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2023-12-31-accounts

Charity number: 1084586

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 9
Independent Auditors' Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 36

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Dr Adebisi Akinde, Chair Stephen Bello, Trustee Abimbola Odufisan, Trustee

Charity registered number 1084586 Principal office 5 Congreve Street Off Old Kent Road London SE17 1TJ Bankers Barclays Bank Plc 93 Barclays Bank Plc London SE13 6BB

Page 1

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Redeemed Christian Church of God (RCCG) - Victory House for the 1 January 2023 to 31 December 2023. The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective October 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The year 2023 began on a high note, with the Charity building upon the momentum established in 2022. Over the past year, the Charity has focused on creating strategies to encourage members to return to in-person worship. These efforts have proven successful, as the church has now fully restored back to her previous year’s attendance level — a significant milestone in its journey toward community and spiritual renewal. By prioritizing the cultivation of a warm and lively physical worship environment, the church has revitalised its congregation and reaffirmed its dedication to its mission.

c. Activities undertaken to achieve objectives

The church’s annual programs have been highly successful. Events such as the Healing and Deliverance Conference, Prayer Revival Conference, and Breakthrough Conference continued to play a significant role in nurturing effective leaders within the congregation. These leaders, in turn, are making a positive impact on their families and local communities. We continued to have numerous testimonies of life transformation. Alongside the regular programs mentioned above, the church also engaged in additional activities in 2023, which are summarised in the next paragraphs

d. Volunteers

The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision, charity shops and fundraising. The management actively works to ensure that best value is derived from the sterling efforts of our volunteers.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

e. Main activities undertaken to further the Charity's purposes for the public benefit

The church continues to foster a strong family life through hybrid services and active engagement with community members. To achieve this, various programs, including women’s and men’s conferences, were organised this year. These programs aimed to address issues such as parenting, childbirth, childcare, and children’s education, as well as to promote career development among both men and women in the congregation.

The church continues to foster a strong family life through hybrid services and active engagement with community members. To achieve this, various programs, including women’s and men’s conferences, were organised this year. These programs aimed to address issues such as parenting, childbirth, childcare, and children’s education, as well as to promote career development among both men and women in the congregation.

Achievements and performance

a. Main achievements of the Charity

The church continues to develop a strong family life via hybrid services and engaged with members of the community. And to this end, various programmes such as women's and men's conferences were organised online during this year to keep addressing issues of parenting, childbearing, childcare and child education as well as career development among our men and women.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Review of activities

We are delighted to share that our hospital and prison ministries, which fully resumed last year, are thriving. These crucial programs, aimed at offering spiritual guidance and hope to individuals in some of the most difficult circumstances, are now fully operational. Thanks to the tireless efforts of the charity, these ministries have been successfully reestablished, and their positive impact is already apparent. Our dedicated volunteers are actively providing comfort, counseling, and a compassionate presence to those in need. The revival of these ministries underscores our unwavering commitment to serving and uplifting communities, further highlighting the charity’s profound and ongoing impact.

Within our local community, we continue to support the elderly by supplying monthly basic provisions and organising social and recreational activities, such as Christmas carol services and distributing Christmas hampers.

Additionally, our health volunteers regularly conduct health awareness and fitness programs to benefit both our members and the wider community.

We are proud to present a report on the outstanding achievements of our children’s nursery, a place where children from all backgrounds and cultures are nurtured, valued, and given the tools to thrive. Our mission is to provide a safe, inclusive, and stimulating environment that promotes learning, creativity, and social development for children of all tribes and ethnicities.

At the heart of our nursery is a strong commitment to celebrating diversity. We foster an environment where every child feels seen, heard, and respected. Through carefully curated activities and culturally diverse learning resources, we encourage children to appreciate their own heritage while learning about and respecting the traditions of others.

We are immensely proud of our nursery’s achievements and the recognition from Ofsted. As we look to the future, we remain committed to maintaining high standards of care and education while continuing to celebrate the rich diversity of our children. Together with our dedicated staff, supportive parents, and vibrant community, we aim to nurture confident, compassionate, and curious learners who will positively contribute to society.

c. Trustees holding title to charity's properties

The trustees listed on reference and administrative details page hold title to charity's properties.

