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2022-12-31-accounts

VICTORY BIBLE CHURCH INT

The Charity Registration Number is :- 1032224

VICTORY BIBLE CHURCH INT

Unaudited Report and Accounts

31 December 2022

VICTORY BIBLE CHURCH INT Report and accounts

Contents

Page
Charity information 1
Trustees' Annual Report 3
Statement of Trustees' responsibilities 5
Independent Examiner's Report 6
Funds Statements:-
Movements in funds 8
Statement of Financial Activities - Prior Year statement 8
Revaluation reserves 10
Revenue Funds 10
Summary of funds 10
Income and Expenditure account 12
Balance sheet 13
Notes to the accounts 15

VICTORY BIBLE CHURCH INT Trustees' Annual Report for the year ended 31 December 2022 The Trustees present their Report and Accounts for the year ended 31 December 2022

Reference and administrative details

The charity is also known by its operating name, VICTORY BIBLE CHURCH INTERNATIONAL

The charity's areas of operation and UK charitable registration.

The charity is registered in England & Wales with charity number 1032224

Legal structure of the charity

----- Start of picture text -----
The charity is constituted as an unincorporated charity, established by Trust Deed and its governing document is a Trust Deed and its formal provisions.
The Governing Document is
dated 10 September 2007
The principal operating address, telephone number and email and web addresses of the charity are:-
33-35 SPRAY STREET
WOOLWICH, LONDON
SE18 6AP
The Trustees in office on the date the report was approved were:-
Clement Amankwa Asihene
Jennifer Adofo
Obaayaa Buahin
Dimeji Abioye
----- End of picture text -----

The Trustees in office during the year were:-

The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

The charity is established for the promotion of the following -

The main activities undertaken in relation to those purposes during the year

The impact of the Covid19 pandemic continued to be felt even in 2022. Everyone including institutions had to make adjustments to comply with the various rules and regulations covering public gatherings and other events. As will be seen in the subsequent paragraphs some of the charity’s programmes and activities had to be adapted to meet the needs of the times.

The detailed achievements of the charity are outlined under "The Main Achievements and Performance of The Charity During The Year".

Our headline activities however include -

E) Our Pastors routinely look after the spiritual and socio-economic well-being of their congregants and new faith adherents. They also conduct Marriage and funeral ceremonies, infant dedication and baptismal services as required.

F) Our Evangelism Teams regularly reach out to members of their local communities with the sole aim of spreading the good news of the Salvation message of Jesus Christ

G) We also embarked upon socio-welfare interventions aimed at poverty alleviation and disaster relief through donations to other reputable Charitable organizations like Sans Frontiers & The Red Cross

2

Trustees' Annual Report for the year ended

31 December 2022

VICTORY BIBLE CHURCH INT

The main activities undertaken during the year to further the charity's purpose for the public benefit."

Apart from the organisation of Church services some of the other activities embarked upon by the charity specifically geared towards the general public
benefit include -
•
Our Bright Candidates Initiative (Saturday School), geared towards the provision of free extra-mural tuition for Primary and Secondary school student
continue to be well patronised within the local communities.
•
We have teamed up with the UK group Christians Against Poverty (CAP) with the objective of running some of their poverty-alleviating courses from one o
our London Branches in Lewisham
• Pre-marital & Post-marital counselling
• Bereavement Support
• Welfare Support
• Opening up of a new Well-Being Centre in our Lewisham branch to encourage the Health and Well-being of the local inhabitants
• Diverse Men and Women ministries meetings
• Marriage Enrichment seminars
• Singles Seminars
• The Revamping of our Next Generation Church (our Youth ministry) specifically targeted at ameliorating knife and gun crimes
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

