VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
VICTORY CENTRE FOR ALL NATIONS
THE SMALL STREET CENTRE
1A SMALL STRRET
WALSALL, WS1 3PR.
CHARITY NO: 1131690
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED
31[ST] DECEMBER 2022
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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 TRUSTEES AND ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022
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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 2022
CONTENTS PAGE Corporate Information 4 Board of Trustees Report 5-6 Independent Examiner’s Report 7-8 Financial Statement 9-10 Balance Sheet and Income Statement 11-12 Notes to the Account 13-15
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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
-
Pastor Olakunle Olawale
-
Pastor Abiodun Olaitan
-
Pastor Ezekiel Obileye
Registered Office
The Small Street Centre
1a Small Street Walsall
WS1 3PR
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
REPORT OF THE BOARD OF TRUSTEES RCCG Victory Centre for All Nations Walsall
The Trustees are pleased to present the annual report, for the purpose of Charities Act 2011, together with the Accounts for the period ended 31st December 2022.
The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual reports and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
RCCG Victory Centre Walsall is a Charity, registered with the Charity Commission on the 29th of August,2009.
It is governed by its Trust Deeds 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 Pastoral Board and Management team for the day-to-day running of the operation of the charity.
Trustees are selected based on the contribution that they will make towards the governance of the charity and the skills that they will contribute.
RCCG Victory Centre for All Nations is a parish of the Redeemed Christian Church of God – a network, comprised of churches all over the world.
OBJECTIVES AND ACTIVITIES
The Charity’s objectives are:
-
a. To advance the Christian faith worldwide
-
b. The relief of poverty.
STRATEGIES
The Charity’s strategies for achieving these objectives were through key activities of providing a place of worship, a Church, located at Caldmore Walsall.
ACHIEVEMENTS AND PERFORMANCE OF THE PUBLIC BENEFIT
In 2022 with over 80 members who support the work of the charity and make invaluable contributions through various departments: Prayer group, men's department, women's department, children's church, youth church, drama group, evangelism group, counseling department, the music and choir department, media team, and community outreach group the following activities were carried out for public benefits.
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Provision of welfare and support both within the church and outside the church monthly.
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We organize our yearly women's conference to teach, empower, and enlighten them as to their roles as women in the family and society.
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Organizing Evangelical and outreach programs were held to reach out to the community.
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The church also distributed food hampers to less privileged members of the community to celebrate the festive period
RISK MANAGEMENT
The Trustees have conducted a review of the major risk to which the charity is exposed and performs its duty of safeguarding the charity against major risk. The Trustees review the charity governance, policies, procedures and practices from time to time during their meetings. In particular, insurance cover is in place. Appropriate Disclosure and Barring Checks (DBS) supported by regularly reviewed policies are in place for those who work with children and vulnerable adults. Internal control risks are minimized by procedures that are in place to ensure authorization of all transactions and projects. Procedures are in place to ensure the health and safety of staff, volunteers, and visitors to the charity.
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FINANCIAL REVIEW
As of 31 December 2022, the total incoming resources was £94,254 in unrestricted fund and the total outgoings was £80,878 leaving a surplus of £13,376 . The Trustees consider the need for the charity to hold a reserve (unrestricted fund, and not represented by fixed assets) equivalent to two months' expenditure, to ensure the ongoing delivery of its charitable objects during times of unforeseen downturn in income.
The Trustees acknowledge that in the year under review, the charity was able to meet this need and that the charity should aim to improve and look at other sources to generate income to continue to meet its needs.
PLANS FOR FUTURE PERIOD
The Charity continues to explore ways of furthering its charitable objectives in an effective manner by ensuring that there is awareness of its services and proactively seeking opportunities to be more involved in the community. The charity endeavors to provide services that meet the needs of the public and contribute positively to the moral and spiritual climate of our community. This reflects its Christian ethos and belief.
The charity is actively exploring ways of putting the church building to optimum use to generate income for its charity work in the community.
