OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Victory Church Of Christ

2025-03-31-accounts

Charity number: 1130622

VICTORY CHURCH OF CHRIST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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 - 12

VICTORY CHURCH OF CHRIST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

The Trustees present their annual report together with the financial statements of the VICTORY CHURCH OF CHRIST for the 1 April 2024 to 31 March 2025.

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 26 February 2026 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 2025

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 year, 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:

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 2025

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 2025.

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act, or

  2. the accounts do not accord with those records, or

  3. 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 to enable a proper understanding of the accounts to be reached.

Signed:

Dated: 26 February 2026

Divine Insight

Page 4

VICTORY CHURCH OF CHRIST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
3
Expendidture on:
Charitable activities
4
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 2025
Unrestric
ted
Fund
£
48,914
48,914
59,268
59,268
(10,354)
(7,984)
(10,354)
(18,338)		 2025
Total
Fund
£
48,91
4
48,91
4
59,26
8
59,26
8
(10,35
4)
(7,984
)
(10,35
4)
(18,33
8)		 2024
Total
Fund
£
219,07
4
219,07
4
202,62
2
202,62
2
16,452
(24,43
6)
16,452
(7,984)

The statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 7 to 12 form part of these financial statements.

Page 5 VICTORY CHURCH OF CHRIST

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed Assets
Tangible asset
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amount falling due within one
year
9
Net current assets
Total assets less current liabilities
Creditors: amount falling due after more
than one year
10
Net liabilities excluding pension asset
Total net assets
Charity funds:
Restricted fund
Unrestricted fund
Total funds		 8,000
11,75
3		 2025
£
-		 12,14
5
20,90
7		 2024
£
-
- -
1,214
(19,5
53)		 22,21
7
(30,20
1)
19,75
3
(18,5
39)		 33,05
2
(10,83
5)
1,214 22,21
7
(18,3
38)		 (7,984
)
(18,3
38)		 (7,984
)
-
(18,3
38)		 -
(7,984
)
(18,3
38)		 (7,984
)

The financial statements were approved and authorised for issue by the Trustees on 26 February 2026 and signed on their behalf by:

Mrs Elizabeth Okundalaye

The notes on pages 7 to 12 form part of these financial statements

Page 6

VICTORY CHURCH OF CHRIST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

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.

Provisions are recognised as 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 except for 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 2025

3. Income from donations and legacies

4.
Analysis of expenditure on charitable activities
Summary by fund type
Donations
Grants
Donations
Grants		 Unrestric
ted
Funds
2025
£
48,914
-
48,914
Unrestrict
ed
Funds
2024
£
178,267
40,807
219,074		 Total
funds
2025
£
48,914
-
48,914
Total
funds
2024
£
178,267
40,807
219,074
Church activities
Church activities		 Unrestric
ted
Funds
2025
£
59,268
59,268
Unrestricte
d
Funds
2024
£
202,622
202,622		 Total
funds
2025
£
58,068
58,068
Total
funds
2024
£
202,622
202,622

~~Page 9~~

VICTORY CHURCH OF CHRIST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Staff costs

2025
£
Wages and salaries
11,482
The average number of persons employed by the charity during the year was as follows:
2025
No.
Administration
3
No employee received remuneration amounting to more than £60,000 in either year.		 2024
£
24,301
2024
No.
3

6. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

7. Debtors

Due within one year
Prepayments and accrued income
.
Creditors: Amounts falling due within one year
Trade creditors
Accruals and deferred income		 2025
£
8,000
2025
£
17,339
1,200
18,539		 2024
£
12,145
2024
£
8,435
2,400
10,835

8.

9. Creditors: Amounts falling due after more than one year

2025 2024
£ £
Bank loans 19,553 30,201

~~Page 10~~

VICTORY CHURCH OF CHRIST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Financial instruments

20252024
££
Financial assets
Financial assets measured at fair value through income and expenditure 11,753 20,907

Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.

11. Summary of funds

Summary of funds - current year

General funds
General funds		 Balance
at
01/04/2
024
£
(7,984)
Balance
at
01/04/20
23
£
(24,436)		 Inco
me
£
48,91
4
Incom
e
£
219,0
74		 Expendit
ure
£
(59,268)
Expendit
ure
£
(202,622)		 Balance
at
31/03/2
025
£
(18,338
)
Balance
at
31/03/20
24
£
(7,984)

12. Analysis of net assets between funds – current period

Current assets
Creditors due within one year
Creditors due after more than oneyear		 Unrestricte
d
Funds
2025
£
19,753
(18,539)
(19,553)		 Total
funds
2025
£
19,753
(18,539)
(19,553)
(18,338) (18,338)

Page 11

VICTORY CHURCH OF CHRIST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fxed assets
Current assets
Creditors due within one year
Creditors due after more than one year
Total		 Endowm
ent
funds
2024
£
-
-
-
-
-
-		 Unrestrict
ed
funds
2024
£
-
33,052
(10,835)
(30,201)
-
(7,984)		 Total
funds
2024
£
-
33,052
(10,835
)
(30,201
)
-
(7,984)

Page 12