Company Reglstered Number 05988995 CharSty ReB15tratlon Number 1124080 VICTORY INTERNATIONAL CHURCH UK EVERLASTING KINDNESS PARISH SOUTH EAST LONDON ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENT5 FOR THE YEAR ENDED 30 NOVEMBER 2024 VICTORY INTERNATIONAL CHURCH UK FOR THE YEAR ENDED 30 NOVEMBER 2024 Contents Page Legal and aéministrative infoTmation Trustee's Report Statement of Financial Activities Balance sheet Notes to the Accounts bfjyn inor'_S i4ftvb VICTORY INTERNATIONAL CHURCH UK FOR THE YEAR ENDED 30 NOVEMBER 2024 Legal and Administrative Information Key Management Personnel General Overseer Bishop T V Adelakun Mlnister In Charge Pastor Plus Bello Trustees Pastor Esther Bello Pastor Plus Bello Ms Roseline Soremi Company registered number 5988995 Charlty registered number 1124080 Prlncipal Address 68 Betsham Road Erith London DA8 2BG Bankers HSBC Bank Croydon Surrev HSBC Bank Ba5ildon Essex Company Secretary Pastor Plus 8ello VICTORY INTERNATIONAL CHURCH UK FOR THE YEAR ENDED 30 NOVEMBER 2024 TRUSTEE'S ANNUAL REPORT The Trustee5, for the purpose of the ChaTlties Att 2011 as amended and staternent of Recommended Practice ISORPI 2005, submit their Annual Report and Group Financial Statpment forthe Year Ended 30 November 2024. The Trustee have adopted the provlslon of SORP"Accounting and ReportlTrg by charlties Issued In March 21J05 in preparing the annual report and flnancial statement of the Charity. ACTIVITIE5 The principal activities of the charity in the year of review were Christian worshlp IRunning Sunday Services. prayers and Bible studies rreetin851. Christian outreach seminars to increase Christian awareness and spread the gospel of our Lord Jesu5 Chrlst and development of the whole man spiritually. mentally and physically. Providlng support for other Charitie5 and Christian event5. Also contributed to the development of the Bexley communlty through the partnership with the Transform Bexley Programme initlètives. EXECUTIVE SUMMARY The TrusteÈ5 are pleased to report that the Church ha5 continued to minister to tnany people, winnin8 souls with the expansion of the outrea¢hes on Social media platforrns. The finance5 during the year have been stable with the eKpenditurÈs now only reflecting the èttivities of the Parent Assembly. This year the annual London Power Surnmit was held Successful￿ in the South East London Area. The annual Women Programme Seminar did not hold this year, however, an outreach event was successfully held in the community church ORGANISATION STRucfuRE AND DECISK)N MAKING. The Church is organised 50 that the fru5tees meet regularly to mana8e its affairs. The￿ is a part-time Minsiter in charge and volunteers who manage the day today administration of the Charity. RELATEO PARTY RELATIONSHIP Victory International Church Uk South East London. is a member ol Assembly of Victory International Churth Rehoboth Catherdral with her He3dqu3rters in Ibadan, Oyo State. Nigeria. RESERVE POLICY The Trustees have established a policy wherby the Un￿strICted funds not commited or invested In tangible fi¥ed assest held by the charity should be three months of annual expendf(ure. RISKS The Tru5tee5 have assessed the major rlsk whlch the trust is exposed to, and are satisfied that there are system5 in place to fftitigate emposure to major risks. The Charity will continue to focus its activitie5 to meet Tts objectives. ThÈ Trustees are looking for new appropriate ventse to use foi physical Church services. to increase our outreathes, this is a major risk that if not Ioc3ted ctsuld limit the Scope of the outreach oppurtunite5. ExfERNAL EXAMINER APPOINTMENT In line with the provlsion exomption in the Charitle5 Act 2011 as amended the Trustees appointed an examinar Blue stone Accountancy Limited to review the accounts for the year ended 30th November 2024. VICTORY INTERNATIONAL CHURCH UK Stalement of Flnaclal AcElvltie5 for the Yeaf Ended 30 Novemb4r 2024 Statem*ntof FlnanctalArtlvltles {Inelydln8the income and¢xvendrtyre Attourtforthe yeatetyded 30 November1023 as required bythe CLwnpanl4s Art 20061 CuirÈnl￿ar Unrostrkiefj Funds 20 Curr¢rtt Plloryoar 50RP Totzl Funds 2024 Funds ZD Incomt& EndowthtAI Frorn.. Oonitians &tegac Al 7.108 324 7.10& 156 256 pQhd¢ure(￿'. B2 13.065 11065 13,L65 13,0$5 11,710 Net in¢tyMeIeypp￿1tUr+jIorth¢¥e -5.633 18.359 N￿1￿came bfter Er?nsfws A.