47874
THE COVENANT CHURCH OF GOD (TCCG) FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
EMMANUEL STEPHENS & CO. CHARTERED ACCOUNTANTS, BUSINESS ADVISERS & CONSULTANTS 62 BEECHWOOD ROAD, LONDON E8 3DY
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THE COVENANT CHURCH OF GOD (TCCG) FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
Reports and Accounts
| CONTENTS | |
|---|---|
| Charity Information | 4 |
| Trustees Report | 5 |
| Accountant's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to Accounts | 9 &10 |
THE COVENANT CHURCH OF GOD (TCCG)
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FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES
1151694
THE COVENANT CHURCH OF GOD (TCCG) FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
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Charity Information
THE MANAGEMENT COMMITTEE:
Chairperson
Mr Olamide Sanu
General Secretary
Comfort Iyabo Oluyemi
Charity Number 1151694
BUSINESS OFFICE
TCCG (ONA ARA) Headquarters 112F High Street LONDON E17 7QF
BANKERS
Santander UK plc Business Banking 301 Vincent Street Glasgow G2 5NT
ACCOUNTANTS
EMMANUEL STEPHENS & CO. 62 BEECHWOOD ROAD LONDON E8 3DY
THE COVENANT CHURCH OF GOD (TCCG)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
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The Trustees present their report and the financial statements for the year ended 31st December 2024
Activities in the year
We continue to promote the gospel of God and to spread the good news to all. The aparatus used for this purpose includes regular fellowship, ministering the word, training of disciples, organising conferences and retreats.
Trustees
The church is managed by a Board of Trustees appointed annually at the Annual General Meeting. The day to day operations of the charity is run by the Chief Executive who is supported by one Administrator. The Trustees who served during the year are:
Rev. Olamide Sanu
Mrs Mercy Adenike Sanu Mrs Comfort Iyabo Oluyemi
Prospects
The Church moved from Unit 12 Argall Avenue E10 to E17 Walthamstow and infrastruture has been put in place to further the objective of spreading the gospel of our Lord Jesus Christ. The Church is impacting the community through the provision of youth training, counselling, care and advice for the homeless and the elderly.
Finances
The attached financial statement show the current state of affairs which the Trustees consider to be melting point for future progress.
This report was approved by the Board on and signed on its behalf by:
Rev. Olamide Sanu
TRUSTEE
THE COVENANT CHURCH OF GOD (TCCG)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COVENANT CHURCH OF CHRIST (TCCG)
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I report on the accounts of the Trust for the period ended 31st December 2024, which are set out on paged 3 to 7.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER
As the Charity's Trustees, you are responsible for the preparation of the Account: you consider that the audit requirement of section 43(2) of the Charities Act 1993 ("the Act") does not apply. It is my responsibility to:
-
. Examine the accounts under section 145 of the 2011 Act;
-
. to follow the procedure s laid down in the general Directions given by the Charity Commission under section 145(5) of the 2011 Act;
. to state whether particulat matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
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Which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act, and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act.
have not been met: or
- to which, in my opinion, attention be drawn to enable a proper understanding of the accounts to be reached.
Emmanuel Stephens & Co.
Chartered Accountants, Business Advisers & Consultants 62 Beechwood Road London
THE COVENANT CHURCH OF GOD (TCCG)
Statement of Financial Activities for the year ended 31st December 2024
2024 2023 Notes Unrestricted Restricted Total
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| £ | £ | £ | £ | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Incoming Resources | |||||||||
| Tithes, Offerings & | 1 | ||||||||
| Similar Incoming Resources | 37,933 | - | 37,933 | 42,424 | |||||
| Gift aid | 9,941 | 9,941 | 8,696 | ||||||
| Total Incoming Resources | 47,874 | 0 | 47,874 | 51,120 | |||||
| Charitable Resources Expended | |||||||||
| Direct Charitable expenses | 2 | - | - | - | - | ||||
| Management & Administration | 3 | 49,280 | - | 49,280 | 49,015 | ||||
| Total Resources expended | 49,280 | - | 49,280 | 49,015 | |||||
| Net Incoming Resources for the year | - | 1,406 |
- | - | 1,406 |
2,105 | |||
| Funds Brought Forward | 4,576 | - | 4,576 | 2,470 | |||||
| Fund Balances carried forward | 3,170 | - | 3,170 | 4,575 |
All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.