The main achievements and performance of the charity during the year

Various activities were undertaken during the report period geared towards the spiritual, economic and socio-cultural well-being of the church members and the communities at large. Detailed achievements during the year are – Camp Meeting This is an established annual event held during the Easter period at which various branches in the UK, Europe and Asia gather together for spiritual renewal, rejuvenation and direction. Through the seminars / sessions held during these meetings, the economic, social and other aspects of the lives of congregational members were steered in the right direction. Due to the prevailing restrictions following the Covid 19 Pandemic, Camp meeting 2022 was held virtually via Zoom, with a few in-person attendance in Woolwich and Northampton, under the theme “Multiplying and increasing in Land”. Bishop N. A. Tackie-Yarboi, the Presiding Bishop of VBCI (Worldwide) was the Guest Minister. Ministerial Council Retreat (Formerly Known as “Leaders Retreat”) Started in 2007, this annual retreat is aimed at sensitising the spiritual leadership of the church in the UK with the direction of the organisation as a whole. It also offers the opportunity to reiterate the vision and encourage the leaders to remain focussed despite the various challenges that they may encounter in their ministries. Also, the gathering is used as a networking tool for the various branches to learn best practices from one another. Those in the offices of Reverend Ministers, Pastors and Elders and their spouses were in attendance to ensure that there would be the necessary balance between ministry and family life. The theme for the 2022 Ministerial Council retreat held on the 30th January to 1st February was “Effective Discipleship”. Bishop Clement Asihene, the Sector Overseer for VBCI UK, Europe and Asia was the main facilitator and speaker. Victorious Women’s Ministry The UK women’s ministry is specifically geared towards ministering to hurting women with the sole aim of giving them hope irrespective of their situation or circumstances. It is headed by Reverend (Mrs) Asihene; assisted by other able ladies in the various branches. The 2022 conference themed "I Will Arise and Shine” had the President of the VBCI women’s ministry UK Reverend Mrs Cecelia Asihene as the main speaker. She ministered to the ladies encouraging them to go after their dreams irrespective of the challenges they encounter to be able to achieve their God-given purpose thereby impacting lives in their generation and those after them. Men in the House Conference The UK Men’s ministry was set up with the main aim of building strong, mighty and responsible men who are able to fulfil their destinies despite life’s challenges. It is presided over by Bishop Joseph Acquaye as the Victory Men’s Fellowship (VIMEF) Global Director. The 2022 Men’s Excel Conference themed “Striving for Excellence” took place on the 18th of June 2022 with Bishop Clement Asihene and Mr Albert Achamfour as guest speakers. Lay Ministers Academy

The Lay Ministers Academy which was established to train and equip those who are called into ministry but still maintain secular jobs in order for them to fulfil their ministry, resumed lessons following the break during the Covid 19 pandemic. Classes / training are mainly online and conducted in a life-changing, paradigm-shifting, religion free environment over a twenty-week period. Course contents include Healing and Deliverance, Church Planting and Evangelism, Devotional Life and Pastoral Ministry. It is an on-going policy of VBCI (UK) that any one holding or aspiring to a leadership position (Deacons, Elders, Pastors, etc) within the church must go through the academy in order to ensure that they properly imbibe the vision of the church. The graduation ceremony for the Class of 2021 was held on 20th August with Reverend Dr. David Antwi of the Kharis Ministries as guest minister.

Passion Music Academy Developments in the Branches

The Financial Restructure exercise embarked upon at the beginning of the 2012 continues to bear the desired results as the branches are becoming more conscious of controlling their costs and finding other creative ways to improve their incomes. Greater transparency and accountability has now been entrenched within the charity due to the standardization of all our banking operations with the HSBC bank. The majority of church services and programmes were held both online and in person in order to comply with the various social distancing restrictions that were imposed following the COVID19 pandemic. This ensured that members’ emotional, spiritual and physical well being was taken care off. It is with great pleasure that we announce, as well, that all the existing branches are thriving in spite of the challenging economic environment.

Next Generation Church

This is the Youth ministry of VBCI (UK).

