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Charity no 1156689 Company no 8880168

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Annual Reports and Accounts

For the year ended 31st December 2022

Prepared by DTT Consultancy Ltd

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Administrative Information

Financial Statement for the year ended 31st December 2022

Registered Charity Number:	1156689
Pastor:	Pastor Ebenezer Babalola
Trustees:	Pastor B O Isiaka
	Miss V A Zamba
	Mrs T S Olubajo
	Dr M Sani-Omolori
	Pastor Mrs O Babalola
Registered Office:	25 Edgehill Road
	Gipsy Lane
	Leicester
	LE4 9EA
Independent Examiner:	DTT Consultancy Ltd
	36 Daffodil Close
	Hatfield
	Herts
	AL10 9FF

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Trustees Reports for year ended 31 December 2022

The trustees present their financial statement for the year ended 31 December 2022

The principal activity of the organisation continues to be:

Propagation of the Gospel according to the teaching of JESUS CHRIST

Statement of Trustee Responsibilities

The Trustee are required to prepare financial statement that give a true and fair view of the state of affairs of the organisation and of the income and expenditure of the project for that period . In preparing these financial statements, the Trustee are required to:

Select suitable accounting policies and apply them consistently
Make judgements and estimates that are reasonable and prudent
State whether applicable standards and statement of remmended practices have been followed, subject to any material departures disclosed and explained in the statements.
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in operation.

The Trustees are responsible for keeping proper records that disclose at anytime the financial position of the project. They are also responsible for the safe guarding the assets of the organisation and hence for taking reasonable steps for the prevention and detention of fraud and other irregularities.

Pastor B O Isiaka

Date: 13/03/2023

Page 1

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

INDEPENDENT EXAMINNERS REPORT FOR THE PERIOD January to December 2022

I report on the financial statements of RCCG Covenant of Grace for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, and the related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein.

Respective responsibilities of trustees and independent examiner

As the charity's trustees you are responsible for the preparation of the accounts, you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act),as amended by s.28 of the Charities Act 2006 does not apply. It is my responsibility to examine accounts under section 43 of the Act, as amended, to follow procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, as amended, whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with the General Directions given by the Charities Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(i) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 41 of the Act; and
to prepare accounts which accord with the accounting records and to comply with the accounting of the Act have not been met; or
(ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

D.T.T Consultancy Ltd 36 Daffodil Close Hatfield AL10 9FF

13-Mar-23

RCCG	RCCG Covenant of Grace	RCCG Covenant of Grace	RCCG Covenant of Grace		1156689	1156689
	Annualaccountsforthe period
	Period start date	01/01/2022	To	Period end date	31/12/2022

Section A	Statement of financial activities
Recommended categories by activity Details of own analysis Note Incoming resources (Note 3) Incoming resources from generated funds Voluntary income S01 Activities for generating funds S02 Gift Aid S03 Incoming resources from charitable activities S04 Grant S05 S06 Resources expended (Notes 4-8) Costs of Generating Funds Costs of generating voluntary income S07 Fundraising trading costs S08 Investment management costs S09 Charitable activities S10 Governance costs S11 Other resources expended S12 S13 S14 S15 S16 S17 S18 S19 S20 S21 *Total resources expended* *Total incoming resources* *Total funds carried forward* Total funds brought forward *Net movement in funds* *Net incoming/(outgoing) resources before* *transfers* Prior Year Adjustment Gains and losses on revaluation of fixed assets for the charity’s own use Other recognised gains/(losses) *Net incoming/(outgoing) resources before* *other recognised gains/(losses)* Gross transfers between funds		Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05
		-	-	-	-	-
		86,205	-	-	86,205	58,277
		-	-	-	-	-
		15,791	-	-	15,791	10,094
		-	-	-	-	-
		-	-	-	-	7,000
		101,996	-	-	101,996	75,371

		-	-	-	-	-
		46,429	-	-	46,429	36,116
		-	-	-	-	-
		-	-	-	-	-
		5,334	-	-	5,334	10,876
		22,354	-	-	22,354	5,674
		-	-	-	-	-
		74,117	-	-	74,117	52,666
		27,879	-	-	27,879	22,705
		-	-	-	-	-
		27,879	-	-	27,879	22,705

		-	-	-	-	-
			-	-	-	2,961 -
		27,879	-	-	27,879	19,744
		95,304	-	-	95,304	75,560
		123,183	-	-	123,183	95,304

Page 2

Section B Balance sheet AS AT 31 December 2022

Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05	Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05	Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05	Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05	Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05
378,281	-	-	378,281	301,256
-	-	-	-	-
-	-	-	-	-
378,281	-	-	378,281	301,256

-	-	-	-	-
150	-	-	150	6,400
-	-	-	-	-
148	-	-	148	6,485
298	-	-	298	12,885

31,800	-	-	31,800	450

- 31,502	-	-	- 31,502	12,435

346,779	-	-	346,779	313,691

102,434	-	-	102,434	97,225
-	-	-	-	-

244,345	-	-	244,345	216,466

123,183			123,183	95,304
121,162			121,162	121,162
	-		-	-
		-	-	-

244,345	-	-	244,345	216,466

Date of approval Print Name Signature
		Pastor B O Isiaka		13/03/2023

Page 3

Section C Notes to the accounts

Note 1 Basis of preparation

This section should be completed by all charities .

