Registered Charity Number :- 1032224 

## VICTORY BIBLE CHURCH INTERNATIONAL UK 

## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 

FOR THE YEAR END 31 December 2023 

**VICTORY BIBLE CHURCH INTERNATIONAL UK 33-35 SPRAY STREET** 

**WOOLWICH LONDON SE18 6AP** 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**CONTENTS** 

FOR THE YEAR ENDED 31 December 2023 

TRUSTEES' REPORT ....................................................................................................................................3 INDEPENDENT EXAMINER'S REPORT ...................................................................................................... 12 STATEMENT OF FINANCIAL ACTIVITIES .................................................................................................. 14 BALANCE SHEET ........................................................................................................................................ 15 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................... 15 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

## **Legal Structure of the Charity** 

The charity is registered as a trust and is governed by the Declaration of Trust dated 13 December 1993 (as amended 26 May 2004 and 10 September 2007). The Governing Document is dated 10 September 2007. Telephone Number – 020 3259 3089 The charity is established for the promotion of the following – The advancement of Christian Faith; Relief of sickness and financial hardship; 

Promotion and preservation of good health by the provision of funds, goods or services of any kind, including the provision of counselling and support in such parts of the United Kingdom and the world as the Trustees from time to time decide; 

Advancement of education in such parts of the United Kingdom and the world as deemed fit by the Board of 

## Trustees. 

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 – 

Organisation of various Church services, seminars, events, conferences and training programmes to raise the awareness and an understanding of the Christian faith in the course of the year. 

## The provision and 

maintenance of buildings for Christian Church services in 16 locations spread across Greater London and the Midlands. 

Our Bright Candidates 

Initiative (Saturday School), geared towards the provision of heavily subsidised extra-mural tuition for Primary and Secondary school students. This continues to be well patronised within the local communities. 

## Working with the UK group, 

Christians Against Poverty (CAP) with the objective of running some of their poverty-alleviating courses from one of our London Branches in Lewisham 

## Empowering Pastors to routinely 

look after the spiritual and socio-economic well-being of their congregants and new faith adherents. Additionally, they also conduct marriage and funeral ceremonies, infant dedication and baptismal services as required. 

## Our Evangelism Teams 

regularly reach out to members of their local communities with the sole aim of 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

spreading the good news of the Salvation message of Jesus Christ. 

Embarking upon socio-welfare interventions aimed at poverty alleviation and disaster relief through donations to other reputable charitable organizations like Sans Frontiers & the Red Cross. A Food Bank, started prior to the global lockdown in 2020, continues to run at our branch in Lewisham providing groceries and other necessities to the community on a weekly basis. 

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

In addition to the organisation of Church services and other activities as enumerated above, the charity also embarked upon the following which were specifically aimed at benefiting both congregants and the general public  – 

Pre-marital &Post-marital counselling 

Bereavement Support 

Welfare Support 

Continuation  of the running of  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 ongoing revamping of our Next Generation Church (our Youth ministry) specifically targeted at ameliorating knife and gun crimes. 

The maintenance of a Trans Generational Constitution. This had the effect of demarcating the UK churches into provinces and the subsequent appointment of a head for each province.  Amongst the many 

reasons for this new policy is the fostering of church growth and alignment of all the various activities conducted by the church. 

The current provinces are: 

Oasis Province headed by Bishop Clement Asihene. 

South East Province headed by Bishop Sylvester Cobbold 

East Province headed by Bishop Emmanuel Quarshie –Halm 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

South Province headed by Bishop Patrice Sampso 

South West Province headed by Bishop Alex Quayson 

Midlands Province headed by Bishop Joseph Acquaye 

## **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 and Europe 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. Camp meeting 2023 was held at the Oasis Academy- Shirley Park under the theme “Entering A New Season”. 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 2023 Ministerial Council retreat held on the 22[nd ] 

April 2023 was “Making the Vision Plain (Effective Communication)”. Bishop Clement Asihene, the Sector Overseer for VBCI UK and Europe 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. 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

It is headed by Reverend (Mrs) Asihene; assisted by other able ladies in the various branches. The 2023 conference themed "Positioning 

Yourself for Power to Reign” had the President of the VBCI women’s ministry worldwide Reverend Mrs Dora Tackie-Yarboi as 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. All the various men’s seminars/meetings were held only at the sanctuary/provincial level in 2023. 

