RCCG Vineyard Chapel
The Redeemed Christian Church of God Vineyard Chapel
(RCCG Vineyard Chapel) Charity Registration No: 1153794 (England and Wales)
Trustees’ Reports and Statement of Financial Activities
For the year ended 31 December 2022
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RCCG Vineyard Chapel
| Contents | |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees’ Report | 4 |
| Statement of trustees’ responsibilities | 5 |
| Independent Examiner’s report | 6 |
| Statement of financial activities (SOFA) | 7 |
| Charity Balance Sheet | 8 |
| Notes to the charity accounts | 9 |
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RCCG Vineyard Chapel
Report and financial statements – For the year ended 31 December 2022 Legal and Administrative Information
Trustees
Mr S. O. Abidogun Mr T. T. Fagbuyi Dr G. Kadri
Pastor-in-charge
Pastor Femi David
General Overseer
Pastor E. A. Adeboye
Registered address
The Redeemed Christian Church of God (Vineyard Chapel) Mountjoy Centre, Mount Joy Street Pillgwenlly, Newport, Gwent NP20 2FA
Solicitors
Wellers Solicitors Part of the Wellers Law Group Tweedy Road Tenison House Bromley Kent BR1 3NF
Everett, Tomlin, Lloyd and Pratt solicitor, Newport 19-20 Gold Tops Newport NP20 4PH
Bankers
Barclays Bank PLC 781 Newport Road Rumney Cardiff
Independent Examiner
TomFag LLP 13 Marius Grove Fairfields Milton Keynes MK11 4DH
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RCCG Vineyard Chapel
Report of the Board of Trustees of the RCCG Vineyard Chapel Church
The trustees present their annual report on the affairs of the charity, together with the statement of financial activities and Independent Examiner’s report for the year ended 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity’s Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities” Issued in March 2005.
The Trustees meet regularly to discuss the objectives and day to day issues of the charity and are all provided with training in order to carry out their duties to the best of their abilities and in the best interest of the charity. All the trustees are volunteers and receive no income for the duties.
Objectives and activities
The church (charity’s) objectives are the furtherance of the religion of Christianity in accordance with the teachings of the Holy bible. The church is a not for profit charity. The church funds its activities by generating income in the form of tithes and offering. According to Christian teachings, a tithe represents 10% of an individual’s gross monthly salary which is to be paid into the church by its members on a monthly basis. Offerings are residual voluntary donations given to church every Sunday by the members of the church. The management structure in place ensures that the levels of income and expenditure are closely monitored and reported back to the trustees.
When planning the Church’s activities for the year, the Board of Trustees has considered the Charity Commission’s guidance on public benefits and the specific guidance on charities for the advancement of religion. We try to enable ordinary people to live out their faith as part of our Church community through:
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Worship and prayer.
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Learning about the Gospel.
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Developing people’s knowledge, understanding and trust in Jesus.
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Provision of pastoral care for people living in our community; and
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Missionary, evangelism and outreach work.
Everyone is welcomed to worship with us during our weekly Wednesday, Friday and Sunday services. At present, there are average of 300 worshipers with average weekly Sunday Church attendance of over 200 people.
Financial Review
The statement of Financial Activities on Page 7 shows a net gain of £31,870
The trustees consider the state of the charity’s affairs to be satisfactory.
The principal funding sources of the charity are donations from individuals in form of tithes and offerings. All expenditure in the year has been in the furtherance of church activities and charitable activities in form of monthly payments the RCCG Central office as management fees.
The church also receives donations from church members in form of gifts of assets as thanksgiving offerings.
Reserves Policy
It is the Church’s policy to maintain a balance on unrestricted funds (if possible), which equates to at least three months unrestricted payments, equivalent to £5,000, to cover emergency situations that may arise from time to time. The balance in the Church savings bank account matches this target.
It is also in the Church’s policy to invest our funds balances in appropriate investment opportunities as determined and deemed necessary by the Board of Trustees.
