TWO ACE ACCOUNTANTS
Accountancy Services, Tax and Financial Consultant
Mr Felix Adesola 26 Winifred Street London E16 2HX The Redeemed Christian Church OF God, Covenant Sanctuary
09 August 2022
Dear Felix,
Accounts for Period ended 30/04/2022
Please find attached final accounts for The Redeemed Christian Church OF God, Covenant Sanctuary for the period ended 30/04/2022 [including filleted/abbreviated accounts if appropriate].
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office.
Please do not hesitate to contact us if you have any queries.
Yours sincerely,
LUKMON OGUNBADEJO
Two Ace Accountants - A Division of Two Ace Investment Limited
11 Anglia Way, South Ockendon, Essex, RM15 5FN, United Kingdom
Phone: 01708921404, 07984861868 Email: info@twoaceaccountants.com Web: www.twoaceaccountants.com Company Registration No. 8417299
The Redeemed Christian Church OF God, Covenant Sanctuary
Charity No. 1152924
Company No. 08480219
Trustee's Report and Unaudited Accounts
30 April 2022
The Redeemed Christian Church OF God, Covenant Sanctuary Contents
| Pages | ||
|---|---|---|
| Trustee's Annual Report | 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Statement of Cash flows | 8 | |
| Notes to the Accounts | 9 to | 15 |
| Detailed Statement of Financial Activities | 16 to | 17 |
Page 1
The Redeemed Christian Church OF God, Covenant Sanctuary Trustees Annual Report
The trustee, who is also a director of the charity for the purposes of the Companies Act 2006, presents their report with the unaudited financial statements of the charity for the year ended 30 April 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 08480219
Charity No. 1152924
Principal Office
Forest Lane Lodge Forest Lane Park Magpie Close Forest Gate London E7 9DE
Registered Office
26 Winifred Street London E16 2HX
Director and Trustee
The Director of the charitable company are its Trustee for the purposes of charity law. The following Director and Trustee served during the year:
F.O. ADESOLA
Trustee for the charity in holding title to charity property
Mr Felix Adesola Mr Abayomi Badejo Mr Olanrewaju Salami Key Management Personnel Chair Mr Felix Adesola
Key Management Personnel
Accountants
TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON RM15 5FN
Bankers
Barclays Bank PLC 1 Churchill Place London E14 5HP
OBJECTIVES AND ACTIVITIES
Page 2
The Redeemed Christian Church OF God, Covenant Sanctuary Trustees Annual Report
The principal object is the advancement of Christian Faith in accordance with the statement of beliefs of The Redeemed Christian Church of God, and the relif of poverty.
Running Sunday worship services and midweek bible study, supporting other charities and Christian events.
The Church's Sunday and mid-week services are open to the general public to build on their Christian faith. Apart from it's Church activities, the charity was involved in the following public benefit efforts: Had retreats for different natural groups;Children, Teenagers, Youth and Couples to promote good family values and responsible people. Our efforts are geared towards supporting the programmes of our local community, promoting cohesion in our community, and impacting the lives of the young people and the elderly.
ACHIEVEMENTS AND PERFORMANCE
Holding outreaches in areas of interest to our community, such as the care homes. In the year we shared the joy of Christmas and celebrate the Mothers' day with residents of care home in our community. We gave gifts, sing Christmas carol and spend quality time with the residents.
FINANCIAL REVIEW
The Church continues to enjoy tremendous growth in its financial, physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in the statement of faith contained in our constitution.
