Redeemed Christian Church of God (RCCG) Victory Centre
Report and Accounts
31 December 2022
Charity No: 1099406
Redeemed Christian Church of God (RCCG) Victory Centre
Report and accounts for the year ended 31 December 2022
Contents
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|Pages|
|Charity information|1|
|Trustees’ annual|report|2-7|
|Statement of trustees’|responsibilities|8|
|Independent|examiner's|report|9-10|
|Funds|Statements:-|
|Statement|of|financial|activities|11|
|Fixed|asset|funds|12|
|Movements|in funds|12|
|Income|and|expenditure|account|13|
|Balance|sheet|14|
|Notes to the|accounts|15-23|
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2022
The trustees present their report and accounts for the year ended 31 December 2022.
Referenceand 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 structureof 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 2022 and who were in office on the date the report was approved were: MrsMr DavidTitilayo AfolarinAdelajaJimoh Mr Michael Oladapo
The principal operating address, telephone number, email and web addresses of the charity are:-
59/59A PlumsteadCommon Road London SE18 3AS Telephone:020 8855 8338 Email Address: info@prccgvictorycentre.com Web address: www.rcogvictorycentre.com
Bankers
99BarclaysHattonBankGarden Pic London EC1N 8DN Kingdom Bank Media House Padge Road Beeston, Nottingham, NG9 2RS
Accountants
Crownwise Consult Ltd 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 2022
Objects and activitiesof 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.
Activitiesfor 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 a far cry from the events of the previous two years, when the COVID19 pandemic ruled the airwaves globally.
We are grateful that our charity has largely recovered from all the negative events that accompaniedand were fall-outs from the pandemic.
Our usual programmes and activities have mostly now recovered and have returned to prepandemic levels as at the time of writing this report. Nevertheless, we have decided that it is in the best interest of all our members and brethren to continue to operate ‘hybrid’ services, which combine virtual and physical elements. We have continued our investments of various human and financial 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 are as effective as possible, helping to retain membership and also add new members from the online community so created.
The following programmes and activities were operational throughout the year under review, using
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Sunday worship services.
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Wednesday mid-week services.
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Children sunday school and church services.
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Adult sunday school programmes. 5. Women'sprayer meetings.
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Men's prayer meetings.
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Women's and men's mental health talk workshops.
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Empowermentand finance-related seminars
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Redeemed Christian Churchof God (RCCG) Victory Centre
Trustees’ annual report for the year ended 31 December 2022
The main activities undertaken during the year to further the charity's purpose for the public benefit.
Community-basedand community-focused activities
Our work within the Community during the year 2022 has been focussed on the effects and fall-outs from the Pandemic and the attendant Cost-of-Living Crises that erupted. Expectedly, as a Charity, we embarked upon a lot of welfare activities in order to care for members of immediate Community and others further afield in the United Kingdom and on the various Mission Fields that we are involved with. These welfare activities involved the provision of food items, toiletries, groceries, We wanted to make sure that no member of these communities was left without due care and attention. Our volunteers and foreign mission workers were extremely busy this year attending to all manners of the needs of people under our care. Again, we remain indebted to our volunteers.
LT. training and school ofmentoring
This programme continues to be operated online and ail their activities are now being done virtuality. The positive outcome for this is that the programme has now increased capacity, both in numbers and the reach to areas and people beyond our immediate environment. We remain grateful for everyone who ensure that the programme continues to be a blessing to so many people.
Communitycentre operations
Our Church's two premises continue to serve members of our immediate and further co m unities. People are able to use our premises for many religious, educational and social purposes. A token charge is levied for their usage.
