REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING (Charity number 1120707) Report and Financial Statements Year Ended 31ST MARCH 2024 Legal and administrative information
Status
Registered as a Charitable Trust with Charity Commission on 30 August 2007
Trustees and Management committee
OLAMIDE ADESANYA SAMUEL OLUWAFEMI ODEWUNMI THEOPHILUS OLASUNKANMI AWOFADEJU
12 September 2022 29 January 2019 29 January 2019
Registered charity number
1120707
Registered address
553 OXFORD ROAD READING RG30 1HJ
Registered email address
info@rccgvictoryatreading.com
Registered contact telephone �07715676403
Independent Examiner
AL Accounting Solutions Chartered Certified Accountants 21A Brighton Road South Croydon Surrey CR2 6EA
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REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING
(Charity number 1120707) Report and Financial Statements Year Ended 31ST MARCH 2024
Trustees report
The Trustees, present the annual report and financial statement for the year ended 31st March 2024. 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 based on 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, 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 RG30 1HJ
Community Social Responsibility: The church opens its doors every Friday to members of the community between 12noon and 1pm. We provide snacks, sandwiches, beverages and drinks to members of the community. This initiative has been going for well over 2 years and it has been a great opportunity for people to interact and attendees always look forward to it every Friday.
The church also holds Christmas and Easter Parties for members of the community, and this has become yearly events that members of the community look forward to.
ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT
The church has fully recovered from the effect of COVID 19 and relocation to a different part of Reading that affected attendance and drop in giving. The church continues to stream all its services on social media, and this has resulted in the attendance and giving improving significantly. The church has stopped renting part of its space to members of the community for social events because of complaints from neighbours regarding noise and discomfort to residents of the area.
The church has received approval for the extension of the kitchen recently from Reading Borough Council. Quotations have been received from builders and the church is hoping that construction work on the extension would commence soonest.
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REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING
(Charity number 1120707) Report and Financial Statements Year Ended 31ST MARCH 2024
Trustees report contd…
Other local projects - we continue to run projects such as Career talk, aimed at addressing gaps in people's employability skills. Our outreach projects in nearby Buckingham and Canfield Universities also continue to grow and make an impact. The aim of our university outreaches is to provide our target group with pastoral care, while also helping the international students among them settle into life in the UK.
FINANCIAL REVIEW
The church finances have improved, we have seen giving increased by about 10% when compared with 2023 and we hope that this would continue so that we can undertake some of the lofty programmes that we have for our community.
PLANS FOR FUTURE PERIODS
The church is still in pursuing the development of extension of the children hall. The hall has become inadequate because of increase in attendance. We have commissioned an architect to design the extension of the children hall, and an acoustic consultant has also been appointed to prepare a noise report to be submitted to Reading Borough Council in due course
Responsibilities and basis of preparation of the report
The trustees who are also the management committee of the charity are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the BOARD OF TRUSTEES
……………………………….
Date ……………………………….
Theophilus Olasunkanmi Awofadeju
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REDEEMED CHRISTIAN CHURCH OF GOD
VICTORY @ READING
(Charity number 1120707)
Report and Financial Statements Year Ended 31ST MARCH 2024
Independent Examiner's report to the Trustees
I report to the trustees on my examination of the accounts of the above charity for the above period.
Responsibilities and basis of report:
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and 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.
Independent examiner's statement:
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
-
the accounts did 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.
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 accounts to be reached.
Alhassan Bangura FCCA AL Accounting Solutions 21A Brighton Road
South Croydon Surrey CR2 6EA
Date.....................................................
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REDEEMED CHRISTIAN CHURCH OF GOD
VICTORY @ READING
(Charity number 1120707)
Report and Financial Statements
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31ST MARCH 2024
| Notes Incoming resources: Voluntary income 1 Gift aid claims receipt Building Fund Bank Interest Received Other Income Grant Income Total Incoming resources Resources Expended: Resources expended 5 Net surplus/ (deficit) for the year Opening funds Reserves adjustments* 6 Closing funds |
Restricted Unresricted Funds Funds £ £ - 159,052 - 23,402 3,650 - - 363 - 3,663 - 10,000 3,650 196,480 1,811 181,259 1,811 181,259 1,839 15,221 23,091 247,196 - 23,041 24,930 285,458 |
Total Funds 2024 £ 159,052 23,402 3,650 363 3,663 10,000 200,130 183,070 183,070 17,060 270,287 23,041 310,388 |
Total Funds 2023 £ 139,706 46,904 700 121 - - 187,431 146,345 146,345 41,086 229,201 - 270,287 |
|---|---|---|---|
*Reserves adjustment for mortgage loan opening balance.
