2024-12-31-accounts - The Redeemed Christian Church Of God, Vineyard Chapel

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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 2024

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

RCCG Vineyard Chapel

Report and financial statements – For the year ended 31 December 2024 Legal and Administrative Information

Trustees

Mr S. O. Abidogun Mr O.O. Oketikun Mr O. Oladosu

Pastor-in-charge

Pastor Gifty 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

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 2024.

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 2011 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:

Worship and prayer.
Learning about the Gospel.
Developing people’s knowledge, understanding and trust in Jesus.
Provision of pastoral care for people living in our community; and
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 £31,071.

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.

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed; and
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 2011. 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.

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 2024 to 31 December 2024 on behalf of the Trustees. The work was undertaken in accordance with the Engagement Contract dated 04 September 2023.

We have examined the financial statements of the RCCG Vineyard Chapel Charity for the year ended 31 December 2024 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 2011. 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 2011 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 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

RCCG Vineyard Chapel

Statement of Financial Activities (including income and expenditure For the period ended 31/12/2024

Notes Incoming Resources 1.2 Gift Aid 1.3 Other Income Total Incoming Resources Resources Expended 1.4 Total Resources Expended Net Movement in Funds	Year ended 31/12/2024 Year ended 31/12/2023 Unrestricted Unrestricted £ £ 166,584 133,323 - 21,287 36,254 22,641
	202,838 177,251
	171,768 150,667
	171,768 150,667
	31,071 26,584

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

Samson O. Abidogun

Trustee

Charity Registration No: 1153794

RCCG Vineyard Chapel

Redeemed Christian Church of God; Vineyard Parish

Charity balance sheet For the year ended 31/12/2024

Notes Assets Fixed Assets 1.7 Cash Total Liabilities Creditors: amounts falling due within one year 1.6 Creditors: amounts falling due after one year 1.8 Total Net Assets TOTAL CHARITY FUND	2024 2023 £ £ Unrestricted Unrestricted 443,429140,419 8,083 117,696
	451,512 258,115
	2,926 600 160,000 -
	288,586 257,515

	288,586 257,515

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

Samson O. Abidogun Trustee

Charity Registration No: 1153794

RCCG Vineyard Chapel

Notes to the Charity accounts for the year ended 31/12/2024.

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 nil Gift Aid claim (2023: £21,287) from HM Revenue & Customs (HMRC) during the year.

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 Depreciation Motor Vehicle write off Audit and account fee Fine Total**	Year ended 31/12/2024 Year ended 31/12/2023 £ £ 8,977 16,006 4,934 4,919 1,425 1,847 4,430 3,360 14,100 35,299 45,894 31,000 295 183 7,220 6,372 3,473 2,857 9,132 4,960 31,522 23,089 20,843 20,052 16,500 - 2,926 600 97 123
	171,768 150,667

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%. Motor Vehicles – 25%.

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

Creditor at 1 January Audit and account fee accrual Payments made in the year Creditor at 31 December	2024 £ 2023 £ 600 - 2,926 600 (600) -
	2,926 600

This relates to accrued independent examiner and return filling fees, this amount is inclusive of VAT.

1.7. Fixed Assets

Tangible Fixed Assets

Cost At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge for the year Write off At 31 December 2024 Net Book Value At 31 January 2024 At 31 December 2024	Furniture & Fittings Land & Building Computer and Equipment Motor Vehicle WIP Total £ £ £ £ £ 4,177 157,679 37,105 24,500 - 223,461 14,632 4,405 5,836 1,400 314,079 340,352 - - - - - -
	18,809 162,084 42,941 25,900 314,079 563,813
	1,186 54,064 22,240 5,552 - 83,042 3,762 6,483 9,622 975 - 20,842 - - - 16,500 - 16,500
	4,948 60,547 31,862 23,027 - 120,3845
	2,991 103,615 14,865 18,948 - - 140,419
	13,861 101,537 11,079 2,873 314,079 443,429

RCCG Vineyard Chapel

Included as part of work in progress was the purchase of West of England Tavern bought on mortgage (see note 1.8). The mortgage loan from NatWest Bank was £160,000 granted effective 2 December 2024, the total cost including incidental cost of purchase was £314,079. This was included in work in progress as refurbishment work is required before it can be put into use.

1.8. Borrowings

A fixed rate term mortgage loan of £160,000 was granted by NatWest Bank effective 2 December 2024. The loan was for the purchase of West of England Tavern at 42 Mill Parade, Newport NP20 2JS, Wales, the tenor of the mortgage was 240 months priced at fixed rate for 36 months at 2.9% over Bank of England base rate. Loan repayment is due in equal monthly payment of £1,226.24 over the next 36 months.

Borrowing at 1 January Addition Interest accrual Payments made in the year Creditor at 31 December	2024 £ - 160,000 - -
	160,000