Borne out of a realization of the need for a foundation to be laid for the next generation, the inception service was held on Saturday, the 4th of October, 2008. This ministry was re-launched on the 18th of January 2015 as Next Generation Church (NGC) by Bishop Asihene. Services are held on Sunday afternoons in order to encourage the youth to invite their “un-churched” friends to a church service where they will be among their own peers. Currently, services are held in the various VBCI branches nationwide under the leadership of able youth pastors with the supervision of the senior pastor within the branch. The annual camp for the youth is yet to resume following the pandemic however strategic programmes are organised frequently within the various branches for the youth in order to keep them engaged and connected to each other.

3

VICTORY BIBLE CHURCH INT

Trustees' Annual Report for the year ended

31 December 2022

Morning Glory

Envisioned by Bishop Clement Asihene and started in 2005, Morning Glory, the prayer and prophetic gathering of God’s people on the first Saturday of the month, continues to grow from strength to strength. The ministry has now become an evangelistic and power encounter arm of VBCI (UK). Attendance, now in the hundreds, has been predominantly from non VBCI (UK) members. Morning Glory is hosted by Reverend (Mrs) Asihene and Bishop Prophet Emmanuel Baidoo. Following the relaxation of the social distancing rules, this programme is currently held both in person and online via Facebook and YouTube on the first Saturday of every month.

Victory Praise Night

2015 saw the inception of a new annual event tagged “Victory Praise Night”. It is to be a day set aside for purely Praise, thanksgiving and worship of God. This corporate event resumed in 2022 renamed “Yadah Praise Night” and was held on the 24th September with Emmanuel Smith as the guest minister. It was a remarkable event.

Other Developments

The weekly teaching service started in 2009 continues in earnest. Aptly named “Open Bible Teaching Service”, the teachings, facilitated by Bishop Clement Asihene, are designed to help God's people to unlearn some traditions and doctrines of men, in order to replace their belief system with the Pure Gospel of Jesus Christ. New Testament Believers now have the opportunity to know and understand WHO THEY ARE IN CHRIST so they can REIGN IN LIFE as successful saints. These meetings now hold weekly online for New Life Sanctuary on Tuesdays and Oasis Sanctuary on Wednesdays.

2022 saw season 14 of “Impartation Night” themed “Fill Your Horn With Oil” conducted by Bishop Clement Asihene. These nights are also designed with the aim of passing on years of “ministerial experience” to the next generation. These occur on the last Sunday of the month from September to February of the following year. There has been an immense improvement in the lives of members as a consequence of these meetings.

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VICTORY BIBLE CHURCH INT

Trustees' Annual Report for the year ended

31 December 2022

Fundraising activities during the year.

The difference the charity's performance during the year has made to the beneficiaries of the charity

The following highlights the impact of the charity’s activities on our beneficiaries –

The degree to which the achievements and performance during the have benefited wider society

Financial review

The charity's financial position at the end of the year ended 31 December 2022

The financial position of the charity at 31 December 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

2022
£
Donations & Legacies
1,912,450
Total expenditure
(1,640,736)
271,714
2,190,459
Endowment Revenue Funds
402,458
Total Endowment funds
402,458
Total Funds
2,592,917
Financial review of the position at the reporting date,
Unrestricted Revenue Funds available
for the general purposes of the charity
Net Income		 2021
£
1,622,417
(1,194,974)
427,443
1,918,745
402,458
402,458
2,321,203
31 December 2022

Total income for 2022 was £1,912,450 with a total expenditure of £1,640,736. Compared to 2021 with £1,622,417 in total income and £1,194,974 in expenditure. Compared to 2021 in which there was a surplus of £427,443, 2022 had a net improvement of £271,714. The tight budgetary control exercised by the Board of Trustees and the Finance Team with regards to the on-going judicious usage of the charity's increased income and the emphasis on increased efficiency are the main reasons for the turnaround in the charity's finances.

