet**
## **At 30th June 2024**
|**2024**
**Unrestricted Restricted**
**Total**
**Funds**
**Funds**
**Funds**
Notes
£
£
£
**FIXED ASSETS**
Tangible assets
5
160,865
160,865
**CURRENT ASSETS**
Debtors: amounts falling due after more than one year
6
-
-
Cash in hand
84,559
84,559
84,559
-
84,559
**CREDITORS**
Amounts falling due within one year
7
350
350
**NET CURRENT ASSETS/(LIABILITIES)**
**84,209**
**-**
84,209
**TOTAL ASSETS LESS CURRENT LIABILITIES**
245,074
-
245,074
**CREDITORS**
Amounts falling due after more than one year
8
42,820
42,820
**NET ASSETS**
202,254
-
202,254
**FUNDS**
9
Unrestricted funds
202,255
202,255
Restricted funds
**TOTAL FUNDS**
**202,255**
**202,255**|**2023**
**Total**
**Funds**
£
127,801
-
59,696|
|---|---|
||59,696
350|
||59,346
187,147
-|
||187,147|
||187,147|
||**187,147**|
Page 5
## **REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE**
Notes to the Financial Statements **For the year ended 30th June 2024**
## **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 2024**
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 June 2024
## **Trustees' Expenses**
There were no trustees' expenses paid neither for the year ended 30 June 2024
## **5. TANGIBLE FIXED ASSETS**
|**5. TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|
||**Freehold**|**Fixtures and**|**Motor**||
||**property**|**fittings**|**vehicles**|**Totals**|
||**£**|**£**|**£**|**£**|
|**COST**|||||
|At 1 July 2023|125,000|11,201|-|136,201|
|Additions|||47,820|-|
|At 30 June 2024|**125,000**|**11,201**|**47,820**|**136,201**|
|**DEPRECIATION**|||||
|At 30 June 2023||8,400||8,400|
|Charge for year||2,801|11,955|14,756|
||**-**|**11,201**|**11,955**|**23,156**|
|**NET BOOK VALUE**|||||
|At 30 June 2024|125,000|-|35,865|160,865|
## **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|**2024**
**2023**
£
£
-
-|
||**2024**
**2023**
£
£
-
-
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 2024**
## **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 1/07/23**
**funds**
**At 30/06/24**
£
£
£
187,147
15,107
202,254|
||187,147
15,107
202,254|
||**Incoming**
**Resources Movement in**
**resources**
**expended**
**funds**
**£**
**£**
**£**
130,491
115,383
15,107|
||130,491
115,383
15,107|
Page 8
## **REDEEMED CHRISTIAN CHURCH OF GOD DIVINE COVENANT CENTRE**
## **Detailed Statement of Financial Activities For the year ended 30th June 2024**
|**INCOMING RESOURCES**
**Voluntary income**
Offering
Gift aid
**Total incoming resources**
**RESOURCES EXPENDED**
**Charitable activities**
CLOJ
Central Office
Honorarium
W.E.M.
Donations
Mission
Areas/ zonal Contribution
**Governance costs**
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
Hospitality
Training
Conference
Maintenance
Transport finance
Admin and Office Expense
Bank charges
Thanksgiving
Telephone
Vehicle expense
Website and publicity
Utilities
Professional fees
Outreach
Cleaning
Depreciation
**Total resources expended**
**Net income**|**2024**
**2023**
£
£
88,750
95,099
41,741
4,655|
|---|---|
||**130,491**
**99,754**|
||1,700
-
1,200
1,200
4,500
4,775
10,200
10,200
696
1,456
20,483
1,700
1,500
-|
||**40,279**
**19,331**|
||350
350
470
2,163
547
-
4,064
1,864
363
577
-
797
-
432
570
707
1,463
973
-
2,200
1,491
912
4,398
3,483
22,000
24,036
1,901
691
561
1,231
687
2,452
402
455
3,230
-
1,441
288
84
-
1,350
-
532
357
3,885
-
728
456
1,411
7,284
800
2,550
1,100
270
-
14,756
2,801|
||**75,104**
**50,809**|
||115,383
70,140|
||**15,107**
**29,614**|
Page 9