## **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, continued in earnest during the year under review. 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 2023 was held on 19[th] August, 2023 with Bishop Joe Acquaye of VBCI Mercy Sanctuary as guest minister. 

## **Passion Music Academy** 

It should be reiterated that the academy has a dual role of encouraging / teaching church members and the youth within the community at large to play musical instruments. This is with the aim of providing an avenue for them to use their skills and talents profitably thereby 

averting the high incidence of youth crime within the UK. The long term aim of encouraging congregational members to take up the playing of musical instruments thereby reducing the cost of hired professionals is now filtering through the entire system as more and more congregational members are effectively taking up the challenge. 

It should however be stressed that the academy itself, just like the church, is a non-profit organisation although expected to be self-sustaining through various fund-raising activities. 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

## **BCI (Bright Candidate Initiative)** 

This is the educational arm of VBCI (UK) targeted at pupils at various levels of educational development. Reports filtering through indicate that the charity’s Saturday school has engendered a great improvement in the grades achieved by pupils in the Church and the local community who have taken advantage of the free extramural services provided therein. Like the Passion Musical Academy, it is the hope of the Board of Trustees that BCI will continue to help in averting youth crime and encourage the youth to become responsible and respectable citizens in various fields of human endeavour. 

BCI has voluntary teachers drawn from various 

walks of life. 2023 saw the continuation of the running of the Eleven Plus exam preparation to the curriculum. This is with the view of facilitating easy admission to the grammar schools for those who aspire to follow that route. It is worthy of note that quite a number of the pupils who availed themselves of this tuition successfully passed and gained admission to Grammar Schools. The classes for this year were held both virtually and in person. 

## **Sanctuary Centre** 

With the registration of the property as “Sanctuary Centre”, owned by Victory Bible Church International (UK), with UK Highways Authority, back in 2008, the building has now become established as a landmark in the Woolwich area. 

It is now 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 ongoing basis. 

## **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 are 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. 

A new branch, Paradise Way Sanctuary was started in Chatham in the year under review headed by Pastor Frank Asare Larbi. 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

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 4[th] of October, 2008. This ministry was re-launched on the 18[th  ] 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 are also organised 

frequently within the various branches for the youth in order to keep them engaged and connected to each other. 

## **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 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. The corporate event renamed “Yadah Praise Night” and was held on the 24[th ] September 2023 with Emmanuel Smith and Kharis Church Choir as the guest ministers. 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 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

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. 

2023 saw season 15 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. 

## **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 – 

## Services were held in various 

locations, at different times and days in the United Kingdom to ensure that the needs of the congregants and seekers were met 

## Different events, training, 

activities are held in our local branches that ensure that we remain effectively relevant in meeting the identified needs of the congregants and seekers 

## Our diverse annual 

conferences such as Camp Meeting, Men In The House Conference, Victorious Women’s Conference, You Shall Not Be Barren, etc. are all aimed at meeting the diverse, spiritual, social, economic and psychological needs of the beneficiaries. 

## Diverse welfare and 

benevolent interventions took place in the course of the year to ensure the total well-being of the congregants and seekers 

## Our Lay Pastors Academy 

continues to be an avenue through which we train and equip those who are called into ministry but still hold on to secular jobs to help them fulfil their calling 

## Our Passion Music Academy is 

still a channel through which we encourage the youths and church members to learn how to play musical instruments thereby providing an avenue for them to use their talents and gifts profitably rather than being involved in youth 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

## **TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

crime and other anti-social behaviours 

## Victory Praise Night, a day 

set aside for congregants, seekers and members of the community at large, to express our gratitude to God in praise, worship and thanksgiving, was inaugurated in 2015. 

## Victory Care continues to be 

a channel through which the educational, spiritual, health and social needs of our adopted community in Avesive, Ghana are met. 

