Two AC£ AcCourirA￿rS
AcGou¥LtQtrLOy seYvLces, TQA CO￿￿Lt￿
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