It is the intention of the Board of Trustees to continue implementing the "Financial Restructure" program to further ensure "Effectiveness, Efficiency, Economic viability and Equity" and greater corporate ownership in 2023. The Board of Trustees and the Finance Team are satisfied with the current state of the Charity's finances

5

VICTORY BIBLE CHURCH INT

Trustees' Annual Report for the year ended

31 December 2022

Policies on reserves.

The charity acquired and registered the property now known as “Sanctuary Centre” in April 2008. The building has now become established as a landmark in the Woolwich area and is also a melting pot where people from various walks of life can receive Godly assistance and guidance. Oasis Sanctuary, one of the church’s branches, has the privilege of meeting in the premises on an on-going basis.

We intend to hold cash reserves equivalent to three months running costs of the organisation and build up the reserves as the finances of the charity improves. We aim to create a designated fixed assets fund to highlight the reserves invested in the tangible assets we use in carrying out our activities. The designated amount will be equivalent to the total net book value of fixed assets less any fixed assets held in restricted funds.

As the finances of the charity improve, it is our intention to revisit short-term investments in the form of fixed deposit accounts. Property acquisition, where we know that the rental and other associated costs can be easily covered, continued to be emphasized, in 2022. In pursuit of this, we acquired another property in the Northampton area in 2022. This brings the total number of our Freehold properties to 4.

We will pro-actively assess the above in order to ensure that we minimise the charity’s risk exposure whilst maximising returns.

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), . The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

This report was approved by the Board of Trustees on 28 October 2023.

MRS JENNIFER ADOFO

Secretary to the Board of Trustees

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VICTORY BIBLE CHURCH INT

Unaudited Report to the Trustees of the charity on the accounts for the year ended 31 December 2022

Respective responsibilities of the Trustees and the Auditor and the basis of the report

As described on page 9, you, the charity's Trustees, are responsible for the preparation of the financial statements in

accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practiceand for being satisfied that the financial statements give a true and fair view.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply,

and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.

The financial statements are required to be audited under any legal provision, or

otherwise, and - a) examine the financial statements of the charity under Section 145 of the Act; b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of the unauditored Statement and scope of work undertaken

Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:-

The gross income of the charity in the year ended 31 December 2022 appears to exceed the sum specified in Section

145(3) of the Act, namely £250000, and that I am qualified to act as Independent Examiner in accordance with that section by virtue of my being a qualified member of Chartered Accountants; The accounts are being examined in the circumstances specified in Regulation 34(3)(b, and the date when the Charity

Commission dispensed with the requirements for audit under Section Section 144(1) of the Charities Act 2011 (the Act) of the Act was :- 01 January 2017

This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given

by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

and that no material matters have come to my attention in connection with the examination giving me cause to believe

that in any material respect:-

accounting records were not kept in respect of the charity as required by with Section 130 of The Charities Act 2011;

the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view, which is not a matter considered as part of an independent examination; have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

This report was signed on 31 October 2023

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VICTORY BIBLE CHURCH INT

Statement of Financial Activities for the year ended 31 December 2022

Current year
Unrestricted
Funds
2022.00
£
Income & Endowments
Donations & Legacies
A1
1,912,450
Expenditure
Expenditure on charitable activi B2
1,640,736
Total expenditure
B
1,640,736
Net income for the Year
A-B
271,714
Transfers between funds
C
Net income after transfers
A-B-C
271,714
271,714
Reconciliation of funds:-
E
Total funds brought forward
1,918,745
Total funds carried forward
2,190,459
SO
RP
Re
f
Net movement in funds		 Current year
Unrestricted
Funds
2022.00
£
Income & Endowments
Donations & Legacies
A1
1,912,450
Expenditure
Expenditure on charitable activi B2
1,640,736
Total expenditure
B
1,640,736
Net income for the Year
A-B
271,714
Transfers between funds
C
Net income after transfers
A-B-C
271,714
271,714
Reconciliation of funds:-
E
Total funds brought forward
1,918,745
Total funds carried forward
2,190,459
SO
RP
Re
f
Net movement in funds		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2022
2022
2022
2021
£
£
£
£
-
-
1,912,450
1,622,417
-
-
1,640,736
1,194,974
1,640,736 -
-
1,640,736
1,194,974
-
-
271,714
427,443
-
-
271,714
427,443
271,714
1,918,745		 -
-
271,714
427,443
-
402,458
2,321,203
2,251,213
2,190,459 -
402,458
2,592,917
2,678,656

