**Charity No 1149678** **REDEEMED CHRISTIAN CHURCH OF GOD (Victory House for All Nations, Welling)** ## **REPORTS AND ACCOUNTS FOR THE YEAR ENDED** **31[ST] December 2020** **Contents Page** **Business Information……………………………………………………………. 3 Structure, Governance and Mgt................................................4 Trustee’s report...................................................................... 5 Accountant’s report................................................................ 6 Profit and Loss........................................................................ 7 Balance sheet.......................................................................... 8 Accounting policies (Notes)..................................................... 9-11 Income Statements................................................................. 12 Schedule to the accounts..........................................................13** 2 ## **REDEEMED CHRISTIAN CHURCH OF GOD** ## **(Victory House for All Nations, Welling)** ## **Business Information** **Charity Details Charity Number: 1149678 Principal Address: 138/140 Upper Wickham Lane Welling Kent DA16 3DP Accountants: Connex & Co Certified Public Accountants 62 Peareswood Road Erith DA8 2HP Bankers: Barclays Bank Plc Blackheath Branch Account Number: 73108848 Sort code: 204981** 3 ## **REDEEMED CHRISTIAN CHURCH OF GOD** ## **(Victory House for All Nations, Welling)** ## **Structure, Governance and Management** RCCG (Victory House Welling) is a charity organisation governed by its Constitution. It was registered with the Charity Commission on the 8[th] November 2012 in accordance with the governing documents. New members are appointed by the existing trustees. There are currently six (6) members in the current financial year. ## **Trustees** ## **Mr Godwin Adewale Olowu** ## **Mrs Christanah Omolola Adelusi** **Mr Bankole Fabiyi** **Mr Austen Okoronkwo** **Ms Grace Umoren** **Mr Wole Kehinde Oluwole** 4 ## **REDEEMED CHRISTIAN CHURCH OF GOD (Victory House for All Nations, Welling)** ## **Trustee’s Report** The trustee’s present their reports and accounts for the year ended 31[st] December 2020. The church RCCG (Victory House for all Nations, Welling) is a charity organisation governed by the charity commission of England and Wales. The church was registered with the charity commission England and Wales on the 8[th] November 2012 Principal Activities: The church principal activity during the year was the advancement of Christian Faith, testifying of the work of Jesus Christ and adhering to his teachings. The church is a charity organisation without any shareholding. The report of the trustee’s has been prepared in accordance with the special provisions of the charity commission. This report was approved on behalf of the board of trustee’s on **10[th] April 2021** ## **Mr Wole Kehinde Oluwole** ## **(Trustee Chair Person)** 5 ## **REDEEMED CHRISTIAN CHURCH OF GOD (Victory House for All Nations, Welling)** ## **ACCOUNTANTS’REPORT** In order to assist you to fulfil your duties under the charity commission act, we have compiled the accounts of the company which comprise the Profit and Loss Account, the Balance Sheet, the statement of Total Recognised Gains and Loses and the related notes from the accounting records, information and explanations you have given to us. Our revised report is made available to the trustees of the church, as a body in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the accounts that we have been engaged to compile which we have to report to the church trustee’s that we have done so, and those issues that we have agreed upon in this report and for no other purpose. We have prepared this report but we do not accept responsibility to anyone other than the church and the trustee’s for any information contained in this report. This report has been carried out in accordance with the technical guidance issued by the Institute of Chartered Accountants in England and Wales and have complied with the guidance contained in it relating to members undertaking the compilation of accounts. We have made mentioned to you that it is your responsibility to ensure the company kept proper accounting records and to prepare accounts that gives a true and fair view under the companies Act 1985. In our opinion the accounts has been prepared in accordance with the Companies Act 1985 and the accounts gives a true and fair view of the Profit and Loss and the Balance sheet of the Church. We can confirm that the information in the Trustee’s report for the financial year is consistent with the accounts. You consider that the church is exempt from the statutory requirement for an audit for the year (As a small organisation exempted for an Audit). As we have not been instructed by you to carry out an audit of the accounts and any other instruments owned by you and we have not verified the accuracy or completeness of the accounting records, information and explanations you have given to us, we therefore do not express any opinion on the accounts. ## **Connex & Co. Certified Public Accountants Date: 10[th] April 2021 62 Peareswood Road, Erith DA8 2HP** 6 ## **Tony Olufisan FCPA, FCMI, ACII, MBA, MSc.