Redeemed Christian Church of God (RCCG) Victory Centre
Report and Accounts
31 December 2020
Charity Number: 1099406
Redeemed Christian Church of God (RCCG) Victory Centre
Report and accounts for the year ended 31 December 2020
Contents
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|Page|
|Reference and|administrative|details|4|
|2|
|Trustees’|annual|report|
|Statement of trustees’|responsibilities|7|
|Independent examiner's|report|8|
|Funds|Statements:-|
|Statement of financial|activities|10|
|11|
|Fixed|Asset funds|
|Movements|in funds|11|
|Income and|Expenditure|account|12|
|13|
|Balance|sheet|
|Notes to the accounts|14|
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2020
The trustees present their report and accounts for the year ended 31 December 2020.
Reference and administrative details
The legal name of the charity is:- Redeemed Christian Church of God (RCCG) Victory Centre.
The charity is also known by its operating name, Redeemed Christian Church of God (RCCG) Victory Centre.
The charity's areas operation and UK charitable registration. The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1099406.
The charity does not operate in any overseas jurisdictions.
Legal structure of the charity
The charity is constituted as an unincorporated charity, established by trust deed dated 1 July 2003. The governing document of the charity is the Trust Deed establishing the charity.
The following persons served as trustees during the year ended 31 December 2020 :
Mr David Afolarin Jimoh
Mrs Titilayo Adelaja Mr Michael Oladapo
The trustees who were in office on the date the report was approved were:
Mr David Afolarin Jimoh Mrs Titilayo Adelaja Mr Michael Oladapo
The principal operating address, telephone number, email and web addresses of the charity are:59/59A Plumstead Common Road
London
SE18 3AS
Telephone: 02083104296
Email: info@rccgvictorycentre.com
Web address: www.recgvictorycentre.com
Bankers
Barclays99 Hatton BankGarden Pic London
Accountants
Crownwise4A Town Square Consult Ltd Erith Kent DA8 1RE
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2020
Objects and activities of the charity
The purposes of the charity as set out in its governing document.
To seek the advancement of the Christian religion in accordance with the teachings of the Redeemed Christian Church of God and to educate people in the word of God. To teach the knowledge of Jesus Christ all over our area of operation and beyond.
In addition, to help in the relief of poverty in all parts of the world: directly to our immediate members, their families, members of the local, national and international community as occcasion would demand, in cash and in kind.
Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
Activities for achieving objectives.
The Church in pursuant of her objectives organised programme of events which were open to all throughout the period under review. Christian worship services were conducted on regular basis. They were in addition to various teaching sessions for all and sundry, as well as training sessions for our volunteers.
Public benefit statement
The board of trustees confirm that they have met their duties in strict compliance with the provisions of section 4 and 17 of the Charities Act 2011, and have had due regards to the Charity Commission's general guidance on public benefit. Particular consideration has been given to the Charity Commission's supplementary public guidance provisions on the advancement of religion for the public benefit.
The main activities undertaken in relation to those purposes during the year.
The year under review was an eventful one. It was the year of the COVID-19 pandemic. The impact on the world at large was very devastating. Many lives were lost in every part of the globe and no community was spared. Many others who contracted the virus but survived, now live with catastrophic and debilitating consequences from which they are yet to recover till date.
Our Charity was not left unscathed. Thankfully, none of our members lost their lives. Nevertheless, some of our members did contract the virus and went on to recover fully from its effect. For this, we remain eternally grateful to God because we are aware that some other charities like ours did not have it that good. As mentioned above, every part of our world was adversely affected by the pandemic. This meant that many of our usual programmes and activities were negatively impacted to the extent that we could not carry out most of them during the year under review. Nevertheless, we tried to migrate some of these programmes to social media platforms on the internet. The above meant that we had to heavily invest a lot of financial and other resources into making an impactful presence online.
We now have dedicated channels for our charity on both YouTube and Facebook. A lot of time and money were expended to ensure that our online programmes and activities were as effective as possible, helping to retain membership and also add new members from the online community so created.
