VICTORY GOSPEL CHURCH (REGISTERED NUMBER.. 07494182) REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
VICTORY GOSPEL CHURCH (Company limited by guarantee and mt having a share ¢2pitall LEGAL AND ADMINISTRATIVE INFORMATION Trustees Pastor A While M Abtott J Ryder K Konalham A Ogbuh L Ogtxjh L Tayk S Niudamu L Wc*JJ Company $ecretary MrsJ Whrte ¢haTY numbor 1141558 Company number 7494182 Prlnclpal address The Viclory Centre I156 POrt$d R¢)ad ulh8mpton S017 2NH Accountants Knight tknjhead r[ted 7 BoumerTh)uth Road Chandlerfs Ford Eastleigh Hampshire S053 3DA Bankern HSBC 55 Ab)ve Bar Streel Julhampt S014 7DZ
VICTORY GOSPEL CHURCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors for the purrM)ses of ¢xJnwany law. wesenl their rewrt aThJ the accounts for the year ended 31 Marth 2024. Dlre¢tors The directors served during the periol we'. Pastor A While M Abbott J Ryder L Wood S Niudamu K Konalham A Ogbuh L 09h L Tayh)r al ststus Victory Gospel Church was in¢orFKJraled on 17 January 2011 and is wnsts'luted under ils Memorandum and Artides of Association, It wa5 registered as a carity 20 April 2011 aThJ its Chanty registratn numter is1141558. Ob'ective To adVae Christian religion ITh Soulhamplon aThJ elsevthere ITh the Unit&J Kiwrn aThJ in such other plaS as shall be decided uwn by proclaimiNJ furtheriNJ the go$1 of g)d ¢0MIng h son Jesus Christ our Lord and the preachirrfJ and lethir@ ol uncompromised Drd of ¢#j I'The Gos1.1,. aThJ To provide rninislry lo the homekss in ShaMptOn and else%there ty the provisk)n ol food, clothing and CJ)unselling. anisation of thi ¢haii The charity is managed by the InJslees delegate day lo day resF#)nsibilty lo the department he&$ of each rninislry. Ministries are overseen by Pastor A White. Review of aclivitles 11 is my honour lo write and infom you of how this past year has seen Victory GosFtI Churth prog$$. We continue lo grow our media FAatfomi enabling us lo re WFAe in many parts ol the ujunlry and the wot1d bringing a place of cJ)nlacl and easing bneliness for peoF4e tho are is¢ted or th Te unat4e lo attend tecause ol health issues both physical and emotional. Our engagement has risen steality as tMiThJ a messJJe of ho, virtually through our Inslagrarn, Fxebook, and YouTute Channel's. We continue lo air our daily online Se 'Ho, Help and Healing.. a live SIaM featuring worship, biblical encouragernenl, and wayer slrearned Monday lo Friday. This has ojnlinued lo help peoFle feel connected lo their lailh and lo each other. Pwple that would have olhemse disu)nnected and kjnely have thrived and Orne part of our online congregat'on. Being at4e lo requesl [KaY and te Fk8rt of a ojrnmunity that have regularty checked up on one another alerted us as a church of rwls and issues of irKIMduals. Peopk have Idd us that this daily broalcasl has become a lifeline al times lo them. Children's Churth has grown enonrKJusty with extra dass tvrvJ pul in Fkne as the earfy teen5 hydnl lo gather and make contact lo supwrt one another throughoul the %%eek. aler of Childn'S church has a passion for the issues children are lacing and supporbng the parents lo help them SUFfK)rt their chikjren. She has develoFed a sale Spa where they all can approach and find guidan help and suptK)rt en need.
