2023-12-31-accounts - Rccg Victory Centre For All Nations Walsall

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VICTORY CENTRE FOR ALL NATIONS WALSALL

THE REDEEMED CHRISTIAN CHURCH OF GOD

THE REDEEMED CHRISTIAN CHURCH OF GOD VICTORY CENTRE FOR ALL NATIONS WALSALL TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

VICTORY CENTRE FOR ALL NATIONS WALSALL

THE REDEEMED CHRISTIAN CHURCH OF GOD

	Page
Corporate Information	3
Board of Trustee’s Report	4
Independent Examiner’s Report	8
Statement of Financial Activities	9
Statement of Financial Position	10
Accounting Policies	11
Notes	12

Corporate Information

Registered Charity Number:	1131690
Principal Office:	The Small Street Centre
	1A Small Street Walsall
	WS1 3PR
Parish Pastor:	Pastor Debo Adesina
Board of Trustees:	Mr Vincent Tokunbo Ibikunle
	Mr Olakunle Olawale
	Mr Ezekiel Olaitan Obileye
	Mr Olatunde Abiodun Olaitan
Bankers:	HSBC Bank Plc

Board of Trustee’s Report

1.0 Introduction

The Board of Trustees present their report and accounts for the year ended 31st December 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005.

1.1 Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 4 of the Charites Act 2011 to have due regard to the Charity Commission’s guidance on public benefit "Charites and Public Benefit".

1.2 Structure, Governance and Management

1.2.1 Governing Document

The charity is constituted as a trust and governed by its trust deed dated 29 August 2009.

1.2.2 Trustee Appointments

Trustees are appointed under the terms of the deed.

1.2.3 Induction and Training Policies

The induction process for a newly appointed trustee comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Parish pastor on the powers and responsibilities of the Trustees.

1.2.4 Organisational Structure and Decision Making

The charity is organised so that the Trustees meet regularly to manage its affairs. The Parish pastor manages the day to day administration of the church.

1.2.5 Related Party Relationships

RCCG Victory Centre for all Nations Walsall is a parish of The Redeemed Christian Church of God which has parishes all over the world. The parish’s relationship with other parishes is governed by an ‘Agreement for Common Purposes’.

1.2.6 Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity and are satisfied the systems are in place to mitigate our exposures to the major risks.

Board of Trustee’s Report

2.0 Objectives and Global Outreach

2.1 Objectives and Activities

The principal object is the advancement of Christian faith worldwide and the relief of poverty. To promote any charitable activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies:

Running seminars in the church with proven ministers of the faith to guide members in the 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

The activities for achieving its objectives include:

Community outreach events
Conferences and events
Welfare support to members and general public, and
Various missionary activities

2.2 Public Benefits

Apart from its Church activities, the charity was involved in the following public benefit efforts:

The Charity’s welfare group visits the homeless and basic needs are supplied to them.
The Charity runs regular visits to Support Centres to provide financial support to help the groups achieve its charitable objectives.
The Charity also contributes regularly to charities working to develop young people in our community.

Our efforts are geared towards supporting the programmes of our local council, promoting cohesion in our community, and positively impacting the lives of the young people and the elderly.

2.3 Grant Making Policies

The church supports visiting ministers of the gospel both within and outside the United Kingdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life, RCCG Province and other RCCG Programmes. The 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.

Board of Trustee’s Report

2.4 Contributions Made by Volunteers

The church is grateful for the unstinting efforts of its volunteers who are involved in providing services for the charity. It is estimated that over 3000 hours are provided by volunteers during the year. If this is conservatively valued at £10.44 per hour, the volunteer’s effort will amount to over £31,300.

2.5 Achievement and Performance

The church continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust deed.

3.0 Financial Reviews

During the period, the charity received £141,556 in total income. Total resources expended was £120,348 thus resulting in a surplus of £21,208. Cash at the end of the period was £50,028.

3.1 Principal Funding Sources

Funding has been provided mainly through tithes and offerings by church members and through gift aid. Pledges are also taken for specific projects. In the year funds were raised towards the church building project.

3.2 Reserves Policy

The Trustees’ policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed. The present free reserve is below the policy range, but the Trustees are continuing to seek additional unrestricted funds.

3.3 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.

4.0 Future Development

Our charity continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is always seeking to grow in membership and continue to develop its members to make lifechanging impact in society.

Board of Trustee’s Report

Trustees’ Responsibilities

The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for the year. In preparing these financial statements the trustees are required to:

Select suitable accounting policies and then apply them consistently;
Make judgments and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going-concern basis unless it is inappropriate to
presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.

This report was approved by the Board of Trustees on 13 September 2024 and signed on their behalf by:

Full Name: Vincent Tokunbo Ibikunle

Signature:

Position: Chairman

Date: 13 September 2024

Independent Examiner’s Report

Report to the trustees/members of: The Redeemed Christian Church of God Victory Centre for all

Nations Walsall On accounts for the year ended: 31st December 2023 Charity No: 1131690

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 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with 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 the 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 statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which give me reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act;
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities 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.