THE COVENANT CHURCH OF GOD (TCCG)
Balance sheet as at 31st December 2024
Notes
2024 2023 £ £ £
£
FIXED ASSETS
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| Tangible Fixed Assets 8 CURRENT ASSETS Stock of Church Materials 3 Prepayments Cash in Hand/ Bank CURRENT LIABILITIES 5 NET CURRENT ASSETS(LIABILITIES) NET ASSETS/(LIABILITIES) ACCUMULATED FUNDS Unrestricted 6 Amount falling due within a year |
74 - 3,446 |
- | 74 - 4,852 |
- |
|---|---|---|---|---|
| - 4,576 |
||||
| 3,520 350 |
4,926 350 |
|||
| 4,576 | ||||
| 4,576 | ||||
| 4,576 |
Approved by the Trustees and Signed on their behalf:
Rev Olamide Sanu
THE COVENANT CHURCH OF GOD (TCCG)
Notes to the financial statements for the year ended 31st December 2024
ACCOUNTING POLICIES
The accounts have been prepared in compliance with the statement of Recommended Practice
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(SORP): Accounting for Charities.
1. GRANTS, DONATIONS ETC
These are recognised in full in the Statement of Financial Activities in the period in which they are received.
| 3.STOCKS | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Church Materials | 74 | 74 |
| 2. DIRECT CHARITABLE EXPENDITURE | ||
| This comprises all expenditure directly related to the objects of the of the charity. It also includes the | ||
| expenditure in support of that activity where material. |
| hat activity where material. | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Honorarium | - | - |
| Donations | - | - |
| Publicity | - | - |
| Printing Postage & Stationery | - | - |
| - | - |
3. MANAGEMENT AND ADMINISTRATION
| Restricted | Unrestricted Total | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Professional fees | 0 | 1,254 | 1,254 | 1,143 |
| Travel | 0 | 0 | 0 | 0 |
| Rent | 0 | 44,576 | 44,576 | 40,740 |
| Repairs & Maintenance | 0 | - | 0 | 0 |
| Telephone & fax & inte | 0 | - | 0 | 0 |
| Insurance | 0 | - | 0 | 0 |
| Gas & Electric | 0 | 0 | 0 | 0 |
| Bank charges | 0 | - | 0 | 0 |
| Depreciation | 0 | - | 0 | 0 |
| Church Materials | 0 | - | 0 | 0 |
| General Expenses | 0 | 3,100 | 3,100 | 2,200 |
| Accountancy fee | 0 | 350 | 350 | 350 |
| - | 49,280 | 49,280 | 44,433 |
4.DEPRECIATION
This has been provided at the following rates in order to write off the assets over their estimated useful lives
Furniture, Fixtures & Fittings 20% Musical Instrument 20% 2024 2023
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| 5. LIABILITIES Accountancy fees. Loan from third Parties |
£ £ 350 350 - |
|---|---|
| 350 350 |
6. UNRESTRICTED FUNDS
These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.
7. RESTRICTED FUNDS
Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.
8. FIXED ASSETS
| Cost At 1stJanuary 2024 Additions in the year At 31st December 2024 Depreciation At 1stJanuary 2024 Charged in the year At 31st December 2024 Net Book Values At 31st December 2024 At 31st December 2023 |
Musical Instruments Furniture, Fixtures & Fittings Total £ £ 3,413 2,629 6,042 - - |
|---|---|
| 3,413 2,629 6,042 |
|
| 3,413 2,629 6,042 - - - |
|
| 3,413 2,629 6,042 |
|
| - - - |
|
| - - - |
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