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2023-03-31-accounts

TRIUMPHANT CHURCH INTERNATIONAL

(DESTINY MINISTRIES)

ANNUAL REPORT

AND

FINANCIAL STATEMENTS

FOR THE YEAR

ENDED

31ST MARCH 2023

CHARITY REGISTRATION No: 1083660

CONTENTS

Page 3 Legal and Administrative Information
Page 4 Independent Examiners Report to the Trustees
Pages 5 to 9 Trustees Report
Page 10 Statement of Financial Activities
Page 11 Financial Statements
Pages 12 to 18 Notes to the Financial Statements

2

CHARITY NUMBER

1083660 (Registered at the Charity Commission for England and Wales)

START OF FINANCIAL YEAR 1 April 2022 END OF FINANCIAL YEAR 31st March 2023 TRUSTEES AT 31 MARCH 2023 Pastor Clement Esomowei Pastor Marjorie Esomowei Mr Samson Ogunjimi Ms Margaret O T Olojo

The existing trustees appoint any new trustees following the provisions laid out in the organisation's governing instrument.

GOVERNING INSTRUMENT

Constitution and Trust Deed

OBJECTS

To advance the Christian faith in accordance with the Statement of Faith to pursue such other charitable activities as the Trustee shall from time to time see fit.

CORRESPONDENCE ADDRESS

36 Chislehurst Road Orpington BR6 0DG

PRIMARY BANKERS Barclays Bank Plc 5 The North Colonnade Canary Wharf London E14 4BB INDEPENDENT EXAMINER Eazitax Limited Unit 6, Buckingham Court Rectory Lane Loughton Essex IG10 2QZ

3

INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS

Report to the Trustees of Triumphant Church International on the accounts for the year ended 31st March 2023 set out on pages 8 to 15.

Respective responsibilities of trustees and examiner

The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. Independent examiner's qualified statement:

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

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.

Eazitax Limited

Unit 6, Buckingham Court

Rectory Lane

Loughton, Essex Signed by:

IG10 2QZ Dated: 12[th] July 2024

4

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

1. INTRODUCTION

This report by the Trustees to the members of Triumphant Church International (Destiny Ministries) and the attached accounts cover the year ended 31st March 2023. The accounts have been prepared by Eazitax Limited

2. REFERENCE AND ADMINISTRATIVE INFORMATION

Triumphant Church International (the Church or TCI) is a registered Charity under the terms of the Charities Act 1983 Charity Number 1083660.

THE CHURCH PRINCIPAL OFFICE AND WORSHIP PLACE IS:

36 Chislehurst Road Orpington BR6 0DG

TRUSTEES WHO SERVED DURING THE YEAR ARE:

Reverend Clement Esomowei

Reverend Marjorie Esomowei

Mr Samson Ogunjimi

Ms Margaret O T Olojo

3. STRUCTURE, GOVERNANCE AND MANAGEMENT

The activities of the Trustees are governed by the trust deed which was approved in 1999 and updated in 2004 and updated in 2017.

The principal objects of the church remain as described in the Trust Deed: To advance the Christian faith and to pursue such other charitable activities, as the Trustees shall from time to time deem fit.

OBJECTIVES AND ACTIVITIES

In order to achieve the objects of the Church, the Trustees have continued to carry on the objects of the church as stated above:

These objects are embodied in our six (6) main areas of operation

5

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Our outreaches to less privileged children and widows in Africa continued in the year

5. ACHIEVEMENT AND PERFORMANCE

REVIEW OF ACTIVITIES FOR THE YEAR

Our focus for some years running has been the health and well being of families within the Church and our communities plus our missionary fields outside the country, seeing that we have many young and thriving families within the Church. And so most activities have been targeted around empowering families, children, single parents, etc and empowering them spiritually, physically, materially, psychologically etc.