Signed: Date: 13 September 2024

Name: Tobi Labeodan, for and on behalf of Chedders Ltd

Relevant professional qualification(s) or body (if any): ACCA

Address: Ground Floor, Synium House, r/o 94-96 High Street, Henley in Arden B95 5FY

Statement of Financial Activities: Year Ended 31st December 2023

Notes Income: Donations and legacies 1 Other income (Grants) 1 Total Income Total Income Expenditures on: Charitable Activities 2 Other Charitable Activities 2 Other Costs 2 Total Expenditures Net income/(expenditure) Transfers between funds Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Gains/(losses) on investment assets Net movement in funds Reconciliation of funds: Total funds brought forward at 1 January 2023 Total funds carried forward at 31 December 2023	2023 2023 2023 Unrestricted Funds Restricted Funds Total Funds £ £ £ 97,026 97,026 44,530 - 44,530 141,556 - 141,556 141,556 - 141,556 95,509 - 95,509 23,941 - 23,941 898 - 898 120,348 - 120,348 21,208 - 21,208 - - 21,208 - 21,208 154,843 - 154,843 176,051 - 176,051	2022 2022 2022
		Unrestricted Funds Restricted Funds Total Funds
		£ £ £
		82,157 - 82,157
		12,097 - 12,097
		94,254 - 94,254

		94,254 - 94,254


		69,795 - 69,795
		10,383 - 10,383
		700 - 700
		80,878 - 80,878

		13,376 - 13,376




		-
		-
		13,376 - 13,376

		141,467 - 141,467

		154,843 - 154,843

Statement of Financial Position: Year Ended 31st December 2023

Notes Fixed Asset Tangible assets 3 Total Fixed Asset Current Assets Loans & Advances Accrued Income Cash at bank and in hand Other Debtors Total Current Assets Creditors: amounts falling due within one year Other Creditors Other Current Liabilities Total Creditors: amounts falling due within one year Net current assets (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year Other Non-Current Liabilities Total Creditors: amounts falling due after more than one year Total net assets (liabilities) The funds of the charity: Restricted Reserve General reserves Surplus/(Deficit) for the year Total charity funds	2023 £ 220,831 220,831 15,112 50,028 - 65,140 2,861 2,861 62,280 283,111 107,059 107,059 176,052 154,843 21,208 176,051	2022
		£

		196,647
		196,647




		44,015
		-
		44,015



		2,499
		2,499

		41,516

		238,163


		83,320
		83,320

		154,843



		141,467
		13,376
		154,843

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 2005.

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. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fixed assets

Fixed assets with an individual purchase of £500 or more are capitalised and 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:

Property	2%
Vehicles	25%
Equipment	25%

Notes to the Financial Statements: Year Ended 31st December 2023

1. Income

1. Income
Income Donations and legacies Restricted Income Total donations & legacies Other income Gift Aid Receipts Other income Total other income Total Income 2. Expenditures Charitable Activities Premises Utilities Travel Motoring & Transportation Insurance Administration Professional fees and services Operations Finance Charges Depreciation Honorarium Total Charitable Activities Other Charitable Activities Outreach Central Office Welfare & Benevolence Charitable Donations Total Other Charitable Activities Other Costs Other costs Legal fees Accountancy fees Total Other Costs	2023 £ 97,026 - 97,026 44,530 44,530	2022
		£
		82,157
		-
		82,157


		12,097

		12,097
	141,556 2023 £ 19,246 3,240 862 2,874 2,073 33,553 2,800 8,112 7,463 12,035 3,250 95,509 10,729 4,100 3,575 5,536
		94,254

		2022
		£
		13,753
		937
		-
		-
		1,980
		34,961

		3,678
		4,875
		6,711
		2,900
		69,795


		2,400
		3,600
		2,833
		1,550
	23,941 898 898	10,383




		700
		700

Notes to the Financial Statements: Year Ended 31st December 2023

3. Tangible assets

Cost At 1 January 2023 Additions Disposals Revaluations At 31 December 2023 Depreciation At 1 January 2023 Charge for the year Adjustments At 31 December 2023 Net Book Value At 1 January 2023 At 31 December 2023	Property Vehicles Equipment Fixtures & Fittings £ £ £ 200,979 30,311 600 30,000 6,219 - - 200,979 30,000 36,529 600 8,000 - 26,793 450.00 4,000 4,375 3,509 150.00 - - 12,000 4,375 30,302 600 192,979 30,311 3,518 150 188,979 25,625 6,227 -	Total £ 231,890 36,219 - -
		268,109
		35,243 12,035 -
		47,278

		196,647
		220,831

4. Related Party Transactions

During the year, the church made donations and contributions to other RCCG and charitable organisations as shown in note 3 under Central Office and Charitable Giving.

5. Trustee Remuneration & Expenses

During the year, there were no payments or reimbursement of expenses to trustee members.