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

## As a Christian organisation 

we use all available means to promote the doctrines of Christ anchored on love in reaching out to diverse people in our local communities 

## We collaborate with other 

charities wherever necessary to alleviate poverty, needless suffering and disasters 

## We embark on training 

schemes, in collaboration with other charities (For example Christians Against Poverty), geared towards helping people get back into employment 

## We have strategically 

acquired two Defibrillators which we believe will be invaluable in resuscitating people in heart-related emergencies 

## We contribute to the local 

economies through the payment of rents, business rates, contractual agreements for waste disposal and patronage of local services in our areas of operation 

## Through our Bright 

Candidates Initiative, our free extra-mural classes, we continue to help young people remain in education and ultimately focused on becoming responsible citizens in the future rather than being attracted to and involved in social vices 

## We encourage our congregants 

to hold their civic responsibilities such as voting in elections, community and jury services dear 

## Over the years we have 

continued to imbibe in people the importance of Home Ownership thereby 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**TRUSTEES' REPORT** 

FOR THE YEAR ENDED 31 December 2023 

ultimately reducing the pressure on social housing 

Our youth church, the Next Generation Church, has been instrumental in diverting the attention of the youths away from gun and knife crimes and other anti-social behaviour by channeling the youth’s energy into gainful endeavours 

We periodically collaborate with local Homeless peoples’ charities to alleviate the sufferings of those at risk 

## **Reserves Policy** 

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 2021. In pursuit of this, we acquired additional properties in the Wallington and Northampton areas in 2021 and 2022, respectively. This brings the total number of our Freehold properties to 4. 

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

## **MRS JENNIFER ADOFO** 

Secretary to the Board of Trustees 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**INDEPENDENT EXAMINER'S REPORT** 

FOR THE YEAR ENDED 31 December 2023 

Unaudited Report to the Trustees of the charity on the accounts for the year ended 31 December 2023 

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 2023 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 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**INDEPENDENT EXAMINER'S REPORT** 

FOR THE YEAR ENDED 31 December 2023 

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. 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**STATEMENT OF FINANCIAL ACTIVITIES** 

FOR THE YEAR ENDED 31 December 2023 

|**Recommended**<br>**categories by activity**<br>**Notes**<br>**Income and endowments**<br>**from:**<br>Donations and legacies<br>2<br>**Total**<br>**Expenditure on:**<br>Support Cost<br>3<br>Charitable activities<br>4<br>Governance Cost<br>6<br>**Total**<br>**Net income/(expenditure)**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried**<br>**forward**|**Unrestricted**<br>**funds**<br>**£**<br>**Total Funds 2023**<br>**£**<br>**Total Funds 2022**<br>**£**<br>2,407,845.21<br>2,407,845.21<br>1,912,450.00|
|---|---|
||**2,407,845.21**<br>**2,407,845.21**<br>**1,912,450.00**|
||1,066,458.15<br>1,066,458.15<br>748,243.35<br>1,041,342.58<br>1,041,342.58<br>800,959.19<br>91,452.57<br>91,452.57<br>91,533.33|
||**2,199,253.30**<br>**2,199,253.30**<br>**1,640,735.87**|
||**208,591.91**<br>**208,591.91**<br>**271,714.13**|
||**208,591.91**<br>**208,591.91**<br>**271,714.13**<br>2,592,917.28<br>2,592,917.28<br>2,321,203.15<br>**2,801,509.18**<br>**2,801,509.18**<br>**2,592,917.28**|



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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

|**Recommended**<br>**categories by activity**|**Notes**|**Unrestricted**<br>**funds**<br>**£**|**Total Funds 2023**<br>**£**|**Total Funds 2022**<br>**£**|
|---|---|---|---|---|
|Fixed assets|||||
|Tangible assets|7|4,929,169.87|4,929,169.87|4,975,722.80|
|**Total fixed assets**||**4,929,169.87**|**4,929,169.87**|**4,975,722.80**|
|Current assets|||||
|Cash at bank and in hand|8|697,304.49|697,304.49|481,973.72|
|**Total current assets**||**697,304.49**|**697,304.49**|**481,973.72**|
|Creditors: amounts falling<br>due within one year|9|56,212.43|56,212.43|33,882.32|
|**Net current**<br>**assets/(liabilities)**||**641,092.06**|**641,092.06**|**448,091.40**|
|**Total assets less current**<br>**liabilities**||**5,570,261.93**|**5,570,261.93**|**5,423,814.20**|
|Creditors: amounts falling<br>due after one year|10|2,768,752.75|2,768,752.75|2,830,896.92|
|**Total net assets or**<br>**liabilities**||**2,801,509.18**|**2,801,509.18**|**2,592,917.28**|
|**Funds of the Charity**|||||
|Unrestricted funds|11|2,801,509.18|2,801,509.18|2,592,917.28|
|Restricted income funds|11||-|-|
|Endowment funds|11||-|-|
|**Total funds**||**2,801,509.18**|**2,801,509.18**|**2,592,917.28**|