Internationaloutreach work with other partners
Our charitable working partnership of many years with COMPASSION UK 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. In addition, we continued to send some support for the works of the renowned Christian Missionary Agency called CAPRO through their missionaries based in South Africa. We aim to continue to support them in any litte way possible. Our adopted mission field in the Southwestern region of the nation of Nigeria received quite hitsubstantialby the pandemic.support fromWe haveour charitycontinuedduringto thissendYear.some Thisstipends particularto ourcommunity missionarieswas on devastatinglythe ground, every month, with the aim of providing food, medicines and sometimes cash, for very vulnerable members of the community (usually widows, widowers, elderly people who had no one to take care of them, indigent students, etc.). Wecontinue to receive regular monthly reports from this mission field, which help us to monitor their activities. We have plans to visit this mission field as soon as possible. Nevertheless,we are the power of Technology has helped to ensure proper monitoring of activities and projects on this
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2022
Peace Mission School (A mission field school)
Peace Mission School, was established in July 2022, as an emergency response to a serious gap in the educational need of the children of a predominantly rural farming community of TIV people, called Odido, located inside the vast campus of The Federal Polytechnic, Ado Ekiti, Ekiti State, Nigeria.
At the inception of the school, 74 children aged from 2 to 14 years were registered. With a great support from our charity, all the school materials necessary for teaching and proper operations were procured. Some of these materials included: chairs and tables, black boards, text and note books, visual aids and other writing materials like markers, biros and pencils. Christian teachers were also recruited for the Immediate and smooth take-off of the school.
Peace Mission School is a vision birthed to evangelize children, through christ-centred education, to mould them into God-fearing, God-loving, purpose-driven, destiny-fulfilling persons who would in turn impact and influence their generation for the kingdom of God. So, we trust God for all that can be done to achieve this laudable goal.
The main achievements and performance of the charity during the year
Continuing our usual tradition in 2022, 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 anyone we came in contact with. indirect means by working with other charitable organisations with similar objectives to ours, Our charitable acts and activities are usually done through giving, in kind and in cash,
in the year under review, our dear nation got into trouble waters with a sharp rise in the cost-ofliving expenses for us all. This led to many members of many communities nation-wide getting into serious difficulties with the payment of their bills and putting food on the tables for their families. As a charity, we saw this situation as a call to duty to arise and see what we could do to ameliorate the difficult situations and circumstances of people in our community. Taking care to observe the usual due diligence, we worked very hard to give moral and financial support to many members of our community, far and near, who fell into hard times as a result of the cost-of-living crisis. We remain grateful for the opportunity to be able to serve our community and to be able to help our people through very difficult times and circumstances. Our welfare support figures are always an attestationto this fact.
Purchaseof freehold property
The trustees will like to report that in the year under review, the charity purchased the freehold of our second premises (67-69 Plumstead Common Road, London. SE18 3AX), which we leased for over 7 years before then. This indeed is a piece of very good news, helping us to consolidate our vision for the future of our charity.
The contributionof volunteers during the year.
The church is grateful for the unstinting efforts of its volunteers who are involved in service provision, office work, Community Care activities and the administration of resources. It is estimated that over 11,000 volunteer hours were provided during 2022. If this is valued at £11.50 an hour the volunteer effort amounts to over £131,450.
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Redeemed Christian Church of God (RCCG) Victory Centre Trustees‘ annual report for the year ended 31 December 2022
Plans and developmentfor the future future
for the future future
THE EMERALD CHURCH
The Emerald Church is the church for young adults in our Community. Established in the year 2018, it continues to thrive and they are now operating Hybrid Services like the mother church does.
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.
RCCG DESTINY SANCTUARY, ABBOTSFORD, CANADA BC.
Our mission outpost in the nation of Canada (RCCG Destiny Sanctuary) has now fully recovered from the effects of the pandemic. During the year under review, they had to be relocated to a different premises in that city since their erstwhile landlord requested that they leave. This relocation took a significant amount of financial resources from us. Nevertheless, we are glad that they are now well-settled in their new premises.
In addition, for now, we still send them financial support to ensure that they are able to cope with the expenses of the new premises. We hope that this support will continue to reduce gradually and that, very soon, they would be able to bear their expenses themselves.