6

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Below is a summary of the main activities undertaken in relation to the objects listed above.

o ANNUAL PROGRAMME AND CONFERENCES:

We are doing everything to ensure that we thrive as a Church in the New Normal

o The UK branches held the outreaches to families and young people also

o TRAINING:

6. FINANCIAL REVIEW

o Expenditure

Excess of Income over expenditure

7

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

o INVESTMENT POLICY

There are no restrictions on the church’s power to invest hence any unrestricted and restricted funds may be invested in any type of investment. The Trustees have the power to invest in such investments as they see fit. They will however endeavour to invest in low and medium risk investment with a view to ensuring the return on investment is above inflation rate averaged over a five- year period.

• FULL PAYMENT OF MORTGAGE AND NEW PROPERTY

We are glad to announce that on 8[th] December 2022, Triumphant Church International paid off the mortgage on our property at 136 West Green Road, N15 5AD.

On same day the Church made full payment for our new property at 36 Chislehurst Road, Orpington Kent BR6 3DG.

We give all Glory to God.

RESERVES POLICY

RISK MANAGEMENT

STATEMENT OF TRUSTEES RESPONSIBILITY

Charity Law 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 at the year end and of its incoming resources and resources expended for that year. In preparing those financial statements the trustees are required to:

8

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The trustees are responsible for: keeping proper accounting records, disclosing the financial position of the charity with reasonable accuracy and ensuring that the financial statement comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

COVID 19

We thought to mention this to the annual report for the 2022 account. Covid19 affected the Church in numerous ways, key amongst all was the fact that due to lockdown and Government Stay Home instructions, church members have not had the total freedom of worshipping together physically, praying together physically and receiving the face to face support that many have enjoyed for years. As Pastors of the Church, counselling, prayers, of members was always paramount and not being able to do that face to face, for these number of months has been a major issue.

However despite the regulations, we managed under strict compliance to policies of masking, social distancing and sanitizing etc to do the following community and member programmes

  1. We set up Welfare Funds where members, their families and members of the community could access without too much probing for their basic needs of feeding, electricity and gas bills.

  2. We continued to run our Five Loaves Food bank and served our community all through the pandemic and lockdown

  3. We supported the elderly and sick within our community with shopping

  4. We continued our Christmas Angels serving over 270 families in London and Basildon Essex with Whole Turkeys, Christmas groceries and gifts.

  5. Members of our community mentioned Triumphant Church International to the BBC Songs of Praise team who came to film our Christmas outreach to our community.

Signed on behalf of the Board of Trustees by

le ~~m~~ om , +

PRINT NAME: Pastor Clement Esomowei

DATE: Jul 12, 2024

Appreciation

9

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM:
Donations and Legacies
3a
Raising Funds
3b
Investments
3c
Charitable Activities
Profit on sale of building
2
Other
TOTAL INCOME
EXPENDITURE ON:
Charitable Activities
4a
Other
4b
TOTAL EXPENDITURE
NET INCOME/EXPENDITURE
Transfers between funds
5
Other recognised gains and losses:
Revaluation adjustments
2
NET MOVEMENT IN FUNDS
Reconciliation of funds:
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestriced
Restrcited
TOTAL
TOTAL
Funds
£
Funds
£
2022/23
£
2021/22
£
263,951
0
263,951
272,272
5,141
0
5,141
14,490
192
0
192
6
0
0
0
2,581,874
2,581,874
0
0
0
0
2,851,157
0
2,851,157
286,769
360,805
360,805
262,822
0
0
0
360,805
0
360,805
262,822
2,490,352
0
2,490,352
23,947
0
0
0
0
(1,970,000)
0
(1,970,000)
0
520,352
2,380,724
0
1,595
520,352
2,382,319
23,947
2,358,372
2,901,076
1,595
2,902,671
2,382,319

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 9 to 15 form part of these financial statements.

