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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 2023

Prepared by DTT Consultancy Ltd

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Administrative Information

Financial Statement for the year ended 31st December 2023

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 2023

The trustees present their financial statement for the year ended 31 December 2023

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: 30/09/2024

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

INDEPENDENT EXAMINNERS REPORT FOR THE PERIOD January to December 2023

I report on the financial statements of RCCG Covenant of Grace for the year ended 31 December 2023 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

30-Sep-24

RCCG	RCCG Covenant of Grace	RCCG Covenant of Grace	RCCG Covenant of Grace			1156689
	Annualaccountsforthe period
	Period start date	01/01/2023	To	Period end date	31/12/2023

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
		-	-	-	-	-
		136,962	-	-	136,962	86,204
		-	-	-	-	-
		-	-	-	-	15,791
		-	-	-	-	-
		-	-	-	-	-
		136,962	-	-	136,962	101,995

		-	-	-	-	-
		47,522	-	-	47,522	46,429
		-	-	-	-	-
		-	-	-	-	-
		37,427	-	-	37,427	5,334
		25,239	-	-	25,239	20,794
		-	-	-	-	-
		110,188	-	-	110,188	72,557
		26,775	-	-	26,775	29,438
		-	-	-	-	-
		26,775	-	-	26,775	29,438

		-	-	-	-	-
			-	-	-	-
		26,775	-	-	26,775	29,438
		124,742	-	-	124,742	95,304
		151,516	-	-	151,516	124,742

Page 2

Section B Balance sheet AS AT 31 December 2023

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
351,959	-	-	351,959	367,396
-	-	-	-	-
-	-	-	-	-
351,959	-	-	351,959	367,396

-	-	-	-	-
6,450	-	-	6,450	150
-	-	-	-	-
148	-	-	148	148
6,598	-	-	6,598	298

1,772	-	-	1,772	31,450

4,826	-	-	4,826	- 31,152

356,785	-	-	356,785	336,244

84,107	-	-	84,107	90,340
-	-	-	-	-

272,678	-	-	272,678	245,904

151,516			151,516	124,742
121,162			121,162	121,162
	-		-	-
		-	-	-

272,678	-	-	272,678	245,904

Date of approval PrintName Signature
		Pastor B O Isiaka		30/09/2024

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	136,962	43,376
Offering		11,950
Thanksgiving		500
Buildingfunds		13,590
HMRC - Gift aid		15,791
Other		16,788
Total	136,962	101,995

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


	-	-
	-	-
	-	-
	-	-
Total	-	-

	-	-
	-	-
	-	-
	-	-
	-	-
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	1,010	1,355
Light,heat & other utilities	4,850	1,014
Telephone and Internet	1,793	2,299
Printing, postage & stationery	444	1,455
Transportation and motor expenses	415	907
Honourarium	-	-
Software expenses	-	160
Church insurance	1,019	1,044
Website and computer expenses	1,802
Repairs and maintenance	318	1,683
Motor insurance	-	-
Training and development	1,675	813
Salary	7,634	22,959
NI & PAYE Taxes	-	-
Office expenses	2,834	946
Music	2,315	70
Business Rates
Stipend
Thanksgiving	-	232
License
Hospitality	2,096	2,716
HMRC	1,223	2,481
Women
Equipments	3,191	2,999
IT Services		3,296
Church Database
Security& CleaningCost
PMC Project	14,902
	47,522	46,429

Conference	1,873	190
Area	-	600
Outreach	595	760
Central office	1,400	1,000
RCCG London	120	120
Charitable donation and events	7,129	2,664
Nursery	25,501
Welfare	810
Festival of Life
Total	37,427	5,334

Accountancy	500	500
Professional Fees	2,707	535
Bank charges
Mortgage interest	6,367	4,022
Loan interest- Bounce Back	227	300
Depn:plant & machinery
Dep: fixtures & fittings	4,109	4,109
Depn: motor vehicles	505	505
Depn: PropertyImprovements	10,824	10,824
Total	25,239	20,794

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	108,241	12,577	16,434	3,950	4,150	411,514
-	-	-	-	-	-	-
-	-	-	-	-		-
-	-	-	-	-		-
-	-	-	-	-		-
266,162	108,241	12,577	16,434	3,950	4,150	411,514
-	10,824	12,577	12,617	3,950	4,150	44,118
-	10,824		4,109	505	-	15,438
-	-	-	-	-		-
-	-	-	-	-		-
-	-	-	-	-		-
-	-	-	-	-		-
-	21,648	12,577	16,725	4,455	4,150	59,555

266,162	97,417	-	3,818	-	-	367,396
266,162	86,593	-	- 291	- 505	-	351,959

9.4 Revaluation

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

Page 9

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	150	-	-
-	-	-	-
6,300	-	-	-
-	-	-	-
6,450	150	-	-

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 £
		76,628	79,894
		-	-
		7,479	10,446
1,322	31,000	-	-
450	450
1,772	31,450	84,107	90,340

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 10

2023-12-31-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 2023

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

Trustees Reports for year ended 31 December 2023

The trustees present their financial statement for the year ended 31 December 2023

Statement of Trustee Responsibilities

THE REDEEMED CHRISTIAN CHURCH OF GOD Covenant of Grace

INDEPENDENT EXAMINNERS REPORT FOR THE PERIOD January to December 2023

Respective responsibilities of trustees and independent examiner

Basis of independent examiner's statement

Independent examiner's statement

30-Sep-24

Section B Balance sheet AS AT 31 December 2023

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)

9.1 Cost or valuation

9.4 Revaluation

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