The Redeemed Christian Church of God (RCCG) Vlctory Assembly (Registered Charity Number - 1085107) Trustees, Annual Report and Financial Statements for the year ended 31 January 2024.
The Redeemed Christian Church of God {RCCGI Victory Assembly Contents Reference and Administrative Details Trustees. Annual Report Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements
The Redeemed Christian Church of God IRCCG) Victory Assembly Rreference and administrative details of the tharity. its twstees and advisers For the year ended 31 January 2024. Trustees ProfessorAdewale Adebajo FRCP, MBE- Chairman Mrs Stella Oviasu Pastor Isaac Aleshinloye Charity Reglstratlon No 1085107 HMRC Charlty Tax Reference No XR53622 Prlnclpal Address Unit 14, Aizlewood's Mill Nursery Street, Sheffield 53 8GG Bankers National Westminster Bank Sheffield City Centre 42 Hi8h Street Sheffield SI 2GE Independent Examlner Resource Accountancy Practice Limited 46 Hollywood Way Erlth Kent DA8 2QE
The Redeemed Christian Church of God IRCCG) Wittory Assembly Trustees, Annual Report Forthe year ended 31January 2024. The trustee5 submlt their report and the financial statements of The Redeemed Christian Chruch of God (RCCGI Virtory Assembly for the year ended 31January 2024. The trustees confirmed that the annual report and financial of the charity comply with the current ststutory requirements of the charity governing documents and the provisions of the Statement of Recommended Practice ISORP) 'Accountin8 and Reporting by Charities, issued in March 21J)5. ststus The charity was constituted under a Trust deed dated 17January 2001 and is registered in England and Wales with charity number 1085107 on 21 February 21Y)I. Appointement or Election of Trustees Trustees are elected and Copted under the tenns of the trust deed. Organisational Strurture and Decision Making The charity is organised in such manner that permits the trustees to meet and manage its affairs. The paid staff and volunteers manage the day to day administration of the church. Related Party Relatlonships The charity is a parish ofThe Redeemed Chrlstian Church of God {RCCG) which has parishes all over the world. The charity's relationship with other RCCG parishes is governed by an Agreement for Common Purposes,. Principal Funding Funding has been provided mainlythrough tithes and offerings by church members. Reserve Policy The trustees have agreed that the level of unrestricted reser4e should be a minimum of one month's outgoings, which should include the monthly payment for the church property's lease. Obejcts and Activities The principal aims & objectives of the charity are: The advancement of Christian faith Employing diverse ways of teaching and educating members on the knowledge of God To give Chrisitian care and welfare to all members of the community as necessary To organise children and youth activities, to promote unity in the course of developing deeper spiritual growth To provide hospitality to visiting ministers of the gospel Working in co-operation with other Christian Churche5 and organisation5 and support events with similar Christian aims and objectives.
The Redeemed Christian Church of God IRCCG) Victory Assembly Trustees, Annual Report {Continued) For the year ended 31January 2024. The principal activities of the charity include.. The advancement of the Christian faith in accordance with the doctrines set out in the statement of faith companies in the schedule. The relief of poverty. Committed to buildin8 people and changing lives forgood. The spiritual and social artivities engaged in during the period include: Walking in Victory Conference in November and the Achieve[5 conference in May which were aimed at reviving member5 for greater impact in their daily living. Others are Couples Retreat in February 2023. Quartely Breakfast Meetings with Victory Assembly Levites IVA'S Men Group) with an hourly prayer meeting; every first Sunday of each month. The Achievers Group Ithe women group of Victory Assembly) Meets everyday online via zoom for prayers. During the period under review, the charity sponsored Children through the work of compassion UK with our monthly donation. We also reach out to nursing home5 at Easter and Christmas Season,. we held carol service for them and occasionally make donations to the Children's Hospital through our crty CONNECT ministry every year. During the yearwe distributed hundreds of love Christmas turkey hampers for strugglin8 families. We hope to continue givlng out love Christmas hampers for the foreseable future. In April 2023, we held Psalm's Alive for the first time in many years.Psalm's Allve Is a free annual musical event that hosts nights of praise, worship and prayer for the city of Sheffield and Unlted Kingdom. Statement of Trustees, Responsibilities The charity trustees are responsible for preparing the financial statements for each financial perlod which should gives a clear view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements. the trustees are required to: Select suitable accounting policies and then apply them consistently; Make judgement and estimates that are reasonable and prudent. The trustees are responsible for keepin8 proper accountin8 records which disclose with reasonable accuracy at any time the financial position of the charity and enable the trustees to prepare financial statements. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and irregularities. The trustees have declared that they have approved the tnjstees report above. Signed on behalf of the trustees.. Name: A-b tr7S/t f? Position= Signature.. Date: - £e/La Z¢L(È-
