Two AC£ AcCourirArS AcGou¥LtQtrLOy seYvLces, TQA COLt Mr Felix Adesola 138 Betterton Road Rainham London RM13 8NH The Redeemed Christian Church OF God, Covenant 09 August 2024 Dear Felix, Accounts for Period ended 30104/2024 Please find attached final accounts for The Redeemed Christian Church OF God, Covenant Sanctuary for the period ended 30104/2024 [including filletedlabbreviated 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 TTrvo A¢e Accountants - A Dlvlslon of Tivo Ace Investment Limited 11 Anglia Way> South Ockendon, Essex, Rl¥l15 SFN, Unitrd Kingdom Phone: 01708921404, 07984861868 Email: info@twoaceaccountants.com Web: wMryY.twoaeeaccountants.com Company Registration Flo. 8417299
The Redeemed Christian Church OF God, Covenant Sanctuary Charity No. 1152924 Company No, 08480219 Trustee's Report and Unaudited Accounts 30 April 2024
The Redeemed Chrlst5an Church OF God, Covenant Sanctuary Contents Pages Trustee's Annual Report Independent Examiner's Report Statement of Financial Activitie5 Summary Income and Expenditure Account Balance Sheet Statement of Cash flows Notes to the Accounts Detailed Statement of Financial Activities 8toll Page I
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 2024. 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 138 Betterton Road Rainham London RM13 8NH 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.0. ADESOLA Trustee for the chaiity in holding title to charity property Pastor Felix Adesola Brother Abayomi Badejo Pastor Olukoya Salami Sister Tokunbo Tejumola Deacon Popoola Agbejule Key Management Personnel Chair Pastor Felix Adesola Deacon Popoola Agbejule Secretary Accountants TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON RM15 5FN Bankers Barclays Bank PLC I Churchill Place London E145HP Page 2
The Redeemed Christian Church OF God, Covenant Sanctuary Trustees Annual Report 08JECTIVES AND AcfiviTIES 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 relief of poverty. Running Sunday worship services and midweek bible study, supporting other charities and Christian event5. The Church's Sunday and m id-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 programme5 of our local community, promoting cohesion in our community, and impacting the lives of the young people and the elderly. ACHIEVEMENTS AND PERFORMANCE Holding outre3che5 in areas of interest to our community, such as the care homes. In the year we shared the joy of Christmas and celebrated the Mothers, day with residents of care home in our community. We gave gifts, sang Christma5 carol a nd spent quality time with the resident5. 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 responsi ble for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion of the charity and to enable them to ensure that the financial statements comply with the Companie5 Act 2006. The Trustee is also responsible for safeguarding the a55ets of the charity and hence taking reasonable steps for the prevention and detection of fraud a nd 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 IFRS 1021, Sig on F.0. ADESOLA Trustee 07 August 2024 Page 3
The Redeemed Chrlstlan Church OF God, Covenant Sanctuary Independent Examiners Report Independent Examlner'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 2024 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 land also a director for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirement5 of the Companies Act 2006 {'the 2006 Act. Having satisfied myself that the financia5 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 statement5 a5 carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Direction5 given by the Charity Commission under section 145151{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 statement5 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 statement5 have not been prepared in accordance with the Charities SORP IFRS 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 - FCA/AFA TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON RM15 5FN 07 August 2024 Page 4
The Redeemed Christian Church OF God, Covenant Sanctuary statement of Financial Activities for the year ended 30 April 2024 Unrestricted funds 2024 Restricted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Other 74,360 18,719 8,361 93,079 8,361 71,428 5,466 Total 74,360 27.080 101,440 76,894 Expendlture on: Charitable activities other 12,296 72,339 12,296 99,281 9,737 52,384 26,942 Total 84,635 26,942 111,577 62,121 Net losses on investments 15,1001 (15,3751 15,1001 115,2371 Net {expenditure}/income Transfers between funds 138 14,773 Net {expenditure)/ln¢ome before other gains/{10sses) {15,375) 138 115,2371 14.773 Other gains and losses Net movement in funds 115,375) 138 115,237) 14,773 Reconclllation of funds: Total funds brought forward 101,083 101,083 86,310 Total funds carrled fonvard 85,708 138 85,846 101,083 Page 5
The Redeemed Chrlstlan Church OF God, Covenant Sanrtuary Summary Income and Expenditure Account for the year ended 30 April 2024 2024 2023 Income 101,440 76,894 Net losses on investment5 15,100} Gross income for the year 96,340 76.894 Expenditure 111,577 62,121 Totsl expenditure for the year Net {expenditurel/income for the year 111,577 62.121 115.237> 14,773 Net (expendlture )/income for the year (15,237) 14,773 Page 6