** ## **REDEEMED CHRISTIAN CHURCH OF GOD (Victory House for All Nations, Welling) Profit and Loss/Retained Profit for the year Ending 31 December 2020** |**Notes**
**Income**
**Resources expended**
**Operating profit/(loss)**
**2**
Profit/(loss) on ordinary activities before taxation
Tax on profit/(loss) on ordinary Activities
Profit/(loss) for the financial year
**Retained profit/(loss) for the financial year**
**7**|**2020**
**£**
36,712
19,694| |---|---| ||**15,693**| ||| ||15,693| ||-| ||15,693| ||| ||**15,693**| 7 ## **RCCG Victory House For All Nations, Welling Balance Sheet For the Year Ending 31 December 2020** |**Tangible Fixed Assets**
**Cost**
At 1 January 2020
**Additions during**
**year**
At 31 December 2020
**Depreciation**
At 1 January 2020
**Additions during**
**year**
At 31 December 2020
**Net book Value**
At 31 December 2020
**Current Assets**
Cash at bank
Trade debtors
**Current Liabilities**
Creditors: amounts
falling due within one
year
Accountancy Fees
**Net Current Assets:**
Amount due after
more than one year
**Net Assets**|**Equipment**
**(£)**
6,577
-
6,577
1,163
-
1,163
**5,414**|**Fixtures &**
**Fittings (£)**
525
-
525
163
-
163
**362**|**2020 (£)**
**7,102**
**-**
**7,102**
**1,326**
**-**
**1,326**
**5,776**
**48,389**
**-**
**-**
**-**
___________
**48,389**
-
___________
_
**48,389**|**2019 (£)**
**7,102**
**-**
**7,102**| |---|---|---|---|---| |||||**1,326**
**-**
**1,326**
**5,776**| |||||**21,162**
**-**
**-**
**-**
___________
**21,162**
-
___________
_
**26,938**| 8 ## **Charity Funds** |Unrestricted Funds
Restricted Funds
Profit/Loss
**Total Funds**|32,696
-
15,693
**48,389**|22,127
-
4,811
**26,938**| |---|---|---| ## **REDEEMED CHRISTIAN CHURCH OF GOD (Victory House for All Nations, Welling)** ## **Notes to the Accounts** **For the year ended 31[st] December 2020** ## **1. Accounting policies:** ## **1.1 Basis of Preparation of financial statements** The financial statements have been prepared under the historical cost convention and in accordance with the financial reporting standard for smaller entities. The financial statements have been prepared in accordance the statements of recommended practice (SORP). Accounting and reporting by charities published in October 2000, Applicable Accounting Standards, companies and charity commission Acts. ## **1.2 Company Status** The church is a charitable organisation; the members of the church are the trustees whose named are included in this report. In the event of the church being wound up, the liabilities in respect of the guarantee is limited to £1 per member of the trustee’s. ## **1.3 Fund Accounting** General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company. Restricted funds are funds which are to be used in accordance with specific restriction imposed by donors which have been raised by the charity for particular purpose. The cost of raising and administering such funds are charged against the specific funds. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **1.4 Incoming Resources** 9 All incoming resources are included in the statement of financial activities as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the costs. No amounts are included in these financial statements for service donated by volunteers. Intangible income, which comprises donated services, is included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party. Income tax recoverable in relation to donations received under gift aid or deeds of covenants is recognised at the time of the donation. ## **1.5 Resources Expended** All expenditures are accounted for on an accruals basis and have been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be attributed to particular activities they should be allocated on a basis consistent with the use of the resources. Fund raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and includes project management carried out at headquarters. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. ## **1.6 Cash Flow** The financial statements do not include cash flow statements because the charitable company as a small reporting entity is exempted from the requirement to prepare such a statements under the financial reporting standard for smaller entities. ## **1.7 Tangible Fixed Assets Depreciation** Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives on the following basis:- Furniture and Fixtures 25% Straight Line Equipment’s 20% Straight Line ## **1.8 Stocks** Stocks are valued at the lower of cost and net realisable value. 