Charity number: 1130622
VICTORY CHURCH OF CHRIST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
VICTORY CHURCH OF CHRIST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 |
| Trustees' responsibilities statement | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
VICTORY CHURCH OF CHRIST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Mrs Elizabeth Okundalaye |
|---|---|
| Mrs Funmi Oguntunde | |
| Mr Stephen Olatunbosun |
Charity registered number 1130622 Principal office 10-12 Lamb Lane , 2nd Floor Hackney London E8 3PL
Page 1
VICTORY CHURCH OF CHRIST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the VICTORY CHURCH OF CHRIST for the 1 April 2023 to 31 March 2024.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
VICTORY CHURCH OF CHRIST is a registered charity, number 1130622, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Approved by order of the members of the board of Trustees on 5 February 2025 and signed on their behalf by:
................................................
Mrs Elizabeth Okundalaye
Page 2
VICTORY CHURCH OF CHRIST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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.
Page 3
VICTORY CHURCH OF CHRIST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent examiner's report to the Trustees of VICTORY CHURCH OF CHRIST ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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.
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.
Signed: Dated: 5 February 2025
Mr Samson Okereke
Page 4
VICTORY CHURCH OF CHRIST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 219,074 219,074 202,622 202,622 16,452 (24,436) 16,452 (7,984) |
Total funds 2024 £ 219,074 219,074 202,622 202,622 16,452 (24,436) 16,452 (7,984) |
Total funds 2023 £ 224,212 224,212 227,114 227,114 (2,902) (21,534) (2,902) (24,436) |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
VICTORY CHURCH OF CHRIST
BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 10 Net liabilities excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
12,145 20,907 33,052 (10,835) |
2024 £ - - 22,217 22,217 (30,201) (7,984) (7,984) - (7,984) (7,984) |
14,918 9,326 24,244 (11,430) |
2023 £ 3 3 12,814 12,817 (37,253) (24,436) (24,436) - (24,436) (24,436) |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 05 February 2025 and signed on their behalf by:
Mrs Elizabeth Okundalaye
The notes on pages 7 to 13 form part of these financial statements.
Page 6
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
VICTORY CHURCH OF CHRIST meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
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.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Tangible fixed assets and depreciation
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Fixtures and fittings 25% straight line - Office equipment 33.33% straight line
Page 7
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.8 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.9 Fund accounting
General funds are unrestricted 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.
2. General information
Victory Church of Christ is an unincorporated charity registered with Charity Commission in England and Wales.
Page 8
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. Income from donations and legacies
| Donations Grants Donations Grants |
Unrestricted funds 2024 £ 178,267 40,807 219,074 Unrestricted funds 2023 £ 186,657 37,555 224,212 |
Total funds 2024 £ 178,267 40,807 |
|---|---|---|
| 219,074 | ||
| Total funds 2023 £ 186,657 37,555 |
||
| 224,212 |
4. Analysis of expenditure on charitable activities Summary by fund type
| Church activities Church activities |
Unrestricted funds 2024 £ 202,622 Unrestricted funds 2023 £ 227,114 |
Total 2024 £ 202,622 |
|---|---|---|
| Total 2023 £ 227,114 |
Page 9
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Staff costs
| Wages and salaries The average number of persons employed by the charity during the year was Administration |
2024 £ 24,301 24,301 as follows: 2024 No. 3 |
2023 £ 24,000 |
|---|---|---|
| 24,000 | ||
| 2023 No. 3 |
No employee received remuneration amounting to more than £60,000 in either year.
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
7. Tangible fixed assets
| At 1 April 2023 Disposals At 31 March 2024 At 1 April 2023 On disposals At 31 March 2024 |
Fixtures and fittings £ 9,158 (9,158) - 9,156 (9,156) - |
Office equipment £ 26,161 (26,161) - 26,160 (26,160) - |
Total £ 35,319 (35,319) - 35,316 (35,316) - |
|---|---|---|---|
Page 10
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 7. Tangible fixed assets (continued) Fixtures and fittings £ Net book value At 31 March 2024 - At 31 March 2023 2 8. Debtors Due within one year Prepayments and accrued income 9. Creditors: Amounts falling due within one year Trade creditors Accruals and deferred income 10. Creditors: Amounts falling due after more than one year Bank loans |
Office equipment £ - 1 2024 £ 12,145 |
Total £ - 3 2023 £ 14,918 |
||
|---|---|---|---|---|
| 12,145 | 14,918 | |||
| 2024 £ 8,435 2,400 |
2023 £ 7,680 3,750 |
|||
| 10,835 | 11,430 | |||
| 2024 £ 30,201 |
2023 £ 37,253 |
Page 11
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 20,907 | 9,326 |
Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
12. Summary of funds
Summary of funds - current year
| General funds General funds |
Balance at 1 April 2023 £ (24,436) Balance at 1 April 2022 £ (21,534) |
Income £ 219,074 Income £ 224,212 |
Expenditure £ (202,622) Expenditure £ (227,114) |
Balance at 31 March 2024 £ (7,984) Balance at 31 March 2023 £ (24,436) |
|---|---|---|---|---|
13. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 33,052 Creditors due within one year (10,835) Creditors due in more than one year (30,201) Total (7,984) |
Total funds 2024 £ 33,052 (10,835) (30,201) |
|---|---|
| (7,984) |
Page 12
VICTORY CHURCH OF CHRIST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Other unallocated Total |
Endowment funds 2023 £ - - - (37,253) 37,253 - |
Unrestricted funds 2023 £ 3 24,244 (11,430) - (37,253) (24,436) |
Total funds 2023 £ 3 24,244 (11,430) (37,253) - (24,436) |
|---|---|---|---|
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