The Redrned Christian Church of God (RCCG) Victory Assembly INDEPENDENT EXAMINER'S REPORT FOR YEAR ENDED 31 JANUARY 2024 Independent examinerfs report to the Trustees of the Redeemed Chrlstlan Church of God (RCCG) Victory Assembly. I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 January 2024 which is set out on pages 7 to 13. RESPONSIBILMES AND BASIS OF REPORT As the Trustees of the Charity, you are $[1)nSIble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011("the 2011 Act"). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 20 1 l Act and in carrying out my examination I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no matters have come to my attention in accordance the examination giving me cause to believe that in any material respect: l. Accounting records We not kept in respect of the Charity as requlred by section 130 of the 2011 Art; or 2. The accounts do not accord with those cOrdS. or 3. The accounts do not comply with the requirements concerning the form and content of accounts set out in the Charities (Account and Reports) regulations 2008 other than any requirement that the accounts give a "true and fair" view which is not a matter considered as part of independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely for the Charity's Trustees, as a lJ)dyrt in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. My work has been undertaken so that I might state to the Charity's Trustee those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Akintayo Ojo FCCA Chartered Certified Accountant 46 Hollywood Way Erith Kent DA8 2QE Date: eptember 2024
The Redeemed Christian Church of God (RCCG) Virtory Assembly ststement of Financial Activities For the year ended 31January 2024 Unrestricted Restricted Furtds Funds Notes Total Total 2024 2024 2024 2023 Income from.. Donations 370.659 53,602 424,261 2.395 324,691 Bank interest 28 2.367 422 Total Incoming Resources 370.687 55.969 426,656 325,113 Expenditure on: Charitable activities 353.771 353,771 353,771 328.775 Total expenditure 353,771 328,775 Net income/lexpenditurel 16,916 55.969 72.885 -3,662 Transfers between funds io Net movement in funds 16.916 55,969 72,885 -3,662 Total funds brought forward 29,618 135,897 165,515 165,515 Total funds carried foThvard 46,534 191,866 238,400 161,853
The Redeemed Christian Church of God {RCCGI Ifictory Assembly Balance Sheet As at 31 January 2024. Notes 2024 2023 Fixed Assets Tangible Assets 4.035 4.249 Current Assets Debtor and Prepayments Cash and bank balances 4.988 8,720 246,767 173,224 Total current assets 251.755 181,944 Credltors: amount fallin8 due within a year 750 650 Net Current Assets 251,005 181,294 Total assets less current liabilities Creditors.. amount falling due after rn0 than one year Total Net Assets 255.040 185,543 Funds of the Charity General funds 68,018 36,048 Restricted income funds io 187,022 149,495 Total funds li 255,040 185,543 The account5 have been prepared in accordance with the special provision of Ststement Of Recommended Practice; Accounting and Reporting by Charities ISORP) issued March 2005 as modified for smaller charities. The trustees declared that they have approved the accounts above. Signed on behalf of the charity trustees= Name.. Position.. cthrt//L Signature: Date.. If Sè4S Z@LLkJ
The Redeemed Christian Church of God (RCCG) Wictory Assembly Notes to the Accounts For the year ended 31January2024. l. Accounting Policies (al General The financial statements have been prepared in accordan with Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective I January 2015). Charity SORP. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements have also adopted Charities SORP IFRS 1021 Bulletin l and have taken the exemption not to prepare a cash flow statement. Redeemed Christian Church of God IRCCGI Victory Assembly meets the definttion of a public benefit entity under FRS 102. {bl Going concern The accounts have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of fund5 held and the expected level of Income and expenditure until January 2023. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Icl Income Income is reco8nised in the SOFA when the charity has entitlement to the funds. any perfonnance Conditions attached to the monies have been met. the receipt of the income is probable and its amount Can be reliably measured. Income from government and other grants. whether'capital, grant or'revenue, grants. is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably and is not deferred. Idl Expenditure and liabilities Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. it 15 probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the artivity for which the expenditure was incurred. lel Tangible fixed assets All assets costing more than £400 are capitalised and valued at historical cost Depreciation has been calculated to write down the cost or valuation. le55 estimated residual value, of all tsngible fixed assets over their expetted useful lives on a straight line basi5.
The Redeemed Christian Church of God IRCCG} Victory Assembly Notes to the Accounts For the year ended 31 January 2024. l. Accounting Policies {al General The financial Statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 {effective I January 20151. Charity SORP, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements have also adopted Charities SORP IFRS 1021 Bulletin l and have tsken the exemption not to prepare a cash flow ststernent. Redeemed Christian Church of God IRCCG} Wictory Assembly meets the definition of a public benefit entity under FRS 102. Ibl Going concern The accounts have been prepared on a 8oin8 concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure until January 2023. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a 8oin8 concern. Icl Income Income is recognised in the SOFA when the charity has entitlement to the funds, any perforniance Conditions attached to the monies have been met, the receipt of the income is probable and its amount Can be reliably measured. Income from government and other grants, whether 'capital' grant or 'revenue' grants, is recognised when the Charlty has entltlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Idl Expenditure and liabilities Expenditure is recognised once there is a legal or construrtive obligation to make a payment to a thlrd party, It Is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost a8ainst the attNity for which the expenditure was incurred. lel Tangible fixed a55ets All assets costing more than £400 are capitslised and valued at historical c05t Depreciation has been calculated to write down the cost or valuation, less estimated residual value, of all tangible fixed assets over their expected useful Ir4es on a straight line basis.