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Redeemed Christian Church of God (RCCG) Victory Centre
Trustees’ annual report for the year ended 31 December 2022 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
The charity's organisational structure.
The church (the charity) is organised so that the trustees meet regularly and at times, on an adhoc 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 Officerof 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 “Agreementfor Common Purposes”.
Financial review
The charity's financial position at the end of the year ended 31 December 2022
The financial position of the charity at 31 December 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
| 2,022 | 2,021 | |
|---|---|---|
| £ | £ | |
| Netincome | (17,269) | 13,645 |
| Unrestricted revenuefunds availablefor the generalpurposes of the charity |
206,276 | 223,545 |
| Totalfunds | 206,276 | 223,545 |
Financial review of the position at the reporting date, 31 December 2022.
During the year, income of £302,271 (£268,964 in 2021) was received as voluntary donations. The net income for the period, as shown in the statement of financial activities, for the period was a deficitof £17,269 (£13,645 in 2021). The value of the Redeemed Christian Church of God (‘RCCG’) Victory Centre net assets as at 31 December 2022 is £206,276 (£223,545in 2021).
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Redeemed Christian Church of God (RCCG) Victory Centre
Trustees’ annual report for the year ended 31 December 2022
Policieson 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 managementand 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 independentexaminer
Mr Adeniyi Zaccheus Chartered Certified Accountant 1A Town Square
Erith Kent DA8 1RE
7
Redeemed Christian Church of God (RCCG) Victory Centre Trustees’ annual report for the year ended 31 December 2022
Statement of trustees’ responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the termsof the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory reguiations.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 andapplicable Reportingto allbyaccounChari ti es)ng periods2015, (asbeginniame n dedg on byor afterthe Bulletin1st Januaryissued2019),in October 2018(The SORP). and
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 :-
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~ to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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select suitable accounting policies and apply them consistently;
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~ make judgements and estimates that are reasonable and prudent;
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~ prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business;
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~ State whether applicable accounting standards and statements of
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recommended practice have been followed, subject to any material
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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 Charityfor 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 tees on 28 September2023.
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Mr David AfolarinJomoh
Trustee
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8
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 December2022
| report to the trustees on my examination of the financial statements of the charity on pages 11 to 14 for the year ended 31 December 2022 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 15.
Respective responsibilities of the trustees and the independent examiner and the basis of the report
As described on page 8, you, the charity's trustees, are responsible for the preparation of the financial staternents in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaiier 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 the Association of Chartered Certified Accountants.
| report in respect of my examination of the charity's financial statements carried out under 8145 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
9
Redeemed Christian Churchof 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 writien 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 @xamination:and can confirm that:DirectionsThis is a reportgiven inbyrespectthe Charity of an Commissionexamination undercarriedsectionout under145(5)(b)145 ofofthetheActActandwhichin accordancemay be applicable;with 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:accountingCharitiesActrecords2011; were not kept in respect of the charity as required by with Section130 of The 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 20168 and applicable to all accounting periods beginning on or after 1st January2019), (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 Staternentsto be reached.
ca all Chartered Certified Accountant Crownwise Consult Limited 1A Town Square Erith Kent DAS 1RE
This report was signed on 28 September 2023.
10
Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activitiesfor the year ended 31 December 2022
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|---|---|---|---|---|---|---|---|---|---|---|
|Statement|of|Financial|Activities|for|the|year|ended|31|December|2022|
|Notes|Current year|Current year|Current year|Prior Year|
|Unrestricted|Restricted|Total Funds|Total|
|Funds|Funds|Funds|
|2022|2022|2022|2021|
|£|£|£|£|
|income|
|Donations & grants|20|254,368|-|254,368|242.764|
|Investment income|21|37,600|-|37,800|25,400|
|Other income|22|10,103|10,103|800|
|Total income|302,271|-|2,271|268,964|
|Expenditure|on:|
|Charitable|activities|26|319,540|-|319,540|255,319|
|Total expenditure|319,540|-|319,540|255,319|
|Net income for the year|(17,269)|-|(17,269)|13,645|
|Net income after transfers|(17,269)|-|(17,269)|13,645|
|Net movement|in funds|(17,269)|-|(17,269)|13,645|
|Reconciliation of funds:-|
|Total funds brought forward|223.545|-|223,545|209,900|
|Total funds carried forward|206.276|-|206,276|223,545||
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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
AS activities derive from continuing operations.