10

FINANCIAL STATEMETS AS AT 31 MARCH 2023

Notes
Fixed Assets
Tangible assets
2
Current Assets
Debtors
8
Cash at bank and in hand
7
Total Current Assets
Creditors amount falling
due within one year
9
TOTAL ASSETSless current liabilities
Creditors:amounts falling
due more than one year
10
NET ASSETS
Funds of the Charity
General Funds
Designated Funds
6
Restricted Funds
5
Total Funds		 Unrestriced
Funds
Restrcited
Funds
31 Mar 2023
TOTAL
31 Mar 2022
TOTAL
£
£
£
£
2,315,113
0
2,315,113
2,870,000
48,232
48,232
30,166
612,732
1,595
614,327
88,123
660,965
1,595
662,560
118,289
75,002
0
75,002
81,012
585,963
1,595
587,558
37,277
0
0
0
524,958
2,901,076
1,595
2,902,671
2,382,319
2,901,076
0
2,901,076
2,380,724
0
0
0
0
0
1,595
1,595
1,595
2,901,076
1,595
2,902,671
2,382,319

Approved by the Trustees on .[J] ..[u] ..[l] ..[1] ..[2] ..[,] .[2] ..[0] ..[2] ..[4][ .] and

Signed by .[P] ..[a] ~~.~~[s] ~~.~~[to] ~~..~~[r ] ~~.~~[C] ~~.~~[l] ~~.~~[e] ~~.~~[m] ~~.~~[e] ~~..~~[n] ~~.~~[t] ~~.~~[E] ~~.~~[s] ~~.~~[o] ~~.~~[m] ~~..~~[o] ~~.~~[w] ~~..~~[e] ~~.~~[i ] ~~.~~[(J] ~~.~~[u] ~~..~~[l ] ~~.~~[1] ~~.~~[2] ~~.~~[, ] ~~.~~[2] ~~.~~[0] ~~.~~[2] ~~.~~[4] ~~.~~[1] ~~..~~[8] ~~.~~[:4] ~~.~~[6] ~~..~~[G] ~~.~~[M] ~~..~~[T] ~~.~~[+] ~~.~~[1] ~~.~~[)] ~~.,~~

Trustee

PRINT NAME: Pastor Clement Esomowei

11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Basis of preparation:

The financial statements of the charity have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (Charities SORP FRSSE) (effective 1 January 2015) and applicable accounting standards.

1. ACCOUNTING POLICIES

Income

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

▪ the charity becomes entitled to the resources;

▪ the trustees believe it is probable they will receive the resources; and

▪ the monetary value can be measured with sufficient reliability

Income with related expenditure

Where income has related expenditure (as with fundraising or contract income) the income and related expenditure are reported gross in the SOFA.

Grants and Donations

Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Tax reclaims on Donations and Gifts

Income from tax reclaims are included in the SOFA during the same period as the gift to which they relate.

Gifts in Kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income when receivable.

Donated Services and Facilities

These are only included in income (with an equivalent amount in expenditure) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.

12

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Investment Income

This is included in the accounts when receivable.

Investment gains and losses

This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Expenditure and liabilities

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.

Changes in Accounting policies and previous accounts

The charity has opted to follow the SORP (FRSSE) for the financial year ending 31 March 2016. The comparative figures have been restated to reflect the requirements of Charity reporting. There is no effect on the results for the year ended 31 March 2016 or the net assets at 31 March 2016.

Assets

Tangible fixed assets for use by the charity

These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a straight line basis over their estimated useful lives. The rates applied per annum are as follows:

Fixtures, Fittings and Equipment 20%
Plant and equipment 20%
Motor vehicles 20%

No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost.

13

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2. TANGIBLE FIXED ASSETS

Cost
01-Apr-22
Revaluation
Additions
Disposal
Cost at
31-Mar-23
Depreciation
01-Apr-22
Disposal
Charge
Depreciation
31-Mar-23
Net book Value
31-Mar-23
Net book Value
31-Mar-22		 Unrestricted
Unrestricted
Unrestricted
Unrestricted
Land and
Plant &
Fixtures &
Motor
TOTAL
Building
Machinery
Fittings
Vehicles
£
£
£
£
£
2,870,000
3,951
1,701
7,840
2,883,492
0
47,477
47,477
2,219,788
50,366
2,270,154
-2,870,000
(7,840)
-2,877,840
2,219,788
51,428
1,701
50,366
2,323,283
0
3,951
1,701
7,840
13,492
(7,840)
-7,840
2,518
2,518
0
3,951
1,701
2,518
8,170
2,219,788
47,477
0
47,848
2,315,113
2,219,788
0
0
0
2,219,788

Fixed assets are used for charitable purposes.

