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2025-03-31-accounts

VICTORY GOSPEL CHURCH (REGISTERED NUMBER : 07494182)

REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

VICTORY GOSPEL CHURCH

(Company limited by guarantee and not having a share capital)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Pastor A White
M Abbott
J Ryder
K Konatham
A Ogbuh
L Ogbuh
L Taylor
S Niudamu
L Wood
Company secretary Mrs J White
Charity number 1141558
Company number 7494182
Principal address The Victory Centre
154-156 Portswood Road
Southampton
SO17 2NH
Accountants Knight Goodhead Limited
7 Bournemouth Road
Chandler's Ford
Eastleigh
Hampshire
SO53 3DA
Bankers HSBC
55 Above Bar Street
Southampton
SO14 7DZ

1

VICTORY GOSPEL CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors for the purposes of company law, present their report and the accounts for the year ended 31 March 2025.

Directors

The directors who served during the period were:

Pastor A White K Konatham M Abbott A Ogbuh J Ryder L Ogbuh L Wood L Taylor S Niudamu

Legal status

Victory Gospel Church was incorporated on 17 January 2011 and is constituted under its Memorandum and Articles of Association. It was registered as a charity on 20 April 2011 and its Charity registration number is 1141558.

Objective

Organisation of the charity

The charity is managed by the trustees who delegate day to day responsibility to the department heads of each ministry. Ministries are overseen by Pastor A White.

Review of activities

It is my honour to write and inform you of how this past year has seen Victory Gospel Church progress. We continue to grow our media platform enabling us to reach people in many parts of the country and the world bringing a place of contact and easing loneliness for people who are isolated or who were unable to attend because of health issues both physical and emotional. Our engagement has risen steadily as we to bring a message of hope, virtually through our Instagram, Facebook, and YouTube Channel’s.

We continue to air our daily online service 'Hope, Help and Healing', a live stream featuring worship, biblical encouragement, and prayer streamed Monday to Friday. This has continued to help people feel connected to their faith and to each other. People that would have otherwise become disconnected and lonely have thrived and become part of our online congregation. Being able to request prayer and be part of a community that have regularly checked up on one another and alerted us, as church, of needs and issues of individuals. People have told us that this daily broadcast has become a lifeline at times to them.

Children’s Church has grown enormously with an extra class being put in place as the early teens want to gather and have made contact to support one another throughout the week. The leader of children’s church has a passion for the issues children are facing and supporting the parents to help them support their children. She has developed a safe space where they all can approach and find guidance help and support when needed.

2

VICTORY GOSPEL CHURCH

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Review of activities (continued)

We continue with our Tuesday night service which is a one-hour service with worship, Bible study and a welcome chance for people to meet and socialise. We have seen growth in this area as people meet and encourage one another in person as well as online.

Since growing so quickly, student sessions (a service specially designed for College and University Students) has now moved to a larger room and continues to grow. They have extended the demographic to include young people who are on apprenticeships to provide them with the same care. We are continuing to provide a warm safe space for students to socialise and connect with one another. We provide a free, cooked, nutritious meal that they can eat together and to take away for the next day. Many young people who may otherwise feel isolated and vulnerable are able to connect every week and receive support as well as spiritual help and guidance.

Our Friday night youth group continues its growth and we have seen young people who do not attend church come to this group. Some of the students from student sessions have volunteered as youth helpers, coming to help with the young people paying forward the care given to them on to those younger. We are providing these young people with a safe environment to socialise, as well as being taught life affirming truths that will hold them in good stead on their journey into adulthood. They are given a free meal, and many different activities are laid on for them by our staff and volunteers to make their evening enjoyable.

Our Pastoral team were busy, they have distributed food parcels to people in need and they have given out baby clothing and equipment to some young ladies who had a need. The church remains always available for people who need a warm safe space. The opportunity for prayer and encouragement on a Friday morning gives people a place to come and share worries and have a pastor they can talk to face to face. We are finding that this is a well-attended ministry this has continued to grow with many people attending and phoning in to have their needs met.