The notes attached on pages 15 to 23 form an integral part of these accounts.
11
Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activitiesfor the year ended 31 December 2022
Resourcesapplied in the year ended 31 December 2022 towards fixed assets for Charity use:-
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|---|---|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|€|£|
|Funds|generated|in|the|year|as|detailed|in|the|SOFA|(17,269)|13,645|
|Resources|applied|on|functional|fixed|assets|(3,466)|(17,572)|
|Resources|applied|on|freehold|assets|(315,000)|-|
|Net resources available to|fund|charitable activities|(335,735)|(3,927)|
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The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Movements|in|revenue|and|capital|funds|for|the|year|ended|31|December|2022|
|Revenue|accumulated|funds|
|Unrestricted|Restricted|Total|Last|year|
|funds|funds|funds|total|funds|
|2022|2022|2022|2021|
|€|£|£|£|
|Accumulated|funds|brought|forward|223,545|-|223,545|209,900|
|transfersRecognisedgains and losses before|(17,269)|-|(17,269)|13,645|
|206,276|-|206,276|223,545|
|Closing|revenue|funds|206,276|-|206,276|223,545|
|Summaryof|funds|Unrestricted|Restricted|Total|Last|year|
|Designated|fua|n|dsd|funds|funds|total funds|
|2022|2022|2022|2021|
|e|£|£|£|
|Revenue|accumulated|funds|206,276|-|206,276|223,545|
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The notes attached on pages 15 to 23 form an integral part of these accounts.
12
Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activitiesfor the year ended 31 December 2022
income and Expenditure Account for the year ended 31 December 2022 as required by the CompaniesAct 2006
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| income | ||
| Income from operations | 254,368 | 242,764 |
| Investment incomeandinterest Income frominvestments, otherthan interest receivable Other operating income |
37,800 10 1 3 |
25,400 8 |
| Gross income in the year before exceptionalitems | 302,271 | 268,964 |
| Gross income in the year including exceptionalitems | 302,271 | 268,964 |
| Expenditure | ||
| Charitable expenditure, excluding depreciation andamortisation Deprectation and amortisation Governance costs Interest payable |
285,677 28,471 3,000 2,392 |
222.927 24,037 3,000 5,355 |
| Totalexpenditureinthe year | 319,540 | 255,319 |
| Net income before tax in the financial year | (17,269) | 13,645 |
| Tax onsurpluson ordinary activities | : | - |
| Net income after tax inthe financial year | (17,269) | 13,645 |
| Retained surplus for the financial year |
(17,269) | 13,645 |
| Aaactivitiesderivefromcontinuingoperations. |
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 15 to 23 form an integral part of these accounts.
