## **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 1 ## **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. 2 ## **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** 3 ## **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 - 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..................................................... 4 ## **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._ 5 ## **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 ………………………………. 6 **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| 7 **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| 8 **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|