Financial review

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

a. Going concern

The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties that may cast doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of financial statements.

The charity has no reason to believe that the freewill donations being received through the members will stop or reduce, and it also believes that the membership base will continue to increase as we now run hybrid services. In addition to the physical services being held in the physical church building, we continued with the online services, which are run simultaneously, and members kept giving as usual even via online. It is therefore considered appropriate to prepare the accounts on a going concern basis.

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for atleast 12 months from the date of approval of the financial statements. For this reason the charity continues to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

This year was much better as compared to the previous year (2022) because of the slight pick up in the economy of the country, although the charity is still gradually coming out of the effect the COVID-19 pandemic had on the charity operations in the previous three years. Despite this, one could see that the church was doing well in terms of her income drive and reduction in expenditure.

Income & Fundraising

Our total income at just under £1.6m was 58% higher than the previous year (2022). We seek to do more as much as possible in the coming year from the charity's principal source of funding which continues to be the individuals who attend services and make contributions in the form of free will offerings, tithes and other donations.

As at 31 December 2023, the level of reserves available for the Charity's use (i.e. unrestricted £1.5m (2022: £1.2m).

Expenditure

Our expenditure on charitable activities increased by 20% compared to the previous year (2022). The breakdown of charitable activities is set out in the notes to the accounts.

Reserves

There has been no change in our policy, which is, to hold reserves equivalent to three months operating expenditures which currently equates to £280k in order to ensure the ongoing delivery of its charitable objects during an unforeseen downturn in income.

c. Principal risks and uncertainties

The economic and political climate of the environment in which the Charity operates together with the rising interest rate and cost of living, have had an impact on the Charity. We have noticed in the last couple of years a decline in the membership strength of the Charity which in turn translated into a decline in income in previous years.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

d. Risk management

The Trustees have conducted a review of the major risks to which the Charity is exposed. A risk register has been established which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening and the measure taken to manage them. The Trustees review the risk register regularly at their meetings and are satisfied that systems are in place to manage the risks that have been identified. In particular, insurance cover is in place and the finances of the Charity are kept under review. Appropriate Disclosure & Barring Services checks (DBS), supported by regularly reviewed policies are conducted for all those who work with children or other vulnerable groups within the Charity.

Internal control risks are minimised by the implementation of procedures and authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of members of staff, volunteers, clients and visitors to the Charity.

Structure, governance and management

a. Constitution

Redeemed Christian Church of God (RCCG) - Victory House is a registered charity, number 1084586, and is constituted under a Trust deed.

The principal objectives of the Charity are:

a) The furtherance of Christianity and the Christian education

b) Provision of suitable atmosphere where the Christian principles can be taught and developed with our community.

c) The relief of poverty.

There have been no changes in the objectives since the last annual report.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The trustees listed on page 1 hold titles as trustees to properties belonging to the Charity.

c. Organisational structure and decision-making policies

The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated Charity. Decisions are determined by a simple majority vote by the trustees, the trustees set the strategic direction of the charity and authority has been delegated to the Pastoral Board and Management team for the day to day running of the operations of the Charity.

The Charity is a parish of the Redeemed Christian Church of God - a network comprised of churches all over the world. There is an agreement for common purposes entered into by the Charity with the Redeemed Christian Church of God which documents this relationship.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

New trustees are selected on the basis of the contribution that they will make to the governance of the organisation and the skills that they will contribute. They are provided with copies of the Charity Commission's guidance to trustees and are given an introduction to the activities of the Charity by the existing board. Existing trustees are provided with training as and when required.

e. Pay policy for key management personnel

The need to attract and retain people with the leadership, experience, knowledge and skills required to lead the charity. Having a competitive reward offering is one of the many ways in which we secure the very best people to deliver the service to our members and community. The Board of Trustees is responsible for deciding on the salaries of the Chief Executive and his management team.

f. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

g. Trustees' indemnities

During the year the Charity had in force an indemnity provision in favour of its trustees against liability in respect of proceedings brought by third parties.

h. Principal activities

The principal activities of the church are:

Christian worship, Christian outreach programmes to increase Christian awareness and to spread the gospel of our Lord Jesus Christ and the development of the whole man, spiritually, mentally and physically.