2:
Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2020 The following programmes and activities were operational throughout the year under review, using various technology-based equipments and resources:
4.Sunday worship services. 2.Wednesday mid-week services. 3,Children Sunday school and church services. 4.Adult Sunday school programmes. 5.Women prayer meetings. 6.Men's prayer meetings. 7.Women and men's mental health talk workshops. 8. Leaders’ prayer and business meetings.
The main activities undertaken during the year to further the charity's purpose for the public benefit. Community-based and community-focussed activities Our work within the community during the year under review, was largely driven by the need to take care of people and community members that were largely impacted by the pandemic. We embarked upon a lot of welfare activities, in the form of provision of food items, toiletries, groceries, medicines, running errands for vulnerable and isolating members and giving of cash to others. Our aim was to ensure that no member of our community was left without due care and attention. Our volunteers were going everywhere at this time, ensuring that everyone who needed help and support got it. We remain indebted to our volunteers again.
.T. training and school of mentoring This is one of our programmes that had to be migrated online. We are happy to report that in spite of the initial hiccups brought about at the onset of the pandemic, this programme weathered the storm and eventually had a successful year at the end. We remain grateful for everyone who ensured that the programme took place and succeeded too. Community centre operations Our church's two premises, that were hitherto a centre for the community members to socialise and fellowship, were largely under lockdown due to the pandemic situations and the attendant restrictions put in place to limit infections. We hope that in the nearest future, we would be able to reopen to the public as usual. International outreach work with other partners Our charitable working partnership of many years with COMPASSION UK, thankfully continued in the year under review. We continued to sponsor about 40 children in the nation of Uganda (East Africa) in a holistic way. Our aim continued to be that we ensure that through education, these children and their families are snatched from the grip of poverty and disease forever. Moreover, we were able to send some support for the works of the renowned Christian Missionary Agency called CAPRO when they reached out to us during the pandemic. Finally, through one of our RCCG church family, we adopted a mission field in the Southwestern Region of the nation of Nigeria. This particular community was devastatingly hit by the pandemic. Every month, we send some stipends to our missionaries on the ground, with the aim to provide food, medicines and sometimes cash, for very vulnerable members of the community (usually widows, widowers, elderly people who have no one to take care of them, indigent students, etc.). We receive regular monthly reports from this mission field, which helps us to monitor their activities. It is our hope that the Executive Pastor will be able to take a trip to this mission field in the future as part of ensuring due diligence.
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2020
The main achievements and performance of the charity during the year
During the period under review, and in spite of the prevailing pandemic, we tried our best to maintain connection and relationship with various members of our community in many ways. All manners of human and material resources were made available as we committed ourselves to demonstrating the love of our Saviour, Jesus Christ, to every member of our community and basically anyone we came in contact with. This usually involved direct activities and charity. However, on other occasions we deployed indirect means by working with other charitable organisations that we partner with. Our charitable acts and activities are usually done through giving, in kind and in cash.
Our activities were focused at the people in our immediate surroundings including Plumstead, Plumstead Common, Woolwich, Woolwich Common, Shooters Hill, Thamesmead, Abbey Wood, Winn Common and Chariton. Moreover, in the year under review, we worked very hard to give moral and financial support to many members of our community who fell into difficult times as a result of the pandemic. We nevertheless ensured that processes of due diligence were reasonably observed before disbursements were made. Again, we are glad to have been ina position to be able to help our people through very difficult times and circumstances. Our welfare support figures are always an attestation to this fact.
The contribution of volunteers during the year.
The church is grateful for the unstinting efforts of its volunteers who are involved in service provision, office work and administration. It is estimated that over 40,000 volunteer hours were provided during 2020. If this is valued at £7.50 an hour the volunteer effort amounts to over £75,000.
Plans and development for the future.