136 West Green Road, London N15 5AD was sold on 7 December 2022. At 10[th] August 2020 the property had a market value of £2.870 million and was reflected in 2021 financial statements with revaluation reserve of £1.87m. The profit on the sale of 136 West Green Road was £2,581,874.

From the proceed of the sale, 36 Chislehurst Road was acquired at a cost of £2,150,650 and the building was undergoing refurbishment, as at 31 March 2023 £69,140 was expended.

3. Income

a) Donation and Legacies
Bursary
Gift aid tax recoverable
Offerings and donations
b) Raising Funds
Rent Received
b) Investments
Profit on sale of building
Bank Interest		 Unrestriced
Restrcited
31 Mar 2023 31 Mar 2022
Funds
Funds
TOTAL
TOTAL
£
£
£
£
0
0
47,119
47,119
30,764
216,831
216,831
241,508
263,951
0
263,951
272,272
5,141
0
5,141
14,490
5,141
0
5,141
14,490
2,581,874
2,581,874
0
192
0
192
31
2,582,065
0
2,582,065
31

14

4. EXPENDITURE

a) Charitable Activities Management:
Management
Gross salary and employers NI
Church activities:
Church services, outreach & honoraria
Community projects
Conferences and events
Gifts and donations
Media Ministry
Ministerial Welfare
Missions
Musicians and music licences
Prayer Retreat Mens Camp
Trading and Christian Resources
Volunteers expenses
Office and support costs:
Administration and office expenses
Bank and Finance charges
IT Support and Website Management
Mortgage Interest
Printing, postage and stationery
Professional subscriptions and training
Telephone and Internet
Transport and motor
Premises costs:
Depreciation
Professional Fees
Insurance
Light & Heat, Rent and Rates
Repairs and maintenance
Governance costs:
Independent examination fees
Accountancy and Bookkeeping Fees
b) Other
Sundry expenses		 Unrestriced
Funds
Restrcited
Funds
31 Mar 2023
TOTAL
31 Mar 2022
TOTAL
£
£
£
£
87,672
0
87,672
35,502
54,970
0
54,970
52,218
10,456
0
10,456
10,984
25,944
0
25,944
22,370
11,493
0
11,493
11,304
12,876
0
12,876
12,291
0
0
0
0
20,898
0
20,898
20,240
14,350
0
14,350
14,844
0
0
0
0
0
0
0
0
5,368
0
5,368
0
5,784
0
5,784
3,662
3,656
0
3,656
3,742
4,186
0
4,186
3,859
18,662
0
18,662
18,054
12,082
0
12,082
4,318
0
0
0
0
9,032
0
9,032
9,414
13,169
0
13,169
13,926
2,518
0
2,518
0
4,823
0
4,823
0
3,670
0
3,670
3,814
10,713
0
10,713
10,995
23,279
0
23,279
7,204
2,400
0
2,400
2,160
2,805
0
2,805
1,920		 Unrestriced
Funds
Restrcited
Funds
31 Mar 2023
TOTAL
31 Mar 2022
TOTAL
£
£
£
£
87,672
0
87,672
35,502
54,970
0
54,970
52,218
10,456
0
10,456
10,984
25,944
0
25,944
22,370
11,493
0
11,493
11,304
12,876
0
12,876
12,291
0
0
0
0
20,898
0
20,898
20,240
14,350
0
14,350
14,844
0
0
0
0
0
0
0
0
5,368
0
5,368
0
5,784
0
5,784
3,662
3,656
0
3,656
3,742
4,186
0
4,186
3,859
18,662
0
18,662
18,054
12,082
0
12,082
4,318
0
0
0
0
9,032
0
9,032
9,414
13,169
0
13,169
13,926
2,518
0
2,518
0
4,823
0
4,823
0
3,670
0
3,670
3,814
10,713
0
10,713
10,995
23,279
0
23,279
7,204
2,400
0
2,400
2,160
2,805
0
2,805
1,920
360,805 0
360,805
262,822
0
0		 0
0
0
0
0
0