In determining how best to pursue these objects the trustees have had regards to the Charity Commission's guidance on public benefit.

The charity's principal funding source continues to be the individuals who attend services and make contributions in the form of freewill offerings, tithes and other donations.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

The charity remains steadfast in its mission to create a safe, welcoming, and purpose-driven environment for young adults through our church community. In light of the alarming rise in violence, including stabbings and killings affecting this age group, we are committed to providing a positive alternative. Our church offers young adults a space where they can experience belonging, receive support, and pursue spiritual growth, guiding them away from harmful influences on the streets.

Every Sunday afternoon, more than four hundred young adults gather to worship God and build meaningful connections. Beyond these Sunday services, they meet twice during the week to deepen their relationships and benefit from guidance, mentorship, and opportunities for personal growth.

We focus on creating a church experience that resonates with young adults by being approachable, relevant, and responsive to their real-life challenges. Through engaging worship, practical teachings, and a strong sense of community, we inspire young adults to live purposefully, make positive life choices, and grow into leaders who positively impact society.

The charity also continues to support other organizations, including Great Ormond Street Children’s Hospital, through donations. Additionally, we remain proactive in fulfilling our charitable objectives by raising awareness of our services and seeking new opportunities to engage with the community. By offering activities and programs that address the needs of individuals, we strive to bring about positive change in the moral and spiritual climate of the local borough, reflecting our Christian values and beliefs.

Grant making policies

Under the “Agreement for Common Purposes," the charity continues to make regular contributions to the Central Office Funds (COF) and the World Evangelism Mission (WEM) through RCCG Central Office UK. We continued to support Africa Missions, which is an aid relief agency for underprivileged people and communities, mainly in Africa. We also continued actively and strongly to support other missionary organisations, such as Compassion UK, African Child Trust, ORMOND Children Hospital in London, Festival of Life, Good Women Fellowship, and Annual Conventions held at the RCCG World Headquarters. We continue to prayerfully search for other areas where we can be of assistance and hence come in partnership and throw our support to meeting needs. This will continue to be part of our objectives and goals going forward in the coming year.

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REDEEMED CHRISTIAN CHURCH OF GOD IRCCGI . VICTORY HOUSE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 St•t•m•nt of TNst••8' re•ponslbllltles The Trustees are responsible for preparing the Trustèes, Report and the financlal slalemenls in accordance wSth appli￿ble law and United Kingdom Accounllng Slan(lards Iunlled Kingdom Genèrally Aecepted AcccMJntsng Praelicel. The law applicable lo ¢haritles In England & Wales requlres the Trustees to prepare financlal statements for each financial which give a tnse and fair view of the slal8 of affairs ol the Charity and of Its incoming resources and application of resources. including its Income and expenditure, for that peiiod. In preparing these financtal slalernenls. the Trustees are required lo.. select suitablè a¢counling policies and then apply them consislgnlly.. observ8 the melhods and principles of Ihe Charities SORP IFRS 1021.. make judgments and accwnting estimates that are reasonable and prudent- stste whether applicBbl8 UK Accounting Standards {FRS 1021 have ba8n followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless li is inappropriats to presume that the Charity will continue in business. The Tfustees are responslble for keeping adequate accounllng records that are Suff￿5ent to show and explaln the Charitys transactions and disclose witr. ieasoi)ahle accuracy al any time the financial position of the Charity and enable them to ensurè that the fintiici¥I biS&emenls comply with the Charities Act 2011, the Charity {Accounts and R&portsl Regu18tion$ 2008 ard pr1)yisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity ano ?-. - tski4g reasonable steps for the prevention and detection of fraud and other irregularities. l('p. IGI Dl$¢losur• of infomiation to auditors Eath of lh8 persons who ar8 Trustees al th8 Iwn8 when this Truslo8s' Report Is approved has conflrned that: so far as that TTUStee is aware. there is no reievant audit information ol whtch the charitys audiliNs arg unaware, and that Trustee h8S taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and lo establish that the charills auditors are aware of that infomialion. Auditors The auditors, Ac£endo Consulting Ltd, havo indicated their willingness to o)nlinue in office. The designated Trustees VAII propose a motion reappointing the auditors al 8 ma8ting of the Trustees. Approved by order ol the members of the board of Trustee$ and slgned on their b8haN by. Mr Steph•n Bello, Trustee Dats.. X Page 9

