Charity registration number: 1046586
CHRIST VICTORY CENTRE INTERNATIONAL
Annual Report and Financial Statements for the Year Ended 31 December 2022
CHRIST VICTORY CENTRE INTERNATIONAL
Contents (continued)
| Contents (continued) | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 17 |
CHRIST VICTORY CENTRE INTERNATIONAL
Reference and Administrative Details
Chairperson
Selina Ola Adeyanju
Trustees
Jenrola Makinde Ola Oshodi Elizabeth Oduntan Sijuwade Adeoye Kolawole Adeneye
Charity Registration Number
1046586
Principal Office
30 Hook Close Cossall Estate Peckham London SE15 2TP
Independent Examiner
Kalomart & Co Accountants External Examiner First Floor 2 Market Place London SE16 3UQ
Page 1
CHRIST VICTORY CENTRE INTERNATIONAL
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2022.
Objectives and activities
Objects and aims
By way of interpreting our financial accounts in 2022, our Balance Sheet improved marginally, which means lesser income from lower tithes payment and lesser funds raising as well as lower collections. Obviously, the economic downturn continued to have an impact to that decline generally.
Objectives, strategies, and Activities
The Trustees Report on Church Activities during the financial Year 2022
The year 2022 has recorded low growth in the church activities. There is barely any improvement in this year’s activities compared to the year 2021. This could be attributed to the fact that members are struggling to return to church in person as it used to be before the pandemic set in. However, it could be said that the online portal and platforms have been helpful in maintaining contact with members who could not attend in person church services. On the contrary, there has been improvement in our Mid-week meetings and monthly special prayer and programs. Members have shown commitment and support for this program. It shows our members consider these as essential for their spiritual growth.
In fact, it is noted that one of our programmes which our members are very much connected with is our Monday "Prayer Warriors" program. This focuses on prayer of intercession for our Nation, UK and other Nations around the world for peace and changes in the economic situation around the world especially considering the wars in Ukraine and Israel and Palestine.
On Wednesdays there is one prayer session. During last year this was held twice on Wednesday. In the evening we conducted PrayerLine; an intersession prayer for anyone in the community needing prayer and spiritual advice.
The online presence on Facebook for Sunday Services, seminars is still being held and it is well attended. Should any member of the public need to attend please contact the church leader on 07956 212333 for the instruction as when these are organised. This number is also available for WhatsApp communication.
Members of the Board are responsible to members and other interested parties for the overall governance of the Church. As the Church is a registered charity, members of the board are Charity Trustees. They seek to ensure that the Church operates to fulfil the objectives set out in the Trust Deeds and that due attention is paid to charity law and other relevant legislation.
The role of the Board is to establish the strategic direction of the Church, to provide leadership, and to ensure that charitable funds are properly utilised and safeguarded. The day-to-day operational management of the Church is delegated to the Resident Pastor/Reverend and through her to the church members. The Board, however, retains formal responsibility for all policies, decisions and actions of the Church.
Page 2
CHRIST VICTORY CENTRE INTERNATIONAL
Trustees' Report (continued)
Objectives, strategies and activities
The church activities and weekly programs are still the same in addition of online broadcasts. Attendance on Sunday Services and weekly activities have been very encouraging. There is hope this will improve in the coming year 2024
Youth Bible Study group is progressing very well with dedicated pastor in charge and steadily they are growing spiritually.
Our Youths church services and activities were very encouraging. We do this program every year to encourage growth and development in confidence and spiritually. This is to instil knowledge of and love for their Creator. 1. The youth activities included Bible Study every Sunday morning and online on Saturday afternoon. This Bible study is design to help our youth to grow in the knowledge of God and to love God and their neighbour. It also helps the youth to understand their role in the society and the community at large.
-
Youth choir and children choir with able leaders guiding the group. This is to develop and focus on the talent they have.
-
Personal Evangelism is sharing of the gospel with other youths.
These activities are growing steadily
All weekly activities are designed to encourage all members to improve their attendance in church and participation other church activities.
Unlike last year there was no baptismal classes as there were no new members admitted to the church.
As part of the vision of church, attention has been focused last year on training of church leaders, Sunday school teachers, House Group and Small group leaders, such as Bible study leaders, and discipleship leaders. Most leaders attended an intensive one-week leadership training externally during 2021. Leaders and members are encouraged to take part in Prevent training and certification. Prevent training was designed to alert leaders and every other member of the church to the insurgence of “non-violent extremism”. Training of leadership in various areas continues to be a work in progress process of the church and this would remain on the board of trustees’ agenda going forward.