The Redeemed Chrlstlan Church OF God, Covenant Sanctuary Balance Sheet at 30 April 2024 Company No. 08480219 Notes 2024 2023 Fixed assets Tangible assets Current assets Cash at bank and in hand 85,846 85,846 85,846 101,083 101,083 101,083 Net current assets Total assets less current liabilities 85,846 101,083 Net assets excluding pension asset or liability 85,846 101,083 Total net a55ets 85,846 101,083 The funds of the ¢harSty Restricted funds Restricted income funds io 138 138 Unrestrlcted funds General funds Designated funds io 101,083 115,3751 85,708 101,083 101,083 Reserves io Total funds 85,846 101,083 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 2024 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 07 August 2024 igned on its F.0. ADESOLA Trustee 07 August 2024 Page 7
The Redeemed Christian Church OF God. Covenant Sanctuary Statement of Cash flows for the year ended 30 April 2024 2024 2023 Cash flows from operating activitles Net {expendlture)/income per Statement of Flnancial Activities 115,237) 14,773 Adjustments for: Dividends, interest and rents from investments 18,3611 15,4661 Net cash (used in)/provided by operatlng activities 123,5981 9,307 Cash flows from investing actlvltles Dividends, interest and rents from investments 8,361 5.466 Net cash from investing activities 8,361 5,466 Net cash from financing activities Net (decrease)/increase in cash and cash equivalents {15,2371 14,773 Cash and cash equivalents at the beginning of the year 101.083 86,310 Cash and cash equivalents at the end of the year 85,846 101,083 Components of cash and cash equivalent5 Cash and bank balances 85,846 101,083 85.846 101,083 Page 8
The Redeemed Chrlstlan Church OF God, Covenant Sanctuary Notes to the Accounts for the year ended 30 April 2024 l 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 IFRS 1021 (effective I January 2015} (Charities SORP IFRS 102)), the Financial Reporting Standard a pplicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change In basis of accounting or to previous accounts There has been no cha nge to the accounting policies (valuation rules a nd method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountlng Unrestricted funds These are available for use at the discretion of the trustee5 in f urtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through term5 of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charitv become5 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 gro55 in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the 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/llossesl on This includes any gain or loss resulting from revalu ing investments to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment a55ets This includes any gain or10s5 on the sale of investments. Page 9
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts Expenditure Recognition of expenditure Expenditure 15 recognised on an accruals basis. Expenditure includes any VAT which 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 com prise 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. All grant expenditure is accounted for on an actua I paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. 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. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure Taxation The charity is exempt from corporation tax on its charitable activities. Freehold Investment property Investment properties a re 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 h igh ly liquid investments with original maturities of three months or less and bank overdrafts. In the 5t3tement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flow5, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company'5 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. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade discourbts due. Page 10
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts Research and development Expenditure on research and development is writterb off in the year in which it is incurred. Foreign currencles Monetary asset5 and liabilities denominated in currencies other than the f unctional 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 reward5 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 classif led as operating leases. Assets held under f inance leases are initially recognised 35 assets of the charity at their fair value at the nception 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 f inance 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 attribtjtable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing cost5. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised a5 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 15 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 def ined contribution plan is a pension plan under which the company pays fixed contributions into a sepa rate entity. Once the contributions have been paid the company has no f urther 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, faclllties 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 Unrestricted funds Restricted funds Total funds 2023 2023 2023 Income and endowments from: Donations and legacies Other 71,428 5,466 71.428 5,466 Total 76,894 76,894 Expendlture on: Charitable activities 9,737 43,944 9,737 52,384 Other 8.440 Total 53,681 8,440 62.121 Net income 23,213 {8,4401 14.773 Net Income before other galns/llosses) Other gains and losses: Net movement in funds 23,213 {8,4401 14,773 23,213 18,440) 14,773 Reconciliation of funds: Total funds brought forward Total funds carried forward 86,021 289 86,310 109,234 18.151} 101,083 4 Income from donations and legacies Unrestricted Restrirted Total Total 2024 2023 Tithe & Offering Gift Aid From Government 61,715 12,645 61,715 12,645 61,147 10,281 Community Organisations Cost of Living Fund 18,719 18,719 74,360 18,719 93,079 71,428 5 Other income Restricted Total Total 2024 2023 Members Contribution 8.361 8,361 8,361 8,361 5,466 5,466 Page 12
The Redeemed Christian Church OF God. Covenant Sanctuary Notes to the Accounts 6 Expendlture on charitable activltles Unrestricted Total Total 2024 2023 Expenditure on cht7ritable activities RCCG WEM World Evangelism Governance costs 9,737 12,296 12,296 12,296 12,296 9,737 7 Other expenditure Unrestrlcted Restrirted Total 2024 Total 2023 Welfare and Food Bank 14,853 8,223 18,719 23,076 10,692 Cost of Living Project 18,719 Motor and travel costs 5,466 13,186 34,945 3,889 72.339 5,466 13,186 34,945 3,889 99,281 4,627 14,072 21,316 1,677 52.384 Premises costs General administrative costs Legal and professional costs 26,942 8 Staff costs No employee received emoluments in excess of £60,000. 9 Tangible fixed assets Cost or revaluation At l May 2023 At 30 April 2024 Depreciation and impairment At l May 2023 At 30 April 2024 Net book values 1,378 1,378 491 1,869 1,869 491 1.378 1,378 491 1,869 1,869 491 At 30 April 2024 At 30 April 2023 Page 13
The Redeemed Chrlstlan Church OF God, Covenant Sanctuary Notes to the Accounts 10 Movement in funds Incoming resources (including other At l May gains/losses 2023 Resource5 At 30 Aprll 2024 expended Restricted funds: Restricted income funds: Members Contribution 27,080 126,9421 138 Total 27,080 126,9421 138 Unrestricted funds: General fund5 101,083 101,083 Designated funds: Donations and Incoming Resources 69,260 184,635) 115.3751 115,3751 Total 69,260 184,635) Total funds 101,083 96,340 1111,577) 85,846 Purposes and restrictions in relation to the funds: Restricted funds: Members Contribution For Members Social Events Designated funds: Donations and Incoming Resources To be used for Charitable Activities 11 Analy515 of net assets between funds Unrestricted fund5 Total Net current assets 85,846 85,846 85,846 85,846 12 Reconciliation of net debt Atlmay 2023 At 30 April 2024 Cash flows Cash and cash equivalents 101,083 101.083 115,2371 115,2371 85,846 85,846 Net debt 101.083 115,2371 85,846 Page 14
The Redeemed Christian Church OF God, Covenant Sanrtuary Notes to the Accounts 13 Related party disclosures Controlling porty The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 15
The RedeÈmed Christian Church OF God, Covenant Sanrtuary Detailed Statement of Financial Activities for the year ended 30 April 2024 Unrestricte d funds 2024 Restricted funds 2024 Total funds Total funds 2024 2023 Income and endowments from: Donations and legacies Tithe & Offering Gift Aid From Government 61,715 12,645 61,715 12,645 61,147 10,281 Community Organisations Cost of Living Fund 18,719 18,719 74,360 18,719 93,079 71,428 Other Members Contribution 8,361 8,361 8,361 8,361 5,466 5,466 Total income and endowments 74,360 27,080 101.440 76,894 Expenditure on: Charitable activities RCCG WEM World Evangelism 12,296 12,296 12,296 12,296 9,737 9,737 Total of expendlture on charltable activities 12,296 12,296 9,737 Other expenditure Welfare and Food Bank 14,853 8,223 18,719 26,942 23,076 18,719 41,795 10.692 Cost of Living Project 14,853 10,692 Motor and travel costs Travel and sub5iStence 5,466 5,466 5,466 5,466 4,627 4,627 Premises costs Rent 13,186 13,186 13,186 13,186 14,072 14,072 General administrative costs, including depreciation and amortisation Equipment expensed Retreat Mission and Evangelism Visiting Ministers Expenses Software, IT 5UPPQrt and related C05ts 7,990 9,029 11,221 1,961 7,990 9,029 11,221 1,961 870 8,440 5,041 2,778 356 356 729 Stationery and printing Sundry expense5 3,409 979 3,409 979 285 3,173 21,316 34,945 34,945 Legal and professional costs Page 16
The Redeemed Christian Church OF God, Covenant Sanctuary Detailed Statement of Financial Artlvltles Audit/lndependent examination fees Accountancy and bookkeeping Other legal and professional costs 300 300 300 1,464 1,464 1,228 2,125 2,125 149 3.889 3,889 1,677 Total of expenditure of other costs 72,339 26,942 99,281 52,384 Total expenditure Net gains on investments 84,635 26,942 111,577 62,121 15,1001 15,1001 Net ¢expenditure)/income 115,375) 138 115.2371 14,773 Net lexpenditure)/income before other gains/llosse5} Other Gains {15,375) 138 115,237) 14,773 Net movement in funds {15,375} 138 (15,237} 14,773 Reconciliation of funds: Total funds brought forward 101,083 101,083 86,310 Total funds carried forward 85,708 138 85,846 101,083 P38e 17