VICTORY GOSPEL CHURCH TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Review of activities corrtinued We continue 1th our Tuesday night seNce whith ts a OtK)Ursee 1th vrt)rship, BiNe study and a tI¢0me chare for Feople lo m1 and sctiaise. We have seen growth in this area as re0e meet and encour4e one another in person as well as online. Sludenl sessKJns IA service esKwally deswjned for Cdlege atKI UnNersity stents) grows al sh a pa we 11 need lo find a larger roorn in the corning rnonlhs lo arnnI)JaIe Ihern all. We are continuing lo provide a warm sale spxe for students lo socialise and (x)nne¢t wrth one another. We VOVKle a free (xy)ked nutritious wl that they can eat tether and lo lake away lor the next day. Many young FeoF4e tho may otheThMse leei isolated and vulnerable are able lo nnecl every wk and receive support as 11 as spiritual help aThJ guidan. Our Friday night youth group continues its gro and have seen young %th) do not attend church come lo this group. Some of the students frorn sludenl sesshms have volunleered as yOLrth helters coming lo help wrth the young people paying forward the care given lo them on lo those younger. We are providing these young peopk with 8 Safe environrnenl lo socialise, as V+EII as teing laughl lrfe affiming Irulhs that wll hold them in gcth slea on Iheirjoumey into adLJllhood. They are given a fe nal, and many drfferenl &tivilies a laKJ on for Iheffl by our staff and volunteers lo make their eveniro enjoyat4e. Our Pastoral team re busy, they have distributed fcoj parcels to FeoF4e in need atvj they have given out baby clothing and equipment lo some young ladies tho had a need. The ¢hufth maInS always available for wple who need a wami sale space. The opFrf)rtunity lor prayer and encA)uragennl on a Friday rmrning give Feople a pla lo come and share worries and have a pastor they can talk to lace lo l&e. We are finding that this is a %114ttended rninislry, thich has continued lo grow wlh many Feople attendirrfJ and FthnirrfJ in lo have thr ne8Js mel. We have started 8 new ministry Calkd Legw eswially l(tused on the ekjetly,. this has been such a SUC$, This group has come together lo suptrf)rt e&h other in a way never Imlned. So. alongside afternn leas and pub lunches they have an extremely busy WhalsApp group keej in daily ¢ont&l with e&h other. The leam have been visiting and supporb'rrfJ the care of sorne l>JYdS vh) currentty are wuiriro extra help, as they are going through some health issues. Of course, Victory Gostel Church is lar rnue Ihan a bJildirrfJ in Southarnpton and a group of teDe that meet there. We are an intemalional family wlh particulaty str9 (x)nntIOnS in the PhiliFyrs, Zamtx'a, P8ktan, and India We sent regular donalk)ns lo our partners in The PhilipneS payirvJ the vrèje of a hxal pastor in the mountsin regions of Mindanao, which allowth him lo suppyjrt kxal familE5 serve a very irnwiverished aa in their most critical lirne of need. We sent two pastors lo (he PhiliFpnes last year to erthurè3e the aThJ they alongside the pastors lo rninisler lo people. The school in Zambia had closed due lo an issue wth water aThY dwJgir¥J a Ell. We re able lo pay for thi5 to be resolved so Ihe children can continue their edt)n. We have iten able lo setKI yel rrn)re fvnds lo (xjr mI&s¥)nar in lThlia and the buikling of the churd) is ntinuI. We are excited about the impact this wll make on the community they serve trth spirilually aThJ pr&tically. We We able lo gather rwlical SuKw$ in the fomi of barthges and dressiNJs. which v*re lo diswsed of, and send them to South Africa lo help those in Treed lo te atle to have safe and hygienic med1 supplvès.