13
RedeemedDecember 2022Christian Church of God (RCCG) Victory Centre - BalanceSheet as at 31
| RedeemedDecember Christian Church of December 2022Christian |
God (RCCG) | (RCCG) Victory Centre - BalanceSheetBalanceSheet | - BalanceSheetBalanceSheet Sheet as |
- BalanceSheetBalanceSheet as at 31 |
|---|---|---|---|---|
| Notes | 2022 | 2021 | ||
| £ | £ | |||
| Fixed assets | ||||
| Freehold assets Tangible assets |
9 10 |
841,753 15,839 |
547,866 19.731 |
|
| Totalfixed assets | 857,592 | 567,597 | ||
| Current assets | ||||
| Ocedtors Cash at bank and in hand |
bbl | 37,544 2,220 |
37,194 3447 |
|
| Total current assets | 39,764 | 40,641 | ||
| Creditors: amounts falling duewithin one year |
12 | (53,989) | (63,882) | |
| Net current assets | (14,225) | (23,421) | ||
| Net assets | 643.367 | 544,356 | ||
| Creditors: arnounts falling due afler more than one year |
13 | (637,091) | (320,811) | |
| The total net assets of the charity | 206,276 | 223,545 | ||
| The total net assetsofthe charity arefunded by the funds of the charity, asfollows:- | ||||
| Unrestricted funds | ||||
| Unrestricted revenue funds | 4 | 206,276 | 223,545 | |
| 206,276 | 223,545 | |||
| Totalcharityfunds | 206,276 | 223,545 |
The 'SORP Ref indicated above is the classification of Balance Sheet items as 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 SOFA.
The trustees acknowledge thet responsibilities for complying with the requirements of charity legistation 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 examineris on pages 8 and 9
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 subjact to the small companies regime. ~N Trustee” Approved by the board of trustees on 28 September 2023.
The notes attached on pages 15 to 23 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 2022
1 Accounting policies
Policies relating to the production of the accounts.
Basis of proparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the PracticeFinancialforReportingAccountingStandardand Reporting102, (effectiveby Charities)1stJanuary2015,2016)(as amendedand 'FRS by102theSORPBulletin(Statementissued inofOctober Recommended2018 and applicable to all accounting periods beginning on or after ist January 2019), (The SORP}, published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with af 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 regutations, 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 concer 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 thal, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern
Risks and future assumptions
The chanity is 2 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. Natureof income This is provided mainty through voluntary tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects, Categoriesof income
Income is categorised as income from non-exchange transactions (gifts), investment income and other incorne.
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.
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 entitiernent, the income is probable and can be measured reliably.
15
Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2022
income subject to terms and conditions which must be met before the charity is entitled to the resources és 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. Recognitionof liabilities and expenditure A liability, and the related expenditure, is recognised when a 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 settiement, and when the @mount of the obligation can be measured of reliably estimated. where the timing or the amount of the future expenditure required to sattle the Odligation 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 activilies of the charity by unpaid volunteers and this is describedmore fully in Note 6 Policies relating to assets, liabilities and provisions and other matters. Tangiblefixed assets Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost vatue includes all costs expended in bringing the asset into its intended working condition. Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimateduseful lives. Freehold property 2 % straight line Office equipment 33.33 % straight line Fixtures and fittings 12.5 % straight line Music equipment 33.33 % straight line
Debtors
Debtors are measured at their recoverable amounts at the balance sheet dale.
Cash and bank balances
Cash held by the charity is included at the amount actually hekt and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts property reconciled to the bank statements.
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.
16
Redeemed Christian Church of God (RCCG)VictoryCentre
Notes to the Accounts for the year ended 31 December 2022
2 Liabilityto taxation The trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for gainsUK corporationreceived withintax purposes.categoriesAccordingly,covered bythechapterCharity 3is popar t entially11 of the exemptCorporationfrom taxationTax Act in respect2010 orofSection income 256or capitalof the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitatte 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 dissolutionof the charity
| 3 | Winding up or dissolutionofdissolutionof of the charity |
Winding up or dissolutionofdissolutionof of the charity |
Winding up or dissolutionofdissolutionof of the charity |
|---|---|---|---|
| If upon winging upor dissolution of the charity there remain any assets, afierthe satistaction af all debtsand kabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity, |
|||
| 4 | Net surplus before tax in thefinancial year | 2022 | 2021 |
| £ | £ | ||
| Thenetsurplus before tax in the financial year is stated after charging:- Depreciation of owned fixed assets Depreciation and amortisation of freehokiassets |
7,358 21,113 |
9,224 14,813 |
|
| 5 | Interest payable | 2022 | 2021 |
| £ | £ | ||
| Finance charges - BBL Finance charges - credit card |
1,140 1,252 |
1,245 428 |
|
| Finance charges - loan | - | 3,682 | |
| 2,392 | 5,355 |
6 The contributionof 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 9,500 volunteer hours were provided during 2022. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Staternent of financial activities. The volunteers and the charity acceptand agree that no contract ofemployment is created by these arrangements.
