**Charity number:1085879**
# **THE REDEEMED CHRISTIAN CHURCH OF GOD VICTORY PARISH**
# **TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH Report and Accounts for the period ended 31 December 2024**
**CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1085879**
## **THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH Reports and Accounts**
|**CONTENTS**||
|---|---|
|Charity Information|1|
|Trustees annual report|2-4|
|Accountant's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to Accounts|8-10|
## **THE REDEEMED CHRISTIAN CHURCH OF GOD -VICTORY PARISH Charity Information**
## **General Overseer**
Pastor E. A. Adeboye
## **Trustees**
Felix O. Makanjuola George Onanuga Ademola Adeyemo Olajumoke O Kayode
## **Minister In Charge**
Pastor Felix O. Makanjuola
## **Charity Registration No:**
1085879
## **Meeting Place**
Morningside Community Centre Cresset Road Hackney London E9 6SJ
## **Bankers**
Natwest Bank Plc
## **Accountants**
Gabriel Christopher & co Suite 13, Forest House 8 Gainsborough Road London E11 1HT
Page 1
## **THE REDEEMED CHRISTIAN CHURCH OF GOD- VICTORY PARISH**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of God(RCCG) Victory Parish (the church) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the church comply with current statutory requirements, the requirements of the church's governing documents and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in March 2005.
Other working names of the church are: RCCG- Place of Victory, and RCCG Victory Chapel.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **STATUS**
The charity was constituted under a Trust deed dated 12 February 2001 and has a registered charity no 1085879
## **APPOINTMENT OR ELECTION OF TRUSTEES**
The management of the church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES**
The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.
## **ORGANISATIONAL STRUCTURE AND DECISION MAKING**
The charity is organised so that the trustees meet regularly to manage its affairs. The day to day administration of the church is managed by the church pastor, with the consent of church trustees.
## **RELATED PARTY RELATIONSHIPS**
The charity has a relationship with Redeemed Christian Church of God (RCCG) which has members all over the world. The charity’s relationship with RCCG is governed by an 'Agreement for Common Purposes'.
## **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 are in place to mitigate our exposure to the major risks.
## **OBJECTIVES AND ACTIVITIES**
The charity aims to support the local community through various charitable activities, including:
1. Providing meals and support to the homeless.
2. Organising educational workshops for underprivileged children/ youths.
3. Hosting community events to promote social cohesion.
4. Offering counselling and support services for families in need.
5. Conducting faith services and prayer meetings
6. Support and donations to other charities
## **ACHIEVEMENT AND PERFORMANCE**
The above objectives were achieved through organising: *Community outreach events
- *Conferences and Seminars
*Welfare support to members and general public
*Various missionary activities
Page 2
## **GRANT MAKING POLICIES**
Under the Common Purposes Agreement (see above), the charity has agreed to make contributions to RCCG (UK). In addition, the charity supports missionary organisations such as Festival of Life and World Evangelism Mission. The charity also provides support to members and public who are in need. This is done at the discretion of the trustees.
## **VOLUNTEERS**
The church is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 1,600 volunteer hours were provided during the year. If this is conservatively valued at £11.00 an hour the volunteers effort amounts to over £17,600.
## **PUBLIC BEBEFITS**
The charity continues to give advise, encouragement and needed support to the vulnerable member of the community through church services, various seminars and conferences organised by the church Drop in Christian advise centre organise by the church is well attended by members of the community
## **REVIEW OF ACTIVITIES**
We have had tremendous growth in the physical and spiritual life of the church during the year and in the advancement of the Christian Faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust Deed.
## **INVESTMENT POLICY AND PERFORMANCE**
The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.
## **FINANCIAL REVIEW**
During the period, income of £53,917 was received as voluntary donations, accumulated gift aid reclaimed amounted to £12,908.
The net movement in funds for the year, as shown in the statement of financial activities, was (£32,723) deficit (Year 2023 was £134) deficit.
## **RESERVES POLICY**
The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.
## **PRINCIPAL FUNDING**
This is provided mainly through voluntary giving of tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects.
## **PLANS FOR FUTURE DEVELOPMENT**
The charity is looking to grow in membership and continue to develop its members to make life- changing impact in society including:
- Expanding our meal provision services to reach more individuals.
- Increasing the number of educational workshops offered.
- Developing new partnerships to enhance our counselling services.
- Exploring innovative fundraising strategies to support our activities.
- Exploring various ways of advancing the Christian ethos in an effective manner.