VICTORY GOSPEL CHURCH TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Revlew of actlvltles eontlnued We continue our hub. It has teoJn a great sUcS and wè c4)nb'nualty seNe up lo 5(Y60 meals every Monday evening. We have given out sleeping bags and a wde rarYJe of dolhing for tK>lh rTEn and KDmen. We have lebrated with our clients throughout the year giwng easter eggs out al Easter and Chrislmas gifts lo give our dients a sense of w)rth as they fa the stress and strains of daity lrfe. There are anS lo extend this ministry by providing winter and summer clothirKJ kS lo each Ferg)n lo sel Ihem up for the coming season. We have also adeed more fcN)J lo the meal in the way of snacks $0 UkI eaten on anotherday- YA has continued to grow this year has a hub for young Feople to et and chat aul the stresses 01 lrfe. This ministry has successfully hel lo create a sense of community amongst this age range bmlh the okier more eXrIenCed giving a helping hand to the younger one5, all being ztjle lo have the OPF#)rtunity lo have discussions around issues bul also a lo relax, aY games, listen lo a vrt)rd ol encoura3emenl. The Surgery is a ministry alEd lor wornen %Mth nEnlal heahh issues.11 is a lime when they can come together and do crafts and have discussions on issues they may be l%ing. They are grng this year they are developing in the way they connect by listening lo the ladies and fiThYing way510 1p Irn. We again worked with Soulhem Heatth NHS Trust and have hosted the Mental Heahh Awareness Day which was a big success reachiro many carers in &)ulhamplon gmng the Feople tho supp)rt peoFle in ed much needed information. Football Fellokv6hip is a ministy primarity aiNEd at hjl rtt)t exdusive lo nEn, uealing a pla where they can find friendship, conversation, supFrf)rt, and exeruse. We rewJnise that rnen can find rt hard lo express emotions and cOnrnS and this ministry has provided a communty they a able to oren and feel supwrted as they rk on their ernolional and physical wellteing. This rninislry has expanded, and we now regularfy hire two pitches so we can train with some ol our young Feople. The men lake lums in training wlh them lo encourage and mtryel swrtsman like Èehaviour lo them. We have a small business meeting lo help inspire and nnect teoF4e in Ihe churth wth small businesses. We have a sFtaker lo give valuable InfoalB)n lo these FtoF4e and we also shO%aSe these businesses al a Christmas fair in the women's ministry. We find that this ministry gives a sense of FxJrrx)se and a support netwo1 w that they can succeed. There are plans this year lo extend this small into a sch))I with lexhing lo help Feople lo reach their goals. We have an Asian lelbvship which meels al Ihe thurth every SuThJay afterrKxJn. TY run a meeting which is held in Malayalam, the offiaal laThJuage of Ihe s(ale of Keraa, and they can provide for peOe th wsh lo attend a Servi in their nalive13nguage. This 15 a al benefit for IIK)5e Ihal attend as they atternpt to settle in the UK. This seNce helps lo banish the isolation they can feel and gives them a sense of community- Victory GoskEI Churth remains committed lo helFXNJ rr the nls of the most vulneraNe tEople in our community, city, nation, and the world via tnjsled and repulatle Ial partners on the ground. Whilst this year has Leen very challenging, l am thased lo say the staff and nMir$ of VOry 13)spel Churth have risen lo the challenges and been ae lo adapt and lo find new ways lo seNe our IcThl cornmunity. In summary a continuing lo thrive and expand into rEw realrns live Streaming kthal we do at Victory all around the worfd and IrreasIng our Servi lo the Ictal community through our many community-based ministries. I know we shall go from strength lo strength a5 we seek lo find new and innovatwe bvdys of touching tEople hearts and lives. We remain committed lo reaching F4e IMth our cl HoFe, Help and Healiry.
