Appendix
Financial Statements - Redeemed Christian Church of God (Victory Chapel)
October 1, 2024Pages 352–3544 sections
Statement of financial position and income for the church for the year ending December 31, 2023.
Net Assets: $1,177,976Total Income: $521,695Excess Income: $14,786
The Redeemed Christian Church of God Victory Chapel
Page 352–354
Statement Of Financial Position
As At December 31, 2023
(Prepared Without Audit - See Notice To Reader)
Assets
Current Assets
| Item | Amount |
|---|---|
| Business chequing account - TD | $10,661 |
| Community service account - Vancity | 96,657 |
| Vancity membership shares | 7 |
| Term deposit/GIC | 0 |
| Accounts receivable | 0 |
| GST/HST rebate receivable | 1,659 |
| Total Current Assets | 108,983 |
Capital Assets
Property and equipment:
| Item | Amount |
|---|---|
| Land | 663,569 |
| Building and improvements | 576,211 |
| Furnishings & equipment | 8,205 |
| Vehicles | 9,300 |
| Leasehold improvements | 11,296 |
| 1,268,581 | |
| Less: accumulated amortization | 199,588 |
| Net Capital Assets | 1,068,993 |
| Total Assets | 1,177,976 |
Liabilities
Current Liabilities
| Item | Amount |
|---|---|
| Accounts payable | 3,211 |
Long Term Liabilities
| Item | Amount |
|---|---|
| Mortgage - Vancity Credit Union | 377,224 |
| Total Liabilities | 380,435 |
| Net Assets | 797,541 |
| $1,177,976 |
Page 352–354
The Redeemed Christian Church of God Victory Chapel
Page 352–354
Statement of Income
For The Year Ended December 31, 2023
(Prepared Without Audit - See Notice To Reader)
Income
Contribution Income
| Item | Amount |
|---|---|
| Tax receipted gifts-offerings/tithes/building fund/ministry | $477,874 |
| Tax receipted gifts-Donations in Kind | 5,345 |
| Non tax receipted gifts(anonymous)-offerings/tithes/others | 16,129 |
| GST rebate [from 2022] | 1,102 |
| Bank interest | 0 |
| Other Income(Tax receipted) | 250 |
| Other Income(Non-tax receipted) | 2,195 |
| Rental of space | 18,800 |
| Total Income | 521,695 |
Expenditures
| Item | Amount |
|---|---|
| Remittance Account - RCCG | 0 |
Operating Expenses
| Item | Amount |
|---|---|
| Advertising | 0 |
| Automobile expenses | 6,529 |
| Bank fees, credit card, merchant fees | 16,674 |
| Business fees, licences, dues | 225 |
| Office supplies | 1,438 |
| Amortization expense of capitalized assets | 17,176 |
| Meals & Entertainment | 517 |
| Mortgage interest | 19,678 |
| Postage, stationary & delivery expenses | 793 |
| Professional fees | 1,365 |
| Salaries, wages & benefits | 165,015 |
| Employer's portion of employee benefits | 11,368 |
| GST/PST on expenses | 4,790 |
| Honorariums | 27,445 |
| Subtotal Operating Expenses | 273,013 |
Occupancy Expense
| Item | Amount |
|---|---|
| Facility Rental - RCCG | 19,043 |
| Utilities - Telephone/Cable/Hydro/Fortis | 7,366 |
| Maintenance & repairs | 17,631 |
| Insurance | 16,187 |
| Subtotal Occupancy Expense | 60,227 |
Departments/Committees
| Item | Amount |
|---|---|
| Music instruments/equipment/books | 5,128 |
| Children's church | 2,374 |
| Church supplies/printing/design | 8,316 |
| Subtotal Departments/Committees | 15,818 |
Ministry Expense
| Item | Amount |
|---|---|
| Care/Prayer/Hospitality ministry | 8,235 |
| Food costs/Kitchen/Socials | 24,129 |
| Evangelism/outreach/special programs | 13,603 |
Ministry Expense (Continued)
| Item | Amount |
|---|---|
| Flowers/gifts | 2,958 |
| Men's/Women's/Worship ministry | 5,081 |
| Youth outreach/Young adults/Street ministry | 3,152 |
| Grants, gifts to qaulified/other donees | 95,000 |
| Subtotal Ministry Expense | 152,158 |
Travel & Meetings Expense
| Item | Amount |
|---|---|
| Travel, conference, convention, meeting | 5,692 |
| Subtotal Travel, Conference, Convention & Meetings | 5,692 |
| Total Expenses | 506,909 |
| Excess Income/Expenses | $14,786 |
Page 352–354
Extracted from: 2024 10 01 Council Agenda - Agenda - Pdf