Youth Programs
Our youth and young people are allowed to participate in the activities of the church. They are encouraged to conduct series of activities under thorough supervision of the church leaders. This is also very patronised by majority of the youth the church. Ordination
There was no ordination during the year unlike 2021, but the board of trustees planned to ordain and appoint some more members into the leadership position in the coming year. This is to enable the work of God to grow. Donation and Pledges
Members continued to give support not only morally but also financially to the church despite the difficult economic situations the world find itself in.
Overseas Missions
The foreign mission work has slowed down due to financial constrained and we have not been able to do much. We currently send aids to our Nigerian branch with donated items from members in UK.
Page 4
CHRIST VICTORY CENTRE INTERNATIONAL
Trustees' Report (continued)
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees:
Jenrola Makinde
Ola Oshodi
Elizabeth Oduntan Trustee appointed 17.09.2023
Sijuwade Adeoye Trustee- appointed 17.09.2023
Kolawole Adeneye Trustee – appointed 17.09.2023
Chairperson:
Selina Ola Oshodi
Structure, governance and management
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 4
CHRIST VICTORY CENTRE INTERNATIONAL
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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 responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 21 December 2023 and signed on its behalf by:
......................................... Selina Ola Adeyanju Chairperson and Trustee
Page 5
CHRIST VICTORY CENTRE INTERNATIONAL
Independent Examiner's Report to the trustees of CHRIST VICTORY CENTRE INTERNATIONAL
I report to the trustees on my examination of the accounts of CHRIST VICTORY CENTRE INTERNATIONAL for the year ended 31 December 2022.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of CHRIST VICTORY CENTRE INTERNATIONAL you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the CHRIST VICTORY CENTRE INTERNATIONAL's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm 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 CHRIST VICTORY CENTRE INTERNATIONAL as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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.
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 accounts to be reached.
...................................... Martin Nsiah BA FCCA External Examiner First Floor 2 Market Place London Se16 3UQ
Date : 30.12.2023
Page 6
CHRIST VICTORY CENTRE INTERNATIONAL
Statement of Financial Activities for the Year Ended 31 December 2022
| Total Total |
|
|---|---|
| Unrestricted Restricted 2022 2021 |
|
| Note | £ £ £ £ |
| Income and Endowments from: | |
| Donations and legacies | 28,301 525 28,826 33,736 |
| Other income | 7,930 - 7,930 6,232 |
| Total income | 36,231 525 36,756 39,968 |
| Expenditure on: | |
| Raising funds | (13,068) - (13,068) (4,200) |
| Charitable activities | (9,517) (13,068) (22,585) (23,300) |
| Other expenditure 6 |
(2,302) - (2,302) (1,956) |
| Total expenditure | |
| (24,887) (13,068) (37,955) (29,456) |
|
| Net movement in funds | 11,344 (12,543) (1,199) 10,512 |
| Reconciliation of funds | |
| Total funds brought forward | 183,171 32,413 215,584 205,072 |
| Total funds carried forward 15 |
194,515 19,870 214,385 215,584 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2021 is shown in note 15.
The notes on pages 9 to 17 form an integral part of these financial statements. Page 7
CHRIST VICTORY CENTRE INTERNATIONAL
(Registration number: 1046586) Balance Sheet as at 31 December 2022
| 2022 2021 |
|
|---|---|
| Note | £ £ |
| Fixed assets | |
| Tangible assets 10 |
418,160 428,199 |
| Current assets | |
| Debtors 11 |
7,207 6,232 |
| Cash at bank and in hand 12 |
40,603 63,232 |
| 47,810 69,464 |
|
| Creditors: Amounts falling due within oneyear 13 |
|
| (650) (749) |
|
| Net currentassets | 47,160 68,715 |
| Total assets less current liabilities | 465,320 496,914 |
| Creditors: Amounts falling due after more than oneyear 14 |
|
| (250,935) (281,330) |
|
| Netassets | 214,385 215,584 |
| Funds of the charity: | |
| Restricted income funds | |
| Restricted funds | 19,870 32,413 |
| Unrestricted income funds | |
| Unrestricted funds | 194,515 183,171 |
| Total funds 15 |
214,385 215,584 |
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on 21.12.2023
and signed on their behalf by:
…………………………………….
Selina O Adeyanju
Chairperson and Trustee
The notes on pages 9 to 17 form an integral part of these financial statements.