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

Opinion

We have audited the financial statements of Redeemed Christian Church of God (RCCG) - Victory House (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the charity's ability to continue as a going concern is subject to material uncertainty. The charity's primary source of income is donations, which have decreased over the recent years, although it has increased in current year. Additionally, the charity's mortgage loan carries a variable interest rate, which is calculated at 1.75% plus the floating rate. The Bank of England base rate has surged from 0.1% in November 2021 to 4.5% now which has increased monthly instalments. As stated in note 2.2, these events or conditions, along with the other matters as set forth in the note 2.2, present a significant additional financial burden for the charity, particularly in terms of increased monthly mortgage repayment obligations. As a result, these conditions indicate that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

The nature of the industry and sector, control environment and business performance including the design of the entity’s remuneration policies, results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the entity’s policies and procedures; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the entity operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011.

Audit response to risks identified:

As a result of performing the above, we identified revenue recognition as key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Accendo Consulting Ltd

Chartered Certified Accountants and Statutory Auditors

2 May 2025 Date:

Accendo Consulting Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
4
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
170,110
-
-
170,110
-
9,248
9,248
160,862
278,116
160,862
438,978		 Unrestricted
funds
2023
£
1,411,846
397
4,801
1,417,044
34,876
1,079,292
1,114,168
302,876
1,191,979
302,876
1,494,855		 Total
funds
2023
£
1,581,956
397
4,801
1,587,154
34,876
1,088,540
1,123,416
463,738
1,470,095
463,738
1,933,833		 Total
funds
2022
£
1,002,331
51
-
1,002,382
16,800
921,264
938,064
64,318
1,405,777
64,318
1,470,095

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 17 to 36 form part of these financial statements.

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REDEEMED CHRISTIAN CHURCH OF GOD IRCCG). VICTORY HOUSE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not• Fixed assets Tangible asse15 13 3,802.822 3.849, 799 3,802.822 3.849,199 Current assets Debtors Cash al bank aThJ in hand 14 40,510 462,223 13,237 118.079 501733 131.316 Creditors: arrrf)unts falliThJ due wilhin ¢y ar 15 (233.425) 40,721J Net current ass•ts I Ilabllh•$ 269.308 (109.405J Totsl assets less current Ilabllities Creditors: amunts falling due after m than one year Provisions for liabilities 072.130 3,739, 794 12,131.344) (6.953) (2.262.746J (6,953) Net assets ex¢luding pension asset 1.933.833 1.470.095 Total net assets 1.933.833 1.470.095 Charity funds Restricted funds 19 19 4¥978 1A9I855 278. 116 1, 191.979 unrestn.cted funds Total funds 1,933.833 1.470.095 financtal ststements were approved and authorised for issue by the Truslees and si9ned on their behaff by: Stophen Bello Dats.. 21s12S The notes on pages 17 to 36 form part ol thes& lIna￿al slalom8nts. Page15

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
New leases / Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
501,787
(10,869)
(10,869)
(149,177)
2,403
(146,774)
344,144
118,079
462,223		 2022
£
181,978
(7,011)
(7,011)
(152,464)
(4,990)
(157,454)
17,513
100,566
118,079

The notes on pages 17 to 36 form part of these financial statements

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

The entity is unincorporated charity registered in England & Wales under registration number 1084586. The registered office of the charity which is also the principal place of business is:

5 Congreve Street Off Old Kent Road London SE17 1TJ

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom (FRS 102) and the Charities Act 2011.