VICTORY GOSPEL CHURCH TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Investment w¢rs The Iruslees may invest funds as they see frt. Flnancial revlew The charity has seen a increase ITh inoyne of £57,833 10 £425,864. A deficrt of £23,98712023. £17,789) has teen incurred this year. FurKls al 31 March 2024 decreased to £725.21812023'. £749,205). Total lunds are shown in notes 9 and 1010 the accounts. sepies ollc The charity Seeks to rnaintain general funds equating to three lo six TrIh$ of unstriCted exFendilure. General funds of £63,404 as shown in Th)te 10 represent kss 2 rrKJnlhs exFeThJilufe. Reserves are o)nlinually monitored by the Trustee5. Risk assessment The Iruslees regularfy review Ihe risks lo thich charity is exp)sgJ in order io ensure they a managed. ¢m¢nt ol r¢$ n8lbllitie$ of th¢ members oltht ¢ommittee The Iruslees, who are also the direclors ol Victory Gospel Church for t£ purrM)se of company law, are resp)nslble for preparing the Trustees, ReKK)rt and the accnunls in rdar vilh apF1iCae law and United Kingdom Accounting Standards (United ngdorn Generalty Accepted Acts)unb'rKJ Practice). Company law requi$ the IrLL8lees lo ppa &Unts for eath fin181 year give a true and fair view of the slate ol affairs ol the charity and of the incoming resources and aFF4KatKJn of resources, i[Uding the incorne and exFendilure, ol the charitable company lor that year. In preparing these acLounts, the irusiees are requirgj to.. select suilaL4e accounting policie5 and then apply Ihern con%slenlly', observe the methods and wnciFles in Ihe Chanties SORP.. make judgements and eslimales Ihal reasonat4e and Fwjent. Jwj slate whether apade accounts'ng standards have teen folhJvJ, subject lo any Material departures disclosed and eXained in the financial statements., and prepare the accounts on the going concem basis unless il is inappropnale lo presun that the charity bMII continue in operats'on. The Iruslees are reswnsiNe for keeping equate aco)unliNJ w)rds that discbse with reasonab uracY al any lime the financial position ol the chanty and enaNe Ihern lo erUre that the aXJJJnls comF4y wilh the Companies Act 2006. They are also $nSIb lor safeguarding the assets of the charity aThJ hen for taking reasonable steps lor the prevention and detection of fraud and other irregularities. Approved by the trustees on 12 Decernter 2024 and signed on their behaw by White A While Trustee
VICTORY GOSPEL CHURCH YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES I report lo the charity Iruslees my examinat#)n of the )Unts of the company lor Ike year ended 31 March 2024, which are sel out pages 810 17. Res onsibilities and basi8 of rg As the charity's Iruslees land also its directOf5 for the purtoses ol rnpanY lawl you are restonsible for the preparation ol the accounts in accordance the requirements of the C(Knpanies Act 2(K)6 lthe'2006 Act'l. Having salisfied myseK that Ihe accounls ol the company are not r8]uired lo te audiled under Part 16 01 the 2006 Act and are eligitAe for independent examination, I rewrt in resFect ol my exarnination of your charity's Unts as carried out under section 145 of Ihe Charities Act 2011 (the .2011 Acl'l. In Cng out my examination I have followed the Directions given by the Charity Commisshm under section 14515llbl of the 2011 Ad. Inde endent examlnerfs re sin the company's gros5 inco exceeded £250,(x your exarniner mu51 tse a memter ol a trthjy listed in section 145 ol the 2011 Act. I conlim that l am qUaIrf lo undertake the examinatKin IaUSe l am a nEmber of the A$sl8110n of Chartered Certified Acuntant5, which is one of the listed tc¥Jies. I have m[Aeted my examinat]n. I confirm that rK) matters have conE lo my attent)n in nneCtiOn wrth the examinalk)n giving me cause lo telvdve.. 