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2023-12-31-accounts

Redeemed Christian Church of God (RCCG) Victory Centre Report and Accounts

31 December 2023

Charity No: 1099406

Redeemed Christian Church of God (RCCG) Victory Centre

Report and accounts for the year ended 31 December 2023

Contents

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
Revenue accumulated fund 12
Revaluation reserve fund 12
Summary of funds 12
Income and expenditure account 13
Balance sheet 14
Notes to the accounts 15 - 23

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

The trustees present their report and accounts for the year ended 31 December 2023.

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 2023 and who were in office on the date the report was approved were:

Mr Afolarin Ayodeji David Jimoh Mrs Titilayo Oladunni Adelaja Mr Michael Kola Oladapo

The principal operating address, telephone number, email and web addresses of the charity are:-

59/59A Plumstead Common Road London SE18 3AS Telephone: 020 8855 8338 Email Address: info@rccgvictorycentre.com

Web address: www.rccgvictorycentre.com

Bankers

Barclays Bank Plc 99 Hatton Garden London EC1N 8DN

Kingdom Bank Media House Padge Road Beeston, Nottingham. NG9 2RS

Accountants

Crownwise Consult Ltd 1A Town Square Erith Kent DA8 1RE

1

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

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 2023 produced a very conducive environment for our charity to thrive afresh. We were able to carry out quite a number of activities in comparison with immediate previous years when the COVID-19 Pandemic ruled the airwaves globally.

We are grateful that our charity has largely recovered from all the negative events that accompanied and 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. This has helped our membership drive, tremendously.

2

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

The following programmes and activities were operational throughout the year under review, using various technology-based equipments and resources:

The main activities undertaken during the year to further the charity's purpose for the public benefit.

Community-based and community-focused activities

In the year 2023, our work within the community blossomed following the global pandemic of preceding years. We continued to focus our attention on a lot of welfare activities in order to care for members in our 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, medicines, running errands for vulnerable members and giving of cash to others.

Our aim was to ensure that no member of our ‘client communities’ was left without due care and attention. Our volunteers and foreign mission workers continued to be very busy this year attending to all manners of the needs of people under our care. We will always be indebted to our volunteers.

I.T. training and school of mentoring

This programme now operates virtually and consists of three sessions of students’ intake annually. It’s a highly popular programme, and always over-subscribed. The programme has tremendously increased in capacity and efficiency, and reaches far and near in the virtual world. We remain grateful to everyone who has ensured, that the programme continues to be a blessing to so many people.

Community centre operations

Our church’s two premises continue to serve members of our immediate and further communities. People are able to use our premises for many religious, educational and social purposes. A token charge is levied for their usage.

3

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

International outreach 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 little way possible.

Our adopted mission field in the Southwestern region of the nation of Nigeria received quite substantial support from our charity during this Year. This particular community was devastatingly hit by the pandemic. We have continued to send some stipends to our missionaries on the 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.).

We regularly receive monthly reports from this mission field, which help us to monitor their activities. Plans are afoot to visit this mission field next year. Nevertheless, we are very satisfied with the reports we regularly receive from our mission director on the ground and the power of technology has helped to ensure proper monitoring of activities and projects on this mission field.

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.

4

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

The main achievements and performance of the charity during the year

In the year 2023, we continued with our usual tradition of maintaining 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. This usually involved direct charitable activities. However, on other occasions we deployed indirect means by working with other charitable organisations who share objectives similar to ours. Our charitable acts and activities are usually done through giving, in kind and in cash.

In the year 2023, our nation received a reprieve from the high cost-of-living situation that was prevalent during the preceding years. Although the situation got better, many members of our communities nation-wide were still barely getting by and coping with their day-to-day welfare costs.

As a charity, we are always ready to rise up to the occasion and put in place various activities to ameliorate the difficult situations and circumstances of people in our community. As usual and as expected, we took great care to observe due diligence and worked very hard to give moral and financial support to many members of our community, far and near, who were still struggling with their welfare. 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 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, community care activities and the administration of resources. It is estimated that over 12,000 volunteer hours were provided during 2023. If this is valued at £11.50 an hour the volunteer effort amounts to over £138,000.

Ongoing plans and development

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.

