VICTORY CENTRE FOR ALL NATIONS WALSALL
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Redeemed Christian Church of God Victory Centre for All Nations
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VICTORY CENTRE FOR ALL NATIONS
THE SMALL STREET CENTRE
1A SMALL STREET
WALSALL, WS1 3PR.
CHARITY NO: 1131690
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED
31[ST] DECEMBER 2021
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
VICTORY CENTRE FOR ALL NATIONS
REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED
31[ST] DECEMBER 2021
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
THE REDEEMED CHRISTIAN CHURCH OF GOD
VICTORY CENTRE WALSALL
FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
| CONTENTS | PAGE |
|---|---|
| Corporate Information | 4 |
| Board of Trustees Report | 5-8 |
| Independent Examiner’s Report | 9 |
| Financial Statement | 10-11 |
| Balance Sheet and Income Statement | 12-18 |
| Notes to the Account |
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
CORPORATE INFORMATION
Charity Registered Number:
1131690
Board of Trustees
- Pastor Vincent Ibikunle
Chairman
- Pastor Olakunle Olawale
Member
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Pastor Abiodun Olaitan
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Pastor Ezekiel Obileye
Member Member
- Pastor Debo Adesina
Pastor in charge
Registered Office
The Small Street Centre 1a Small Street Walsall
WS1 3PR
Tel: 01922614100, 07958300536
Email: info@rccgvcwalsall.org.uk
Web :www.rccgcvwalsall.org.uk
Bankers:
HSBC BANK PLC
BARCLAYS BANK PLC
Independent Examiner:
Heritage Accounting Services 27, Cleveland Street Wolverhampton WV1 3HT
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
TRUSTEES ANNUAL REPORT
The Board of Trustees of RCCG Victory Centre for All Nations Walsall present their
annual report and accounts for the year ended 31st December 2021.
STRUCTURE, GOVERNANCE AND
MANAGEMENT GOVERNING DOCUMENT
The Charity is constituted as a “Trust” and governed by ‘Trust Deed’ dated 29[th] August 2009.
TRUSTEE APPOINTMENTS
Trustees are appointed under the terms of the trust deed. New Trustees are given induction on appointment, explaining the overview objectives of the charity and the requirements of the charity commission.
The Trustees confirm that the annual report and financial statements of the Charity comply with the Charities Act 1993, as amended by the Charities Act 2006, and the provisions of the statement of the Statement of Recommended
Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005. The Management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust.
ORGANIZATIONAL STRUCTURE:
The charity is organized so that the Trustees meet regularly to manage its affairs. The Parish Pastor manages the day-to-day administration of the charity.
OBJECTIVES AND ACTIVITIES
The principal object is the advancement of Christian faith worldwide and the relief of poverty. The trustees use the income and the capital of the trust in promoting the objects to promote any charitable activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies:
- a. Running seminars in the church with proven ministers of the faith to guide members in various aspect of Christian faith, support for other charities and Christian events, providing overseas aid and famine relief, and involving in economic and community development.
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
The ACTIVITIES for achieving its objectives
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a. Community outreach events
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b. Conferences and events
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c. Welfare support to members and general public
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d. Various missionary activities events.
RELATED PARTY RELATIONSHIP
RCCG Victory Centre Walsall for All Nations is a parish of the Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relationship with other parishes is governed by an Agreement for Common Purposes.
PUBLIC BENEFIT STATEMENT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit. Details of how the charity has achieved these are provided in this report. The trustees confirm that they have paid
PRINCIPAL FUNDING
Funding has been provided mainly through tithes and offerings by church members and through gift aid receivable. Appeals are also raised for specific projects including a building maintenance fund.
RESERVES POLICY
It is the policy of the Trustees to work towards holding the minimum reserves necessary to enable the charity to meet its commitments for a minimum period of three months.
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
RISK MANAGEMENT
The Board of trustees makes decisions on all major expenditures and have assessed the major risks to which the charity is exposed, those related to operations and finances of the charity and are satisfied that systems are in place to mitigate our exposures to the major risks.
GRANT MAKING POLICIES
The church supports visiting ministers of the gospel both within and outside United Kingdom. Support is also given to RCCG Central Office, World Evangelism Mission-, Festival of Life and other RCCG Programmers’ church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need.
CONTRIBUTIONS MADE BY VOLUNTEERS
The church is grateful for the efforts of its volunteers who are involved in providing services for the charity.it is estimated that over 3000 hours were provided by volunteers during the year. If this is conservatively valued at £7.50per hour, volunteer’s effort will amount to over £22500.
During the pandemic, we had new volunteers who helped carry out some of the projects embarked upon, ranging from buying items to packing food boxes, delivering to the vulnerable and those isolating at home, speaking to and communicating with service users, being physically present to ensure services run smoothly. We are indeed very grateful to them all as the church wouldn’t have been able to run effectively without their invaluable selfless service.