| 7 | Staff costs andemoluments | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Gross salanes excluding trustees and key management personnel Employer's national insurance for all staff |
90,774 5,148 |
79,144 4,209 |
|
| Total salaries, wages and related costs | 95,922 | 83,353 | |
| The number of employees whose emoluments including taxable benefitsbut excluding employer's pension contributions fail intothe following bands were » |
|||
| 2022 | 2021 | ||
| £ | £ | ||
| £60,001to£70,000 | 1 | 1 |
17
Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2022
| 8 | Remuneration and payments to trustees and | persons connected | with them | ||
|---|---|---|---|---|---|
| No trusteesor persons connected withthem received | any remuneration from | the charity, orany related entity, | |||
| 9 | Freehold assetsincluded in the accounts |
||||
| Total of | Total of | ||||
| Atcost | Atvaluation | valuation | vatuation | ||
| andcost | and cost | ||||
| 2022 | 2022 | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At | January2022 Additions |
740,647 315,000 |
- - |
740,647 31.500 |
|
| At31December2022 | 1,055,647 | - | 1,055,647 | 740,647 | |
| Depreciation | |||||
| At 1 January2022 Charge for the year |
192,781 21,113 |
- - |
192,761 21,113 |
177,968 14,813 |
|
| At31December2022 | 213.894 | - | 213,894 | 192,781 | |
| Netbookvalue | 841,753 | - | 841,753 | 547866 | |
| 10 | Tangiblefixedassets | Fixturesand | Office | Music | Total |
| fittings | equipment | equipment | |||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January2022 | 20,658 | 46,187 | 37,0656 | 103,901 | |
| At31December2022 | 20,658 | 49,653 | 37,056 | 107,367 | |
| Depreciation | |||||
| Al 1 January2022 Chargefortheyear |
18,865 224 |
35,930 4,574 |
29,375 2,560 |
84,170 7,358 |
|
| At31 December2022 | 19,089 | 40,504 | 31,935 | 91,528 | |
| Net book value | |||||
| At31 December2022 | 1,569 | 9,149 | 5,121 | 15,839 | |
| At31 December2021 | 1,793 | 10,257 | 7,681 | 19,731 | |
| 11 | Debtors | 2022 | 2021 | ||
| € | £ | ||||
| Accrued income Otherdebtors |
24,200 13,344 |
24,200 12.994 |
|||
| 37,544 | 37,194 |
18
Redeemed Christian Church of God (RCCG) Victory Centre
Notes to the Accounts for the year ended 31 December 2022
| 12 | Creditors: amounts falling due within one year | 2022 | 2021 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Bank loansandoverdrafts Accruals |
5,555 5418 |
25,971 5,953 |
|||
| PAYE, NICVATandothertaxes Othercreditors |
12,308 30,708 |
5,897 26,061 |
|||
| ___53969~—«63,682 | |||||
| 13 | Creditors: amounts falling due after one year | 2022 | 2021 | ||
| £ | € | ||||
| Bankloansandoverdrafts Other creditors |
637,091 . |
320,811 = |
|||
| 637,091 | 320,811 | ||||
| 14 | Income andexpenditureaccountsummary | 2022 | 2021 | ||
| £ | £ | ||||
| At 1 January 2022 Surplus aftertaxforthe year |
223,546 (17,269) |
209,900 13,645 |
|||
| At31December2022 | 206,276 | 223,545 | |||
| 15 | Particulars of how particular funds are represented by assets and liabilities | ||||
| At31 December2022 | Unrestricted | Designated | Restricted | Total | |
| funds | funds | funds | funds | ||
| € | £ | £ | 4 | ||
| Freeholdproperty | 841,753 | > | - | 841,753 | |
| Tangitle fixedassets | 15,839 | - | - | 15,839 | |
| Currentassets | 39,764 | - | 39,764 | ||
