# **Registered Charity Number 1120707**
Report of the Trustees and Unaudited Financial Statements For The Year Ended 31st March, 2022
Redeemed Christian Church of God
Victory @ Reading
## **Redeemed Christian Church of God**
**Victory @ Reading Contents of The Financial Statements For The Year Ended 31st March, 2022**
||**Page**|
|---|---|
|Report of The Trustees|1 - 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 - 8|
|Detailed Statement of Financial Activities|9|
## **Redeemed Christian Church of God Victory @ Reading**
**Report Of The Trustees For The Year Ended 31st March, 2022**
The trustees present their report with the financial statements of the charity for the year ended 31st March, 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities' issued in July 2014.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 1120707**
## **Principal address.**
553 OXFORD ROAD READING RG30 1HJ
## **Trustees**
OLAMIDE ADESANYA THEOPHILUS OLUSUNKANMI AWOFADEJU SAMUEL OLUWAFEMI ODEWUMI
## **Independent Examiner**
Paperchase Taxation Accountants 22b Sydenham Road London SE26 5QW
1
**Redeemed Christian Church of God Report of the Trustees and Unaudited Financial Statements For The Year Ended 31st March, 2022**
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The Trustees, present the annual report and financial statement for the year ended 31st March 2022. The financial statement has been prepared in accordance with Statement of Recommended Practice and applicable law.
RCCG Victory@ Reading is a charitable organisation and registered as a charity with number 1120707
It is governed by its Memorandum and Articles of Association and is managed by a Board of Trustees. Decisions are determined by a simple majority vote by the Trustees who set the strategic direction of the Charity. Delegated authority has been given to the Parish Pastor and management team for the day to day running of the operations of the Charity.
Victory @ Reading is a member of the Redeemed Christian Church of God which has parishes worldwide. The relationship is governed by an Agreement of Common purpose between the parishes and RCCG
Trustees are selected on the basis of the contribution that they will make to the governance of the organisation and the skills that they will contribute. They are provided with copies of the Charity Commission’s Guidance to Trustees and are also provided with training as and when required.
The Trustees have assessed the major risks to which the Charity is exposed, in particular those relating to the specific operational areas of the Charity and its finances. The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the Charity, they have established effective systems to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
The Charity’s objects are:
“The advancement of the Christian religion worldwide and support the less privileged in the local community and worldwide”.
These objects are charitable and operate for the public benefit. It pursues these objects by the operation of Christian worship at its premises 553 Oxford Road, Reading.
Social Responsibility and Community Action are undertaken within all departments to raise money and contribute to locally based charities dedicated to alleviating poverty such as YMCA, CIRIC in Reading. During the lockdown, the church supported families at the local school
## **ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT**
The year ended March 2021 was a challenging year due to the impact of Covid - 19 and the corresponding impact of the lock on the local community and church members. The lockdown resulted in additional financial hardship on low income families unable to work. The Church was able to support the families in the local primary school by providing groceries on a periodic basis as required. We also took part in the LOVE Christmas initiative providing Xmas packages to local families in additional to supporting the Reading Drop In Centre 2
We completed the purchase of the church building at the beginning of March just before the Lockdown. Despite the lockdown, we progressed with the planned renovation of the building completing all major work that allowed the opening of church for the inugural service in October
As a result of the closure of all church, we commenced online services and delivered programmes to support family during the lockdown focusing on Mental, Physical and Financial wellbeing of the family.
## **FINANCIAL REVIEW**
The closure of the Church had a detrimental imapct on our income despite offering online services and digital giving platform. We experienced a 50% reduction in giving however we were able to save on operational costs i.e. cost of hiring a place of worship which renovating the new building
## **PLANS FOR FUTURE PERIODS**
The Church plans to commence Phase 2 of the building project, mainly the provision of place of worship for young and youth members together with additional toilet and replacement of the roof. Active fund raising will commence once members fully return to face to face service to help fund the cost of the planned work. The church also plan to open a Food Bank to support the local community
Approved by order of the board of trustees on …………………………………………..and signed on its behalf by:
.......................................................
