## **TRIUMPHANT GLOBAL TRUST** **FINANCIAL ACCOUNTS FOR THE YEAR ENDED** **1st April 2023 TO 31st March 2024** **Charity Registered Number:1067588** ## **TRIUMPHANT GLOBAL TRUSTREPORT** ## **TRUSTREPORT AND ACCOUNTS 31ST MARCH, 2024** ## **CONTENTS** |1.|Trustees and Advisors|1| |---|---|---| |2.|Trustees' Report|2-4| |3.|Independent Auditors’ Report to the Trustees|5-6| |4.|Statement of Financial Activities|7| |5.|Balance Sheet|8| |6.|Notes to the Accounts|9-13| 1 ## **TRIUMPHANT GLOBAL TRUST** ## **TRUSTEES AND ADVISORS** ## **TRUSTEES** Rev. Seth Mensah Mrs. Olubunmi Odukale Mr. Ebenezer Sowah Mr. Basco Abor ## **CHAIRPERSON** Mrs. Olubunmi Odukale ## **CHARITY OFFICE** Providence Chapel 1 West Street CR0 1DG ## **AUDITORS** J Nelson & Co 14 Claypole Road London E15 2RJ ## **BANKERS** Barclays Bank PLC Guildford Friary Leicestershire LE87 2BB Natwest Bank PLC 70 Denmark Hill London SE5 8TT ## **REGISTERED CHARITY NUMBER** **1067588** 2 ## **TRIUMPHANT GLOBAL TRUST** ## **TRUSTEES AND ADVISORS** ## TRUSTEES' REPORT The Trustees present their report and accounts for the year ended 31st March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, The Charities Act 2011 and The Statement of Recommended Practice: Accounting and Reporting by Charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) issued on 16th July 2014. The report takes account of the requirement for Trustees to report annually on the public benefit and the Trustees have had regard to The Charity Commission’s guidance on public benefit and the Trustees have had regard to the Charity Commission’s guidance on public benefit. ## STRUCTURE, GOVERANCE AND MANAGEMENT The Trust ("the Charity") is an unincorporated trust, constituted under a Trust Deed and is 1067588. The Charity does not actively fundraise and seeks to continue through the careful stewardship of its existing resources and ad hoc contributions. The Trustees are appointed by the Church Council and reappointed annually. The Trustees who served during the year were as follows: - Rev. Seth Mensah Mrs. Olubunmi Odukale Mr. Ebenezer Sowah Mr. Basco Abor ## RISK MANAGEMENT The Trustees actively review any major risks which the Charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the most significant risks. 3 ## **TRIUMPHANT GLOBAL TRUST** ## **TRUSTEES' REPORT** OBJECTIVES, ACHIEVEMENTS & PERFORMANCE The main objective of the Charity is to advance the Christian faith in any part of the world as the trustee may from time to time deem fit. The Charity also relieves persons who are in conditions of need, or hardship, aged, infirmed or sick. The main activities undertaken for the public’s benefit in relation to their objects include: Church services open to all Prayer meetings Youth meetings & crusades Conventions and Seminars Annual Retreat Evangelism Donations of food & clothing Supporting church branches Counselling Marriages The Charity trustees have considered the Charity Commission’s guidance on public benefits, in particular, the specific guidance for charities for the advancement of religion. For the year to 31st March 2024, the Charity continued to boldly shape the gospel of Jesus Christ and advance the Christian faith. Innovative ways including: weekly evangelism, were also used to connect to the local community Throughout the year the church remained committed to foster the growth and development of its young adult community. Sunday church services were held in person and also streamed online, giving opportunity to a wider audience to access the Word and prayer. ## **TRIUMPHANT GLOBAL TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF** ## **TRIUMPHANT GLOBAL TRUST** (continued) ## **Opinion on the accounts** In our opinion the accounts: - ⁃ give a true and fair view of the state of the Charity's affairs as at 31st March 2024 and of its incoming resources and applications of resources, for the year then ended; - ⁃ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: - ⁃ the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or - ⁃ sufficient accounting records have not been kept; or - ⁃ the accounts are not in agreement with the accounting records and returns; or - ⁃ we have not received all the information and explanations we require for our audit. ## **J Nelson & Co** Chartered Certified Accountants and Statutory Auditors 14 Claypole Road London E15 2RJ J Nelson & Co are eligible to act as auditors in terms of Section 1212 of the Companies Act 2006. TRIUMPHANT GLOBAL TRUST TRUSTEES. REPORT The Cbarity's Principal source of fimding is from tithes. and offeritigs voluntsrily givetl by the church memb¢TS. None of the chanty's funds were n)aterially in deficit PLANS FOR THE FUTURE The plan for the fiJtLwe is to