TWO ACE ACCOUNTANTS
Accountancy Services, Tax and Financial Consultant
Mr Felix Adesola 138 Betterton Road Rainham London RM13 8NH The Redeemed Christian Church OF God, Covenant
25 June 2025
Dear Mr Felix Adesola,
Accounts for Period ended 30/04/2025
Please find attached final accounts for The Redeemed Christian Church OF God, Covenant Sanctuary for the period ended 30/04/2025 [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 2025
The Redeemed Christian Church OF God, Covenant Sanctuary Contents
| Pages | ||
|---|---|---|
| Trustee's Annual Report | 2 to 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 2025.
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:
FELIX ADESOLA
Trustee for the charity in holding title to charity property
| Pastor Felix Adesola | Pastor Olukoya Salami | Deacon Popoola Agbejule |
|---|---|---|
| Brother Abayomi Badejo | Sister Tokunbo Tejumola |
Key Management Personnel
| Key Management Personnel | |
|---|---|
| Chair | Pastor Felix Adesola |
| Secretary | Deacon Popoola Agbejule |
Accountants
TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON RM15 5FN
Bankers
Barclays Bank PLC 1 Churchill Place London E14 5HP
Page 2
The Redeemed Christian Church OF God, Covenant Sanctuary Trustees Annual Report
OBJECTIVES AND ACTIVITIES
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 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 celebrated the Mothers' day with residents of care home in our community. We gave gifts, sang Christmas carol and spent 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
FELIX ADESOLA Trustee 25 June 2025
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 2025 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.
TWO ACE INVESTMENT LIMITED 11 ANGLIA WAY SOUTH OCKENDON
RM15 5FN 25 June 2025
Page 4
The Redeemed Christian Church OF God, Covenant Sanctuary Statement of Financial Activities
for the year ended 30 April 2025
| Notes Income and endowments from: Donations and legacies 4 Other 5 Total Expenditure on: Charitable activities 6 Other 7 Total Net losses on investments Net income/(expenditure) Transfers between funds Net income/(expenditure) 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 2025 £ 73,070 - |
Restricted funds 2025 £ - 3,297 |
Total funds 2025 £ 73,070 3,297 |
Total funds 2024 £ 74,360 8,361 |
|---|---|---|---|---|
| 73,070 11,489 57,572 |
3,297 - 3,297 |
76,367 11,489 60,869 |
82,721 12,296 80,562 |
|
| 69,061 - |
3,297 - |
72,358 - |
92,858 (5,100) |
|
| 4,009 - |
- - |
4,009 - |
(15,237) - |
|
| 4,009 | - | 4,009 | (15,237) | |
| 4,009 85,846 |
- - |
4,009 85,846 |
(15,237) 101,083 |
|
| 89,855 | - | 89,855 | 85,846 |
Page 5
The Redeemed Christian Church OF God, Covenant Sanctuary Summary Income and Expenditure Account for the year ended 30 April 2025
| Income Net losses on investments Gross income for the year Expenditure Total expenditure for the year Net income/(expenditure) for the year Net income /(expenditure )for the year |
2025 £ 76,367 - 76,367 72,358 72,358 4,009 4,009 |
2024 £ 101,440 (5,100) |
|---|---|---|
| 96,340 | ||
| 111,577 | ||
| 111,577 | ||
| (15,237) | ||
| (15,237) |
Page 6
The Redeemed Christian Church OF God, Covenant Sanctuary Balance Sheet
at 30 April 2025
| Company No. 08480219 Notes 2025 £ Fixed assets Tangible assets 9 - Current assets Cash at bank and in hand 89,855 89,855 Net current assets 89,855 Total assets less current liabilities 89,855 Net assets excluding pension asset or liability 89,855 Total net assets 89,855 The funds of the charity Restricted funds 10 Unrestricted funds 10 General funds 85,846 Designated funds 4,009 89,855 Reserves 10 Total funds 89,855 |
2024 £ - 85,846 |
|---|---|
| 85,846 | |
| 85,846 85,846 |
|
| 85,846 | |
| 85,846 | |
| 85,846 - |
|
| 85,846 | |
| 85,846 |
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 2025 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 25 June 2025
And signed on its behalf by:
FELIX ADESOLA Trustee 25 June 2025
Page 7
The Redeemed Christian Church OF God, Covenant Sanctuary Statement of Cash flows for the year ended 30 April 2025
| Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase/(decrease) 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 |
2025 £ 4,009 (3,297) 712 3,297 3,297 - 4,009 85,846 89,855 89,855 89,855 |
2024 £ (15,237) (8,361) |
|---|---|---|
| (23,598) 8,361 |
||
| 8,361 | ||
| - | ||
| (15,237) | ||
| 101,083 | ||
| 85,846 | ||
| 85,846 | ||
| 85,846 |
Page 8
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
for the year ended 30 April 2025
- 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 gains on investments 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 Other income Members Contribution |
Unrestricted funds 2024 £ 74,360 - 74,360 12,296 72,339 84,635 (5,100) (15,375) (15,375) (15,375) 101,083 85,708 Unrestricted £ 57,418 15,652 73,070 Restricted £ 3,297 3,297 |