Page 8
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
CHRIST VICTORY CENTRE INTERNATIONAL meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 9
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 10
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 11
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 12
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from donations and legacies
| 2 Income from donations and legacies |
|||
|---|---|---|---|
| Unrestricted | |||
| funds | Restricted | Total | |
| General | funds | funds | |
| £ | £ | £ | |
| Donations and legacies; | |||
| Legacies | 326 | - | 326 |
| Regulargivingand capital donations | 27,975 | - | 27,975 |
| Total for 2022 | 28,301 | - | 28,301 |
| Total for 2021 | 32,181 | 1,555 | 33,736 |
- 3 Other income
Total funds £
- 4 Expenditure on raising funds
Costs of trading activities
a)
Page 13
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Restricted | Total | ||
| General | funds | funds | ||
| Note | £ | £ | £ | |
| Allocated support costs | 13,068 | - | 13,068 | |
| Total for 2022 | 13,068 | - | 13,068 | |
| Total for 2021 | - | 4,200 | 4,200 | |
| Total | ||||
| costs | ||||
| £ |
5 Expenditure on charitable activities
| 5 Expenditure on charitable activities |
|
|---|---|
| Unrestricted | |
| funds Restricted Total |
|
| General funds funds |
|
| Note | £ £ £ |
| Allocated support costs | 9,517 13,068 22,585 |
| Total for 2021 | 14,572 8,728 23,300 |
| Total expenditure |
|
£ |
|
| 6 Other expenditure |
|
| Unrestricted | |
| funds Total |
|
| General funds |
|
| Note £ £ |
|
| Allocated support costs | 2,302 2,302 |
| Total for 2022 | 2,302 2,302 |
| Total for 2021 | 1,956 1,956 |
7 Net incoming/outgoing resources
Net (outgoing)/incoming resources for the year include:
Page 14
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
2022 £
8 Trustees remuneration and expenses
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Tangible fixed assets
| 10 Tangible fixed assets |
10 Tangible fixed assets |
|---|---|
| Land and buildings Furniture and equipment Total |
|
£ £ £ |
|
| Cost | |
| At 1 January2022 612,581 16,174 628,755 |
|
| At 31 December 2022 612,581 16,174 628,755 |
|
| Depreciation | |
| At 1 January 2022 184,904 15,652 200,556 |
|
| Charge for theyear 9,517 522 10,039 |
|
| At 31 December 2022 194,421 16,174 210,595 |
|
| Net book value | |
| At 31 December 2022 418,160 - 418,160 |
|
| At 31 December 2021 427,677 522 428,199 |
|
| 11 Debtors |
|
| 2022 2021 |
|
| £ £ |
|
| Other debtors | 7,207 6,232 |
| 12 Cash and cash equivalents |
|
| 2022 2021 |
|
| £ £ |
|
| Cash at bank | 40,603 63,232 |
| 13 Creditors: amounts falling due within one year |
|
| 2022 2021 |
|
| £ £ |
|
| Other creditors | - (1) |
| Accruals | 650 750 |
| 650 749 |
Page 15
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
14 Creditors: amounts falling due after one year
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other loans | 250,935 | 281,330 | ||
| 15 Funds |
||||
| Balance at 1 | Incoming | Resources | Balance at 31 | |
| January 2022 | resources | expended | December 2022 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | 183,171 | 36,231 | (24,887) | 194,515 |
| Restricted funds | 32,413 | 525 | (13,068) | 19,870 |
| Total funds | 215,584 | 36,756 | (37,955) | 214,385 |
| Balance at 1 | Incoming | Resources | Balance at 31 | |
| January 2021 | resources | expended | December 2021 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | 161,286 | 38,413 | (16,528) | 183,171 |
| Restricted funds | 43,786 | 1,555 | (12,928) | 32,413 |
| Total funds | 205,072 | 39,968 | (29,456) | 215,584 |
16 Analysis of net assets between funds
| 16 Analysis of net assets between funds |
|
|---|---|
| Unrestricted Total funds at 31 |
|
| funds December |
|
| General 2022 |
|
| £ £ |
|
| Tangible fixed assets | 418,160 418,160 |
| Current assets | 47,810 47,810 |
| Current liabilities | (650) (650) |
| Creditors over 1year | (250,935) (250,935) |
| Total net assets | 214,385 214,385 |
Page 16
CHRIST VICTORY CENTRE INTERNATIONAL
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