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

All activities derive from continuing operations

The notes attached on pages 20 to 22 form an integral part of these accounts.

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VICTORY BIBLE CHURCH INT

Analysis of prior year total funds, as required by paragraph 4.2 of the SORP

Prior Year
Prior Year
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
Income & Endowments
Donations & Legacies
A1
1,622,417 0
-
-
Total income
A
1,622,417
-
Expenditure
-
Expenditure on charitable activi B2
1,194,974
-
Total expenditure
B
1,194,974
-
Net Income for the Year
A-B
427,443
-
Transfers between funds
C
-
-
Net income after transfers
427,443
-
427,443
-
Reconciliation of funds:-
E
Total funds brought forward
1,491,302
-
Total funds carried forward
1,918,745
-
SO
RP
Re
f
Net movement in funds		 Prior Year
Endowment
Funds
2021
£
-
-
-
-
-
-
-
-
402,458
402,458		 Prior Year
Total Funds
2021
£
1,622,417
1,622,417
1,194,974
1,194,974
427,443
-
427,443
427,443
1,893,760
2,321,203

All activities derive from continuing operations

19

VICTORY BIBLE CHURCH INT

Resources applied in the year ended 31 December 2021 towards fixed assets for Charity use:-

Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Net resources available to fund charitable activities		 2022
£
271,714
(687,502)
(415,788)		 2021
£
427,443
(29,877)
397,566

The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.

The notes attached on pages 20 to 22 form an integral part of these accounts.

Movements in revenue and capital funds for the year ended 31 December 2022

Revenue accumulated funds

Unrestricted
Restricted
Funds
Funds
2022
2022
£
£
Accumulated funds brought forw
1,918,745
-
Recognised gains and losses b
271,714
-
2,190,459
-
Closing revenue funds
2,190,459
-
Summary of funds
Unrestricted
Restricted
and
Funds
Designated funds
2022
2022
£
£
Revenue accumulated funds
2,190,459
-		 Endowment
Funds
2022
£
402,458
-
402,458
402,458
Endowment
Funds
2022
£
402,458		 Total
Funds
2022
£
2,321,203
271,714
2,592,917
2,592,917
Total
Funds
2022
£
2,592,917		 Last year
Total Funds
2021
£
1,893,760
427,443
2,321,203
2,321,203
Last Year
Total Funds
2021
£
2,321,203

The notes attached on pages 20 to 22 form an integral part of these accounts.

20

VICTORY BIBLE CHURCH INT 21

VICTORY BIBLE CHURCH INT

Income and Expenditure Account for the year ended 31 December 2022 as required by the Companies Act 2006

Income
Income from operations
Gross income in the before exceptional items
Gross income in the including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Governance costs
Realised losses on disposals of social investments which are programme related
Total expenditure in the
Tax on activity
The
All activities derive from continuing operations
Net Income after tax
Net Income for the year		 2022
£
1,912,450
1,912,450
1,912,450
1,504,814
125,421
10,500
-
1,640,736
271,714
-
271,714
271,714		 2021
£
1,622,417
1,622,417
1,622,417
1,128,496
55,977
10,500
-
1,194,974
427,443
-
427,443
427,443

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 20 to 22 form an integral part of these accounts.