1.1 Basis of accounting

These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with:

Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2005);

• and with*  Accounting Standards;

or Financial Reporting Standards for Smaller Enterprises (FRSSE);

and with the Charities Act 1993.

[** except for the following].

Give details in this box if a different standard has been followed.

-Tick as appropriate:
if all relevant disclosures shown in the pack have been given then please tick “Accounting Standards”;
if disclosures completed in these accounts have been restricted to those required by the FRSSE, then please tick
“Financial Reporting Standards for Smaller Enterprises (FRSSE)”.

** - If no departures from the chosen standards have been made then delete these words; otherwise give details of any changes in the boxes.

1.2 Change in basis of accounting

There has been no change to the accounting policies

Page 4

Section C Notes to the accounts (cont)

Note 2 Accounting policies

This standard list of accounting policies has been applied by the charity except for those deleted. Where a different or additional policy has been adopted then this is detailed in the box below.

INCOMING RESOURCES

Recognition of incoming	These are included in the Statement of Financial Activities (SoFA) when:
resources	 the charity becomes entitled to the resources;
	 the trustees are virtually certain they will receive the resources; and
	 the monetary value can be measured with sufficient reliability.
Incoming resources with	Where incoming resources have related expenditure (as with fundraising or contract income)
related expenditure	the incoming resources and related expenditure are reported gross in the SoFA.
Grants and donations	Grants and donations are only included in the SoFA when the charity has unconditional
	entitlement to the resources.
Tax reclaims on donations	Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to
and gifts	which they relate.
Contractual income and	This is only included in the SoFA once the related goods or services have been delivered.
performance related grants
Gifts in kind	Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
	Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or
	distributed by the charity.
	Gifts in kind for use by the charity are included in the SoFA as incoming resources when
	receivable.
Donated services and	These are only included in incoming resources (with an equivalent amount in resources
facilities	expended) where the benefit to the charity is reasonably quantifiable, measurable and
	material_._The value placed on these resources is the estimated value to the charity of the
	service or facility received.
Volunteer help	The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Investment income	This is included in the accounts when receivable.
Investment gains and losses	This includes any gain or loss on the sale of investments and any gain or loss resulting from
	revaluing investments to market value at the end of the year.
EXPENDITURE AND	LIABILITIES
Liability recognition	Liabilities are recognised as soon as there is a legal or constructive obligation committing the
	charity to pay out resources.
Governance costs	Include costs of the preparation and examination of statutory accounts, the costs of trustee
	meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with performance	Where the charity gives a grant with conditions for its payment being a specific level of service
conditions	or output to be provided, such grants are only recognised in the SoFA once the recipient of the
	grant has provided the specified service or output.
Grants payable without	These are only recognised in the accounts when a commitment has been made and there are
performance conditions	no conditions to be met relating to the grant which remain in the control of the charity.
Support Costs	Support costs include central functions and have been allocated to activity cost categories on a
	basis consistent with the use of resources, eg allocating property costs by floor areas, or per
	capita, staff costs by the time spent and other costs by their usage.
ASSETS
Tangible fixed assets for use	These are capitalised if they can be used for more than one year, and cost at least £500. They
by charity	are valued at cost or a reasonable value on receipt.
Investments	Investments quoted on a recognised stock exchange are valued at market value at the year
	end. Other investment assets are included at trustees' best estimate of market value.
Stocks and work in progress	These are valued at the lower of cost or market value.

Page 5

Section C Notes to the accounts (cont)

Note 3 Analysis of incoming resources

Incoming resources may be further analysed if this would help the reader of the accounts.

Analysis	This year Last year £ £	This year Last year £ £
Tithes	43,377	26,983
Offering	11,950	5,858
Thanksgiving	500	1,546
Buildingfunds	13,590	949
HMRC - Gift aid	15,791	10,094
Other	16,788	22,941
Total	101,996	68,371

	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-

		7,000
	-	-
	-	-
	-	-
	-	-
Total	-	7,000

	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-

Page 6

Section C Notes to the accounts (cont)

Note 4 Analysis of resources expended

Resources expended may be further analysed if this would help the reader of the accounts.