&-C -5.633 $9 NEtMovernentiDfund5 TotalFundsbrou8htlorward 22.467 4.lQ8 Totalfun¢sc41[j￿fo￿ird 16.834 10.834 ZIA67 TheSORP ReF￿nd￿￿tedab0ve iSthec1&551ficatl¢*)of IrLtoMesÈcoulinthpfofmalSOAPdoruments. Asioquiltd bv paragr&ph4.60 ofthe SORP. Ihp broughl forward1nocèrr￿dfoFwa1df￿￿Sè￿ye h￿•bO￿n agrttdtts ihp gilinrpShoèt A5eparatpst41ernent oftOTalGain5and Lossps14not rEqureda5thissatemént InrWp5 IllrecognisedgainSandlo55es Allthe piloiyear uniÈstritted Itern5.4nd nofuFth¢rahèW515 requ11Èd. Jl4ctlYitlÈsde¢voeItOm¢Tr7￿￿lng￿pÈr3t￿jrts. VICTORY INTERNATIONAL CHURCH UK Ststement of Flnantlal Actlvlties forihe Year Endod 30 Novembtr 20Z4 PrknY4at Unrq5trk*é ds Prkniyear SORPR*f Toi4 Fuftth 2021 *Kom•lkEndwimenfFrom.. V￿allonS& LE8aC lThvQSZrnent Al 29A13 2$6 io, 30.069 ExpendFtureon-. 82 rrrta1￿p1ndl¢Ure 11,71 Net hi¢tsffiEl•Xpo￿thturQll*1tt*1Yar 15.3S9 NetlnctsME 18.359 NÈt no￿nie￿In￿￿￿￿5 Total Fundsbiou8ht forward 4.11 4.108 Tota1fundstarfgdfo￿r 23,467 VMRY INTERNATIONAI CHURCH UK .AesouftesipplieO In theyèarended 3QNovèmbEr2024tth4rdK hx¢￿a￿t for￿￿lty￿Se'.- 2014 20 FundsgenefareJ Inthg yèarI5déiailEdinthEStrA RE5owceapp1￿donfU￿Cl￿n3lt1xedas￿￿t5 R*sDWTr￿ap￿IedDn int*Tr8￿70asS 18.359 120481 16581 4291 7hef•sour(e5appk54Jnflxedabs•tiloithathYus•r•presentsthe¢ostof 1ddftkn￿￿5sWO￿a$ol vicroRY INTERNATIONAL CHURCH UK Movements in revenue and capltal funds for the year ended 30 November 2024 OJrreMy•4r Unrestrictt unds CuT￿￿Year Res¢rkt Funds Styeai Total FyTr&s 2024 Funds 2023 2024 AcrurnU￿t￿f￿nd￿tsroUIhtfOr￿ard 21467 AerrertsÈdgalnSa￿ ID558S bef4retransltts 21467 4.108 -5.633 CIDth8 le•qnuelLsNJ5 -5.633 18.359 16,831 16A34 22,467 Surnmaryoffvnd5 Unmtskted nrf De5i¥n•ted lund5 202 LastY•ar Total Funds 2023 R•5trkied TDtal FuDds 2014 2024 RevEnueattumulJiedfts￿s 16.834 16,8Y 22,467 VICTORY INTERNATIONAL CHURCH UK lrtt+)me £xp4ttrliture Ae¢ount fotthe yoar ended 30 No¥em￿r 2024 •$ requlrod bytht Companlo$ Art ir* 1023 Incoro Inco￿￿r￿M opÈraiiOTh& 7,108 29.813 Investrn¢nt Iheurne 324 Gro55 intomeln the y¢arbqtor¢ext#ptlonaliteTr5 7.432 30,069 6r0￿1n￿￿ Inthwrirdydlr*EXQPtloThallt• 7.432 30.069 Apend￿Ur￿ CharirableeApeTrditure. ex¢hJdinideyeclètion arwj imortysat Depreclarion ènd?morri5?t￿n Governance costs Reaii5od Iossè50n diSP05al 0*sOtial Investmertwh￿h pro8ramm 12.445 520 11,096 614 13,055 NBtlncom bèfore tax lTrtbeflMnclalyEar -5,633 18,359 TaN on SUrp￿S￿¢t￿ln￿ry NetiniomeaftÈrfax In th+flnJndal fvr -5.633 tg.359 -5.633 18.359 AllactkiltlesderNed fromwnralnlniopeFa￿Q*kn Inatcardan¢¢ Withf￿ pravI51r￿S vlthe COM￿nI￿$A￿ 20￿.the hwdlr*andyUbheidi￿￿yed 1nth•lncon*andwqnd6ture￿CVy0t have b••n adoptedto refie£tthespAchlnawrnolth¢Charitles acti￿les VICTORY INTERNATIONAL CHURCH UK 6ALAPdCE SHEST A5AT30NOVEMB£82024 tlotes SORP R 1024 2023 FrAedAJsets Al Intan8ibleAssets Tan8lbleA$5etS 15 3.520 Total 3.482 Q5h ai hankandin 15.746 20.67B 16.745 TheTtttsl N•¢A5setsQfthEC￿rffy 20.67B 21166 Th•T¢ltsl NetAssRtolifvotharltywe lur￿ldbythOhjThd1oftheth1dtyaS1Qll￿￿1 24,160 Re5tr*tpd funds nrè*trirtÈdfuThds 19 ts3 2Q266 Unrestrlctedftevenup F￿d5 24.160 Des￿￿￿ted Fund5 IOJ66 The SOEP Relin¥￿ate￿aOOve1Srh￿ ckssllicatiOTroTEalan(8Shset Iterns ijset outlll IhelotmalSORPducumellts. As r￿qI￿r￿d bYpara8raph4.W¢ftheSORPthÈ brw8htforwardand c3r1￿d F¢TwaTrd wrsons