22

VICTORY BIBLE CHURCH INT - Balance Sheet as at 31 December 2022

**Notes ** SOR
P Ref 2022 2021
£ £
Fixed assets A
Tangible assets 3 A2 4,975,723 4,413,642
Current assets B
Debtors 4 B2 - 218,000
Cash at bank and in hand B4 481,974 284,129
481,974 502,129
Creditors: amounts falling due
within one year 5 C1 (33,882) (19,220)
Net Current Asset 448,091 482,909
Total asset less current
Liabilities 5,423,814 4,896,551
Creditors: amounts falling due
after more than one year 6 C2 (2,830,897) (2,575,348)
Total Net asset of charity 2,592,917 2,321,203
Total Assets funded by:
Endowment funds
Endowment Revenue Funds 9 D1 402,458 402,458
Restricted funds
Unrestricted Funds
Unrestricted Revenue Funds 9 D3 2,190,459 1,918,745
Designated Funds 2,592,917 2,321,203
- - 0

23

VICTORY BIBLE CHURCH INT - Balance Sheet as at 31 December 2022

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the examiner is on page 13.

The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to compa

MR DIMEJI ABIOYE

Treasurer of The Board of Trustees Approved by the board of trustees on 31 October 2023

The notes attached on pages 20 to 22 form an integral part of these accounts.

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2022

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Categories of Income

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitled is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value of the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2022

Income recognition

Income is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers

26

VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2022

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. 2 Liability Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.

Endowment funds are funds donated to the charity, where the funds shall be invested and the charity shall enjoy the benefit of the income from the capital fund, but where restrictions are placed The charity operates a defined benefit pension scheme. Contributions are charged to the profit and loss account and liabilities are accounted for in accordance with the principles set out in module 17 of the SORP.

Pensions - defined contribution schemes

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.The charity operates a defined benefit pension scheme. Contributions are charged to the profit and

loss account and liabilities are accounted for in accordance with the principles set out in module 17 of the SORP.

Policies relating to assets, liabilities and provisions and other matters.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Land and Building Straight line over 100 years Plant and machinery 20 % straight line Motor vehicles 25 % straight line Furniture and Fittings 20 % straight line

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

27

VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2022

2 Staff costs and emoluments

Salary costs
Gross Salaries
Employer's contribution to defined benefit pension schemes
Total salaries, wages and related costs
Numbers of full time employees or full time equivalents
The average number of total staff employed in the year was		 2022
£
414,017
31,060		 2021
£
358,875
29,314
445,077 388,189
2022
25		 2021
25

No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.

3 Tangible fixed assets

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the Year
On disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Land and
Buildings
£
4,597,414
641,775
-		 Plant &
Equipment
Motor
Vehicles
Furniture &
Fittings
£
£
£
294,613
12,477 0
-
32,845
12,883
-
-		 Plant &
Equipment
Motor
Vehicles
Furniture &
Fittings
£
£
£
294,613
12,477 0
-
32,845
12,883
-
-		 Total
£
4,904,504
687,502
-
5,239,189 327,458
12,477		 12,883 5,592,007
227,994
103,295
-		 250,392
12,477
20,283
-
-
-		 -
1,843
-		 490,862
125,421
-
331,289 270,675
12,477		 1,843 616,284
4,907,900 56,783
-		 11,040 4,975,723
4,369,420 44,222
-		 - 4,413,642