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RCCG Vineyard Chapel
Plans for the future.
A series of ‘outreach’ activities have been planned which will see the church working in co-operation with other charities having the same objectives as well as the local community. The key aim and objective of the charity is to continue to perform activities in the furtherance of Christianity.
Statement of Trustees’ responsibilities
The Trustees of RCCG Vineyard Chapel are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and the Statement of Recommended Practices (SORP).
Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources of the charity.
In preparing these accounts, the trustees are required to:
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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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state whether applicable UK Accounting Standards have been followed; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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RCCG Vineyard Chapel
Independent Examiner’s report to the Trustees of The Redeemed Christian Church of God, Vineyard Chapel
The Redeemed Christian Church of God, Vineyard Chapel (“RCCG Vineyard Chapel”) Newport engaged with TomFag LLP, as part of other services, to examine annual reports and accounts for the period 01 January 2022 to 31 December 2022 on behalf of the Trustees. The work was undertaken in accordance with the Engagement Letter, which incorporates the Terms of Business (together the “Contract”) dated 16 January 2014.
We have examined the financial statements of the RCCG Vineyard Chapel Charity for the year ended 31 December 2022 which comprise the Statement of Financial Activities – SOFA (i.e. the Income and Expenditure Statements), the Balance Sheet and the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of Trustees and Examiners
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2006. The Trustees’ responsibilities for preparing an annual report and financial statements in accordance with the applicable laws and United Kingdom Accounting Standards (i.e. Statement of Recommended Practice - SORP) are set out in the statement of Trustees’ responsibilities.
Our responsibility is to examine the financial statements in accordance with relevant legal and regulatory requirements and the SORP. This report has been prepared only for the Trustees as a body in accordance with Charities Act 2006 and for no other purpose. We do not accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come except where expressly agreed by our prior consent in writing.
We report to you on behalf of the Charity that the financial statements give a true and fair view and contain the information required by the relevant legislation. We also report to you that we examined these annual reports and accounts based on the information and accounting records provided by the RCCG Vineyard Chapel and where appropriate, reasonable accounting estimates were considered. We have not verified all the information provided by the RCCG Vineyard Chapel.
We will consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the information provided by RCCG Vineyard Chapel in preparing these financial statements. Our responsibilities do not extend to any other information.
Basis of account
We carried out our work in accordance with the SORP issued by the Charity Commission for England and Wales. We have examined the financial statements using appropriate accounting policies for the Charity's activities and the policies have been consistently applied and adequately disclosed to the best of our knowledge and the information provided to us by the Trustees.
We planned and performed our examination work so as to obtain adequate information and explanations which we considered necessary in order to provide us with sufficient evidence to satisfy ourselves that the financial statements are free from material misstatements, whether caused by fraud or other irregularity or error. Where appropriate, we evaluated the overall adequacy of the information provided to prepare the financial statements.
TomFag LLP
Chartered Certified Accountants & Registered Auditors
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RCCG Vineyard Chapel
| Statement of Financial Activities (including income and | Statement of Financial Activities (including income and | Statement of Financial Activities (including income and | expenditure |
|---|---|---|---|
| For the period ended 31/12/2022 | Unrestricted | Unrestricted | |
| Notes | Year ended 31/12/2022 |
Year ended 31/12/2021 |
|
| £ | £ | ||
| Incoming Resources | 1.2 | 108,788 | 69,367 |
| Gift Aid | 1.3 | 15,274 | 13,553 |
| Other Income | 5,060 | 5,000 | |
| Total Incoming Resources | 129,123 | 87,920 | |
| Resources Expended | 1.4 | 97,253 | 46,902 |
| Total Resources Expended | 97,253 | 46,902 | |
| Net Movement in Funds | 31,870 | 41,018 |
The Financial Activities of Vineyard Chapel were approved by the Board of Trustees on: ____
Signed on behalf of the Board of Trustees
Samson O. Abidogun
Trustee
Charity Registration No: 1153794
Redeemed Christian Church of God; Vineyard Parish
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RCCG Vineyard Chapel
| Charity balance sheet For the year ended 31/12/2022 Notes Assets Fixed Assets 1.7 Cash Total Liabilities Creditors: amounts falling due within more than one year 1.6 Total Net Assets TOTAL CHARITY FUND |
Unrestricted Unrestricted 2022 2021 £ £ 114,838121,359 115,855 81,740 |
|---|---|
| 230,692 203,099 |
|
| - - |
|
| 230,692 203,099 |
|
| 230,692 203,099 |
The Financial Activities of Vineyard Chapel were approved by the Board of Trustees on
Signed on behalf of the Board of Trustees
Samson O. Abidogun
Trustee
Charity Registration No: 1153794
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RCCG Vineyard Chapel
Notes to the Charity accounts for the year ended 31/12/2022.