"The Emerald Church,” our church for young adults in our community that we started in 2018, continues to thrive. The effect of the pandemic meant that most of their meetings and programmes were conducted virtually. Our goal remains that this church will transform and evolve into a forum that would minister to this group of people, not only within our local community, but also extending to other parts of our wider community. Moreover, our latest mission outpost in the nation of Canada (RCCG DESTINY SANCTUARY), was seriously affected by the pandemic. Although they maintained their existence all through the year by their virtual meetings and programmes, their erstwhile financial strength took some beatings. As most of the members of the consortium of churches that helped with her establishment had their own struggles, it then fell on our charity to provide all the required and necessary financial support to sustain the mission work.
Therefore, a lot of funds have had to be expended to cater for the missionary (pastor-in-charge) and pay for other ongoing expenses connected to the survival of the parish. We are glad to report that the church is surviving and the missionary was never stranded financially. The missionary's wife and son are yet to join him for many obvious reasons that are connected to the matter of the pandemic.
We are very hopeful that the story for this mission work will surely change for the better in the coming year.
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Redeemed Christian Church of God (RCCG) Victory Centre
Trustees’ annual report for the year ended 31 December 2020
Structure, governance and management of the charity
The methods used to recruit and appoint new charity 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. The policies and procedures for the induction and training of trustees. The induction process for any newly appointed trustees comprises an initial meeting with the Chair and other trustees, followed by a series of short meetings with the minister in charge on the powers and responsibilities of the trustees. The charity's organisational structure. The church (the charity) is organised so that the trustees meet regularly and at times, on an ad-hoc basis, to manage its affairs. How the charity makes decisions and how decisions are delegated. The day-to-day activities is managed by the minister-in-charge who is also the Chief Executive Officer of the charity.
The charity as a part of a wider network.
The church is a member of the Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relationship with RCCG and other parishes is governed by an "Agreement for Common Purposes".
Financial review
The charity's financial position at the end of the year ended 31 December 2020 The financial position of the charity at 31 December 2020 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
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|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Net income|19,697|26,162|
|Unrestricted|revenue|funds|available|for the|209,900|190,203|
|general|purposes|of the|charity|
|Total funds|209,900|190,203|
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Financial review of the position at the reporting date, 31 December 2020.
During the year, income of £256,635 (£236,066 in 2019) was received as voluntary donations. The net income for the period, as shown in the statement of financial activities, for the period was a surplus of £19,697 (£26,162 in 2019). The value of the Redeemed Christian Church of God ((RCCG') Victory Centre net assets as at 31 December 2019 is £209,900 (£190,203 in 2019).
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2020
Policies on reserves.
Restricted funds are to be used for specific purposes as specified within the objects of the charity. Expenditure, which meets these criteria, will be identified to the fund, together with a fair allocation of management and support costs. Unrestricted funds are donations and other incomes received or generated for the objects of the charity without further specified purpose and are available for general funds.
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the church should be 3 months of annual expenditure.
Investment policy
The trustees have decided that at present, funds should be retained in bank. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.
Principal funding sources
This is provided through voluntary tithes and offerings by the church members and the gift aid scheme. Pledges are also taken for specific projects.
Details of the independent examiner
Mr Adeniyi Zaccheus Chartered Certified Accountant 1A Town Square Erith Kent DA8 1RE
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Redeemed Christian Church of God (RCCG) Victory Centre
Trustees’ annual report for the year ended 31 December 2020
Statement of trustees’ responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), . In particular, charity law requires the trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the trustees are required to :- - to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). - select suitable accounting policies and apply them consistently; - make judgements 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 business; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year. The trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are also responsible for the contents of the trustees’ report, and the statutory responsibility of the independent examiner in relation to the trustees’ report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 20 August 2021.
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Mr David Afolarin Jimoh~ Trustee
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Redeemed Christian Church of God (RCCG) Victory Centre
Report of the independent examiner to the trustees of the charity on the accounts for the year ended 31 December 2020
| report to the trustees on my examination of the financial statements of the charity on pages 10 to 13 for the year ended 31 December 2020 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW), and under the historical cost convention and the accounting policies set out on page 14.