4 Debtors

Prepayments and accrued income Other debtors

2022
£
-		 2021
£
218,000
- 218,000

28

VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2022

5
Creditors: amounts falling due within one year
Accruals
PAYE, NIC VAT and other taxes
6
Creditors: amounts falling due after one year
Mortgage
7
Income and Expenditure account summary
At 1 January 2022
Prior year adjustments
At 1 January 2022
Net income for the year
At 31 December 2022
8
Particulars of how particular funds are represented by assets and liabilities
At 31 December 2022
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
4,975,723
Investments at valuation:-
Current Assets
79,516
-
402,458
Current Liabilities
(33,882)
-
-
Long Term Liabilities
(2,830,897)
-
-
2,190,459
-
402,458
At 1 January 2022
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
4,413,642
Investments at valuation:-
Current Assets
99,671
402,458
Current Liabilities
(19,220)
-
Long Term Liabilities
(2,575,348)
-
1,918,745
-
402,458		 5
Creditors: amounts falling due within one year
Accruals
PAYE, NIC VAT and other taxes
6
Creditors: amounts falling due after one year
Mortgage
7
Income and Expenditure account summary
At 1 January 2022
Prior year adjustments
At 1 January 2022
Net income for the year
At 31 December 2022
8
Particulars of how particular funds are represented by assets and liabilities
At 31 December 2022
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
4,975,723
Investments at valuation:-
Current Assets
79,516
-
402,458
Current Liabilities
(33,882)
-
-
Long Term Liabilities
(2,830,897)
-
-
2,190,459
-
402,458
At 1 January 2022
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
4,413,642
Investments at valuation:-
Current Assets
99,671
402,458
Current Liabilities
(19,220)
-
Long Term Liabilities
(2,575,348)
-
1,918,745
-
402,458		 5
Creditors: amounts falling due within one year
Accruals
PAYE, NIC VAT and other taxes
6
Creditors: amounts falling due after one year
Mortgage
7
Income and Expenditure account summary
At 1 January 2022
Prior year adjustments
At 1 January 2022
Net income for the year
At 31 December 2022
8
Particulars of how particular funds are represented by assets and liabilities
At 31 December 2022
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
4,975,723
Investments at valuation:-
Current Assets
79,516
-
402,458
Current Liabilities
(33,882)
-
-
Long Term Liabilities
(2,830,897)
-
-
2,190,459
-
402,458
At 1 January 2022
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
4,413,642
Investments at valuation:-
Current Assets
99,671
402,458
Current Liabilities
(19,220)
-
Long Term Liabilities
(2,575,348)
-
1,918,745
-
402,458		 - -
2022
£
24,336
9,546		 2021
£
10,500
8,720
33,882 19,220
2022
£
2,830,897		 2021
£
2,575,348
2022
£		 2021
£
-
271,714		 -
375,337
271,714 375,337
Restricted
funds
£		 Total
Funds
£
4,975,723
481,974
(33,882)
(2,830,897)
2,190,459 -
402,458		 - 2,592,917
Unrestricted
funds
£
4,413,642
99,671
(19,220)
(2,575,348)		 Designated
Endowment
funds
funds
£
£
402,458
-
-		 Restricted
funds
£		 Total
Funds
£
4,413,642
502,129
(19,220)
(2,575,348)
1,918,745 -
402,458		 - 2,321,203

29

VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2022

9 Change in total funds over the as shown in Note "&Note_Funds&" , analysed by individual funds

Unrestricted and designated funds:-
Unrestricted revenue funds
Total unrestricted and designated funds
Endowment funds:-
 See Note 10
£
£
1,918,745
271,714
Movement in
funds in 2022
Funds brought
forward from 2021		 £
Transfers
between funds
in 2022		 £
2,190,459
Funds carried
forward to 2022
1,918,745
271,714		 - 2,190,459
402,458 402,458
Revenue Endowment Funds -
balance still to be analysed in
(402,458)

Total endowment funds
Total charity funds
402,458
-		 - 402,458
2,321,203
-		 - 2,592,917

10 Analysis of movements in funds over the yearas shown in Note "&Note_Individual.funds

Unrestricted and designated funds:-
Unrestricted revenue funds
Endowment funds:-		 Income
Expenditure
2022
2022
£
£
1,912,450
(1,640,736)		 Other
Gains &
Losses
2022
£
-		 Movement
in funds
2022
£
271,714
1,912,450
(1,640,736)		 - 271,714

30

VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015 as amended

This analysis is classsified by conventional nominal descriptions and not by activity.