increase church menknh￿, strengthen and enbance cOngre￿tiOnal cO￿lt[￿ent to the N'arious activities and services of the chu￿b. and to fillth￿ develop conllnunity engaE> TRUSTEES, RESPONSIBILITIES IN RELATION TO THE ACCOUNTS tAW applicable to charities Tll England and Wal&s require5 the TnLStees to prepaTe awounts for each financial year wbich ￿ve a true and fair VAew of the clwity's fuwicial activities thwing the year atd of its fjnancial posltion at the end of the yffdT. In prepaTiDg tbose accounts. the Trustee5 are requited to: . Select suitable accounting policies and then apply them consistently. . Observe thc llLcthi>ds and principles of the Charities SORP Make judgernents a￿1 cstimates that are reasonable and prudelyt: • State whether applicable accOUntll￿ Standards have been follow¢(L subject to any material departures disclosed and explain¢d in thc aG¢ounts: and . Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charily will contit￿e in operatio The Trustees are respon8bi le for keeping accounting records which disclose with reawtLable accuracy the fll]ancial position of the Ch￿lty and enable to ensure that the accounts comply with the Cbarrties Act 2011. The Charity (Accounts and Report) Re.qilatiolls 2008 and the rovisions of the trust deed. They are also resw)nsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Tn]steeg are ro8POrt8ible for the maintenance and integrity of ihe Chartty and financial information included on the Charity's website. APPROVED B Y THE Tnjstees a￿1 sAgned on their bebalf by.. Mrs. 0￿bu￿MI Odukale (Chairy)erson) ## **TRIUMPHANT GLOBAL TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF** ## **TRIUMPHANT GLOBAL TRUST** We have audited the accounts of TRIUMPHANT GLOBAL TRUST for the year ended 31st March, 2024 which comprise the Statement of Financial Activities, Balance Sheet and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Charity's Trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and the regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Respective responsibilities of Trustees and Auditors** As explained more fully in the statement of Trustees' Responsibilities (set out on pages 5 and 6), the Trustees are responsible for the preparation of the accounts which give a true and fair view. We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with regulations made under Section 154 of that Act. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. ## **Scope of the audit of the financial statements** An audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Trustees' Report to identify material inconsistences with the audited accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report. ## **TRIUMPHANT GLOBAL TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH, 2024** |**INCOME AND EXPENDITURE**
Note
Income From:
_Donations_
_Rental income_
_Gift Aid_
_Bank deposit interest_
**Total incoming resources**
**Expenditure on:**
_Charitable expenditure_
3
_Other Support costs_
4
**Total resources expended**
**NET (OUTGOING)/INCOMING**
**FUND BALANCE AT 1ST APRIL, 2023**
**FUND BALANCE AT 31ST MARCH, 2024**|**Unrestricted**
**Restricted**
**Total**
**2023**
**funds**
**funds**
**funds**
**TOTAL**
£
£
£
£
283,028
999
284,027
241,178
-
11,232
11,232
11,647
51,921
-
51,921
25,083
221
-
221
36
335,170
12,231
347,401
277,944
215,612
9,116
224,728
190,274
77,863
3,167
81,030
60,491
293,475
12,283
305,758
250,765
41,695
52
-
41,643
27,179
392,194
79,490
471,684
444,505
433,889
79,438
513,327
471,684
**2024**| |---|---| All amounts relate to continuing activities All recognised surpluses and deficits are included in the statement of financial activities which show the total net movement in funds for the year. TRIUMPHANT GLOBAL TRUST BALANCE SHEET AT 31 MARCH 2024 ote 2024 2023 FIXED ASSETS Building Equipnmrt 782.000 14,270 796,270 799,000 799,0(KY CURRENT ASSETS Cash at bank Buildll￿ deposit DebtOTS 22.637 151.21KI 53.690 227.527 16.926 151,2(N) 53.690 221,816 CREDITORS: AMOUNIS FAILLING DUE WITHIN ONE YEAR 22.550 39,550 204.977 182.266 CREDITORS: AMOi]Nrs FAIIIJNG DUE AFTER OIYE YEAR 487,920 509,582 NET ASSETS 513.327 471,684 FUIYD BAL￿NCE Unrestricted income funds Restricted income funds 433.889 79.438 392.194 79,490 TOTAL CFIARrrY FUNDS 513.327 471.684 Mrs . Olubunmi Odukale T￿￿tee Approved by the T￿￿1￿5 of TRIUMPHA1￿ GLOBAL TRUST on 2410112025 and signed on their behalf ## **TRIUMPHANT GLOBAL TRUST** ## **NOTES TO THE ACCOUNTS** ## **31ST MARCH 2024** ## 1 **ACCOUNTING POLICIES** ## a. **Basis of preparation of accounts** The accounts 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. The financial statements have been prepared in ccordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16th July, 2014 and the Charities Act 2011. The Trustees have chosen to early adopt the Update Bulletin 1 issued by the Charities Commission on 2nd February, 2016 which exempts the charity from the need to prepare a Statement of Cash Flows. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going ## b. **First time adoption of Charities SORP (FRS 102)** In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required. There ere no significant adjustments needed from the net income/(expenditure) under the previous Generally Accepted Accounting Practice (“GAAP”). ## c. **Income recognition** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised once received. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions re fully met, or the fulfillment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. 10 ## **TRIUMPHANT GLOBAL TRUST** ## **NOTES TO THE ACCOUNTS** ## **31ST MARCH, 2024** ## 1. **ACCOUNTING POLICIES** (continued) ## e. **Financial instruments** The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. ## _**Short term debtors and creditors**_ Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities in ‘administrative expenses’. ## _**Cash and cash equivalents**_ Cash and cash equivalents comprise cash at bank and in hand. ## _**Offsetting**_ Financial assets and liabilities are offset and the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Charitable activities**_ Cost of charitable activities comprises grants made. ## f. **Governance costs** Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with other overhead costs. ## g. **Funds structure** The Charity has a single permanent fund which is wholly unrestricted. The terms of the trust deed allow the income to be accumulated and the capital to be spent if the Trustees so determine. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, wish to create a fund for a specific purpose. 11 ## **TRIUMPHANT GLOBAL TRUST** ## **NOITES TO THE ACCOUNTS** ## **31ST MARCH 2024** ## 2 **RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION** The Trustees received no emoluments or reimbursement of expenses (2023 – nil). In the opinion of the Trustees there were no related party transactions failing to be disclosed in these accounts The Charity has no cultimate controlling party 3 ## **RESOURCES EXPENSED** |Rent and hire of hall
Salaries inc taxes
Light, heating and telephone
Conventions & publicity
Honoria
Missions
Music ministry
Repairs & maintenance - general
Office equipment
Welfare
4
**GOVERNANCE COSTS**
Printing, postage and stationary
Auditors’ remuneration Legal
Bank charges and interest
Sundry expenses
Insurance (inc building)
Professional fees
Depreciation charge|**2024**
£
3,025
96,136
10,421
-
13,540
22,884
18,873
36,395
-
23,454
224,728
1,783
2,500
41,743
10,649
2,292
306
21,757
81,030|**2023**
£
1,660
93,876
7,287
2,219
14,755
14,245
12,025
15,470
5,183
23,554
190,274
885
2,500
26,304
10,245
2,976
581
17,000
60,491| |---|---|---| 5 **AUDTIORS' REMUNERATION** Auditors' remuneration consisted of a fee of £2,500 (2023 - 2,500) 12 ## **TRIUMPHANT GLOBAL TRUST** ## **NOITES TO THE ACCOUNTS** ## **31ST MARCH 2024** |6
**TANGIBLE FIXED ASSETS**
COST
At 1st April 2023
Additions for the year
At 31st March 2024
DEPRECIATION
At 1st April 2023
Charge for the year
At 31st March 2024
NET BOOK VALUE
At 1st April 2023
At 31st March 2024
7
**CASH AT BANK**
Natwest - Current and savings
Barclays Bank PLC - Current Account , savings and building
8
**CREDITORS**
Loans - Elim Cottage
Mortgage
Loans - Coronavirus
Accruals|PLANT AND
MACHINERY
£
4,925
19,027
23,952
4,925
4,757
9,682
-
14,270
**2024**
19,286
3,351
22,637
**2024**
20,050
467,991
19,929
2,500
510,470|BUILDING
£
850,000
-
850,000
51,000
17,000
68,000
799,000
782,000
**2023**
13,579
3,347
16,926
**2023**
33,050
481,746
27,836
6,500
549,132| |---|---|---| 13 ## **TRIUMPHANT GLOBAL TRUST** ## **COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND EXPENDITURE**
Income From:
_Donations_
_Rentall income_
_Gift Aid_
_Bank deposit interest_
**Total incoming resources**
**Expenditure on:**
_Charitable expenditure_
_Other Support costs_
**Total resources expended**
**NET (OUTGOING)/INCOMING**
**FUND BALANCE AT 1ST APRIL, 2023**
**FUND BALANCE AT 31ST MARCH, 2024**|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
£
£
£
239,601
1,577
241,178
-
11,647
11,647
25,083
-
25,083
26
10
36
264,710
13,234
277,944
184,744
5,530
190,274
32,057
28,434
60,491
216,801
33,964
250,765
47,909
20,730
-
27,179
344,285
100,220
444,505
392,194
79,490
471,684
**2023**| |---|---| All amounts relate to continuing activities All recognised surpluses and deficits are included in the statement of financial activities which show the total net movement in funds for the year.