Respective responsibilities of the trustees and the independent examiner and the basis of the
report
As described on page 7, you, the charity's trustees, are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:-
a) examine the financial statements of the charity under Section 145 of the Act; b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.
Basis of independent examiner's statement and scope of work undertaken
Since the charity's gross income exceeded £250,000, the charity's examiner must be a member of a body listed in section 145 of the Act. | confirm that | am qualified to undertake the examination because | am an authorised member of he Association of Chartered Certfied Accountants.
| report in respect of my examination of the charity's financial statements carried out under $145 of the Act. In carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide
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Redeemed Christian Church of God (RCCG) Victory Centre
Consequently, | do not express an audit opinion on the view given by the financial statements, and in particular, | express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
| planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report ! obtained written assurances from the Trustees of all material matters.
Independent examiner's statement, report and opinion Subject to the limitations upon the scope of my work as detailed above, | have completed my examination: and can confirm that:The gross income of the charity in the year ended 31 December 2020 appears to exceed the sum specified in Section 145(3) of the Act, namely £250000, and that | am qualified to act as Independent Examiner in accordance with that section by virtue of my being a qualified member of the Association of Chartered Certfied Accountants.
This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:accounting records were not kept in respect of the charity as required by with Section 130 of The Charities Act 2011; the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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 an independent examination; have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 4st January 2019), (The SORP).
| 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 financial statements to be reached.
Mr Adeniyi Zaccheus Certified Chartered Accountant Crownwise Consult Limited 4A Town Square Erith Kent DA8 1RE
This report was signed on 20 August 2021
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Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activities for the year ended 31 December 2020
Statement of Financial Activities for the year ended 31 December 2020
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|---|---|---|---|---|---|
|Notes|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total Funds|Total Funds|
|Funds|Funds|
|2020|2020|2020|2019|
|£|£|=|£|
|Income|from:|
|Donations & grants|20|255,835|-|255,835|231,266|
|Investments|21|800|-|800|4,800|
|Total income|256,635|-|256,635|236,066|
|Expenditure|on:|
|Charitable activities|25|236,938|-|236,938|209,904|
|Total expenditure|236,938|-|236,938|209,904|
|Net income for the year|19,697|-|19,697|26,162|
|Net income after transfers|19,697|-|19,697|26,162|
|Net movement|in funds|19,697|-|19,697|26,162|
|Reconciliation|of funds:-|
|Total funds brought forward|190,203|-|190,203|164,041|
|Total funds carried forward|209,900|-|209,900|190,203|
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The 'SORP Ref indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet. A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
The notes attached on pages 14 to 22 form an integral part of these accounts.
10
Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activities for the year ended 31 December 2020
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|---|---|---|---|---|---|
|Redeemed|Christian Church|of God (RCCG) Victory Centre|- Resources|applied|in the year|
|ended 31|December 2020 towards fixed assets for Charity use:-|2020|2019|
|£|£|
|Funds generated|in the year as detailed in the SOFA|19,697|26,162|
|Resources applied on functional|fixed assets|(9,811)-|--|
|Other|applications|of funds|
|Net resources available to fund charitable|activities|9,886|26,162|
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The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.
Movements in revenue and capital funds for the year ended 31 December 2020
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|---|---|---|---|---|---|---|
|Revenue|accumulated|funds|
|Unrestricted|Restricted|Total|Last year|
|Funds|Funds|Funds|Total|Funds|
|2020|2020|2020|2019|
|£|£|£|£|
|Accumulated funds brought forward|190,203|-|190,203|164,041|
|Recognised|gains and losses|before|49,697|.|19,697|26,162|
|transfers|==|an|Sr|=e|
|209,900|.|209,900|190,203|
|Closing revenue funds|209,900|-|209,900|190,203|
|Summary of|funds|Unrestricted|Restricted|Total|Last Year|
|and|Funds|Funds|Total Funds|
|Designated funds|
|2020|2020|2020|2019|
|£|£|£|£|
|Revenue accumulated funds|209,900|-|209,900|190,203|
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The notes attached on pages 14 to 22 form an integral part of these accounts.