5

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

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. The day to day activities are managed by the minister in charge who is also the chief executive officer (Executive Pastor) of the charity

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 2023

The financial position of the charity at 31 December 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

2023
£
390,527
202,450
394,353
Total unrestricted funds
596,803
Total funds
596,803
Unrestricted revenue funds available for the
general purposes of the charity
Net income
Unrestricted revaluation reserve		 2022
£
(17,269)
206,276
-
206,276
206,276

Financial review of the position at the reporting date, 31 December 2023.

During the year, income of £326,891 (£302,271 in 2022) was received as voluntary donations. The net income for the period, as shown in the statement of financial activities, for the period was £390,527 (£17,269 deficit in 2022). The value of the Redeemed Christian Church of God ('RCCG') Victory Centre net assets as at 31 December 2023 is £596,803 (£206,276 in 2022).

6

Redeemed Christian Church of God (RCCG) Victory Centre

Trustees' annual report for the year ended 31 December 2023

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.

Deficit

The trustees are well aware of their responsibility to ensure that balanced budgets are operated always, and efforts must be made to reduce deficit if they ever occur. The trustees are continuously looking at areas of possible cost reduction where they could save money without negatively affecting the quality of service provided to the members and the general public. Already, the trustees have taken some measures to reduce office costs and overheads while continually striving for increased membership and alternative funding sources to increase income.

Risk Management

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.

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. The charity also makes income through the rent paid to it by some users of our premises.

Details of the independent examiner

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 2023

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 :-

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 12 August 2024.

Mr Afolarin David Jimoh Trustee

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 December 2023

I 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 2023 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 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:-

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. I confirm that I am qualified to undertake the examination because I am an authorised member of the Association of Chartered Certified Accountants.

I report in respect of my examination of the charity's financial statements carried out under s145 of the Act. In carrying out my examination, I 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 Church of God (RCCG) Victory Centre

Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I 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.

I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I 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, I have completed my examination: and can confirm that:-

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 1st January 2019), (The SORP).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr Adeniyi Zaccheus Chartered Certified Accountant Crownwise Consult Limited 1A Town Square Erith Kent DA8 1RE

This report was signed on 12 August 2023.

10

Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activities for the year ended 31 December 2023

Statement of Financial Activities for the year ended 31 December 2023

Income
Donations & grants
22
Investment income
23
Other income
24
Total income
Expenditure on:
Charitable activities
28
Total expenditure
Net income for the year
Net income after transfers
Net gains on revaluation of fixed assets
Reconciliation of funds:-
Total funds brought forward
Total funds carried forward
Net movement in funds
Notes		 Current year
Unrestricted
Funds
2023
£
276,575
30,100
20,216
326,891
330,717
330,717
(3,826)
(3,826)
394,353
390,527
206,276
596,803		 Current year
Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-		 Current year
Total Funds
2023
£
276,575
30,100
20,216
326,891
330,717
330,717
(3,826)
(3,826)
394,353
390,527
206,276
596,803		 Prior Year
Total
Funds
2022
£
254,368
37,800
10,103
302,271
319,540
255,319
(17,269)
(17,269)
-
(17,269)
223,545
206,276

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 15 to 23 form an integral part of these accounts.

11

Redeemed Christian Church of God (RCCG) Victory Centre - Statement of Financial Activities for the year ended 31 December 2023

Resources applied in the year ended 31 December 2022 towards fixed assets for Charity use:-

Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Resources applied on freehold assets
Net resources available to fund charitable activities		 2023
£
390,527
(5,340)
385,187		 2022
£
(17,269)
(3,466)
(315,000)
(335,735)

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 2023

Revenue accumulated funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Accumulated funds brought forward
206,276
-
(3,826)
-
202,450
-
Closing revenue funds
202,450
-
Revaluation reserve fund
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 1 January
-
-
394,353
-
At 31 December
394,353
-
Summary of funds
Unrestricted
Restricted
and
funds
Designated funds
2023
2023
£
£
Revenue accumulated funds
202,450
-
Revaluation reserve fund
394,353
-
Total funds
596,803
-
Recognised gains and losses before
transfers
Net gains on revaluation of fixed assets		 Total
funds
2023
£
206,276
(3,826)
202,450
202,450
Total
funds
2023
£
-
394,353
394,353
Total
funds
2023
£
202,450
394,353
596,803		 Last year
total funds
2022
£
223,545
(17,269)
206,276
206,276
Last year
total funds
2022
£
-
-
-
Last year
total funds
2022
£
206,276
-
206,276