TRUSTEES’ RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees Report and the Financial Statements in accordance with appropriate accounting standards. (United Kingdom Generally Accepted Accounting Practice). Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the situation of the charity as of the balance sheet date and of its incoming resources and applications of resources for the financial year. In preparing those financial statements the Trustees should follow best practices and:
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Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in the Charities SORP
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Make judgments and estimates that are reasonable and prudent
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Prepare the financial statements on an ongoing basis unless it is inappropriate to presume that the charity will continue on that basis.
The Trustees are responsible for keeping adequate accounting records that are disclosed with reasonable accuracy.
At any time, the financial position of the charity enables them to ensure that the financial statement complies with the 2011 Charity Act. 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.
MEMBERS OF THE BOARD OF TRUSTEES
Members of the Board of Trustees who served during the year and up to the date of this report, are set out on page 1.
In accordance with charity law, as trustees, we certify that:
So far as we are aware, there is no relevant information of which the charity's accountants are unaware and as trustees of the charity, we have taken all steps that we ought to have taken.
APPROVAL
This report was approved by the board of Trustees and signed on their behalf by:
Pastor Vincent Tokunbo Ibikunle Chairman Board of Trustee. Date: 7th September 2023
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
ACCOUNTANTS’ REPORT TO BOARD OF TRUSTEES
Accounts for the Year Ended 31ST DECEMBER 2022
We report on the accounts of the Redeemed Christian Church of God - Victory Centre Walsall for the year ended 31st December 2022.
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:
- To keep accounting records in accordance with section 41 of the 1993 Charities Act,
and
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VICTORY CENTRE FOR ALL NATIONS WALSALL
Redeemed Christian Church of God Victory Centre for All Nations
- 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
Redeemed Christian Church of God Victory Centre for All Nations
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
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 £94,255 and Total expenditure of £80,878 thus resulting in a surplus of £13,376 during the year.
Income
Revenue is recognised 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 recognised 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
Redeemed Christian Church of God Victory Centre for All Nations
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 2022 FINANCIAL STATEMENTS-INCOME AND EXPENDITURE ACCOUNT. 2022 INCOMING RESOURCES NOTES Unrestricted Restricted Total GENERAL RESOURCES Funds Fund £ £ £ Donations 1 81,109 81,109 Building Fund Account - 1,048 1,048 Other Receipts 12,097 12,097 Total Income 93,207 1,048 94,254 EXPENSES Administrative and Charitable Activities 2 80,878 Total Expenses 80,878 Net Income 13,376 |
VICTORY CENTRE FOR ALL NATIONS WALSALL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL STATEMENTS-INCOME AND EXPENDITURE ACCOUNT. 2022 INCOMING RESOURCES NOTES Unrestricted Restricted Total GENERAL RESOURCES Funds Fund £ £ £ Donations 1 81,109 81,109 Building Fund Account - 1,048 1,048 Other Receipts 12,097 12,097 Total Income 93,207 1,048 94,254 EXPENSES Administrative and Charitable Activities 2 80,878 Total Expenses 80,878 Net Income 13,376 |