Page 3
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The charity trustees are responsible for preparing the Trustee's Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the SORP;
- Make judgement and estimates that are reasonable and prudent;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees recognise their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.
The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.
## **Approval**
This report was approved by the Board of Trustees and signed on their behalf by:
Signature:
Name: Pastor Felix Makanjuola
Date: 26th February 2025
Page 4
## **THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH**
I report on the accounts of the Trust for the period ended 31 December 2024, which are set out on pages 6 to 10.
## **RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not require for this year under section 142(2) of the Charities Act 2011 and that an independent examination is needed
It is my responsibility to:
- examine the accounts under section 145 of Charities Act 2011
- follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145 (5) (b) of the 2011 Act); and
- state whether particular matters have come to my attention.
## **BASIS OF INDEPENDENT EXAMINER'S REPORT**
My examination was carried out in accordance with the General Directions given by the Charity 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 consequently I do not express an audit opinion on the view given by the Accounts.
## **INDEPENDENT EXAMINER'S STATEMENT**
In connection with my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that 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 requirements of the Act.
Have not been met: or
2. To which, in my opinion, attention be drawn to enable a proper understanding of the accounts to be reached.
## _A G Oyewole FCCA_
Chartered Certified Accountants Suite 13, Forest House 8 Gainsborough Road London E11 1HT
Page 5
## **THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH Statement of Financial Activities for the year ended 31 December 2024**
|||||**2024**|**2023**|
|---|---|---|---|---|---|
||Notes|Unrestricted|Restricted|Total|Total|
|||£|£|£|£|
|**Incoming Resources**||||||
|_Incoming resources from generated funds:_||||||
|Voluntary income:donations|2|66,826|-|66,826|64,929|
|Activities in furtherance of the charity||-|-|-|-|
|objects||||||
|**_Total Incoming Resources_**||**66,826**|-|**66,826**|**64,929**|
|**Resources Expended**||||||
|Charitable expenditure||||||
|_Grants payable- individual_|3|5,375|-|5,375|3,393|
|_Grants payable - institutional_|4|9,090|-|9,090|12,070|
|_Costs of activities in furtherance of:_||||||
|_charity's objects_|6|81,622|-|81,622|46,833|
|_Management and governance costs:_|5|3,462||3,462|2,768|
||||-|||
|**_Total Resources expended_**||**99,548**|-|**99,548**|**65,063**|
|**Net Incoming/(Outgoing) Resources for the year**||(32,723)|-|(32,723)|(134)|
|**Total funds at 1 January 2024**||56,639|-|56,639|56,773|
|**Transfer between funds**||**-**|**-**|-|-|
|**Total funds at 31 December 2024**|8|**23,916**|**-**|**23,916**|**56,639**|
All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.
Page 6
## **THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH Balance sheet as at 31 December 2024**
|**Balance sheet as at 31 December 2024**|||||
|---|---|---|---|---|
||||**2024**|**2023**|
||Notes|£|£|£|
|**FIXED ASSETS**|||||
|Tangible Fixed Assets|9||3,231|3,940|
||||**3,231**|**3,940**|
|**CURRENT ASSETS**|||||
|Debtors|10|-||-|
|Cash in Hand/ Bank||21,646||53,659|
|||21,646||53,659|
|**CREDITORS:**|||||
|Amount falling due within a year|11|(960)||(960)|
|**NET CURRENT ASSETS**|||20,686|52,699|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|||23,916|56,639|
|**CREDITORS:**|||||
|Amount falling due more than a year|12||-|-|
|**NET ASSETS**|||**23,916**|**56,639**|
|**ACCUMULATED FUNDS**|||||
|Restricted|14||-||
|Unrestricted|13||23,916|56,639|
|**TOTAL FUNDS**|||**23,916**|**56,639**|
The accounts have been prepared in accordance with the special provision of Statement of Recommended practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.
Approved by the Trustees and Signed on their behalf:
Signature:
Name: Pastor Felix Makanjuola
Date: 26th February 2025
Page 7
## **THE REDEEMED CHRISTIAN CHURCH OF GOD-VICTORY PARISH** Notes to the financial statements for the period ended 31 December 2024
## **ACCOUNTING POLICIES**
## **1.1 Basis of preparation of accounts**
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards. They follow best practice as set out in the statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.
## **1.2 Income and Expenditure**
Income and expenditure are accounted for on accrual basis
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Church for particular purposes. The cost 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 accounts.