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 Activities for the year ended 31 December 2023

Income and Expenditure Account for the year ended 31 December 2023 as required by the Companies Act 2006

Income
Income from operations
Income from investments, other than interest receivable
Other operating income
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Governance costs
Interest payable
Total expenditure in the year
Tax on surplus on ordinary activities
Retained surplus for the financial year
Net income after tax in the financial year
Net income before tax in the financial year
Investment income and interest		 2023
£
276,575
30,100
20,216
326,891
326,891
291,258
35,458
3,000
1,001
330,717
(3,826)
-
(3,826)
(3,826)		 2022
£
254,368
37,800
10,103
302,271
302,271
285,677
28,471
3,000
2,392
319,540
(17,269)
-
(17,269)
(17,269)

All activities derive from continuing operations.

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

Redeemed Christian Church of God (RCCG) Victory Centre - Balance Sheet as at 31 December 2023

Notes
Fixed assets
Freehold assets
10
Tangible assets
11
Total fixed assets
Current assets
Debtors
12
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within
one year
13
Net current assets
Creditors: amounts falling due after more
than one year
14
The total net assets of the charity
Unrestricted funds
Unrestricted revenue funds
15
Unrestricted Revaluation Reserve
16
Total charity funds
The total net assets of the charity are funded by the
Net assets		 37,194
1,852

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 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 pages 9 and 10.

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.

Mr Afolarin David Jimoh Trustee Approved by the board of trustees on 12 August 2024.

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 2023

1 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 1st 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 2024, the trustees are satisfied that, 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 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.

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.

15

Redeemed Christian Church of God (RCCG) Victory Centre

Notes to the Accounts for the year ended 31 December 2023

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 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 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 Note 6.

Policies relating to assets, liabilities and provisions and other matters.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value 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 estimated useful 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 date.

Cash and bank balances

Cash held by the 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.

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) Victory Centre

Notes to the Accounts for the year ended 31 December 2023

2 Liability to taxation

The trustees 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.

4
The net surplus before tax in the financial year is stated after charging:-
Depreciation of owned fixed assets
Depreciation of freehold property
5
Interest payable
Finance charges - BBL
Finance charges - credit card
Finance charges - loan
Net surplus before tax in the financial year		 2023
£
6,458
29,000		 2022
£
7,358
21,113
2023
£
1,001
-
-		 2022
£
1,140
1,252
-
1,001 2,392

6 Gains and losses on revaluation of fixed and intangible assets

Revaluation of:
Property		 Current year
Unrestricted
funds
2023
£
394,353		 Current year
Restricted
funds
2023
£
-		 Current year
Total funds
2023
£
394,353		 Prior year
Total funds
2022
£
-
394,353 - 394,353 -

7 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 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 Statement of financial activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.

8 Staff costs and emoluments

Staff costs and emoluments
Gross salaries excluding trustees and key management personnel
Employer's national insurance for all staff
Total salaries, wages and related costs		 2023
£
86,670
3,939		 2022
£
90,774
5,148
90,609 95,922

17

Redeemed Christian Church of God (RCCG) Victory Centre

Notes to the Accounts for the year ended 31 December 2023

The number of employees whose emoluments including taxable benefits but excluding employer's pension contributions fall into the following bands were :-

2023 2022
£ £
£60,001 to £70,000 1 1

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

10 Freehold assets included in the accounts

Cost
At 1 January 2023
Surplus on revaluation
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
11 Tangible fixed assets
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 At cost
2023
£
1,055,647
394,353		 At valuation
2023
£
-
-		 Total of
valuation
and cost
2023
£
1,055,647
394,353

Total of
valuation
and cost
2022
£
1,055,647
-
1,450,000 - 1,450,000 1,055,647
213,894
29,000		 -
-		 213,894
29,000		 192,781
21,113
242,894 - 242,984 213,894
1,207,106 - 1,207,106 841,753
Fixtures and
fittings
£
20,658
1,318
Office
equipment
£
49,653
2,029		 Music
equipment
£
37,056
1,993
Total
£
107,367
5,340
21,976 51,682 39,049 112,707
19,089
361		 40,504
3,726		 31,935
2,371		 91,528
6,458
19,450 44,230 34,306 97,986
2,526 7,452 4,743 14,721
1,569 9,149 5,121 15,839