The trustees' policy is to have unrestricted and uncommitted funds to cover 3 to 6 months of resources expended.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
F.O. ADESOLA Trustee 16 June 2022
Page 3
The Redeemed Christian Church OF God, Covenant Sanctuary Independent Examiners Report
Independent Examiner's Report to the trustee of The Redeemed Christian Church OF God, Covenant Sanctuary
I report to the charity trustee on my examination of the financial statements of The Redeemed Christian Church OF God, Covenant Sanctuary for the year ended 30 April 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustee (and also a director for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Lukmon Bola Ogunbadejo Institute of Financial Accountant TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON
RM15 5FN 16 June 2022
Page 4
The Redeemed Christian Church OF God, Covenant Sanctuary Statement of Financial Activities
for the year ended 30 April 2022
| Notes Income and endowments from: Donations and legacies 4 Charitable activities 5 Other 6 Total Expenditure on: Charitable activities 7 Other 8 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 52,136 - - |
Restricted funds 2022 £ - - 1,226 |
Total funds 2022 £ 52,136 - 1,226 |
Total funds 2021 £ 57,514 8,344 - |
|---|---|---|---|---|
| 52,136 13,039 32,767 |
1,226 - 4,642 |
53,362 13,039 37,409 |
65,858 13,621 22,874 |
|
| 45,806 - |
4,642 - |
50,448 - |
36,495 - |
|
| 6,330 - |
(3,416) - |
2,914 - |
29,363 - |
|
| 6,330 | (3,416) | 2,914 | 29,363 | |
| 6,330 79,691 |
(3,416) 3,705 |
2,914 83,396 |
29,363 54,033 |
|
| 86,021 | 289 | 86,310 | 83,396 |
Page 5
The Redeemed Christian Church OF God, Covenant Sanctuary Summary Income and Expenditure Account for the year ended 30 April 2022
| Income Gross income for the year Expenditure Total expenditure for the year Net income for the year Net income for the year |
2022 £ 53,362 53,362 50,448 50,448 2,914 2,914 |
2021 £ 65,858 |
|---|---|---|
| 65,858 | ||
| 36,495 | ||
| 36,495 | ||
| 29,363 | ||
| 29,363 |
Page 6
The Redeemed Christian Church OF God, Covenant Sanctuary Balance Sheet
at 30 April 2022
| Company No. 08480219 Notes 2022 £ Fixed assets Tangible assets 10 - Current assets Cash at bank and in hand 86,310 86,310 Net current assets 86,310 Total assets less current liabilities 86,310 Net assets excluding pension asset or liability 86,310 Total net assets 86,310 The funds of the charity Restricted funds 11 Restricted income funds 289 289 Unrestricted funds 11 General funds 79,691 Designated funds 6,330 86,021 Reserves 11 Total funds 86,310 |
2021 £ - 83,396 |
|---|---|
| 83,396 | |
| 83,396 83,396 |
|
| 83,396 | |
| 83,396 | |
| 3,705 | |
| 3,705 79,691 - |
|
| 79,691 | |
| 83,396 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 April 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 16 June 2022
And signed on its behalf by:
F.O. ADESOLA Trustee 16 June 2022
Page 7
The Redeemed Christian Church OF God, Covenant Sanctuary Statement of Cash flows
for the year ended 30 April 2022
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Restricted Income Net cash provided by operating activities Cash flows from investing activities Restricted Income Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2022 £ 2,914 (1,226) 1,688 1,226 1,226 - 2,914 83,396 86,310 86,310 86,310 |
2021 £ 29,363 (11,290) |
|---|---|---|
| 18,073 11,290 |
||
| 11,290 | ||
| - | ||
| 29,363 | ||
| - | ||
| 29,363 | ||
| 83,396 | ||
| 83,396 |
Page 8
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
for the year ended 30 April 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 9
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 10
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 11
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Tithe & Offering Gift Aid From Government 5 Income from charitable activities Grants - Payable - Institutional |
Unrestricted funds 2021 £ 41,955 11,290 53,245 15,250 17,427 32,677 20,568 20,568 20,568 59,123 79,691 Unrestricted £ 42,556 9,580 52,136 |
Restricted funds 2021 £ 12,613 - 12,613 - 3,818 3,818 8,795 8,795 8,795 (5,090) 3,705 Total 2022 £ 42,556 9,580 52,136 Total 2022 £ - - |
Total funds 2021 £ 54,568 11,290 |
| 65,858 15,250 21,245 |
|||
| 36,495 | |||
| 29,363 | |||
| 29,363 | |||
| 29,363 54,033 |
|||
| 83,396 | |||
| Total 2021 £ 46,224 11,290 |
|||
| 57,514 | |||
| Total 2021 £ 8,344 |
|||
| 8,344 |
Page 12
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
6 Other income
| Other Income 7 Expenditure on charitable activities Expenditure on charitable activities RCCG WEM World Evangelism RCCG Central Office and Festival of Life Mission Support African and Compassion Mission Support Other Mission Support Governance costs 8 Other expenditure Welfare and Food Bank Employee costs Motor and travel costs Premises costs General administrative costs Legal and professional costs |
Unrestricted £ 11,190 905 5,058 3,389 9,489 2,736 32,767 |
Restricted £ 1,226 1,226 |
Total 2022 £ 1,226 1,226 |
Total 2021 £ - |
|---|---|---|---|---|
| - | ||||
| Unrestricted £ 7,549 1,800 1,800 1,890 13,039 Restricted £ - - - - 4,642 - 4,642 |
Total 2022 £ 7,549 1,800 1,800 1,890 13,039 Total 2022 £ 11,190 905 5,058 3,389 14,131 2,736 37,409 |
Total 2021 £ 7,729 1,800 1,800 2,292 |
||
| 13,621 | ||||
| Total 2021 £ 13,670 342 - - 7,233 1,629 |
||||
| 22,874 |
9 Staff costs
No employee received emoluments in excess of £60,000.