| Unrestricted Total funds at 31 |
|
|---|---|
| funds December |
|
| General 2021 |
|
| £ £ |
|
| Tangible fixed assets | 428,199 428,199 |
| Current assets | 69,464 69,464 |
| Current liabilities | (749) (749) |
| Creditors over 1year | (281,330) (281,330) |
| Total net assets | 215,584 215,584 |
| 17 Analysis of net funds |
|
| At 1 January At 31 December |
|
| 2022 2022 |
|
| £ £ |
|
| Cash at bank and in hand | 63,232 63,232 |
| Net debt | 63,232 63,232 |
| At 1 January At 31 December |
|
| 2021 2021 |
|
| £ £ |
|
| Cash at bank and in hand | 55,981 55,981 |
| Net debt | 55,981 55,981 |
Page 17
CHRIST VICTORY CENTRE INTERNATIONAL
Statement of Financial Activities by fund for the Year Ended 31 December 2022
| Total Total |
|
|---|---|
| Unrestricted Unrestricted |
|
| Funds Funds |
|
| 2022 2021 |
|
| £ £ |
|
| Income and Endowments from: | |
| Donations and legacies | 28,301 32,181 |
| Other income | 7,930 6,232 |
| Total income | 36,231 38,413 |
| Expenditure on: | |
| Raising funds | (13,068) - |
| Charitable activities | (9,517) (14,572) |
| Other expenditure | (2,302) (1,956) |
| Total expenditure | |
| (24,887) (16,528) |
|
| Net income | 11,344 21,885 |
| Net movement in funds | 11,344 21,885 |
| Reconciliation of funds | |
| Total funds brought forward | 183,171 161,286 |
| Total funds carried forward | 194,515 183,171 |
This page does not form part of the statutory financial statements.
Page 18
CHRIST VICTORY CENTRE INTERNATIONAL
Statement of Financial Activities by fund for the Year Ended 31 December 2022 (continued)
| Total Total |
|
|---|---|
| Restricted Restricted |
|
| Funds Funds |
|
| 2022 2021 |
|
| £ £ |
|
| Income and Endowments from: | |
| Donations and legacies | 525 1,555 |
| Total income | 525 1,555 |
| Expenditure on: | |
| Raising funds | - (4,200) |
| Charitable activities | (13,068) (8,728) |
| Total expenditure | |
| (13,068) (12,928) |
|
| Net expenditure | |
| (12,543) (11,373) |
|
| Net movement in funds | |
| (12,543) (11,373) |
|
| Reconciliation of funds | |
| Total funds brought forward | 32,413 43,786 |
| Total funds carried forward | 19,870 32,413 |
This page does not form part of the statutory financial statements.
Page 19
CHRIST VICTORY CENTRE INTERNATIONAL
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| Total Total |
|
|---|---|
| 2022 2021 |
|
| £ £ |
|
| Income and Endowments from: | |
| Donations and legacies (analysed below) | 28,826 33,736 |
| Other income(analysed below) | 7,930 6,232 |
| Total income | 36,756 39,968 |
| Expenditure on: | |
| Raising funds (analysed below) | (13,068) (4,200) |
| Charitable activities (analysed below) | (22,585) (23,300) |
| Other expenditure(analysed below) | (2,302) (1,956) |
| Total expenditure | |
| (37,955) (29,456) |
|
| Net(expenditure)/income | (1,199) 10,512 |
| Net movement in funds | (1,199) 10,512 |
| Reconciliation of funds | |
| Total funds brought forward | 215,584 205,072 |
| Total funds carried forward | 214,385 215,584 |
This page does not form part of the statutory financial statements.
Page 20
CHRIST VICTORY CENTRE INTERNATIONAL
Detailed Statement of Financial Activities for the Year Ended 31 December 2022 (continued)
| Total Total |
|
|---|---|
| 2022 2021 |
|
| £ £ |
|
| Donations and legacies | |
| Tithes | 27,975 16,191 |
| Offerings | 326 1,091 |
| Collections | - 14,899 |
| BuildingFunds | 525 1,555 |
| 28,826 33,736 |
|
| Other income | |
| Other income | 7,930 6,232 |
| 7,930 6,232 |
|
| Raising funds | |
| Repairs and maintenance | - (4,200) |
| Mortgagepayable | (13,068) - |
| (13,068) (4,200) |
|
| Charitable activities | |
| Mortgage Interest Paid | (13,068) - |
| SMortgage payable | - (14,572) |
| Depreciation of freehold property | - (8,728) |
| Depreciation of freeholdproperty | (9,517) - |
| (22,585) (23,300) |
|
| Other expenditure | |
| Wages and salaries | (800) - |
| Telephone and fax | (330) (1,075) |
| The audit of the charity's annual accounts | (650) (750) |
| Depreciation of office equipment | (522) (131) |
| (2,302) (1,956) |
This page does not form part of the statutory financial statements.
Page 21