Redeemed Christian Church of God (RCCG) - Victory House meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.2 Going concern

The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties that may cast doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of financial statements.

The financial statements have been prepared on a going concern basis, which the trustees believe to be appropriate, though the trustees acknowledge there are material uncertainties which may cast significant doubt on the charity's ability to continue as a going concern. The key factors and uncertainties are as follows:

At the end of the accounting period on 31 December 2023, the charity had current assets of £503k and current liabilities of £233k. The mortgage loan balance stood at £2.3 million, with monthly repayments being made as scheduled.

The charity's mortgage loan carries a variable interest rate, the rate is 1.75% plus floating rate. The Bank of England base rate has experienced a considerable escalation, surging from 0.1% in November 2021 to 4.5%. These increases present a significant additional financial burden on the charity, increasing the monthly mortgage repayment obligations.

The trustees recognise the significant impact that the increase in the base rate has on the charity's finances and its ability to service the mortgage. This uncertainty, combined with the reliance on donations, poses a risk to the charity's ability to continue as a going concern.

The trustees are actively working on strategies to mitigate this risk, such as measures to increase donations, reduce costs, and explore options for renegotiating the loan terms or refinancing. They remain committed to ensuring the sustainability of the charity's operations.

Nevertheless, these uncertainties indicate the existence of a material uncertainty that may cast significant doubt on the charity's ability to continue as a going concern. Therefore, the trustees believe it appropriate to disclose the situation in these financial statements.

The financial statements do not include any adjustments that would result from the outcome being different.

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. For this reason, the charity continues to adopt the going concern basis in preparing the financial statements.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Statement of Financial Activities, with a separate revaluation reserve being shown in the Statement of funds note.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - 2%
Church equipment - 20%
Motor vehicles - 25%
Fixtures and fittings - 20%
Office equipment - 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.12 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.13 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.14 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Provision and useful economic lives of fixed assets.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from donations and legacies

Donations
Tithes and offerings
Thanksgiving
Other donations
Sundry
Gift aid
Subtotal detailed disclosure
Donations
Tithes and offerings
Thanksgiving
Other donations
Gift aid
Subtotal detailed disclosure
Similar incoming resources
Subtotal		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
684,907
-
48,475
170,110
609,330
-
-
-
69,134
170,110
1,411,846
170,110
1,411,846
Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
642,641
-
39,439
45,491
213,061
-
54,334
45,491
949,475
-
7,363
-
7,363
45,491
956,838		 Total
funds
2023
£
684,907
48,475
779,440
-
69,134
1,581,956
1,581,956
Total
funds
2022
£
642,641
39,439
258,552
54,334
994,966
7,363
7,363
1,002,329

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment income

Unrestricted
funds
2023
£
Investment income
397
Unrestricted
funds
2022
£
Investment income
51		 Total
funds
2023
£
397
Total
funds
2022
£
51

6. Other incoming resources

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Other incoming resources 4,801 4,801 -

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2023
£
World Evangelical Mission (WEM) levies
3,989
Donations to missions, churches and parishes
26,064
Central office charges
4,823
34,876		 Total
funds
2023
£
3,989
26,064
4,823
34,876

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

World Evangelical Mission (WEM) levies
Donations to missions, churches and parishes
Central office charges		 Unrestricted
funds
2022
£
12,000
1,200
3,600
16,800		 Total
funds
2022
£
12,000
1,200
3,600
16,800

8. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Direct costs - EU & overseas missions
Charitable activities
Direct costs - EU & overseas missions		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
9,248
957,746
-
121,546
9,248
1,079,292
Restricted
funds
2022
Unrestricted
funds
2022
£
£
50,616
847,452
-
23,196
50,616
870,648		 Total
2023
£
966,994
121,546
1,088,540
Total
2022
£
898,068
23,196
921,264