Unrestricted funds are incoming resources received for the objects of the charity without further specific purpose and are available as general funds.
|Unrestricted Fund
Restricted
Fund
Total Fund
**2. Voluntary Income: Donations**
**2024**
**2024**
**2024**
£
£
£
Tithes & Offerings
53,917
-
53,917
Gift aid claims
12,908
-
12,908
Grants (Youth Project)
-
-
-
Other Income
-
-
-
**66,826**
**-**
**66,826**
**3. Grants payable - individual**
£
£
£
Welfare
5,375
-
5,375
**5,375**
**-**
**5,375**
**4. Grants payable - institutions**
£
£
£
Word Evangelical Mission (WEM)
7,200
-
7,200
RCCG Central office
450
-
450
Barnados
600
-
600
McMillan Cancer
240
-
240
Missions and other charity donations
600
-
600
**9,090**
**-**
**9,090**
Unrestricted Fund
Restricted
Fund
Total Fund
**5. GOVERNANCE COSTS**
**2024**
**2024**
**2024**
£
£
£
Legal & professional fees
2,919
-
2,919
Bank charges & interest
542
-
542
**3,462**
**-**
**3,462**|Total Fund
**2023**
£
51,632
13,297
-
-|
|---|---|
||**64,929**|
||£
3,393|
||**3,393**|
||£
7,200
600
550
220
3,500|
||**12,070**|
||Total Fund
**2023**
£
2,237
531|
||**2,768**|
Page 8
## **6. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS**
This comprises all expenditure directly related to the objects of the of the charity. It also includes the expenditure in support of that activity where material.
|Unrestricted Fund
Restricted
Fund
**2024**
£
£
£
Music Expenses
4,649
-
4,649
Visiting Speakers' expenses
3,000
-
3,000
Publicity and evangelism
855
-
855
Admin Expenses
2,550
-
2,550
Pastors Allowance
42,000
-
42,000
Rent & Rates
11,072
-
11,072
Sunday school and religious books
240
-
240
Telephone & fax & internet
147
-
147
Christmas Expenses
-
-
-
Insurance expenses
314
-
314
Printing, postage & stationery
913
-
913
Outreach & Conference
10,170
-
10,170
Children expenses
200
-
200
Mothers day expenses
650
-
650
Repairs & renewals
595
-
595
Training expenses
2,900
-
2,900
Travelling and hotel expenses
658
-
658
Depreciation
709
-
709
**81,622**
**-**
**81,622**|**2023**
£
2,990
1,300
-
7,572
16,400
11,619
200
-
-
-
1,360
2,997
-
-
530
-
1,000
865|
|---|---|
||**46,833**|
## **6.1 NET MOVEMENT IN FUNDS FOR THE YEAR**
|**6.1 NET MOVEMENT IN FUNDS FOR THE YEAR**|||
|---|---|---|
|The net movement in funds for the year is stated
after charging
Legal & professional fees
Bank charges & interest|**2023**
**£**
2,919
542
**3,462**|**2022**
**£**
960
531|
|||**1,491**|
## **7.DEPRECIATION**
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|Church & office equipment
**8. MOVEMENT IN FUNDS**
At 1 January
Surplus/(Deficit) for the year
At 31 December|18% - reducing balance
**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
56,639
-
56,639
(32,723)
-
(32,723)
**23,916**
**-**
**23,916**|**Total**
**Funds**
**2023**
**£**
56,773
(134)|
|---|---|---|
|||**56,639**|
Page 9
## **9. FIXED ASSETS**
|**Cost**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
At 31 December 2024
**Net Book Value**
At 31 December 2024
At 31 December 2023
**10. DEBTORS**
Rent deposit
Other debtor
**11.CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accruals
Others
**12.CREDITORS:AMOUNTS FALLING DUE AFTER ONE YEAR**
Loan|**Furniture,**
**Fixtures &**
**Fittings**
**Total**
£
£
51,378
51,378
-
-|**2023**
**£**
-
-|
|---|---|---|
||51,378
51,378||
||47,438
47,438
709
709||
||48,148
48,148||
||||
||**3,231**
**3,231**||
||||
||**3,940**
**3,940**||
||**2024**
**£**
-
-
-
**2024**
**£**
960
-
960
**2024**
**£**
-
-||
|||-|
|||**2023**
**£**
960
-|
|||960|
|||**2023**
**£**
-|
|||-|
## **13. UNRESTRICTED FUNDS**
These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.
## **14. RESTRICTED FUNDS**
Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.
## **15. RELATED PARTY TRANSACTION**
Pastor Felix Makanjuola, a member of the board of trustees received an income of £21,000 during the year, as the resident pastor of the Church.
Page 10