111 accounting records were not kept in s[ec1 ol the company as rg]uired ty tIOn 386 01 the 20(A Ad., or 121 the accounts do not accord wlh Ihose xLounling records,. ci 131 the accounts do not CoMY with the )untIng requirernents ol s)n 396 of the 20 Act other than any requiffmenl that the attounls give a 'lnJe and fairf VEW %thich is nol a matter considered as part of an indeFtndenl examinats'on., or 141 the accounts have not teen pyepared in )ran 1h It methojs aThJ principles ol the Statement ol Recommended practice for aountIng aThJ rekK)rting by charities ap1¢able lo charities preparing their 8¢counts in accordance bmth the Financral RepJrti'r¥J Standard apF4icatde in the UK aThJ Republ of Ireland IFRS1021. I have no COnrnS and have )me TOsS no other matters ITr cOnnli0n with the examinat)n lo whth attention should be drawn in thi5 rewrt in order lo enae a proFtr uTrJerstanding ol the CoUnts lo te reached. J E Harris FCCA 12 December 2024 Knight Gocwjhead MIted, 7 Boumemulh Ro&J. Chandlerfs Ford, Easlkigh, Hampshire S053 3DA
VICTORY GOSPEL CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Ilncluding Income and Expenditure Accoun1} Unrestrlcted Restrlcted fund$ fund$ 2024 2023 Note INCOME Voluntary income Charitable xtivilEs 408,149 9,038 416,492 9,038 334 359,965 8,000 Investment income TOTAL INCOME 417,521 8,343 425,864 368,031 EXPENDITURE Charitable xtivit$ 448,946 449,1 385,820 TOTAL EXPENDITURE 448,946 449,851 385,820 NET IEXPENDITUREI I INCOME FOR YEAR BEFORE TRANSFERS 131,425} 7,438 123,98n 117,7891 TRANSFERS BETWEEN FUNDS 14,8801 NET IEXPENDITUREI I INCOME FOR YEAR 126,545} 2,558 123,987) 117,7891 FUND BALANCES AT 31 MARCH 2023 7JJ,941 18,264 749,205 766,994 FUND BALANCES AT 31 MARCH 2024 704,396 20,822 725,218 749,205 This stslemenl of finanoal activrties indudes all gains and k)5ses rectfjnised in the yew. All inming reSoUS and $[rS exnded derive from continuirvJ activrties.
VICTORY GOSPEL CHURCH PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023 Ilncluding Income and Expenditure Account) Unrestrleted Restrlcted fvnd$ funds 2023 Note INCOME Voluntary income Charitable xtivitS 355,915 4,050 359,965 8,000 66 Investment income TOTAL INCOME 363,981 4,050 368,031 EXPENDITURE Charitable activilEs 393,386 2,434 385,820 TOTAL EXPENDITURE 383,386 2,434 385,820 NET INCOMEIEXPENDITURE FOR YEAR 119,4051 1,616 117,7891 FUND BALANCES AT 31 MARCH 2022 750,346 16,648 766,994 FUND BALANCES AT 31 MARCH 2023 730,941 18,264 749,205 This statement of finantsal activrties indudes all gains and kxses r&x•Jnised in the ye&. All inming SOurceS and exnded derive from ntinU1j activrties.
VICTORY GOSPEL CHURCH Company number.. 7494182 BALANCE SHEET AS AT 31 MARCH 2024 Note 2024 2023 FIXED ASSETS Tangible assets 7,3 558,744 CURRENT ASSETS Debtors Cash at bank and in hand 16,436 148,372 164,808 16,903 191,405 208,308 CREDITORS.. arnounls fallirrfJ due wilhin one year 16,9801 117,8471 NET CURRENT ASSETS 157,828 190,461 NET ASSETS 11 725,218 749,205 FUNDS Restricted funds Designated funds Unrestrict1 funds 20,822 640,992 63,404 18,264 624,251 106,690 10 10 TOTAL FUNDS 725,218 749,205 The company is ent'lled lo the eXemFIn from Ihe audrt requirement o)ntsined in secknn 477 01 the Companies Act 2006, lor the year ended 31 March 2024. No memter ol the CJ)mpany has des>)sited a noti, putsuanl to section 476, requinng an audit ol Ihese accounts. The directors knOedge