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Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activities for the year ended 31 December 2020
Redeemed Christian Church of God (RCCG) Victory Centre income and Expenditure Account for the year ended 31 December 2020 as required by the Companies Act 2006
| Companies Act 20062006 | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Income | ||
| Incomefromoperations | 255,835 | 231,266 |
| Investment income and interest Incomefrominvestments,otherthan interestreceivable |
800 | 4,800 |
| Gross income intheyearbeforeexceptionalitems | 256,635 | 236,066 |
| Grossincome intheyearincludingexceptional items | 256,635 | 236,066 |
| Expenditure | ||
| Charitable expenditure, excludingdepreciationandamortisation Depreciationandamortisation Governancecosts Interestpayable Realised losses ondisposals ofsocial investmentswhich areprogramme related |
206,066 19,772 3,000 8,100 - |
190,353 16,551 3,000 - = |
| Totalexpenditure intheyear | 236,938 | 209,904 |
| Netincomebeforetaxinthefinancialyear | 19,697 | 26,162 |
| - | - | |
| Taxon surplus on ordinary activities | ||
| Netincomeaftertaxinthefinancialyear | 19,697 | 26,162 |
| Retainedsurplusforthefinancialyear | 19,697 | 26,162 |
| Allactivitiesderivefromcontinuingoperations |
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
The notes attached on pages 14 to 22 form an integral part of these accounts.
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Redeemed Christian Church of God (RCCG) Victory Centre - Balance Sheet as at 31
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|---|---|---|---|---|---|---|---|
|December|2020|
|Notes|2020|2019|
|£|£|
|Fixed|assets|
|Tangible assets|10|11,383|6,531|
|Freehols assts|9|562,679|577,492|
|Total|fixed assets|574,062|584,023|
|Current|assets|
|Debtors|11|9,394|26,689|
|Cash|at bank and|in hand|22,202|5,454|
|Total|current assets|31,596|32,143|
|Creditors:|amounts|falling|due within|
|one year|12|(46,743)|(96,272)|
|Net current assets|(15,147)|(64,129)|
|Net|assets|558,915|519,894|
|thanCreditors: one yearamounts|falling|due|after|more|13|(349,015)|(329,691)|
|The total net assets of the charity|209,900|190,203|
|The total|net assets of the charity are funded by the funds of the|charity, as follows:-|
|Restricted funds|eB|.|
|Unrestricted|Funds|
|Unrestricted Revenue|Funds|16|209,900|490,203|
|209,900|490,203|
|Total charity funds|209,900|190,203|
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As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts. The charity is subject to independent examination under charity legislation, and the report of the independent examiner is on page 8.
The trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
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\
a \
\
David Afolarin Jimoh Mrs Titilayo Adelaja
Trustee Trustee
Approved by the board of trustees on 20 August 2021
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The notes attached on pages 14 to 22 form an integral part of these accounts.
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Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2020
- 4 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 4st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Going Concern
The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 December 2020, the trustees are satisfied that, at the time of approving the financial statements, itis appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.
Risks and future assumptions
The charity is a public benefit entity.
The trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The church is covered by a Church & Congregation insurance policy and this covers a number of risks including: Building & Contents, Income and Financial Risks, Trustees’ Indemnity, Fire & Theft, Employers’ All Risks, etc.
Policies relating to categories of income and income recognition.
Nature of income
This is provided mainly through voluntary tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects.
Categories of Income
Income is categorised as income from non-exchange transactions (gifts), investment income and other income.
Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
14
Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2020
Income recognition
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity's assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably. Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met. All income is accounted for gross, before deducting any related fees or costs.