1. Accounting Policies
1.1 Basis of Preparation
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, “Accounting and Reporting by Charities”, issued in March 2006.
1.2 Incoming Resources
As discussed in the Trustees Report, Incoming resources are in the form of tithes and offering.
Tithes: This represents 10% of individuals’ gross monthly salary which is to be paid into the church by its members on a monthly basis.
Offerings: This is residual voluntary donations given to church every Sunday by the members of the church.
The church does not hold any restricted funds.
1.3 Gift Aid
There was a total reclaim of Gift Aid amount of £15,274 (2021: £13,553) from HM Revenue & Customs (HMRC) during the period.
1.4 Resources Expended
Resources expended are classified as:
Sundry and operating: These are weekly expenses for refreshments for church members and newcomers including the monthly depreciation of the church’s assets.
Management Fees: Monthly fees are paid to the RCCG Central head office as part of charitable activities
Travel Cost: These are expenses relating to transportation of members to church on a weekly basis as well as mobility costs for the church delegates to outreach programs.
| Administrative expenses Honorarium IT/Software licence Management Fees Operational cost Salary and Wages Streaming services Sundry Expenses Travel cost Utility Welfare Total |
Year ended 31/12/2022 Year ended 31/12/2021 £ £ 13,055 12,503 2,124 2,365 1,513 204 3,665 4,780 16,765 4,554 28,500 12,000 218 317 4,980 4,621 789 612 987 236 24,658 4,712 |
|---|---|
| 97,253 46,902 |
Depreciation: This is the write down of our tangible fixed assets.
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RCCG Vineyard Chapel
1.5 Tangible Fixed Assets and Depreciation
Tangible fixed assets relate to functional electronic equipment and furniture used during the service. It also consists of gifts of tangible assets donated to the church by its members as thanksgiving offerings. The tangible fixed assets are depreciated in accordance with the depreciation policy stated below:
Visual Electronics- 20%
Computer and Sound Equipment- 33%
Furniture and Fitting- 20%
Buildings- 4%
Gift of assets are also depreciated in accordance to the policy but recognised as other income within the SOFA at fair value. An amount equivalent to the depreciation amount is released to the resources expended to absorb the cost.
Tangible fixed assets are stated at cost/fair value less depreciation. Depreciation is calculated at rates above to write off the cost less estimated residual value for each asset over its expected useful life.
1.6 Creditors
| Outstanding Creditor at 01/01/2022 Payments made in the year Outstanding Creditor at 31/12/2022 |
£ 0.00 0.00 |
|---|---|
| 0.00 |
1.7. Fixed Assets
Tangible Fixed Assets
| Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net Book Value At 1 January 2022 At 31 December 2022 |
Furniture & Fittings Land & Building Computer and Equipment Total £ £ £ £ 835 150,000 21,536 172,371 1,858 3,597 5,455 - |
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| 2,694 150,000 25,133 177,827 |
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| 212 42,000 8,801 51,013 263 6,000 5,714 11,976 |
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| 475 48,000 14,515 62,989 |
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| 623 108,000 12,735 121,359 |
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| 2,219 102,000 10,619 114,838 |
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