| Current liabilites | (53,989) | ° | _ | (53,989) | |
| Long termliatilites | (637,091) | . | - | (637,091) | |
| =. a | eeee | ||||
| At 1 January 2022 | Unrestricted funds |
Designated funds |
Restricted funds |
Total funds |
|
| £ | £ | £ | £ | ||
| Freehokiproperty | 547,866 | - | - | 547,866 | |
| Tangiblefixedassets | 19,731 | - | > | 19,731 | |
| Current assets | 40,641 | - | 40,641 | ||
| Currentliabiities Longtermliabities |
(63,882) (320,811) |
: - |
- - |
(63,882) (320,811) |
|
| mes | SCS™~SSCS~~~«S |
19
Redeemed Christian Church of God (RCCG) Victory Centre
| Notes to the Accounts for the year ended | 31 December 2022 | 31 December 2022 | ||||
|---|---|---|---|---|---|---|
| 16 Change in total funds over the year as shown in Note | 15, analysed | by funds | ||||
| Funds brought forward from 2021 |
Movement _infundsin 2022 |
Transfers between fundsin 2022 |
Funds carried forwardto 2023 |
|||
| Unrestricted and designatedfunds:- |
£ | £ | £ | £ | ||
| Unrestricted revenue funds | 223,545 | (17,269) | - | 206,276 | ||
| Total unrestricted and designated funds | __ | 223,545 | (17,269) | P | 206,276 | |
| Total charity funds | 223,545 | (17,269) | - | 206,276 | ||
| 17 Analysis of movements in funds over the year as shown in Note | 16 | |||||
| Other | ||||||
| Income | Expenditure | Gains & | Movement | |||
| 2022 | 2022 | Losses 2022 |
in funds 2022 |
|||
| £ | £ | € | £ | |||
| Unrestricted and designated funds:- |
||||||
| Unrestricted revenuefunds | 32,271 | (319,540) | - | (17,269) | ||
| 302,271 | (319,540) | * | (17,269) |
18 The purposes for which the funds are held by the charity are:Unrestrictedand 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 restrictionson their use.
19 Ultimate controlling party
The charity is under the control of its legal members.
20
Redeemed Christian Church of God (RCCG) Victory Centre
Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|20|Donationsand|grants|Current|year|Current year|Currentyear|Prior|year|
|Unrestricted|Restricted|Totalfunds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|£|£|€|£|
|Donations and gifts from individuals|254,368|-|254,368|222,641|
|Total donations|and|gifts|from|
|individuals|254,368|-|254,368|222,641|
|Current year|Current year|Current year|Prior year|
|Unrestricted|Restricted|Totalfunds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|£|£|£|£|
|Revenue grants from government|-|-|-|20,123|
|Total revenue grants from government|-|-|-|20,123|
|Total donations and grants|__ 254,368|-|254,368|242,764|
|21|Investment income|Current year|Current year|Currentyear|Prior yoar|
|Unrestricted|Restricted|Total funds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|€|€|£|£|
|Property rental income|37,800|-|37,800|25,400|
|Total investment income|37,800|-|37,800|25,400|
|22|Other|income|Current|year|Current|year|Current|year|=|Prior year|
|Unrestricted|= Restricted|= Total funds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|£|£|£|£|
|Sundry other|income|10,103|-|10,103|800|
|Total other income|10,103|-|10,103|800|
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21
Redeemed Christian Church of God (RCCG) Victory Centre
Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015
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|||||||||
|---|---|---|---|---|---|---|---|