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability, and the related expenditure, is recognised whena legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.. Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates. Volunteers In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note7.
Policies relating to assets, liabilities and provisions and other matters.
Tangible fixed assets Tangibe assets (excluding investments) are stated at cost less accumulated depreciation. The cost of minor additions or those costing below £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over their estimated useful economic lives. depreciation is charged in the year of acquisition, irrespective of the date of purchase and no depreciation is charged in y disposal. Freehold property 2 % straight line Office equipment 33.33 % reducing balance Fixtures and fittings 42.5 % reducing balance Music equipment 33.33 % reducing balance
A regular annual review of the likelihood of asset impairment is undertaken.
Debtors Debtors are measured at their recoverable amounts at the balance sheet date. CashCash heldand bybank thebalances charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
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Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2020
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 church 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 church 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.
2 TheLiability Trustees to taxation consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
3 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
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|---|---|---|---|---|---|---|---|---|---|
|4|Net surplus|before|tax|in the financial year|2020|2019|
|£|£|
|The|net surplus|before|tax|in|the financial|year|is|stated|after charging:-|
|Depreciation of owned|fixed assets|4,959|1,738|
|Depreciation|and amortisation|of freehold assets|14,813|14,813|
|5|Interest payable|2020|2019|
|£|£|
|Finance charges|- BBL|417|x|
|Finance charges|-|credit card|7,683|-|
|8,100|-|
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6 The contribution of volunteers The charity depends on the support of its volunteers, which is much appreciated. The church is grateful for the unstinting efforts of its volunteers who are involved in service provision, office work and administration. It is estimated that over 8,500 volunteer hours were provided during 2019. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of financial activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.
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|---|---|---|---|---|
|7|Staff costs and emoluments|2020|2019|
|£|£|
|Gross salaries|excluding trustees and key management personnel|80,947|82,859|
|Employer's National Insurance|for all|staff|4,114|5,132|
|Total|salaries, wages and related costs|85,061|87,991|
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Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.
16
Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2020
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|---|---|---|---|---|---|---|---|
|The number of employees whose emoluments|including|taxable|benefits|but excluding|
|employer's pension|contributions|fall|into the following|bands were|:-|2020|2019|
|£|£|
|1|1|
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£60,001 to £70,000
8 Remuneration and payments to trustees and persons connected with them No trustees or persons connected with them received any remuneration from the charity, or any related entity.
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|---|---|---|---|---|---|---|
|9|Freehold|property included|in the accounts|Total|of|Total of|
