## **THE REDEEMED CHRISTIAN CHURCH OF GOD CHAPEL OF VICTORY** 

## **FINANCIAL STATEMENTS AND TRUSTEES REPORT** 

**FOR THE YEAR ENDED 31 OCTOBER 2024** 

**CHARITY NUMBER 1144229** 

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**CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

|**INDEX**||
|---|---|
|**Contents**|**Page**|
|Legal and Administrative information|3|
|Report of the Trustees|4-5|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes forming part of the financial statements|9-11|



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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

## **LEGAL AND ADMINISTRATION INFORMATION** 

Charity Registered on the 11 October 2011 

The charity is governed by declaration made on the 9 September 2011 

## **Trustees:** 

The trustees serving during the year and since the year ended were as follows: 

Idowu Aiyeola 

Adediji A. Aiyeola 

Toye Oyedeji 

Tokunbo Odugbesan, Ebenezer Idowu, Stanley Arubi, Justina Ogbeifun and Sola Oguntokun 

## **Registered Office and Operation address:** 

9 Kempton Drive Towcester United Kingdom NN12 6NG 

## **Bankers** 

NatWest Bank 

Milton Keynes 

## **Accountants:** 

Super Accounts Tax Vat and Payroll Ltd 

Unit Vt 89 

Bletchley Business Campus 1-9 Barton Road 

Bletchley 

Milton Keynes 

MK2 3HU 

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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

## **TRUSTEES REPORT:** 

The charity is governed and registered with the Charity Commission under the charity number 1144229 

## **Objectives of the Charity:** 

The advancement of the Christian Faith worldwide in accordance with the doctrine set out in the statement of faith to relieve person who are in need, hardship or distress and to educate in accordance with the Christian principles.  The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake. 

## **Achievements and Performance** 

The church supported two families who encountered bereavement. One a young adult suicide and the other lost to cancer. We did lot of support for families in the course of the year. We had workshops on money management and financial stability. Followed by posting job opportunities on the church platforms for those seeking employment. We equally reached out to people with special needs outside our community as the needs arises or occasion warrants. 

## **Governance and Internal Control** 

The trustees meet regularly within the year to review the strategy and performance and to set the operational plans and budgets. 

## **Financial Activities and Results:** 

The net Surplus for the year amounted to £20911.00 

## **Investment Policy:** 

The memorandum and article of association which state clear guidelines on investment policy governs the trustees’ investments power. 

## **Reserve Policy:** 

It is the policy of the charity to maintain unrestricted funds, which are reserves of the charity.  This provides sufficient funds to cover any emergency expenditure that may arise from time to time. The charity also has building funds which is immediately accessible for the purchase of property. **Risk Management** 

The charity has assessed all the major risks to which the charity is exposed to, in a particular those related to operation and finances of the charity and are satisfied that systems are in place to mitigate exposure to major risks. 

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## **Trustee Responsibilities:** 

The Charity Act 2005 requires the trustees to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to; 

1. Select suitable accounting policies and apply them consistently. 

2. Make judgements and estimates that are reasonable and prudent. 

3. State whether the applicable accounting standards have been followed. 

4. Prepare financial statements on the going concern basis. 

They are responsible for keeping proper records which disclose with reasonable accuracy of the finances of the church at any time and to ensure that such accounts comply with the Charities Act 1993. They also have responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities. 

Approved by the Trustees and signed on their behalf by 

Signature: …………………………. 

Name:  Adediji A. Aiyeola Date: 19/06/2025 

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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

I, Joshua Ashitey report on the accounts of the Charity for the year ended 31[st] October 2024 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages. 

## **Respective responsibilities of trustees and examiner** 

The trustees of the Charity are responsible for the preparation of accounts. They consider that the audit requirement under section 43 (2) of the Charities Act 1993 does not apply.  It is my responsibility to; 

- Examine the accounts under section 43 (2) of the 1993 Act. 

- Follow the procedures laid down in the general directions given by the Charity Commissioners made under section 43 (7) (b) of the 1993 Act. 

- State whether particular matters have come to my attention. 

## **Basis of Independent Examiner’s report** 

My examination was carried out in accordance with the general directions given by the Charity Commission and is in accordance with Regulation of the charity Account 2006. The 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 you as trustees concerning any such matters. The procedures undertaking does not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. 

## **Independent Examiner’s statement** 

In the course of my examination, no matter has come to my Attention; 

- (1) Which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that: 

   - Proper accounting records are kept in accordance with section 41 of the 1993 Act and section 44 (1) (a) of the 2005 Act and Regulation of the 2006 

   - Accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act: or 

- (2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

JOSHUA ASHITEY FMAAT 

LICENSED ACCOUNTANT 



Date: 19/06/2025 

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## CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY **FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024** 

|Period start date|**1st NOV**|**2023**|**To**|31stOCT<br>2024||
|---|---|---|---|---|---|
|**Categories by**|**Details**<br>**of own**|**Unrestricted**|**Building**|**Total**<br>**this**|**Total**<br>**last**|
|**activity**|**analysis**|**funds**|**funds**|**year**|**year**|
|**Incoming resources**|NOTE|**£**|**£**|**£**|**£**|
|**Incoming resources**||||||
|**from generated**||||||
|**funds**||||||
|Voluntary income|2|50000|14085|64085|82850|
|Activities for||||||
|generating funds||||||
|Investment income|_|_|_|_|_|
|**Incoming resources**||||||
|**from charitable**||||||
|**activities**||||||
|**Other incoming**||||||
|**resources**|_|_|_|_|_|
|**_Total incoming resources_**||**50000**|**14085**|**64085**|**82380**|
|**Resources Expended**|**NOTE**|||||
|**Costs of Generating Funds**||||||
|Costs of generating voluntary<br>income|3|12308||12308|16200|
|**Charitable activities**|4|16516||16516|19939|
|**Governance costs**|5|14350||14350|14500|
|**Other resources expended**||_|_|_|_|
|**_Total resources expended_**||<br>**43174**||**43174**|50639|
|**_Net incoming/(outgoing)_**|**_resources_**|||||
|**_before transfers_**||||||
|**_Net movement in funds_**||**6826**|**14085**|**20911**|**31941**|
|**Total funds brought forward**||_|_|_|_|
|**_Total funds carried forward_**||<br>**89667**|**14085**|**103752**|82841|