The Redeemed Christian Church of God {RCCGI Victory Assembly Notes to the Accounts (Continued) Forthe yearended 31January 2024. Unrestrirted Restrirted Funds Funds Totsl Totsl 2024 2024 2024 2023 2. Income from grants and donations Tithe and offerings Thanks8ivin8 312,659 53,602 366.261 272.915 26.391 26.391 15,101 339,050 53.602 392.652 288,016 Seed donations Grants Gift Aid claimable 31.609 31,609 36,675 370,659 53.602 Unrestricted Restricted Funds Fund 424.261 324,691 3. Expenditure on Charitsble artivities Total Total 2024 2023 Staff cost 174,067 174.067 170.569 Payroll fees 750 750 750 Honorarium & Èxpenses- guest mlnisters 30,123 30,123 19,000 Charitable 8ifts & offerin8 13,104 13,104 17,204 Depreciation char8e 4,306 4.306 9,066 Church rental costs 40.194 40,194 60,852 Repairs and maintenance 1.360 1,360 525 Hotel and accommodation 12.300 12,300 6,158 Events 11,594 11.594 5,785 Insurance, Ilcenses and legal fees 5,675 5,675 3,380 ststionery, printing and publicity 1.906 1,906 581 Telephone, internet and postsge Welfare 5,623 5,623 3.641 6.101 6,101 5,877 8ank and card retript facility charges and interest Travel 2,955 2,955 2,3S3 8,916 8,916 7,953 Psalm's Alive 20.327 20,327 Refreshments & Hospitality Training and stsff development 7.015 7,015 6,633 6.704 6.704 7,148 Independent examination Total Resources Expended 750 750 1,300 353.771 353,771 328,775
The Redeemed Christian Church of God (RCCG) Victory Assemblv Notes to the Accounts {Continuedl Forthe year ended 31 January 2024. 4. Staff Costs and numbers 2024 2023 Unrestricted Restricted Total Totsl Salaries 134,161 134.161 138,527 Employer's National Insurance Employer's Allowance Pension Cost 26,374 {4,000) 6,731 10.8iXI 26,374 19,952 14,000} 5,289 (4.0001 6,731 Pastoral Scheme 10,800 10.800 174.067 174,067 170,568 No employee received emoluments of more than £60.(0. The average number ofstaff durin8 the yearwas 8 12023.. 81 5. Fees paid to the independent examinerfs organisation 2024 2023 Independent examinees fee 650 650 6. Trustees remuneration, benefits & expenses Trustees recived no remuneration. benefits or expenses in this perlod. Multi-media Fumiture & Musical Equipment IT Equipment Equipment 7. Tan8ible Fixed Assets C05t of valuatlon Vehicle Total as at l February 2023. 66.685 38,322 39,747 146,354 Addition 4.306 4,306 Disposals as at 31 January 2024. 66,685 38,322 44.053 150,660 Depreclatlon as at l February 2023. Char8ed for the period 813 64,083 37,463 858 39.746 142.105 200 2,601 861 4,520 Di5P05als as at 31 January 2024. 1,013 66,684 38,321 40.607 146,625 Net Book Value as at 31 January 2024. 587 3,446 4,035 as at 31 January 2023. 787 2,602 859 4,249
The Redeemed Christian Church of God {RCCGI Wictory Assembly Notes to the Accounts (Continued) For the year ended 31 January 2024. 8. Debtors 2024 2023 Other debtors 4.988 8,720 9. Creditors: amount falling due within one year 2024 2023 Trade Creditors Other taxes & social security Accruals 750 650 750 650 Balance Feb- Incoming 2023. resources Resources expended Balance Jan 2024. 10. Restricted funds Transfers Buildin8 fund 131,053 55.969 187,022 131,053 55.969 187,022 Balance blfwd Incoming resources Resources expended Balance clfwd Prior year comparative Transfers Building fund 131.053 18,442 18,442 131,053 131,053 131,053 Building Fund The charity 15 looking to purchase her property. Specific donations are being raised for this. Unrestricted Restricted Funds Funds 11. NetAssets by fund Total 2023 Fixed assets 4.035 4,035 Net current assets 63.983 187,022 251,005 255,040 68,018 187,022 Unrestricted Restrirted Funds Funds Prior year comparative Total 2023 Fixed assets 4.249 4,249 Net current assets 31.799 149.495 181,294 36,048 149,495 185,543