their respjnsikn'lil'es for eTrsuriTrJ that the company keeps arxounling records which comply with section 386 01 the Act and lor pparing oUnt$. give a Irue and lair view ol the slate of affaits ol the company as at the end ol the fina[la1 year and ol its incomiry resources and application ol resources, including rts incorne and expenditure, lor the finarKial year in &cordance wlh the requireEntS ol sections 394 and 395 and which olhemse CoMY bmlh the requirernents of the Companies Act 2CQ6 relats'rrfJ lo )unts, so far as applicable lo the )mpany. These financial StateEntS have teen prepared in Qrdae th the prowsions appliCae lo companies suts'ect lo the small companies regime bmthin Part 15 of Ihe Companies Act 2[. Approved by the trustees on 12 Decernter 2024 and signed on their tehaff by L Ogbuh Trustee
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES al AccounlirKJ U)nvenlK)n The financial slalernenls have teen prepared in )rdan Accounts'rrfj and Retorting by Charities.. Sialemenl of Re(Dmmended Practice applicable to charitss preparing their UnIS in a[dan with the Financial RepK)rting Standard applicable in the UK and Repjtlic of Ireland IFRS 1021 (effective January 20191- Icharilies SORP IFRS 10211, the FinatKial Rekyjrting StsrKlard in UK and Republic of IrelatKI IFRS 1021 ar the Companies Act 20(E. The charity rrEels the deffinitKJn of the wtlic teneffil entrty under FRS 102. Assets and liabilrties are initially rQgnised al historical cost or tranwtion Val unkss othervAse slated in the rebvanl acrounling pjicy note. The accounts have tsen prepargj on the g)ing basis. There a Th) matenal UnrtaInlieS about the charity's ability lo continue. bl Fund accounlir@ Unrestricted funds art funds that are availab for use al the disffttion of the tnjslees in furtherance ol the general objectives ol the tharty. Designated funds a unrestricted funds eamwrked by trustees ts partNxJlar kxjrwses. Restricted funds are luNls which are lo te used in tora %Mlh skwfic festricts)ns imposed by donors or which have teen raised by the charily lor particular wrFoses. The aim and use of each reslrictwj fvnd is set Lwt in noles to financial slatenEnts. cl Income All inconk is included in the Statement ol Finanual Activrties thn the ¢harity is legally entr'lled lo the incorne and the amount can te quanithed with reasonatle &cuw. The follow 1CS are apFAied lo particular categories ol income., Investment income is included then re¢eNable. Charitable activilEs incorne is CoUnted lor eamed. Donated goods and assets are COUnted lor rureiv&l. are recconised as stock until they a dislribuled. dl Expendilu All expenditure is lln1ed for on an axruals basis aThJ has teen dassffi&l under headirys that aggwate all costs related lo the category. ExFendilure is 11 nett off &Jainsl related income and shown inclusive of VAT which eannol be reclaimd. Charitable exKnditure comprises ol those costs irRJJrred by the charity in the delivery of rts acb'vilies and setmces for its beneficiaries. It includes t#)th costs Ihat te alkrated directy lo sh xtivrties and those costs of an indirect nature necessary to SUprt them. All costs are allOted ktween the exFenditure categories of the S(atemenl of Financial Activities on a basis desigtd lo reflect the use of the reswrce. Costs relatitYJ lo a parti18[ &tiwty ale alknated direcdy. 10