18

Redeemed Christian Church of God (RCCG) Victory Centre

Notes to the Accounts for the year ended 31 December 2023

12
13
14
15
**16 **		 Debtors
Accrued income
Other debtors		 2023
£
24,200
12,994		 2022
£
24,200
13,344
37,194 37,544
Creditors: amounts falling due within one year
Bank loans and overdrafts
Accruals
PAYE, NIC VAT and other taxes
Other creditors
Creditors: amounts falling due after one year
Bank loans and overdrafts
Other creditors
Revaluation reserve
At 1 January 2023
Arising on revaluation during the year
At 31 December 2023
Income and expenditure account summary
At 1 January 2022
Surplus after tax for the year
At 31 December 2022		 Unrestricted
funds
2023
£
-
394,353		 Restricted
funds
2023
£
-
-		 2023
£
5,556
5,418
6,389
22,951		 2022
£
5,555
5,418
12,308
30,708
40,314 53,989
2023
£
623,756
-		 2022
£
637,091
-
623,756 637,091
Total funds
2023
£
-
394,353		 Total funds
2022
£
-
-
394,353 - 394,353 -
2023
£
206,276
(3,826)		 2022
£
223,545
(17,269)
202,450 206,276

17 Particulars of how particular funds are represented by assets and liabilities

At 31 December 2023
Freehold property
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities		 Unrestricted
funds
£
1,207,106
14,721
39,046
(40,314)
(623,756)		 Designated
funds
£
-
-
-
-		 Restricted
funds
£
-
-
-
-
-		 Total
funds
£
1,207,106
14,721
39,046
(40,314)
(623,756)
596,803 - - 596,803

19

Redeemed Christian Church of God (RCCG) Victory Centre

Notes to the Accounts for the year ended 31 December 2023

At 1 January 2023
Freehold property
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities		 Unrestricted
funds
£
841,753
15,839
39,764
(53,989)
(637,091)		 Designated
funds
£
-
-
-
-		 Restricted
funds
£
-
-
-
-
-		 Total
funds
£
841,753
15,839
39,764
(53,989)
(637,091)
206,276 - - 206,276

18 Change in total funds over the year as shown in Note 17, analysed by individual funds

2022
£
Unrestricted and designated funds:-
Unrestricted revenue funds
206,276
Unrestricted revaluation reserve
-
Total unrestricted and designated funds
206,276
Total charity funds
206,276
Analysis of movements in funds over the year as shown in Note
Income
2023
£
Unrestricted and designated funds:-
Unrestricted revenue funds
326,891
Unrestricted revaluation reserve
-
326,891		 2022
£
206,276
-		 2023
£
(3,826)
394,353		 Transfers
between
funds in
2023
£
-
-


Funds
carried
forward to
2024
£
202,450
394,353
206,276 390,527 - 596,803
206,276 390,527 - 596,803
18
Expenditure
2023
£
(330,717)
-		 Other
Gains &
Losses
2023
£
-
394,353		 Movement
in funds
2023
£
(3,826)
394,353
326,891 (330,717) - 390,527

19 Analysis of movements in funds over the year as shown in Note 18

20 The purposes for which the funds are held by the charity are:-

Unrestricted and designated funds:-

Unrestricted revenue funds

Unrestricted revaluation reserve

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.

This fund represents the unrestricted surplus arising on the revaluation of the charity's assets.

21 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 2023 as required by the SORP 2015

22
Donations and grants
Donations and gifts from individuals
Total donations and grants
23 Investment income
Property rental income
Total investment income
24 Other income
Sundry other income
Total other income
Revenue grants from government
Total donations and gifts from
individuals
Total revenue grants from government		 Current year
Unrestricted
funds
2023
£
276,575		 Current year
Restricted
funds
2023
£
-
-
Current year
Restricted
funds
2023
£
-
-
-
Current year
Restricted
funds
2022
£
-
-
Current year
Restricted
funds
2023
£		 Current year
Total funds
2023
£
276,575
276,575
Current year
Total funds
2023
£
-
-
254,368
Current year
Total funds
2022
£
30,100
30,100
Current year
Total funds
2023
£		 Prior year
Total funds
2022
£
254,368
276,575 254,368
Current year
Unrestricted
funds
2023
£
-		 Prior year
Total funds
2022
£
-
- -
254,368 254,368
Current year
Unrestricted
funds
2022
£
30,100		 Prior year
Total funds
2021
£
37,800
30,100 37,800
Current year
Unrestricted
funds
2023
£		 Prior year
Total funds
2022
£
20,216 - 20,216 10,103
20,216 - 20,216 10,103