Page 13
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
10 Tangible fixed assets
| Cost or revaluation At 1 May 2021 At 30 April 2022 Depreciation and impairment At 1 May 2021 At 30 April 2022 Net book values At 30 April 2022 At 30 April 2021 11 Movement in funds Restricted funds: Restricted income funds: Members Contribution Total Unrestricted funds: General funds Designated funds: Donations and Incoming Resources Grant from Government Total Total funds |
At 1 May 2021 3,705 3,705 79,691 - - - 83,396 |
£ 1,378 1,378 1,378 1,378 - - Incoming resources (including other gains/losses ) £ 1,226 1,226 - 42,556 9,580 52,136 53,362 |
£ 491 491 491 491 - - Resources expended £ (4,642) (4,642) - (45,806) - (45,806) (50,448) |
£ 1,869 |
|---|---|---|---|---|
| 1,869 | ||||
| 1,869 | ||||
| 1,869 | ||||
| - | ||||
| - | ||||
| At 30 April 2022 £ 289 |
||||
| 289 | ||||
| 79,691 (3,250) 9,580 |
||||
| 6,330 | ||||
| 86,310 |
Purposes and restrictions in relation to the funds:
| Restricted funds: | |
|---|---|
| Members Contribution | For Members Social Events |
| Designated funds: | |
| Donations and Incoming | To be used for Charitable Activities |
| Resources | |
| Grant from Government | To be used for Charitable Activities |
Page 14
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | |||
|---|---|---|---|
| Net current assets 13 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 May 2021 £ |
Unrestricted funds £ 86,310 86,310 Cash flows £ |
Total £ 86,310 |
| 86,310 | |||
| At 30 April 2022 £ |
|||
| 83,396 | 2,914 | 86,310 | |
| 83,396 83,396 |
2,914 2,914 |
86,310 | |
| 86,310 |
14 Related party disclosures Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 15
The Redeemed Christian Church OF God, Covenant Sanctuary Detailed Statement of Financial Activities
for the year ended 30 April 2022
| Income and endowments from: Donations and legacies Tithe & Offering Gift Aid From Government Charitable activities Grants - Payable - Institutional Other Other Income Total income and endowments Expenditure on: Charitable activities RCCG WEM World Evangelism RCCG Central Office and Festival of Life Mission Support African and Compassion Mission Support Other Mission Support Total of expenditure on charitable activities Other expenditure Welfare and Food Bank Employee costs Staff training Motor and travel costs Travel and subsistence Premises costs Rent General administrative costs, including depreciation and amortisation Equipment expensed |
Unrestricte d funds 2022 £ 42,556 9,580 52,136 - - - - 52,136 7,549 1,800 1,800 1,890 13,039 13,039 11,190 11,190 905 905 5,058 5,058 3,389 3,389 4,829 |
Restricted funds 2022 £ - - - - - 1,226 1,226 1,226 - - - - - - - - - - - - - - - |
Total funds 2022 £ 42,556 9,580 52,136 - - 1,226 1,226 53,362 7,549 1,800 1,800 1,890 13,039 13,039 11,190 11,190 905 905 5,058 5,058 3,389 3,389 4,829 |
Total funds 2021 £ 46,224 11,290 |
|---|---|---|---|---|
| 57,514 | ||||
| 8,344 | ||||
| 8,344 | ||||
| - | ||||
| - | ||||
| 65,858 7,729 1,800 1,800 2,292 |
||||
| 13,621 | ||||
| 13,621 13,670 |
||||
| 13,670 | ||||
| 342 | ||||
| 342 | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - |
Page 16
The Redeemed Christian Church OF God, Covenant Sanctuary Detailed Statement of Financial Activities
| Retreat Information and publications Postage and couriers Stationery and printing Sundry expenses Legal and professional costs Audit/Independent examination fees Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
- 1,293 2,112 93 1,162 9,489 300 1,158 1,278 2,736 32,767 45,806 - 6,330 6,330 - 6,330 79,691 86,021 |
4,642 - - - - 4,642 - - - - 4,642 4,642 - (3,416) (3,416) - (3,416) 3,705 289 |
4,642 1,293 2,112 93 1,162 14,131 300 1,158 1,278 2,736 37,409 50,448 - 2,914 2,914 - 2,914 83,396 86,310 |
3,817 904 775 332 1,405 |
|---|---|---|---|---|
| 7,233 | ||||
| 300 1,329 - |
||||
| 1,629 | ||||
| 22,874 | ||||
| 36,495 - |
||||
| 29,363 | ||||
| 29,363 - |
||||
| 29,363 | ||||
| 54,033 | ||||
| 83,396 |
Page 17