10 ## **1.9 Deferred Taxation** Full provision is made for deferred taxation resulting from timing difference between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred Taxation is calculated on an un-discounted basis at the tax rate which is expected to apply in the periods when timing differences will reverse. ## **2.0 Leasing and Hire Purchase** Assets held under financial leases and hire purchase contracts which are those where substantially all the risks and rewards of the ownership of the assets have passed to the church. These are capitalised in the balance sheets and depreciated over their useful lives. Whereas the interest element of the rental obligations is charged to the profit and loss account over period of the lease and represents a constant proportion of the balance of capital repayment outstanding. Rentals paid under operating leases are charged on a straight line basis over the lease term. ## **2.1 Pensions** If company operates a defined contributions pension scheme contribution are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. ## **2.2 Foreign Currencies** Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are transacted at the rate of exchange ruling at the balance sheet date, all differences are taken to the profit and loss account. 11 ## **RCCG VICTORY HOUSE FOR ALL NATIONS, WELLING Income Statement** For the Year Ending [Dec 31, 2020] |
**Income**
Tithe
Offering
Thanksgiving Offering
Others (Seed Collections)
Grants Received
Gift Aid
**Total Income**
[4
2]
**Expended Cost**
**Employee Cost**
Welfare Support/Volunteer
**Premises Cost**
Rent
Rate (Council Tax)
**General Administrative Expenses**
Printing and Stationaries
Utilities (Gas/Electricity/Water)
Bank Charges
Equipment's & Accessories
Conference/Seminars/Training
Advertisement
Repairs, Maintenance & Installation (Renovation/Projects)
Telephone & Internet
Books
Sundry Expenses
Fuel and Travel Expenses
Children Department Expenses
Deprecation||||**2020**|**2020**|||| |---|---|---|---|---|---|---|---|---| |||||16,230||||17,613| |||||3,584||||4,287| |||||670||||977| |||||-||||-| |||||10,000||||-| |||||6,228||||| |||||**36,712**||||| |||||||||| |||||||||| |||||-||||-| |||||**-**||||**-**| |||||||||| |||||9,400||||10,200| |||||77||||764| |||||**9,477**||||**10,964**| |||||||||| |||||217||||249| |||||1,201||||758| |||||-||||-| |||||680||||177| |||||2,032||||1,969| |||||-||||-| |||||-||||-| |||||594||||687| |||||60||||146| |||||336||||119| |||||-||||1,560| |||||-||||-| |||||1,326||||1,326| |||||**6,446**||||**6,991**| ## **Professional Cost** 12 |Accountancy Fees
Legal Fees
**Charitable Activities**
Gifts & Grants to Individuals
HQ & Divisional Support (WEM/COF)
Hospitality/Welfare
Retreats and Evangelism
Other Charity Donations
Ministry Expenses (Honorarium)||||-
-
**-**
1,109
2,652
1,335
-
-
-
**5,096**
**21,019**||||| |---|---|---|---|---|---|---|---|---| |||||||||| |||||||||| |||||||||-| |||||||||| |**Total Expenses**||||||||| |
**Net Income**||||**15,693**||||| ## **RCCG Victory House For All Nations, Welling Notes to the Accounts For the Year Ended 31 December 2020** |**2**
**3**
**4**
**5**|**Operating Profit**
This is stated after charging:
**Depreciation of owned assets**
Retained Profit/Loss for the year
**Tangible Fixed Assets**
**Cost**
At 1 January 2020
**Additions during year**
At 31 December 2020
**Depreciation**
At 1 January 2020
**Additions during year**
At 31 December 2020
**Net book Value**
At 31 December 2020
**Current Assets**
Cash at bank
Trade debtors
**Current Liabilities**
Creditors: amounts falling due within
one year
Accountancy Fees
**Net Current Assets:**
Amount due after more than one year|**2020**
1,326
**15,693**
**Equipment**
**(£)**
**Fixtures &**
**Fittings (£)**
6,577
525
-
-
6,577
525
1,163
163
-
-
1,163
163
**5,414**
**362**

___
|**2020**
**(£)**
**7,102**
**-**
**7,102**
**1,326**
**-**
**1,326**
**5,776**
**48,389**
**-**
**-**
**-**
________
**48,389**
-| |---|---|---|---| 13 |**6**
**7**
**8**
**9**
**10**|**Net Assets**
**Charity Funds**
Unrestricted Funds
Restricted Funds
Profit/Loss
**Total Funds**
**Profit and Loss Account:**
Profit and Loss Account
Retained Profit and Loss
Pastor's Emolument Allowance
**Trustees Remuneration and Reimbursement of Expenses**
The trustees did not receive any remuneration in this financial year.
**Related Party Transaction:**
There was no related party transaction in this financial year|**48,389**| |---|---|---| |||32,696
-
15,693| |||**48,389**| |||**15,693**
**15,693**
0
**0**| 14