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) ACCOUNTING POLICIES Icontinuedl el TangitAe fixed assets and depriaknn Fixed assets are capitslised for oning use 1h1n Ihe charity, vthere the individual cost ol the asset exdS £200. Depreciats'on is provided on all other langiUe fixed assets at rates cakulated lo wllte off the cost on a slraighl line basis over their exrkcted useful ec0Th)M lives as lollovts.. Land and buiklings Equipfflenl- Admin & PA system Fixtures and fittings Plant and machinery 2% slraKJht line 20% slrJighl line 20% slraighi line 20% slraighl line LEGAL STATUS The charity is a Company limited by guarantee and has no share caplal. The charTtaNe fflpanY was incorwraled on 17 January 2011 in England and was wislered on 20 April 2011 wilh Ihe Charity Commission in England and Wales. The charity is a publK tenefil entity. The gisted offKe of the charitat4e company is The Centr8, 154-156 POrts%%f Road, Portswood, Soulhamplon, Hampshire, S017 2NH. 11
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) EXPENDITURE Unrestricted Restricted funds funds 2024 2023 Costs dlreety allocated to %tl¥llles Pastoral - Staff costs - Guest speakers - Travel costs - Overseas travel Hospitality and ministry training Staff training Donations and pastoral Care Suptort lor missionaries Gifts in Kind donats.ons 133,911 8,120 3,477 10,064 27,012 133,911 8,120 3,477 10,064 27,528 532 7,215 40,743 137,179 10,492 3,184 8,341 27,304 1,032 8,869 28,318 516 7,215 40,743 Church prernises expenses Depreciats'on Ulililies and insuran - Repairs 28,516 42,045 41,534 28,516 42,045 41,534 21,188 26,133 19,683 Food hub Outreach wrjrk Youth Victory Asian Fellowship 5,423 4,420 3,578 8,361 372,951 5,423 4,647 3,578 8,361 373,694 5,814 3,867 3,739 6,713 311,856 227 743 Support costs •lloc8ted to •ctlvllles Salaries Telephone, FM)slage and ststKinery Office equiFNllenl and IT Advertising Bank charges and interest Depreciats'on Independent examination and accountar 50,708 9,024 8,678 67 2,587 1,g)1 3,030 75,995 448,946 50,708 41,341 8,837 11,230 603 2,386 1,830 7,737 73,964 385,820 8,768 67 2,587 1,901 3,030 76,157 449,851 162 TOTAL EXPENDITURE Induded hmihin indeFendenl examination and aOuntancY 15 £2,76012023'. £2,760) for indeFendenl examination and £27012023.. £4,737) paYae tr> the IThIendenI examinets forother se. 12
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) ANALYSIS OF GRANTS Grant payrren15 01 £1,(KK) or Wre to thwttable insbtutK)n5 Vre as fOlkn.. 2024 2023 Heart for India Foundalh)n Kings Schix)l Trust Oasis of Life RCCG walki Like Jesus Failhwdlk Ministry Christian Mi&$1 IntemalnaI 18,200 8,800 2,000 1,000 7,140 3,000 4,025 1,5(K) STAFF COSTS 2024 2023 Wages and salarvds Sccial securrty Pension 170,515 8,886 5,218 184,619 166,098 7,636 4,786 178,520 No ernOyee received erndUWnts grealer than £60.C(Q the ojrrenl or or year. Key rnan4ernenl re paid a 1 of £72,63012023'. £69.03n lF%gyae to ernFloyees12023.' two emoYeeS1l. The aVere numterof empbyees durirKJ ItE finanaal year ¥e.. Number Numbor Pa51oral Administration Pgymenls to trnstees A pastor of the church xled as a trustee throughout the yw aThJ receNied emoluments for his Servi as a pastor. The emoluments are delemiined by the trustees not lo him. 2024 2023 Rev A Wh(te 46,755 45,569 No other trustee received remuneration during this orlhe prK)ryear. No expenses tre reimbursed lo the Intstees during this orthe PTior year. 13