|At|cost|Atvaluation|valuationand|valuation|and|
|cost|cost|
|2020|2020|2020|2019|
|£|£|£|£|
|Cost|
|At|1|January 2020|740,647|-|740,647|740,647|
|nn|
|At 31|December 2020|a740,647|:|740,647|740,647|
|Depreciation|
|At1 January 2020|163,155|-|163,155|148,342|
|Charge for the year|14,813|-|14,813|14,813|
|es|
|At 31|December 2020|177,968|:|177,968|163,155|
|Net book value|Oe562,679|-|562,679|577,492|
|10|Tangible fixed assets|Fixturesc|and|OfficeA|Music:|Total|
|fittings|equipment|equipment|
|£|£|£|£|
|Cost|
|At|1|January 2020|20,658|31,287|24,573|76,518|
|Additions|-|-|9,811|9,811|
|At 31|December 2020|ee20,658|,31,287|34,384|86,329|
|Depreciation|
|At|1|January 2020|18,316|30,560|21,111|69,987|
|Charge for the year|293|242|4,424|4,959|
|At 31|December 2020|18,609|30,802|25,535|74,946|
|Net|book value|
|At 31|December 2020|2,049|485|8,849|11,383|
|At 31|December 2019|2,342|727|3,462|6,531|
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Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2020
| 11 | Debtors | 2020 £ |
2019 £ |
|---|---|---|---|
| Otherdebtors | 9,394 | 26,689 | |
| 42 | Creditors: amounts fallingduewithinoneyear | 2020 £ |
2019 £ |
| Bankloansand overdrafts Accruals PAYE, NICVATandothertaxes Other creditors |
26,180 4,295 3,941 12,327 |
26,180 42,473 27,427 30,192 |
|
| 46,743 | 96,272 | ||
| 43 | Creditors: amountsfallingdueafteroneyear | 2020 £ |
2019 £ |
| Bankloansand overdrafts Othercreditors |
337,697 11,318 |
299,656 30,035 |
|
| 349,015 | 329,691 | ||
| 44 | Income andExpenditureaccountsummary | 2020 £ |
2019 £ |
| At1 January 2020 Surplus aftertaxfortheyear |
190,203 19,697 |
164,041 26,162 |
|
| At31December2020 | 209,900 | 190,203 |
45 Particulars of how particular funds are represented by assets and liabilities
|At31 December2020|Unrestricted
funds|| Designated
funds|Restricted
funds|Total
Funds|
|---|---|---|---|---|
||£|£|£|£|
|Freeholdproperty
Tangiblefixedassets
Current assets
Current liabilities
Longterm liabilities|562,679
41,383
31,596
(46,743)
(349,015)|-
-
-
-|-
-
-
-
-|562,679
11,383
31,596
(65,421)
(349,015)|
||209,900|-|-|209,900|
|At1 January 2020|Unrestricted
funds
£|Designated
funds
£|Restricted
funds
£|Total
Funds
£|
|Freeholdproperty
Tangiblefixedassets
Current assets
Current liabilities
Longterm liabilities|577,492
6,531
32,143
(96,272)
(329,691)|-
-
-
-
-|-
-
-
-
-|577,492
6,531
32,143
(96,272)
(329,691)|
||190,203|-|-|190,203|
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Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2020
46 Change in total funds over the year as shown in Note 15, analysed by individual funds
| Funds brought forwardfrom |
Movementin funds in 2020 |
Transfers between funds in |
Funds carried forward to |
|||
|---|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | ||||
| 3 | £ | £ | £ | |||
| Unrestrictedanddesignated funds:- | ||||||
| UnrestrictedRevenue Funds | 490,203 | 19,697 | - | 209,900 | ||
| Total unrestrictedanddesignatedfunds | 190,203 | 19,697 | - | 209,900 | ||
| Total charityfunds | 190,203 | 19,697 | - | 209,900 | ||
| 47 | Analysis ofmovements infundsovertheyearasshown inNote16 | 16 | Other | |||
| Income | Expenditure | Gains& | Movement | |||
| Losses | in funds | |||||
| 2020 | 2020 | 2020 | 2020 | |||
| £ | £ | £ | £ | |||
| Unrestrictedanddesignated funds:- UnrestrictedRevenueFunds |
256,635 | (236,938) | - | 19,697 | ||
| 256,635 | (236,938) | - | 19,697 |
48 The purposes for which the funds
Unrestricted and designated funds:-
Unrestricted Revenue Funds
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
49 Ultimate controlling party
The charity is under the control of its legal members. Every member of the charity has unlimited joint and several liability for the debts of the charity.