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Analysis of expenditure by activities

Charitable activities
Direct costs - EU & overseas missions
Total 2023
Charitable activities
Direct costs - EU & overseas missions		 Activities
undertaken
directly
2023
£
125,510
121,546
247,056
Activities
undertaken
directly
2022
£
127,212
23,196
150,408		 Charitable
activity
support
costs
2023
£
841,484
-
841,484
Support
costs
2022
£
770,856
-
770,856		 Total
funds
2023
£
966,994
121,546
1,088,540
Total
funds
2022
£
898,068
23,196
921,264

Analysis of direct costs

Honorarium
Christian working outside the Parish
Conferences, events & travel
Guest ministers' expenses
Youth church
Outreach activities		 Charitable
activities -
Church
2023
£
43,982
1,200
5,989
43,050
8,258
23,031
125,510		 EU &
overseas
missions
2023
£
-
-
121,546
-
-
-
121,546		 Total
funds
2023
£
43,982
1,200
127,535
43,050
8,258
23,031
247,056

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Honorarium
Christian working outside the Parish
Conferences, events & travel
Guest ministers' expenses
Youth church
Outreach activities		 Charitable
activities -
Church
2022
£
43,907
20,984
1,032
42,528
1,598
17,163
127,212		 EU &
overseas
missions
2022
£
-
-
23,196
-
-
-
23,196		 Total
funds
2022
£
43,907
20,984
24,228
42,528
1,598
17,163
150,408

Analysis of support costs

Staff costs
Church expenditure
Depreciation
Interest and bank charges
Governance costs		 Charitable
activities
2023
£
303,913
305,906
57,246
156,952
17,467
841,484		 Total
funds
2023
£
303,913
305,906
57,246
156,952
17,467
841,484

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Church expenditure
Depreciation
Interest and bank charges
Governance costs		 Charitable
activities
2022
£
271,970
313,306
77,742
82,944
24,894
770,856		 Total
funds
2022
£
271,970
313,306
77,742
82,944
24,894
770,856

10. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £4,700 ( 2022 - £4,700 ).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
274,625
25,958
8,292
308,875		 2022
£
249,585
25,098
7,862
282,545

The average number of persons employed by the Charity during the year was as follows:

2023 2022
No. No.
Administration and management 9 8

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £90,001 - £100,000

2023 2022 No. No. 1 1

The Charity considers its key management personnel comprise the Chief Executive Officer (CEO). The total employment benefits including employer pension contributions of the key management personnel were £98,529 (2022: £95,584). In addition, the Charity paid lease rentals of £4,962 (2022: £10,575) for CEO's car.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

13. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
property
£
4,919,057
-
-
4,919,057
1,103,963
36,981
-
1,140,944
3,778,113
3,815,094		 Plant and
machinery
£
375,652
10,689
-
386,341
346,089
15,561
-
361,650
24,691
29,563		 Motor
vehicles
£
46,966
-
-
46,966
42,592
4,375
-
46,967
(1)
4,374		 Fixtures
and fittings
£
143,013
180
-
143,193
153,073
(1,506)
-
151,567
(8,374)
(10,060)		 Office
equipment
£
128,820
-
(25,615)
103,205
118,592
1,835
(25,615)
94,812
8,393
10,228		 Total
£
5,613,508
10,869
(25,615)
5,598,762
1,764,309
57,246
(25,615)
1,795,940
3,802,822
3,849,199

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Tangible fixed assets (continued)

Included in land and buildings is freehold land at cost of £3.07m (2022 - £3.07m) which is not depreciated.

The property has been valued by Strettons, in August 2017 who have valued the freehold property at £4m.

The valuation was carried out by an independent, RICS registered valuer. The valuation is carried out in accordance with Royal Institute of Chartered Surveyors (RICS) valuation - Professional Standards, incorporating the IVSC International Valuation Standards, Global and UK edition (January 2014) (The Red Book).

The carrying amount under the cost model of the assets which have been revalued would have been £4,026,299 (2022 - £4,063,280) .