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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

## **BALANCE SHEET AS AT 31 OCTOBER 2024** 

||**Details**||||**Total**|**Total**|
|---|---|---|---|---|---|---|
||**of own**|**Unrestricted**|**Building**||**this**|**last**|
||**analysis**|**funds**||**funds**|**year**|**year**|
||NOTE|**£**||**£**|**£**|**£**|
|**Fixed assets**|||||||
|**Tangible assets**|6|7612|_||7612|4397|
|**Investments**||_|_||_|_|
|**_Total fixed assets_**||**7612**|_||**7612**|4397|
|**Current assets**|||||||
|**Cash at bank and in**|||||||
|**hand**||82055||14085|96140|78444|
|**_Total current assets_**||**82055**||14085|96140|78444|
|**_Net current_**|||||||
|**_assets/(liabilities)_**||**82055**||14085|**96140**|78444|
|**_Total assets less_**|||||||
|**_current liabilities_**||**82055 **|_|14085|**96140**|78444|
|**_Net assets_**||**89667**|_|14085|**103752**|82841|
|**Funds of the**|||||||
|**Charity**|||||||
|**Unrestricted fund**||89667|||89667|57461|
|**Building fund **||||14085|14085|25380|
|**_Total funds_**||**89667**||**14085**|**103752**|82841|



The financial statements were approved by the board and signed on its behalf by 

Signature: ………………. Name: Adediji A. Aiyeola Date: 19/06/2025 

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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** 

Notes to the Financial Statements for the year ended 31 October 2024 

## 1 **ACCOUNTING POLICIES** 

## **(A)** Accounting Convention and Compliance 

These accounts have been drawn up on the basis of going concern and the financial statements prepared under the historical cost convention in accordance with applicable standards and the charity Acts 2005.  The statements comply with best practice and reflect the requirements of the revised Statement of Recommended Practice (SORP) 2005, Accounting for Charities. 

## **(B)** Recognition of Income and Expenditure 

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities in the year in which they are received.  The value of services provided by volunteers has not been included. 

Resources expended are recognized in the period in which they are incurred.  Resources expended include attributable Vat which cannot be recovered. 

## **General Fund** 

Revenue grants and other income and expenditure associated with the general operations of the charity and its international projects are dealt with in the General Funds 

## **Building Funds** 

These comprise donations, legacies or other income, the use of which has been specified by the donor.  Funds received this year were for the purchase of a place of worship 

## **Endowment Funds** 

There are currently no endowment funds 

## **(C) Depreciation** 

All fixed assets are capitalized.  The charge for depreciation is calculated to write off the cost of the fixed assets over their useful lives. 

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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCT 2024** 

|**2 DONATIONS & SIMILAR INCOME RESOUCES**<br>**UNRESTRICTED**<br>**FUNDS**<br>£<br>Tithes & Offering (including Gift Aid) <br>50,000.00<br>**3 COST OF GENERATING FUND**<br>Welfare<br>Advertising<br>Summit & Conference Cost<br>**TOTAL**<br>**4 CHARITABLE ACTIVITIES:**<br>Fuel And Oil<br>Council Tax<br>Insurance<br>Rent<br>Music Ministry<br>Anniversary, Outreach & Fellowship<br>Professional fees<br>Postage and Stationery<br>Depreciation<br>**TOTAL**||**BUILDING**<br>**FUNDS**<br>£<br>14,085.00<br>**2024**<br>6,708.00<br>2000.00<br>3,600.00<br>**12,308.00**|**TOTAL**<br>**2024**<br>**TOTAL**<br>**2023**<br>£<br>£<br>**64,085.00**<br>**82,580.00**<br>**2023**<br>9,000.00<br>3500.00<br>3,700.00<br>**16,200.00**<br>**2023**<br>£<br>3,000.00<br>2,000.00<br>1,500.00<br>5,823.00<br>1,383.00<br>5000.00<br>700.00<br>300.00<br>233.00<br>**19,939.00**|
|---|---|---|---|
|||**2024**<br>£<br>2,336.00<br>2,100.00<br>2,300.00<br>4,242.00<br>2,813.00<br>2000.00<br>350.00<br>250.00<br>125.00||
|||**16,516.00**||



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## **CHARITY NO 1144229 THE REDEEMED CHRISTIAN CHURCH OF GOD, CHAPEL OF VICTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 OCT 2024** 

## **5 GOVERNANCE COST:** 

|Administration Electricity, Tel<br>**6 TANGIBLE FIXED ASSETS:**<br>**EQUIPMENT **<br>£<br>Cost<br>1,928.00 <br>31 Oct Depreciation<br>26.00<br>**31 Oct Net Book Value**<br>1,902.00|2024<br>2023<br>£<br>£<br>**14,350.00**<br>**14,500.00**<br>**FURNITURE**<br>**VEHICLE**<br>**TOTAL**<br>£<br>£<br>£<br>4565.00        1,244.00<br>7737.00<br>75.00              24.00<br>125.00<br>4490.00        1,220.00<br>7,612.00|
|---|---|



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