21

Redeemed Christian Church of God (RCCG) Victory Centre

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

25 Expenditure on charitable activities - Direct spending
Current year
Unrestricted
funds
2023
£
86,670
3,939
11,504
27,201
31,794
5,171
14,507
2,350
16,382
-
Total direct spending
199,518
Pension
Music and event
Honorarium
Travel and Subsistence - Charitable
Activities
Mission Field - Canada
Welfare
Employers' NI - Charitable activities
Gross wages and salaries - charitable
activities
Donation
WEM/COF		 25 Expenditure on charitable activities - Direct spending
Current year
Unrestricted
funds
2023
£
86,670
3,939
11,504
27,201
31,794
5,171
14,507
2,350
16,382
-
Total direct spending
199,518
Pension
Music and event
Honorarium
Travel and Subsistence - Charitable
Activities
Mission Field - Canada
Welfare
Employers' NI - Charitable activities
Gross wages and salaries - charitable
activities
Donation
WEM/COF		 Current year
Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-		 Current year
Total funds
2023
£
86,670
3,939
11,504
27,201
31,794
5,171
14,507
2,350
16,382
-
199,518		 Prior year
Total funds
2022
£
90,774
5,148
12,496
28,611
25,921
5,446
12,400
3,798
8,434
2,170
199,518 195,198

26 Support costs for charitable activities

Current year **Current year ** Current year Prior year
Unrestricted Restricted Total funds Total funds
funds funds
2023 2023 2023 2022
£ £ £ £
Employee costs not included in direct costs
Training and welfare - staff 4,025 - 4,025 7,500
Payroll fees and charges 1,259 - 1,259 1,359
Life insurance 713 - 713 476
Premises expenses
Rates and water charges 1,864 - 1,864 2,048
Rent of premises - - - 10,500
Light heat and power 5,771 - 5,771 2,914
Cleaning and waste management 2,889 - 2,889 1,547
Premises repairs, renewals and
maintenance 13,463 - 13,463 9,696
Property insurance 2,857 - 2,857 1,944
Administrative overheads
Telephone, fax and internet 7,554 - 7,554 7,679
Books, tapes, and CDs 2,561 - 2,561 764
Stationery and printing 1,546 - 1,546 927
Entertainment 1,092 - 1,092 2,480
Advert and publicity - - - 270
Subscriptions 1,565 - 1,565 1,006
Transportation 1,722 - 1,722 -
Sundry expenses 4,933 - 4,933 2,556

22

Redeemed Christian Church of God (RCCG) Victory Centre

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

Professional fees paid to advisors other than the auditor or examiner

Financial costs
Support costs before reallocation
Total support costs
Depreciation & Amortisation in total for
Finance charges - credit card
Finance charges - BBL
Consultancy fees
Legal fees
Mortgage expenses
Other legal and professional
Bank charges
Professional fees		 -
2,830
-
-
642
34,454
1,001
-
35,458		 -
-
-
-
-
-
-
-
-
-
-		 -
2,830
-
-
642
34,454
1,001
-
35,458		 5,830
6,745
-
6,050
629
17,559
1,140
1,252
28,471
128,199 128,199
128,199		 121,342
128,199 121,342
27 Other expenditure - Governance costs
Independent examiner's fees
Total governance costs		 Current year
Unrestricted
funds
2023
£
3,000		 Current year
Restricted
funds
2023
£
-
-		 Current year
Total funds
2023
£
3,000
3,000		 Prior year
Total funds
2022
£
3,000
3,000 3,000
28 Total charitable expenditure
Total direct spending
Total support costs
Total governance costs
Total charitable expenditure		 Current year
Unrestricted
funds
2023
£
199,518
128,199
3,000		 Current year
Restricted
funds
2023
£
-
-
-
-		 Current year
Total funds
2023
£
199,518
128,199
3,000
330,717		 Prior year
Total funds
2022
£
195,198
121,342
3,000
330,717 319,540

23