11 Donations
Current year
Current year
Current year
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2022
2022
2022
£
£
£
Donations and gifts from individuals
Small donations
1,912,450
1,912,450
Total Donations
A1
1,912,450
12 Expenditure on charitable activities - Direct spending
Small donations		 Current year
Unrestricted
Funds
2022
£
1,912,450		 Current year
Current year
Restricted
Funds
Endowment
Funds
2022
2022
£
£		 Current year
Total Funds
2022
£
1,912,450		 Prior Year
Total Funds
2021
£
1,622,417
1,912,450 1,912,450 1,622,417
1,912,450 1,912,450 1,622,417
Current year
Unrestricted
Funds
2022
£
Gross wages and salaries -
charitable activities
326,202
Employers' NI - Charitable
87,815
Defined benefit pension costs -
charitable activities
31,060
Travel and Subsistence -
Charitable Activities
12,147
Donation , Support and
Benevolence
112,417
6,757
Services and Church Expenses
389,703
Training and Seminar
20,156
Missions and Global Outreach
83,502
Total direct spending
B2a
1,069,759
Life Insurance		 Current year
Unrestricted
Funds
2022
£
326,202
87,815
31,060
12,147
112,417
6,757
389,703
20,156
83,502		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2022
2022
2022
2021
£
£
£
£
326,202
358,875
87,815
-
31,060
29,314
12,147
8,995
112,417
191,661
6,757
-
389,703
277,633
20,156
12,175
83,502
18,612
1,069,759
897,265

31

VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015 as amended

13 Support costs for charitable activities

13
Support costs for charitable activit		 ies ies
Premises Expenses
Rent payable under operating
Room Hire
Light heat and power
Cleaning ,Water, Rate and waste
Premises repairs, renewals and
Mortgage interest Payment
Administrative overheads
Telephone, fax and internet
Postage
Hire of equipment and Repairs
Health and safety costs
Advertising and marketing
Liabilty and contents insurance
Printing, publications and Books
Insurance
Office expenses
Administrative Expenses
Professional fees paid to advisors
Financial costs
Bank charges
Support costs before reallocation
Total support costs
Property,Public Liabilty and contents
Equipment,repairs,expenses and
Sundry expenses
Other legal and professional
Mortgage Fees
Depreciation & Amortisation in total		 Current year
Current year
Current year
Current year
Prior Year
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2022
2022
2022
2022
2021
£
£
£
£
£
21,653
21,653
15,753
118,124
118,124
46,471
27,597
27,597
11,393
15,973
15,973
6,085
22,466
22,466
26,323
111,636
111,636
46,511
3,653
3,653
-
11,592
11,592
7,913
-
-
-
-
5,854
5,854
-
-
656
-
-
-
-
-
13,912
13,912
1,724
-
-
-
-
-
-
1,563
1,563
27,104
other than the auditor or examiner
73,958
73,958
40,550
3,805
3,805
749
3,270
3,270
125,421
125,421
55,977
560,477 556,824
287,209
560,477 556,824
287,209

The basis of allocation of costs between activities is described under accounting policies

14 Other Expenditure - Governance costs

Current year
Unrestricted
Funds
2022
£
Independent Examiner's fees
10,500
Total Governance costs
10,500
15 Total Charitable expenditure
Current year
Unrestricted
Funds
2022
£
Total direct spending
B2a
1,069,759
Total support costs
B2d
560,477
Total Governance costs
B2e
10,500		 Current year
Unrestricted
Funds
2022
£
10,500		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2022
2022
2022
2021
£
£
£
£
10,500
10,500
10,500 10,500
10,500
Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2022
2022
2022
2021
£
£
£
£
1,069,759
897,265
556,824
287,209
10,500
10,500

32

VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015 as amended

Total charitable expenditure B2 1,640,736 1,637,083 1,194,974

33

VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015 as amended

34