Analysis	This year Last year £ £	This year Last year £ £
Rent and rates	1,355	-
Light,heat & other utilities	1,014	734
Telephone and Internet	2,299	1,222
Printing, postage & stationery	1,455	260
Transportation and motor expenses	907	496
Honourarium	-	520
Software expenses	160	150
Church insurance	1,044	969
Website and computer expenses		735
Repairs and maintenance	1,683	667
Motor insurance	-	178
Training and development	813	1,000
Salary	22,959	14,764
NI & PAYE Taxes	-	2,123
Office expenses	946
Music	70
Business Rates		207
Stipend		2,750
Thanksgiving	232	850
License		35
Hospitality	2,716	2,394
HMRC	2,481
Women		683
Equipments	2,999
IT Services	3,296
Church Database		4,726
Security& CleaningCost		104
Other		549
	46,429	36,116

Conference	190
Area	600
Outreach	760	1,483
Central office	1,000	600
RCCG London	120
Charitable donation and events	2,664	1,540
Covid 19		6,643
Welfare		500
Festival of Life		110
Total	5,334	10,876

Accountancy	800	676
Professional Fees	585
Bank charges		19
Mortgage interest	4,022	2,923
Loan interest- Bounce Back	300	204
Depn:plant & machinery
Dep: fixtures & fittings	4,109	1,308
Depn: motor vehicles	505	544
Depn: PropertyImprovements	12,034
Total	22,354	5,674

Page 7

Section C Notes to the accounts (cont)

Note 5 Support Costs

Please complete this note if the charity has analysed its expenses using activity categories and has support costs.

*support costs.*
Support cost type	Fundraising activity £	Charitable Activity £	Governance Activity £	Total Cost £
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
Total	-	-	-	-

Note 6 Details of certain items of expenditure

6.1 Trustee expenses

Please provide details of the amount of any payment or reimbursement of out-of-pocket expenses made to trustees or to third parties for expenses incurred by trustees. If no expenses were paid, please enter ‘None’ in the appropriate box(es).

Number of trustees who were paid expenses Nature of the expenses

Total amount paid

This year	Last year


£	£

6.2 Fees for examination or audit of the accounts

Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner or auditor. If nothing was paid please enter NONE in the appropriate box(es).

Other fees (for example: advice, consultancy, accountancy services) paid to the independent examiner or auditor Independent examiner’s or auditors' fees for reporting on the accounts	This year £	Last year £
	450	450

Page 8

Section C Notes to the accounts (cont)

Note 9 Tangible fixed assets Please complete this note if the charity has any tangible fixed assets

9.1 Cost or valuation

Freehold land & buildings £	Improvements to Property £	Plant and Machinery £	Fixtures, fittings and equipment £	Motor Vehicles £	Computer Equipment	Total £
266,162	30,983	12,577	12,114	3,950	4,150	329,936
-	89,352	-	4,320	-	-	93,672
-	-	-	-	-		-
-	-	-	-	-		-
-	-	-	-	-		-
266,162	120,335	12,577	16,434	3,950	4,150	423,608
-		12,577	8,508	3,445	4,150	28,680
-	12,034		4,109	505	-	16,647
-	-	-	-	-		-
-	-	-	-	-		-
-	-	-	-	-		-
-	-	-	-	-		-
-	12,034	12,577	12,617	3,950	4,150	45,327

266,162	30,983	-	3,606	505	-	301,256
266,162	108,302	-	3,818	-	-	378,281

9.4 Revaluation If any fixed assets have been revalued please give details of the valuer and method of valuation

Section C Notes to the accounts (cont)

Note 11 Debtors and prepayments

Please complete this note if the charity has any debtors or prepayments.

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
150	6,400	-	-
-	-	-	-
-	-	-	-
-	-	-	-
150	6,400	-	-

Note 12 Creditors and accruals

Please complete this note if the charity has any creditors or accruals. 12.1 Analysis of creditors

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
		79,894	83,884
		12,094	-
		10,446	13,341
31,000		-	-
800	450
31,800	450	102,434	97,225

12.2 Security over assets

If any loan, overdraft or other creditor holds a charge or other security over any assets of the charity please provide details.

Page 9

2022-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Annual Reports and Accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Administrative Information

Financial Statement for the year ended 31st December 2022

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Trustees Reports for year ended 31 December 2022

The trustees present their financial statement for the year ended 31 December 2022

Statement of Trustee Responsibilities

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

INDEPENDENT EXAMINNERS REPORT FOR THE PERIOD January to December 2022

Respective responsibilities of trustees and independent examiner

Basis of independent examiner's statement

Independent examiner's statement

13-Mar-23

Section B Balance sheet AS AT 31 December 2022

Section C Notes to the accounts

Note 1 Basis of preparation

1.1 Basis of accounting

Give details in this box if a different standard has been followed.

1.2 Change in basis of accounting

Section C Notes to the accounts (cont)

Note 2 Accounting policies

INCOMING RESOURCES

Section C Notes to the accounts (cont)

Note 3 Analysis of incoming resources

Incoming resources may be further analysed if this would help the reader of the accounts.

Section C Notes to the accounts (cont)

Note 4 Analysis of resources expended

Resources expended may be further analysed if this would help the reader of the accounts.

Note 5 Support Costs

Note 6 Details of certain items of expenditure

6.1 Trustee expenses

6.2 Fees for examination or audit of the accounts

Section C Notes to the accounts (cont)

Note 9 Tangible fixed assets Please complete this note if the charity has any tangible fixed assets

9.1 Cost or valuation

Section C Notes to the accounts (cont)

Note 11 Debtors and prepayments

Please complete this note if the charity has any debtors or prepayments.

Note 12 Creditors and accruals

12.2 Security over assets