THEOPHILUS OLUSUNKANMI AWOFADEJU
For Trustees
3
**Redeemed Christian Church of God Victory @ Reading 31st March, 2022**
## **Independent Examiner's Report**
## **To the Trustees**
I report on the accounts for the year ended 31st March, 2022 set out on pages five to ten.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. The charity's gross income did not exceed £250,000 and I am qualified to undertake the examination by being a qualified member of AIA.
## It is my responsibility to:
examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the General Directions given by the Charity Commission (under Section l45(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with Section 130 of the 2011 Act; and to prepare accounts 1) which gives me reasonable cause to believe that, in any material respect, the requirements which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Abiodun A Adeboyejo (FCCA,ACA,AAIA) Fellow, Association of International Accountants 22B Sydenham Road London, SE26 5QW**
Date................................................
4
Redeemed Christian Church of God Victory @ Reading Statement of Financial Activities For the year ended 31st March, 2022
|**Notes**
**Income Resources**
Incoming Resources From Generated Funds
Voluntary Income
1
**Total Income Resources**
**Resources Expended**
Charitable Activities
Physical & Spiritual Need
Governance Costs
2
**Total Resources Expended**
**NET INCOMING RESOURCES**
RECONCILIATION OF FUNDS
**Total Funds Balances b/fwd**
**Total Funds Balances c/fwd**|**Notes**|Unrestricted
£
131,239
131,239
128,948
1,652
**130,600**
**639**
**40,223**
**43,462**|Restricted
£
2,600
2,600
-
-
**-**
**2,600**|**2022**
**2021**
**Total**
**Total**
**Fund**
**Fund**
**£**
**£**
133,839
159,129
**133,839**
**159,129**
128,948
109,599
1,652
9,307
**130,600**
**118,906**
**3,239**
**40,223**
**-**
**40,223**
**43,462**
**40,223**|
|---|---|---|---|---|
||||**2,600**||
The Notes Form Part of These Financial Statements
5
## **Redeemed Christian Church of God**
## **Victory @ Reading Balance Sheet**
## **as at 31 March 2022**
|**2022**
**Notes**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**£**
**FIXED ASSETS**
Tangible assets
4
626,630
626,630
**CURRENT ASSETS**
Cash at bank and in hand
11,090
11,090
**CREDITORS**
Amounts Falling Due within one
Year
6
16,662
16,662
**NET CURRENT ASSETS**
(5,572)
(5,572)
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
621,058
621,058
**CREDITORS**
Amounts Falling Due After one
Year
7
(391,857)
(391,857)
**NET ASSETS**
229,201
229,201
**Unrestricted Funds**
8
Restricted funds
22,391
Unrestricted Funds
206,810
**TOTAL FUNDS**
229,201
The financial statements were approved by the Board of Trustees on............................
were signed on its behalf by:|**2021**
**Total**
**Funds**
**£**
614,373
40,089
11,000
29,089|
|---|---|
||643,462
(417,500)|
||225,962|
||19,791
206,171|
||225,962|
||........ and|
**Approved by Board of Trustees THEOPHILUS OLUSUNKANMI AWOFADEJU (For The Trustee)**
The Notes Form Part of These Financial Statements
6
**Redeemed Christian Church of God Victory @ Reading**
## **Notes to the Financial Statementss for the year ended 31 March 2022**
## **ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities (issued July 2014)
## Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## Tangible fixed assets
## Taxation
The charity is exempt from tax on its charitable activities.
## Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
## **1 VOLUNTARY INCOME**
|Income
Special Offering
Other income-Grants
Building Fund
**2**
**GOVERNANCE COSTS**
Accountancy
Legal fees
**3**
**Trustees' expenses**
**2**
Wages and salaries
Social security costs|**2022**
**2021**
**£**
**£**
82,728
86,560
-
4,594
48,511
51,325
2,600
16,650
133,839
**159,129**
**2022**
**2021**
1,652
1,625
-
7,682
1,652
9,307
52,012
59,950
1,382
4,174
53,394
64,124|
|---|---|
7
**Redeemed Christian Church of God Victory @ Reading**
## **Notes to the Financial Statementss for the year ended 31 March 2022**
## **3 Tangible fixed assets**
|**Land and**
**buildings**
**Plant and**
**machinery etc**
**Cost**
**£**
**£**
At 1 April 2021
578,471
81,183
Additions
-
19,438
At 31 March 2022
578,471
100,621
**Depreciation**
At 1 April 2021
-
47,855
Charge for the year
-
6,666
At 31 March 2022
-
54,521
**Net book value**
At 31 March 2022
578,471
46,100
At 31 March 2021
578,471
33,328
**4**
**Creditors: amounts falling due within one year**
Trade creditors
Professional Fees
**5**
**Creditors: amounts falling due after one year**
Trade creditors- Mortgage
Other Creditors- BBL
**8**
**Movement in Funds**
**At 01 04 21**
**£**
Unrestricted**funds**
General fund
206,171
Building Fund
19,791
TOTAL FUNDS
225,961|**Motor**
**vehicles**
**Total**
**£**
**£**
27,748
687,402
-
19,438
27,748
706,840
25,174
73,029
515
7,181
25,689
80,210
2,059
626,630
2,574
614,373
**2022**
**2021**
**£**
**£**
15,010
9,750
1,652
1,250
16,662
11,000
**2022**
**2021**
**£**
**£**
348,069
367,500
43,788
50,000
391,857
417,500
**Net**
**Movement**
**In Funds**
**At 31 03 22**
**£**
**£**
639
206,810
2,600
22,391
3,239
229,201|
|---|---|
Net movement in funds, included in the above are as follows:
8
**Redeemed Christian Church of God Victory @ Reading**
## **Notes to the Financial Statementss for the year ended 31 March 2022**
|**Unrestricted funds**
General fund
Building Fund
Total Fund|**Incoming**
**Resources**
**£**
131,239
2,600
133,839|**Resources**
**Expended**
**Movement in**
**Funds**
**£**
**£**
130,600
639
2,600
130,600
3,239|
|---|---|---|
9
**Redeemed Christian Church of God Victory @ Reading Detailed Statement Of Financial Activities For The Year Ended 31st March, 2022**
|**INCOMING RESOURCES**
Tithes & Offering
Special Offering
Building fund
Other income-Grants
**Total Incoming Resources**
**RESOURCES EXPENDED**
**Charitable Activities**
Donations & Gifts
Honorarium & Volunteer
WEM & Central funding
Printing, Postage & Stationery
Evangelical/Outreach Materials
Church Expenses
Members' Welfare and Training
**Governance Costs**
Accountancy Fees
Professional Charges
**Support Costs Management**
Advertising & PR
Rent & Rates
Light & Heat
Bank Charges
Insurance
Telephone & Fax
Finance Chaarges
Repairs & Maintenance
Motor Expenses
Wages & Salaries
Social Security
Other Operating Exp
Depreciation Charge
TOTAL RESOURCES EXPENDED
**NET INCOME**|**2022**
**2021**
**Unrestricted**
**Restricted**
**Total**
**Total**
**Fund**
**Fund**
**£**
**£**
**£**
**£**
82,728.00
82,728.00
86,560.00
-
-
4,594.00
-
2,600.00
2,600.00
16,649.85
48,511.00
48,511.00
51,325.00|
|---|---|
||131,239.00
2,600.00
133,839.00
159,128.85|
||715.00
715.00
2,905.00
8,289.00
8,289.00
1,500.00
16,860.00
16,860.00
9,825.00
365.00
365.00
50.00
-
-
510.00
3,720.00
3,720.00
1,196.00
1,052.00
1,052.00
4,691.00|
||**31,001.00**
**-**
**31,001.00**
**20,677.00**|
||1,652.00
1,652.00
1,625.00
-
-
-
7,682.00|
||1,652.00
-
1,652.00
9,307.00|
||668.00
668.00
-
735.00
735.00
2,840.00
2,574.00
2,574.00
878.00
68.00
68.00
1,109.00
2,388.00
2,388.00
1,596.00
1,796.00
1,796.00
1,092.00
13,569.00
13,569.00
13,565.00
13,361.00
-
13,361.00
647.00
2,085.00
2,085.00
367.00
52,012.00
52,012.00
59,950.00
1,382.00
1,382.00
4,174.00
129.00
129.00
809.00
7,180.00
7,180.00
1,895.00|
||**97,947.00**
**-**
**97,947.00**
**88,922.00**|
|||
||130,600.00
-
130,600.00
118,906.00|
|||
||**639.00**
**2,600.00**
**3,239.00**
**40,222.85**|
10