Restricted funds 2024 £ 18,719 8,361 27,080 - 26,942 26,942 - 138 138 138 - 138 Total 2025 £ 57,418 15,652 73,070 Total 2025 £ 3,297 3,297 |
Total funds 2024 £ 93,079 8,361 |
| 101,440 12,296 99,281 |
|||
| 111,577 (5,100) |
|||
| (15,237) | |||
| (15,237) | |||
| (15,237) 101,083 |
|||
| 85,846 | |||
| Total 2024 £ 61,715 12,645 |
|||
| 74,360 | |||
| Total 2024 £ 8,361 |
|||
| 8,361 |
Page 12
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
6 Expenditure on charitable activities
| Expenditure on charitable activities RCCG WEM World Evangelism RCCG Central Office and Festival of Life Mission Support Governance costs Other expenditure Welfare and Food Bank Motor and travel costs Premises costs General administrative costs Legal and professional costs Staff costs No employee received emoluments in excess Tangible fixed assets Cost or revaluation At 1 May 2024 At 30 April 2025 Depreciation and impairment At 1 May 2024 At 30 April 2025 Net book values At 30 April 2025 At 30 April 2024 |
Unrestricted £ 11,063 9,659 12,564 20,174 4,112 57,572 of £60,000. |
Unrestricted £ 10,289 1,200 11,489 Restricted £ - - - 3,297 - 3,297 £ 1,378 1,378 1,378 1,378 - - |
Total 2025 £ 10,289 1,200 11,489 Total 2025 £ 11,063 9,659 12,564 23,471 4,112 60,869 £ 491 491 491 491 - - |
Total 2024 £ 12,296 - |
|---|---|---|---|---|
| 12,296 | ||||
| Total 2024 £ 23,076 5,466 13,186 34,945 3,889 |
||||
| 80,562 | ||||
| £ 1,869 |
||||
| 1,869 | ||||
| 1,869 | ||||
| 1,869 | ||||
| - | ||||
| - |
7 Other expenditure
8 Staff costs
9 Tangible fixed assets
Page 13
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
10 Movement in funds
| 10 Movement in funds | ||||
|---|---|---|---|---|
| Restricted funds: Restricted income funds: Members Contribution Total Unrestricted funds: General funds Designated funds: Donations and Incoming Resources Total Total funds |
At 1 May 2024 - - 85,846 - - 85,846 |
Incoming resources (including other gains/losses ) £ 3,297 3,297 - 73,070 73,070 76,367 |
Resources expended £ (3,297) (3,297) - (69,061) (69,061) (72,358) |
At 30 April 2025 £ - |
| - | ||||
| 85,846 4,009 |
||||
| 4,009 | ||||
| 89,855 |
| Purposes and restrictions in relation to the funds: | 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 |
11 Analysis of net assets between funds
| Net current assets 12 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 May 2024 £ |
Unrestricted funds £ 89,855 89,855 Cash flows £ |
Total £ 89,855 |
|---|---|---|---|
| 89,855 | |||
| At 30 April 2025 £ |
|||
| 85,846 | 4,009 | 89,855 | |
| 85,846 85,846 |
4,009 4,009 |
89,855 | |
| 89,855 |
Page 14
The Redeemed Christian Church OF God, Covenant Sanctuary Notes to the Accounts
13 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 2025
| Income and endowments from: Donations and legacies Tithe & Offering Gift Aid From Government Other Members Contribution Total income and endowments Expenditure on: Charitable activities RCCG WEM World Evangelism RCCG Central Office and Festival of Life Mission Support Total of expenditure on charitable activities Other expenditure Welfare and Food Bank Motor and travel costs Travel and subsistence Premises costs Rent General administrative costs, including depreciation and amortisation Equipment expensed Retreat Mission and Evangelism Visiting Ministers Expenses Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs |
Unrestricte d funds 2025 £ 57,418 15,652 73,070 - - 73,070 10,289 1,200 11,489 11,489 11,063 11,063 9,659 9,659 12,564 12,564 2,560 3,903 4,346 2,413 195 486 5,036 1,235 20,174 |
Restricted funds 2025 £ - - - 3,297 3,297 3,297 - - - - - - - - - - - 3,297 - - - - - - 3,297 |
Total funds 2025 £ 57,418 15,652 73,070 3,297 3,297 76,367 10,289 1,200 11,489 11,489 11,063 11,063 9,659 9,659 12,564 12,564 2,560 7,200 4,346 2,413 195 486 5,036 1,235 23,471 |
Total funds 2024 £ 61,715 12,645 |
|---|---|---|---|---|
| 74,360 | ||||
| 8,361 | ||||
| 8,361 | ||||
| 82,721 12,296 - |
||||
| 12,296 | ||||
| 12,296 23,076 |
||||
| 23,076 | ||||
| 5,466 | ||||
| 5,466 | ||||
| 13,186 | ||||
| 13,186 | ||||
| 7,990 9,029 11,221 1,961 356 3,409 979 - |
||||
| 34,945 | ||||
Page 16
The Redeemed Christian Church OF God, Covenant Sanctuary Detailed Statement of Financial Activities
| Detailed Statement of Financial Activities | ||||
|---|---|---|---|---|
| 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/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
- 2,362 1,750 4,112 57,572 69,061 - 4,009 4,009 - 4,009 85,846 89,855 |
- - - - 3,297 3,297 - - - - - - - |
- 2,362 1,750 4,112 60,869 72,358 - 4,009 4,009 - 4,009 85,846 89,855 |
300 1,464 2,125 |
| 3,889 | ||||
| 80,562 | ||||
| 92,858 (5,100) |
||||
| (15,237) | ||||
| (15,237) - |
||||
| (15,237) | ||||
| 101,083 | ||||
| 85,846 |
Page 17