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Redeemed Christian Church of God (RCCG) Victory Centre
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|---|---|---|---|---|---|---|---|---|
|20|Donations and grants|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|2020|2020|2020|2019|
|£|£|£|£|
|Donations|and|gift|aid|
|Tithes,|offering|and thanksgiving|157,955|-|157,955|160,457|
|Other income|44,921|-|14,921|31,902|
|Gift aid|42,106|-|42,106|38,907|
|Total donations and|gift aid|214,982|-|214,982|231,266|
|Revenue|grants|from government and|
|public|bodies|
|RBG grant|10,000|-|10,000|-|
|JRS grant|30,437|-|30,437|-|
|Grant income|- BBL|416|=|416|-|
|Total|public sector revenue grants|40,853|-|40,853|-|
|Total donations and grants|255,835|-|255,835|231,266|
|21|Investment|income|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|2020|2020|2020|2019|
|£|£|£|£|
|Property Rental Income|800|-|800|4,800|
|Total|investment income|800|-|800|4,800|
|22|Expenditure|on|charitable|activities|- Direct spending|
|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total|Total|Funds|
|Funds|Funds|Funds|
|2020|2020|2020|2019|
|£|£|£|£|
|Grossactivities wages|and|salaries|-|charitable|80,947|-|80,947|82,859|
|Employers’|NI|- Charitable|activities|4,114|-|4,114|5,132|
|TravelActivitiesand|Subsistence|-|Charitable|2,994|-|2,994|7,287|
|Welfare|20,152|-|20,152|15,360|
|Donation|10,493|-|10,493|5,729|
|Pension|4,782|-|4,782|2,025|
|Honorarium|9,900|-|9,900|7,700|
|Visiting|ministers expenses|-|-|-|2,402|
|Mission|Field|- Canada|41,706|-|11,706|-|
|Music and|event|3,708|-|3,708|-|
|Total direct spending|148,796|-|148,796|128,494|
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Redeemed Christian Church of God (RCCG) Victory Centre
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|---|---|---|---|---|---|---|---|
|23|Support costs|for charitable|activities|
|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total|Total|Funds|
|Funds|Funds|Funds|
|2020|2020|2020|2019|
|=|£|£|£|
|Employee costs not included|in|direct costs|
|Training|and welfare|- staff|4,200|-|1,200|420|
|Payroll fees and charges|3,145|-|3,145|598|
|Life|insurance|237|-|237|237|
|Premises|Expenses|
|Rates and water charges|2,759|-|2,759|4,651|
|Rent of premises|16,500|-|16,500|19,000|
|Light heat and power|3,559|-|3,559|4,807|
|Cleaning and waste management|2,379|-|2,379|2,263|
|Premises repairs, renewals and|495|.|495|845|
|maintenanceProperty insurance|2,742|-|2,742|3,237|
|Administrative|overheads|
|Telephone,|fax and|internet|2,913|-|2,913|2,099|
|Books,|tapes, and CDs|1,447|-|1,447|400|
|Stationery and|printing|198|-|198|547|
|Subscriptions|1,580|-|1,580|1,208|
|Sundry expenses|2,846|-|2,846|2,507|
|Professional|fees paid to advisors|other than|the auditor or examiner|
|Consultancy fees|6,520|-|6,520|7,308|
|Financial|costs|
|Bank charges|813|-|813|1,747|
|Mortgage expenses|7,937|-|7,937|9,985|
|Finance|charges|- BBL|417|-|417|-|
|Finance charges-|credit card|7,683|-|7,683|-|
|Depreciation|& Amortisation|in|total for|19,772|-|19,772|16,551|
|Support costs|before|reallocation|a85,142|:|85,142|78,410|
|Total support costs|- Current Year|85,142|-|85,142|78,410|
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The basis of allocation of costs between activities is described under accounting policies
24 Other Expenditure - Governance costs
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Current year Current year Current year Prior Year
Unrestricted Restricted Total Total Funds
Funds Funds Funds
2020 2020 2020 2019
£ £ £ £
Independent Examiner's fees 3,000 - 3,000 3,000
Total Governance costs 3,000 - 3,000 3,000
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Redeemed Christian Church of God (RCCG) Victory Centre
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|---|---|---|---|---|---|---|
|25|Total|Charitable expenditure|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total|Total|Funds|
|Funds|Funds|Funds|
|2020|2020|2020|2019|
|£|£|£|£|
|Total direct spending|148,796|-|148,796|128,494|
|Total support costs|85,142|-|85,142|78,410|
|Total|Governance|costs|3,000|-|3,000|3,000|
|Total charitable expenditure|236,938|:|236,938|209,904|
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