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REDEEMED CHRISTIAN CHURCH OF GOD
VICTORY @ READING
(Charity number 1120707)
Report and Financial Statements
Balance Sheet as at 31ST MARCH 2024
| Fixed assets Freehold Premises Tangible fixed asset Net Current assets Loans receivable Cash at Bank and in Hand Less: Current Liabilities Mortgage loan Other Loans Net Assets Restricted funds Unrestricted funds REPRESENTED BY: |
Notes 2 3 4 |
£ 578,471 61,682 3,000 39,628 42,628 (3,395) 2024 |
2024 | £ 640,153 39,233 (307,123) (61,875) 310,388 24,930 285,458 310,388 |
£ £ 578,471 71,506 649,977 - 50,249 50,249 - 50,249 (348,069) (81,870) 270,287 23,091 247,196 270,287 2023 |
|---|---|---|---|---|---|
Signed on behalf of the BOARD OF TRUSTEES
………………………………. Theophilus Olasunkanmi Awofadeju
Date ……………………………….
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REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING (Charity number 1120707) Report and Financial Statements Notes forming part of the financial statements for the year ended 31ST MARCH 2024
1. Accounting policies
a) The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
b) Voluntary income is received by the way of donations towards religious tithes and offerings. Donations received is included in full in the Statement of Financial Activities in the year in which they are received.
c) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
d) Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows: - Motor Vehicles and Plant & Machinery 20%
e) Unrestricted funds are donations and other incoming resources received for the objects of the charity without further specified purpose and are available as general funds.
f) Restricted funds are to be used for specific purposes as laid down by the donor.
| 2. Tangible Fixed Assets Cost: As at 1 April 2023 Addition As at 31 March 2024 Depreciation: As at 1 April 2023 Charge As at 31 March 2024 Net Book Value: As at 31 March 2024 As at 1 April 2023 |
Motor Vehicle £ 63,725 - 63,725 29,099 6,925 36,024 27,701 34,626 |
Plant & Machinery 100,621 5,596 106,217 63,741 8,495 72,236 33,981 36,880 |
Total £ 164,346 5,596 |
|---|---|---|---|
| 169,942 | |||
| 92,840 15,420 |
|||
| 108,260 | |||
| 61,682 | |||
| 71,506 |
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REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING (Charity number 1120707) Report and Financial Statements Notes forming part of the financial statements for the year ended 31ST MARCH 2024
| 3. Current Liabilities Accruals Tax and National Insurance 4. Mortgage Loan Balance brought forward Opening balance adjustment Less: Repayment Add: Interest plus charges Balance carried forward 5. Total Resources Expended |
2024 £ 1,500 1,895 3,395 2024 £ 348,069 (23,041) (38,950) 21,045 307,123 |
2023 £ - - |
|---|---|---|
| - | ||
| 2023 £ 348,069 |
||
| 348,069 | ||
| RCCG WEM & Central Office cost Honararium, Donations & members welfare Events & Outreach Cost Church Salaries & Staff Cost Church Pension cost Vicarage Allowance Rent, Rates & Water Light & Heating Telephone & Internet Travelling & Motor Expenses Bank Charges & Interest Mortgage Loan Interest & Charges Legal & Professional Fees Accountancy Fees Insurances Repairs, Maintenance & Cleaning Costs Depreciation Total |
Restricted Funds - - 1,051 - - - - - - - 60 - - - - 700 - 1,811 |
Unrestricted Funds £ 17,206 12,336 18,899 32,885 1,525 29,000 312 5,604 1,277 7,059 3,467 21,045 3,037 1,500 1,584 9,103 15,420 181,259 |
2024 Total £ 17,206 12,336 19,950 32,885 1,525 29,000 312 5,604 1,277 7,059 3,527 21,045 3,037 1,500 1,584 9,803 15,420 183,070 |
2023 Total £ 18,414 4,008 17,029 33,037 1,247 - 661 3,292 2,242 1,573 178 43,606 - 1,280 2,821 4,327 12,630 |
|---|---|---|---|---|
| 146,345 |
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Registered Charity No: 1120707
REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING
Report and Financial Statements Year ended: 31ST MARCH 2024
AL Accounting Solutions Chartered Certified Accountants 21A Brighton Road South Croydon Surrey CR2 6EA
REDEEMED CHRISTIAN CHURCH OF GOD VICTORY @ READING (Charity number 1120707) Report and Financial Statements
Contents
| Page No | |
|---|---|
| 1 | Legal and administrative information |
| 2-3 | Trustees Report |
| 4 | Independent Examiner's report to the Trustees |
| 5 | Statement of Financial Activities |
| 6 | Balance Sheet |
| 7-8 | Notes forming part of the financial statements |