ACHIEVEMENT AND PERFORMANCE
The year 2021 was an unprecedented year for the world due to the outbreak of the Coronavirus and national lockdown in 2020. Despite the Covid-19 pandemic, the church continued to enjoy tremendous growth in its physical and spiritual life and able to reach out with our online presence and various new support initiatives intro duced in the advancement of Christian faith in accordance with the doctrines set out in the statement contained in our Trust Deed.
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VICTORY CENTRE FOR ALL NATIONS WALSALL
INVESTMENT POLICY
The trustees have decided that at present, funds should be retained in Banks and Building Societies and as far as possible in interest bearing accounts
FINANCIAL REVIEW
During the year ending Dec 31st, 2021, the charity received a total income of £74,508 in members’ voluntary income, £13,498 in gift Aid, £4,833 in building funds and making a total of £74,508. Total resources expended was £66,078 thus resulting in a surplus of £8,430. Cash at the end of the period was £30,383 of which £4833 is unrestricted fund.
FUTURE DEVELOPMENT
We are looking at refurbishing our church building, as this will give us opportunity to influence the community by providing a range of services that are relevant to the wider community and the body of Christ which are currently inadequate in the area. In the coming year, the charity is also looking to grow in membership and continue to develop its members to make life changing impact in society. The charity is actively exploring ways of putting the church building into optimum use to generate income for its charity work in the community and continued support for other missionary work.
This report was approved by the Board of Trustees on 25th October,2021 and signed on their behalf by:
Pastor Vincent Tokunbo Ibikunle
Chairman Board of Trustees
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VICTORY CENTRE FOR ALL NATIONS WALSALL
ACCOUNTANTS REPORT TO BOARD OF TRUSTEES
Accounts for the Year Ended 31ST DECEMBER 2021
We report on the accounts of the Redeemed Christian Church of God - Victory Centre Walsall for the year ended 31st December 2021.
Respective responsibilities of Trustees and Accountants.
The Trustees are responsible for the preparation of the accounts.
The Trustees consider that an audit is not required for the year under section 43(2) of the Charities Act 1993, as amended by Section 28 of the Charities Act 2006 and that independent examination is needed. It is our responsibility to:
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To examine the accounts under section 43(3) of the 1993 Act
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To follow the procedures laid down in the general direction given by the charity commission under section 43(7)b of the 1993 Act:
And To state whether particular matters have come to our attention.
Basis of independent examiner's report.
Our examination was carried out in accordance with the general direction given by the Charity Commissioners. An examination includes a review of the accounting records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the accounts
Independent examiner's statement
In connection with our examination, no matter has come to our attention which gives us reasonable cause to believe that in any material respect the requirements:
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To keep accounting records in accordance with section 41 of the 1993 Charities Act,
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To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met or
*To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Heritage Accounting Services 27 Cleveland Street Wolverhampton.WV1 3HT
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VICTORY CENTRE FOR ALL NATIONS WALSALL
FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2021 ACCOUNTING POLICIES
Scope and Basis of the financial statements
The accounts have been prepared under the historical cost convention and in Accordance with applicable accounting standards and the statement of
Recommended Practice “Accounting and Reporting by Charities” published in March 2007.
The charity has taken advantage of the concession which allows it to publish only a Statement of financial activities. The charity generated a total income of £74,508 and Total expenditure of £66,078 thus resulting in a surplus of £8,430 during the year.
Income
Revenue is recognized in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.
Expenses
Expenditure is included in the Statement of Financial Activities (SoFA) on an Accruals basis and is recognized at the point when a legal or constructive obligation Arises.
Majority of costs are directly attributable to specific activities. Where costs cannot be Directly attributed to a particular heading, they have been allocated to activities on a Basis consistent with the use of resources.
Fixed assets
Fixed assets are stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:
Equipment 25%
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Cash Flow statement
The financial statements do not include a cash flow statement as charity has taken Advantage of the exemption from preparing such a statement that are available to
Smaller entities.
Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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| REDEEMED CHRISTIAN CHURCH OF GOD VICTORY CENTRE FOR ALL NATIONS WALSALL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL STATEMENTS-INCOME AND EXPENDITURE ACC INCOMING RESOURCES NOTES GENERAL RESOURCES Donations 1 Building Fund Account Covid 19 Project Other Receipts Total Income EXPENSES Administrative and Charitable Activities 2 TotalExpenses Net Income 12 |
OUNT. 2021 Unrestricted Restricted Total Funds Fund £ £ £ 47,467 47,467 - 4,833 4,833 22,208 22,208 |
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| 2020 | ||
| Unrestricted | ||
| Funds | ||
| £ | ||
| 52,969 | ||
| 7,530 | ||
| 9,990 | ||
| 12,597 | ||
| 69,675 4,833 74,508 |
||
| 83,086 | ||
| 66,078- - - - - - - - - - - - - - | ||
| 55,059 | ||
| 66,078 ================================= 8,430 |
55,059 | |
| ============= | ||
| 28,027 | ||
| REDEEMED CHRISTIAN CHURCH OF GOD VICTORY CENTRE FOR ALL NATIONS WALSALL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL STATEMENTS-BALANCE SHEET NOTES FIXED ASSETS Tangible 5 Investments CURRENT ASSETS Debtors & Prepayments 6 Cash at Bank / Hand 7 CREDITORS Sundry Creditor 8 Project Account Amount due within one year NET CURRENT ASSETS TOTAL ASSETS LONG TERM LIABILITIES (CREDITORS) Amount due after more than one year Building Fund Loan Account. NET ASSETS RESERVES 9 Unrestricted Funds Net income for the year ACCUMULATED FUND |
2021 £ 201,646 - 201,646 - 30,383 30,383 3,885 - 3,885 26,498 228,144 86,677 141,467 133,037 8,430 141,467 13 |
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| 2020 | ||
| £ | ||
| 201,906 | ||
| - | ||
| 201,906 | ||
| - | ||
| 29,346 | ||
| 29,346 | ||
| 6,727 | ||
| 1,343 | ||
| 8,070 | ||
| 21,276 | ||
| 223,182 | ||
| 90,145 | ||
| 133,037 | ||
| 115,000 | ||
| 18,037 | ||
| 133,037 | ||
| REDEEMED CHRISTIAN CHURCH OF GOD VICTORY CENTRE FOR ALL NATIONS WALSALL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL STATEMENTS-NOTES TO THE ACCOUNTS NOTES DONATIONS 1 Tithe Offering Thanksgiving TOTAL OTHER RECIEPTS Covid 19 Project HMRC JRS GRANT 10 Gift Aid Reciepts Building Fund-Restricted Total Income Generated A : COST OF GENERATING INCOME 2 Premises Sundry Payments Finance Charges Conference and Training Resources-Books and Manuals Insurance Utility Multi media Printing & Stationery Building Maintenance Depreciation Administration Staff Pensions TOTAL COST OF GENERATING INCOME |
2021 £ 32,929 13,151 1,387 47,467 8,710 13,498 4,833 74,508 Unrestricted Funds £ £ 8,555 11,353 1,332 914 3,798 4,048 2,357 1,150 373 96 2,192 1,942 1,038 879 305 312 337 1,540 1,585 322 6,710 4,997 22,448 22,826 1,712 52,472 16 |
£ | 2020 £ |
|
|---|---|---|---|---|
| 30,616 17,421 4,933 |
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52,970 9,990 - 12,597 |
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| 7,530 | ||||
| 83,087 | ||||
| 50,379 |
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CHARITABLE ACTIVITIES
Donations 650 -
Central office 850 550
Covid 19 Project 8,647
Wem 3,450
Community Engagement 3,000
Mission and Outreach 3,450 1,943
Hospitality 1,236 1,486
TOTAL CHARITABLE EXPENSES 12,636 12,626
OTHER EXPENSES
Professional Fees 700 700 700 700
TOTAL OPERATING EXPENSES 66,078 63,705
Taxation 4
RCCG Victory Centre Walsall is a registered charity and is eligible for exemption
e from taxation available to Charities on their charitableI activities
No charge to taxation therefore arises.
Fixed Asset 5 Equipment’s Pulpit Building Total
COST £ £ £ £
At 1st January, 2021 24,986 600 198,144 223,730
Additions 3,615 - 2,835 6,450
At 31st December 2021 28,601 600 200,979 230,180
DEPRECIATION
At 1st January, 2021 21,371 450 - 21,821
Charge for the Year 2,711 4,000 6,711
At 31st December 2021 24,082 450 4,000 28,532
NET BOOK VALUE
At 31st December 2020 4,519 150 196,979 201,648
Bank and Cash Balances 7
HSBC -Main Account 21,937
HSBC-Building Fund Account 7,946
Barclays Bank 500
30,383
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| Creditors- amounts failing due within onem year. Accrued Expenses (CREDIT CARD BALANCE) Sundry Creditor RESERVES ACCUMULATIVE FUND BAL BROUGHT FORWARD NET INCOME FOR THE YEAR TOTAL HMRC JRS GRANT |
9 | 747 3,137 3,885 133,037 8,430 |
747 3,137 3,885 133,037 8,430 |
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| 41,467 | |||
| 10 | 8,710 |
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