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) TANGIBLE FIXED ASSETS Freehold Equipment Propety PA & admin Fixtures & fittings Totsl COST Al beginning of peri(KJ Additions Disposals Al end of period 647,058 83,516 5,527 33,786 33,536 12301 67,092 764,360 39,063 12301 803,193 647,058 89,043 DEPRECIATION Al beginning of peric Charge for the wrK)d Disposal Al end of period 114,148 12,941 60,837 9,742 30,631 7,734 12301 38,135 205,616 30,417 12301 235,803 127,089 70,579 NET BOOK VALUE Al end of period Al beginning of perichj 519,969 18,464 28,957 567,390 532,910 22,679 3,155 558,744 DEBTIJRS 2024 2023 Inco lax recoverab Other debtors 14,487 2,416 16,903 7,393 16,436 CREDITORS.. arnounls falling due ithin one y 2024 2023 Trade creditors Accruals and deferred incotr Other credilors 7,917 4,475 5,455 17,847 4,826 2,154 14
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) RESTRICTED FUNDS Transfers between funds At beginning of period Incorne Expenditure At end of period Building fund Failhworks Swilic donations 12,116 3,969 2,179 18,264 13,679 5,464 1,679 20,822 2,41X) (s5) 14,8801 14,8801 8,343 I5) The building fuNI represents nnIeS donated SFeofically for upkeep of the Victory Centre and towards new premises for the Victory Asian Fell)hIp. Donations made lo Ihe Faith[kS fund are used lo run VGC FarthrkS Bille College. sFrfiI donations relate lo arTr)unts given for small projects aThJ missionary rk. 10 UNRESTRICTED FUNDS Transfern betrween funds At beginning of period Income Expendbture At end of perlod Designated fvnds.. Capital fund Victory Asian Fellowship Missions fund The Food Hub 558.744 22.948 27,782 14,777 624,251 130,41n 18,3611 129,21n 15,4231 (73,4181 39,063 567,390 30,906 31,419 11,277 640,992 16,319 32,854 1,923 51.096 39,063 Genergl fvnds 106,6St) 730,941 366,425 417,521 1375,5281 1448,9461 134,1831 63,404 704,396 The Capital fund represents the Tret bk value cl the Victory Cenlre aThl other fixed assets The Victory Asian Felk)wship fu1 rewesenls InieS ts 0)ngal has raised. The Missions fu represents sel asth by the IeeS lo suppurt its hvr1dlde missions. The Fooj Hub Ifoffnerfy Highway ninislryl is suprted by offerings used lo fijnd the weekly soup run project that the thurch is involved in. 15
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) ANALYSIS OF NET ASSETS BY FUND Restricted Unrestricted funds funds 2024 Totsl At 31 March 2024 TangiL4e assets Current assets Current lia.111Vds 567,3 143,986 16,9801 704,396 567,390 164,808 16,9801 725,218 20,822 20,822 Restricted Unrestricted funds funds 2023 Totsl At 31 March 2023 Tangitle assets CUrn1 assets Current liabilitS 558,744 190,044 117,8471 730,941 558,744 208,308 117,8471 749,205 18,264 18,264 12 RELATED PARTY TRANSACTICWS There were no related paty trans&ticS durir¥J this orthe ptv)ryear. 13 OPERATING LEASE COMMITMENTS Ai 31 March 2024, the charily haj totsl commitments under rnnlIle OFeraling leases, due as follows.. 2024 2023 Within one year 436 1,255 16
VICTORY GOSPEL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 14 DONATED GOOD AND SERVICES During the year, the charity received ¢knnaled grfis in kind a total value of £8,000 which has been induded in income and exFEnditure. The trustees wsh lo extend tt*iTthanks forts$e nerouS (knnab'ons. 15 PRIOR YEAR FUND MOVEMENTS RESTRICTED FUNDS Transfers befvmn funds At beginning of period Incorne Expenditure At end of period Building fund Failhworks Swilic donations 10,866 4,103 1,679 16,648 1,250 12,116 3,969 2,179 18,264 12,4341 4.050 12,4341 UNRESTRICTED FUNDS Tran8fern belween funds At beglnnlng of period Incorne Expendlture At end ol period Designated fvnds.. Capital fund Vitory Asian Fellowship Missions fund The Food Hub 570,712 15.041 14.703 18,615 619,071 123,0181 16,7131 116,4311 15,8831 152,0451 11,050 558,744 22,948 27,782 14,777 624,251 14,620 29.510 2,045 46,175 11,050 Gener81 fvnds 131,275 750,346 317,8( 363,981 1331,3411 1383,3861 111,0501 106,690 730,941 17