|23|Expenditure|on|charitable|activities|- Direct spending|
|Current year|Current year|Currentyear|Prior year|
|Unrestricted|Restricted|Totaifunds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|€|£|£|£|
|Gross wages and|salaries|-|charitable|
|activities|90,774|-|90,774|79,144|
|Empioyers’|Ni|- Charitable|activities|5,148|-|5,148|4,209|
|Travel|and|Subsistence|-|Charitable|
|Activities|12,496|-|12,496|3,736|
|Welfare|28,611|-|28,611|13,633|
|Donation|25,921|-|25,921|21,448|
|Pension|5,446|-|5,446|4,782|
|Honorarium|12,400|-|12,400|10,050|
|WEM/COF|3,798|-|3,798|-|
|Mission|Field|- Canada|8434|-|6,434|15.907|
|Music and event|2,170|-|2,170|-|
|Total|direct spending|195,198|-|195,198|152,909|
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24 Support costs for charitable activities
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|||||||||
|---|---|---|---|---|---|---|---|
|Current year|Current year|Currentyear|Prior year|
|Unrestricted|Restricted|Total funds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|£|£|£|£|
|Employee costs not included in direct|costs|
|Training and welfare|- staff|7,500|-|7,500|300|
|Payroll|fees and charges|1,359|-|1,359|2,947|
|Life|insurance|476|-|476|237|
|Premises|expenses|
|Rates and water charges|2,048|:|2,048|1,752|
|Rent of premises|10,500|-|10,500|16,500|
|Light heat and power|2.914|:|2,914|1,923|
|Cleaning|and|waste|management|1,547|-|1,547|1419|
|Premises|repairs,|renewals|and|
|maintenance|9,696|.|9,696|13,102|
|Property insurance|1,944|-|1,944|2577|
|Administrative|overheads|
|Telephone,|fax and|internet|7,679|-|7,679|1,902|
|Books,|tapes,|and CDs|764|-|764|715|
|Stationery and|printing|927|.|927|400|
|Entertainment|2,480|-|2,480|1,780|
|Advert and|publicity|270|:|270|-|
|Subscriptions|1,006|-|1,006|1,155|
|Sundry expenses|2,556|-|2,556|13,267|
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22
Redeemed Christian Church of God (RCCG) Victory Centre
Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Professional|fees|paid|to|advisors|other|than|the|auditor|or|examiner|
|Professional fees|5,830|-|5,830|1,810|
|Legal|fees|6,745|-|6,745|-|
|Consultancy|fees|-|-|-|500|
|Other legal and|professional|6,050|-|6,050|-|
|Financial costs|
|Bank charges|629|-|629|497|
|Morigage expenses|17,559|-|17,559|7,235|
|Finance charges|- BBL|1,140|-|1,140|1,245|
|Finance charges|-|credit|card|1,252|-|1,252|428|
|Depreciation & Amortisation|in|total|28,471|-|28,471|24,037|
|Finance|charges|- oan|-|-|-|3,682|
|Support costs before reallocation|121,342|-|121,342|99,410|
|Total support costs|121,342|-|121,342|99.410|
|25|Other expenditure|- Governance costs|
|Current|year|Current|year|Current year|=|Prior|year|
|Unrestricted|Restricted|Total funds|Total|funds|
|funds|funds|
|2022|2022|2022|2021|
|£|£|£|£|
|independent|examiner's|fees|3,000|-|3,000|3,000|
|Total governance costs|3,000|-|3,000|3,000|
|26|Total|charitable|expenditure|
|Current year|Current year|Current year|= Prior year|
|Unrestricted|Restricted|Totaifunds|Total funds|
|funds|funds|
|2022|2022|2022|2021|
|£|£|€|&|
|Total|direct|spending|195,198|-|195,198|152,909|
|Total|support costs|121,342|-|121,342|99,410|
|Total|governance costs|3,000|-|3,000|3,000|
|Total charitable expenditure|319,540|-|319,540|255,319|
----- End of picture text -----
23