The financial statements were approved by the Board on 09-Sep-2024 and signed on its behalf by: 

Dimeji Abioye Treasure 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **1 Accounting Policies** 

## **1.1 Accounting Policies** 

The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows. 

## **1.2 Basis of preparation** 

These accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation. These accounts have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

These accounts are presented in pounds sterling and rounded to the nearest pound. 

## **1.3 Going concern** 

The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts. 

## **1.4 Tax reclaims on donations and gifts** 

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. 

## **1.5 Expenditure** 

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. It is inclusive of VAT which cannot be recovered. 

Direct costs are those costs which directly attribute to its activities. Wages and salaries are allocated to direct costs based on an estimate of time spent on charitable activities by staff members. Support costs include staff costs and are those which do not produce a direct output. Staff costs relate to specific activities and this is reflected in the allocation of payroll costs based on the percentage of time spent. 

All costs, including governance costs, are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are charged directly; others are apportioned on an appropriate basis. 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

Support costs and overheads have been calculated by allocating staff time to the level of involvement in the various activities of the Charity. 

## **1.6 Pensions** 

The Charity makes contributions to defined contribution pension schemes through auto enrolment. These contributions are charged to the income and expenditure account in the year in which they become payable. 

## **1.7 Fund accounting** 

Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. 

## **1.8 Tangible fixed assets** 

Tangible fixed assets, such as land and buildings, plant, vehicles and equipment, are held to provide an on-going economic benefit to a charity through their contribution, directly or indirectly, to the provision of goods or services by the charity. 

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: 

## **Name Rate (%) Year Method** 

Land and Building 100 Straight line 

Plant And Machinery 20 5 Straight line Motor Vechiles 25 4 Straight line 

Furniture and Fittings 20 5 Straight line 

**Note:** Provide an option to increase rows as per user requirement. 

We have to provide the above tabular form in the accounting policy screen to enter details manually and upon saving the data, it should appear in the report without headings. 

## **1.9 Debtors** 

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **2 Income from Donations and Legacies** 

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**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

|**Analysis**<br>Income-First Fruit<br>Income-General<br>Offering<br>Income-Gift Aid<br>Income-Interest<br>Income-Other<br>Income-Project<br>Offering<br>Income-Special<br>Offering<br>Income-Tithe|**Unrestricted funds**<br>**Total funds 2023**<br>**Total funds 2022**<br>**£**<br>**£**<br>**£**<br>76,738.54<br>76,738.54<br>-<br>1,091,103.23<br>1,091,103.23<br>1,816,451.99<br>209,999.70<br>209,999.70<br>87,098.01<br>6,462.51<br>6,462.51<br>-<br>142,615.60<br>142,615.60<br>8,900.00<br>40,940.26<br>40,940.26<br>-<br>103,814.64<br>103,814.64<br>-<br>736,170.73<br>736,170.73<br>-<br>2,407,845.21<br>2,407,845.21<br>1,912,450.00|
|---|---|