|||
|---|---|---|---|---|
| 2021 | ||||
| Funds | ||||
| £ | ||||
| 52,969 | ||||
| 7,530 | ||||
| 12,597 | ||||
| 93,207 1,048 94,254 |
73,096 | |||
| 80,878 80,878 13,376 |
||||
| 55,059 | ||||
| 55,059 | ||||
| 18,037 |
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| REDEEMED CHRISTIAN CHURCH OF GOD VICTORY CENTRE FOR ALL NATIONS WALSALL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL STATEMENTS-BALANCE SHEET NOTES FIXED ASSETS Tangible 5 CURRENT ASSETS Cash at Bank / Hand 7 CREDITORS Sundry Creditor 8 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 |
2022 £ 196,647 196,647 44,015 44,015 2,499 2,499 41,516 238,163 83,319 154,843 141,467 13,376 154,843 |
||
|---|---|---|---|
| 2021 | |||
| £ | |||
| 201,648 | |||
| 201,648 | |||
| 30,380 | |||
| 30,380 | |||
| 3,884 | |||
| 3,884 | |||
| 26,496 | |||
| 228,144 | |||
| 86,677 | |||
| 141,467 | |||
| 123,430 | |||
| 18,037 | |||
| 141,467 |
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REDEEMED CHRISTIAN CHURCH OF GOD VICTORY CENTRE FOR ALL NATIONS WALSALL
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL STATEMENTS- NOTES TO THE ACCOUNTS
| NOTES | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| DONATIONS | 1 | ||||||
| Tithe | 55,387 | 30,616 | |||||
| Offering | 22,335 | 17,421 | |||||
| Thanksgiving | 3,387 | 4,933 | |||||
| TOTAL | 81,109 | 52,970 | |||||
| OTHER RECIEPTS | |||||||
| Gift Aid Reciepts | 12,097 | 12,597 | |||||
| Building Fund-Restricted | 1,048 | 7,530 | |||||
| Total Income Generated | 94,254 | 73,097 | |||||
| Unrestricted | |||||||
| Funds | |||||||
| £ | £ | ||||||
| A : COST OF GENERATING INCOME | 2 | ||||||
| Premises | 9,869 | 11,353 | |||||
| Sundry Payments | 3,678 | 914 | |||||
| Finance Charges | 4,875 | 4,048 | |||||
| Conference and Training | 3,261 | 1,150 | |||||
| Resources-Books and Manuals | 268 | 96 | |||||
| Insurance | 1,980 | 1,942 | |||||
| Telephone | 937 | 879 | |||||
| Multimedia | 130 | 312 | |||||
| Printing & Stationery | 702 | 1,540 | |||||
| Building Maintenance | 3884 | 322 | |||||
| Administration | 30,599 | 22,826 | |||||
| TOTAL COST OF GENERATING INCOME | 60,184 | 45,382 | |||||
| 13 |
| CHARITABLE ACTIVITIES Donations 1,550 Central office payment. 3,600 Mission and Outreach 2,400 Honorarium 2,900 Depreciation 6,711 Hospitality 2,833 TOTAL CHARITABLE EXPENSES OTHER EXPENSES Professional Fees 700 TOTAL OPERATING EXPENSES |
- 550 1,943 4,997 1,486 19,994 700 700 80,878 |
|
|---|---|---|
| 8,976 | ||
700 |
||
| 55,058 |
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Taxation
RCCG Victory House Walsall is a registered charity and is eligible for the exemptions from taxation available to Charities on their charitable activities. No charge to taxation therefore arises.
| Fixed Assets COST At 1st January, 2022 Additions At 31st December 2022 DEPRECIATION At 1st January, 2022 Charge for the Year At 31st December 2022 NET BOOK VALUE At 31st December 2022 Bank and Cash Balances 7 HSBC -Main Account HSBC-Building Fund Account Barclays Bank Creditors- amounts failling due within one year. 8 Accrued Expenses (CREDIT CARD BALANCE) Sundry Creditor RESERVES ACCUMULATIVE FUND 9 BALANCE BROUGHT FORWARD NET INCOME FOR THE YEAR TOTAL |
Equipment £ 28,601 1,710 |
Pulpit Building £ £ 600 200,979 - - |
Total | |
|---|---|---|---|---|
| £ | ||||
| 230,180 | ||||
| 1,710 | ||||
| 30,311 | 600 200,979 |
231,890 | ||
| 24,082 2,711 |
450 4,000 4,000 |
|||
| 28,532 | ||||
| 6,711 | ||||
| 26,793 | 450 8,000 |
35,243 | ||
| 3,518 | 150 192,979 |
196,647 | ||
| 34,867 8,649 500 |
||||
| 44,016 | ||||
| 399 2,100 |
||||
| 2,499 | ||||
| 141,467 13,376 |
||||
| 154,843 |
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