15

5. RESTRICTED FUNDS

5. RESTRICTED FUNDS
Wisdom for Women Internatinal Balance
01-Apr-22
Income
Expediture
Balance
31-Mar-23
£
£
£
£
1,595
0
0
1,595
1,595
0
0
1,595

6. DESIGNATED FUNDS

They are no designated funds

7. CASH AT BANK AND IN HAND

Current Accounts
Cash in Hand		 Unrestriced
Restrcited
31 Mar 2023 31 Mar 2022
Funds
£
Funds
£
TOTAL
£
TOTAL
£
612,732
1,595
614,327
88,123
0
0
0
612,732
1,595
614,327
88,123

8. DEBTORS AND PREPAYMENTS

Other Debtors
Trade Debtor		 Unrestriced
Restrcited
31 Mar 2023 31 Mar 2022
Funds
£
Funds
£
TOTAL
£
TOTAL
£
1,113
0
1,113
0
47,119
0
47,119
30,166
48,232
0
48,232
30,166

9. CREDITORS ACCRUALS AND DEFFERED INCOME: AMOUNT FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts
Other Creditors
Trade Creditors
Taxation and Social Security
Accruals		 Unrestriced
Funds
£
Restrcited
Funds
£
31 Mar 2023
TOTAL
£
31 Mar 2022
TOTAL
£
0
0
0
56,016
1,383
1,383
1,174
37,634
37,634
0
26,206
0
26,206
16,143
9,780
9,780
7,680
75,002
0
75,002
81,012

16

10. CREDITORS ACCRUALS AND DEFFERED INCOME: AMOUNT FALLING DUE AFTER MORE ONE YEAR

YEAR
Bank Loan Unrestriced
Funds
Restrcited
Funds
31 Mar 2023
TOTAL
31 Mar 2022
TOTAL
£
£
£
£
0
0
0
524,958
0
0
0
524,958

11. SECURED DEBTS

The following secured debts are included within creditors:

11. SECURED DEBTS
The following secured debts are included within creditors:
Bank Loans 31 Mar 2023 31 Mar 2022
TOTAL
£
TOTAL
£
0
580,974
0
580,974

The mortgage was fully paid off from the proceed of the sale on 7[th] December 2022

12. STAFF

Two employee served during the year and in the year 31 March 2023 one employee served.

13. TRUSTEES AND OTHER RELATED PARTIES

Expenses:

Expenses paid to trustees related to reimbursement of purchases made on behalf of the church, routine church expenses, repairs, travel and motor expenses.

2022/23 2021/22
Number of Trustees who were paid expenses 2 2

The Board of Trustees confirm that the Trustees received the following reimbursement expenses:

£
Travel and Transport 692
Motor Vehicle & fuel 1,554
Itunes 60
Subsistence 545
Reimburse office supplies 104
2,955
Wages and Salaries:
2022/23 2021/22
Number of Trustees who were paid a salary 2 1
Total amount paid £81,717 £34,650

The Board of Trustees confirm that no other payments were made to trustees or any persons connected with them during this financial period. The Trustees also confirm that no material transaction took place between the organisation and a trustee or any person connected with them.

17

14. PUBLIC INTEREST

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

15. EXAMINER’S NOTE

This set of accounts has been prepared using records, invoices and payments provided by the trustee of the charity.

The charity has engaged an inhouse accounts administrator and procedures has been implemented to produce accounts as per SORP requirements.

The charity has started to implement proper financial controls and is continuing in implementing those controls including protocols for identifying all payments to Trustees to meet SORP disclosure requirements.

The charity faced challenges from the Covid 19 pandemic and now cost of living crisis. As mentioned in Trustee report, the charity took all the necessary steps to cut cost.

18