The charity has a mortgage which is secured against the charity's freehold property. The carrying value of the freehold property is disclosed in the above note.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Motor vehicles £Nil (2022: £4k) Office equipment £6k (2022: £6k)

14. Debtors

Due within one year
Other debtors		 2023
£
40,510
40,510		 2022
£
13,237
13,237

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase contracts
Other creditors
Accruals and deferred income		 2023
£
-
177,369
1,916
13,041
4,194
2,537
34,368
233,425		 2022
£
10,182
182,062
1,916
12,381
4,691
993
28,496
240,721

16. Creditors: Amounts falling due after more than one year

Bank loans
Net obligations under finance lease and hire purchase contracts		 2023
£
2,125,491
5,853
2,131,344		 2022
£
2,259,793
2,953
2,262,746

The bank loan is secured on charity's properties. As per original terms the loan was repayable in 228 installments (principal and interest) of £29,044 each. Interest is charged at a rate equal to aggregate of bank margin (1.75%) and base rate.

The charity has agreed new terms with its bank in January 2020, this has resulted in reduction of monthly installment to £18,940. Under the revised terms, the loan will be paid in 111 installments of £18,940 each (Increased to £24,412 during 2023 due to change in interest rates) and remaining balance will be paid in a lump sum at the end of loan term of 10 years from January 2020.

The above instalments change in line with increase in interest rates.

17. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 462,223 118,079

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Provisions

At 1 January 2023 Provision
£
6,953
6,953

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds
Summary of funds
Summary of funds - current year
General funds
Restricted funds		 Balance at 1
January
2023
£
1,191,979
278,116
1,470,095
Balance at 1
January
2023
£
1,191,979
278,116
1,470,095		 Income
£
1,417,044
170,110
1,587,154
Income
£
1,417,044
170,110
1,587,154		 Expenditure
£
(1,114,168)
(9,248)
(1,123,416)
Expenditure
£
(1,114,168)
(9,248)
(1,123,416)		 Balance at
31
December
2023
£
1,494,855
438,978
1,933,833
Balance at
31
December
2023
£
1,494,855
438,978
1,933,833

20. Summary of funds

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
114,543
3,688,279
324,435
178,298
-
(233,425)
-
(2,131,344)
-
(6,953)
438,978
1,494,855		 Total
funds
2023
£
3,802,822
502,733
(233,425)
(2,131,344)
(6,953)
1,933,833

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Restricted
funds
2022
£
244,169
33,947
-
-
-
278,116		 Unrestricted
funds
2022
£
3,605,030
97,369
(240,721)
(2,262,746)
(6,953)
1,191,979		 Total
funds
2022
£
3,849,199
131,316
(240,721)
(2,262,746)
(6,953)
1,470,095

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities		 2023
£
463,738
57,246
(27,273)
8,076
501,787		 2022
£
64,318
77,740
29,727
10,193
181,978

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt		 2023
£
462,223
462,223		 2022
£
118,079
118,079
Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1
January
2023
£
118,079
(10,182)
(182,062)
(2,259,793)
(7,644)
(2,341,602)		 Cash flows
£
344,144
10,182
4,693
134,302
(2,403)
490,918		 At 31
December
2023
£
462,223
-
(177,369)
(2,125,491)
(10,047)
(1,850,684)

25. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £8,292 (2022: £7,862). Total

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) - VICTORY HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

25. Pension commitments (continued)

contributions of £Nil (2022: £442) were payable to the fund at the balance sheet date and are included in creditors.

26. Related party transactions

Victory House Children Centre

The church has provided a moratorium rent free space to Victory House Children's Centre, an evangelism arm of the church, until the end of this financial year.

During the year, the charity paid salaries totalling £70,422 (2022: £70,416) to employees related to senior pastor.

During the year, the charity received grant of £350,000 from RCCG Central Office.

27. Restricted funds

Restricted fund relates to following:

a) Building fund & Trinity Partners - donations received to help charity maintain its buildings and pay mortgage.

b) Food bank.

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