19 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **3 Expenditure on Support Cost** 

||**Total funds 2023**<br>|**Total funds 2022**|
|---|---|---|
||**£**<br>|**£**|
|Gross wages and<br>salaries|161,518.50|217,925.30|
|Employers' NI|15,472.93|22,121.17|
|Pension|21,162.67|19,549.55|
|Support Life and Health<br>insurance|2,760.60|6,756.74|
|General Subsistence and<br>Travel|3,736.58|-|
|Rent - Operating Lease|20,354.00|21,652.89|
|Rent-Hall Hire|203,465.66|118,124.28|
|Mortgage Payment|205,836.95|111,635.89|
|Light, Heat and Power|33,216.61|27,596.83|
|Cleaning, Water, Rate<br>and Waste|45,500.71|15,973.01|
|Premises Repairs,|||
|Renewals and|153,260.60|22,465.71|
|Maintenance|||
|Telephone, Fax and<br>Internet|17,285.64|11,592.33|
|Print, Postage and<br>Stationery|7,179.56|13,912.00|
|Hire of Equipment and<br>Repairs|-|2,446.60|
|Building , Contents and<br>Public Liability Insurance|11,495.74|5,854.14|
|Other Insurance|3,865.14||
|Printing, Publications and<br>Flyers|1,838.40||



20 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

|Motor Repairs and<br>Expenses|4,030.65||
|---|---|---|
|Other Office Expenses|8,508.23||
|Sundry Expenses|`40.61||
|Other Administrative<br>Expenses|5,064.34|1,562.60|
|Licence and<br>Subscriptions|8,871.71|-|
|Depreciation Charge for|||
|the Year - Freehold Land|105,162.61|103,295.40|
|& Buildings|||
|Depreciation Charge for|||
|the Year - Plant &|21,441.45|20,283.31|
|Machinery|||
|Depreciation Charge for||1,842.68|
|the Year - Fixtures &|5,388.27||
|Fittings|||
||**1,066,458.15**|**748,243.35**|



21 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **4 Expenditure on Charitable Activities (Direct Spending)** 

|**(Direct Spending)**||||
|---|---|---|---|
||<br>**2023**|**Total funds**<br>|**Total funds 2022**|
|**Analysis**||**£**<br>|**£**|
|Wages-Pastoral<br>Allowance||239,200.59|167,795.97|
|Pastoral Allowance -<br>Employers' NI||12,562.72|6,174.46|
|Pastoral Allowance -||||
|Life and Health||5,168.72|-|
|insurance||||
|Pastoral - Pension||25,543.03|11,510.79|
|Honorarium||139,900.21|102,820.32|
|Headoffice<br>Remittances||3,694.12|-|
|Donation , Support<br>and Benevolence||85,406.06|112,417.40|
|Birthday, Milestones<br>and Appreciation||152,176.31|128,112.38|
|Training and<br>Ministerial Seminar||2,271.40|20,155.86|
|Church Consumables||||
|-Oil, Mantle,||13,018.31|-|
|Communion etc||||
|Event, Special||||
|Occasion and||80,931.83|51,772.63|
|Decoration||||
|General Refreshment||4,235.87|-|
|Mission, Crusade and<br>Evangelism||795.59|83,501.58|
|Departmental||||
|Expenses-Men,<br>Women, Victoryland,||83,873.41|25,070.80|
|Youth||||



22 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

|Departmental<br>Expenses-Music,<br>Intercessory, Protocol<br>, Priesthood<br>Other Departmental<br>Expenses<br>Mission -Global<br>Mission -Region<br>Travel and<br>Subsistence|12,891.35<br>44,129.29<br>32,503.09<br>35,350.96<br>102,970.67<br>-<br>10,548.91<br>-<br>33,650.39<br>12,146.75<br>**1,041,342.58**<br>**800,959.19**|
|---|---|



## **6 Governance Cost** 

|**Analysis**<br>Auditors fees<br>Bank Charges (HSBC)<br>Legal and Other<br>Professional Fees|**Total funds**<br>**2023**<br>**Total funds**<br>**2022**<br>**£**<br>**£**<br>10,000.00<br>10,500.00<br>2,438.16<br>3,805.44<br>79,014.41<br>77,227.89<br>**91,452.57**<br>**91,533.33**|
|---|---|



23 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **7 Tangible Fixed Assets** 

|At 01 January 2023<br>Additions<br>Disposals<br>Revaluations<br>Transfers<br>At 31 December<br>2023|**Freehold Land &**<br>**Buildings**<br>**Plant &**<br>**Machinery**<br>**Motor**<br>**Vehicles**<br>**Fixtures &**<br>**Fittings**<br>**£**<br>**£**<br>**£**<br>**£**<br>5,239,188.86<br>327,458.00<br>12,477.00<br>12,882.79<br>45,311.54<br>17,512.81<br>-<br>-<br>-<br>-<br>-<br>22,615.05<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,284,500.40<br>344,970.81<br>12,477.00<br>35,497.84|
|---|---|



|At 01 January 2023<br>Additions<br>Disposals<br>Revaluations<br>Transfers<br>At 31 December<br>2023|**Freehold Land &**<br>**Buildings**<br>**Plant &**<br>**Machinery**<br>**Motor**<br>**Vehicles**<br>**Fixtures &**<br>**Fittings**<br>**£**<br>**£**<br>**£**<br>**£**<br>331,289.08<br>270,675.09<br>12,477.00<br>1,842.68<br>105,162.61<br>21,441.45<br>-<br>5,388.27<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>436,451.69<br>292,116.54<br>12,477.00<br>7,230.94|
|---|---|



## **7.3 Net book value** 

|At 01 January 2023<br>At 31 December<br>2023|**Freehold Land &**<br>**Buildings**<br>**Plant &**<br>**Machinery**<br>**Motor**<br>**Vehicles**<br>**Fixtures &**<br>**Fittings**<br>**£**<br>**£**<br>**£**<br>**£**<br>4,907,899.78<br>56,782.91<br>-<br>11,040.11<br>4,848,048.71<br>52,854.27<br>-<br>28,266.90|
|---|---|



24 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **8 Cash at bank and in hand** 

|**8 Cash at bank and in hand**|||
|---|---|---|
||**Total funds 2023**|**Total funds 2022**|
||**£**|**£**|
|Short term deposits|554,353.40|345,146.72|
|Cash at bank and on hand|142,951.09|136,827.00|
||697,304.49|481,973.72|
|**9 Creditors: Amounts falling due within one year**|||
||**Total funds 2023**|**Total funds 2022**|
||**£**|**£**|
|Accruals and deferred income|31,000.00|24,336.15|
|Taxation and social security|25,212.43|9,546.17|
||56,212.43|33,882.32|



25 



**VICTORY BIBLE CHURCH INTERNATIONAL UK** 

**NOTES TO THE FINANCIAL STATEMENTS** 

FOR THE YEAR ENDED 31 December 2023 

## **10 Creditors: Amounts falling due after one year** 

|Bank loans and Mortgages|**Total funds 2023**<br>**Total funds 2022**<br>**£**<br>**£**<br>2,768,752.75<br>2,830,896.92<br>2,768,752.75<br>2,830,896.92|
|---|---|



## **11 Charity funds** 

## **11.1 Details of material funds held and movements during the CURRENT reporting period** 

|**Fund names**|**Fund**<br>**balances**<br>**brought**<br>**forward**|**Income**|**Expenditure**|**Transfers**|**Gains**<br>**and**<br>**losses**|<br>|**Fund**<br>**balances**<br>**carried**<br>**forward**|
|---|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**||**£**|
|**Unrestricted**||||||||
|**funds**||||||||
||2,592,917.28|2,407,845.21|(2,199,253.30)|-||-|2,801,509.18|
|||||-||-||
|**Total**|2,592,917.28|2,407,845.21|(2,199,253.30)|-||-|2,801,509.18|
|**11.2 Details of**|**material funds**|**held and movements during the PREVIOUS reporting perio**||||||
|**Fund names**|**Fund**<br>**balances**<br>**brought**<br>**forward**|**Income**|**Expenditure**|**Transfers**|**Gains**<br>**and**<br>**losses**||**Fund**<br>**balances**<br>**carried**<br>**forward**|
||**£**|**£**|**£**|**£**|**£**||**£**|
|**Unrestricted**||||||||
|**funds**||||||||
||2,321,203.15 1,912,450.00||(1,640,735.87)|-||-|2,592,917.28|
|**Total**|2,321,203.15 1,912,450.00||(1,640,735.87)|-||-|2,592,917.28|



## **11.2 Details of material funds held and movements during the PREVIOUS reporting period** 

26