Legacy especially focused on the elderly; this has been such a success. This group has come together to support each other in a way we never imagined. So, alongside afternoon teas and pub lunches, they have an extremely busy WhatsApp group keeping in daily contact with each other. The team have been supporting (through visits), the care of some ladies who currently are requiring extra help as they are going through some health issues. During this year they have provided support to a lady and her family going through the terrible time of navigating Alzheimer’s. A group of ladies have gathered around her and her family and provided respite and general support, helping with household tasks as well as some days out and continue this today.

Of course, Victory Gospel Church is far more than a building in Southampton and a group of people that meet there. We are an international family with particularly strong connections in the Philippines, Zambia, Africa and India.

We sent regular donations to our partners in The Philippines, paying the wage of a local pastor in the mountain regions of Mindanao, which allowed him to support local families and serve a very impoverished area in their most critical time of need. We sent two pastors to the Philippines last year to encourage the people they worked alongside the pastors to minister to people.

For the school in Zambia, we paid the exams fees for the children to complete their schooling.

We have been able to send yet more funds to our missionaries in India where the building of the church is continuing, and we are excited about the impact this will make on the community they serve both spiritually and practically. We also sent a pastor to encourage and support the missionaries in their endeavours.

3

VICTORY GOSPEL CHURCH

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Review of activities (continued)

We were able to host the African children’s choir Watoto. This is a choir of orphan children who sing and raise money for the large village in Africa. We hosted them, fed them, and gave them a place to relax and do schoolwork while they were with us. The concert was a huge success bringing people from all around Southampton to listen to the plight of these children and help through sponsorship, donations and purchasing items made in Africa to be sold for funds. We also sponsor a child in the village to continue to help monthly.

We continue with our food hub. It has become a great success and we continually serve up to 50-60 meals every Monday evening. We have given out sleeping bags and a wide range of clothing for both men and women. We have celebrated with our clients throughout the year giving Easter eggs out at Easter and Christmas gifts to give our clients a sense of worth as they face the stress and strains of daily life. There are plans to extend this ministry by providing winter and summer clothing packs to each person to set them up for the coming season. We have also added more food to the meal in the way of snacks so some could be eaten on another day.

YA is in the process of being revamped and will be relaunched when this has happened. We continue to provide support for this demographic of people through student sessions and individual mentoring sessions by our youth and families’ pastor.

The Surgery changed focus as the attendance started to decline and so ran a course on grief and anger management. Following these, opportunities arose to take the grief course to other groups within the community. We are still meeting the needs of the ladies in the community who have mental health needs within our weekly pastoral care ministry and the Tuesday night ministry.

We have a small business meeting to help inspire and connect people in the church with small businesses. This has changed quite a lot this past year and has seen success with a new focus on teaching. There have been several success stories come from this group, helping people reshape their futures giving them a purpose and a hope that they can fulfil their dreams.

The Asian fellowship meets at the church every Sunday afternoon and they run a meeting which is held in Malayalam. This is the official language of the state of Kerala, and they can provide for people who wish to attend a service in their native language. This is a real benefit for those that attend as they attempt to settle into the UK. This service helps to banish the isolation they can feel and gives them a sense of community. This group is doing so well and is seeking over the next year to launch out into its own charity status to be able to reach more people in the community.

Victory Gospel Church remains committed to helping meet the needs of the most vulnerable people in our community, city, nation, and the world via trusted and reputable local partners on the ground. Whilst this year like most has been very challenging, I am pleased to say the staff and members of Victory Gospel Church have risen to the challenges and been able to adapt and to find new ways to serve our local community.

In summary we are continuing to thrive and expand into new realms via live streaming what we do at Victory all around the world and increasing our service to the local community through our many community-based ministries. I know we shall go from strength to strength as we seek to find new and innovative ways of touching people hearts and lives. We remain committed to reaching people with our message of Hope, Help and Healing.

4

VICTORY GOSPEL CHURCH

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Investment powers

The trustees may invest funds as they see fit.

Financial review

The charity has seen a increase in income of £96,189 to £522,053. A surplus of £3,636 (2024: deficit of £23,987) has been achieved this year. Funds at 31 March 2025 increased to £728,854 (2024: £725,218). Total funds are shown in notes 9 and 10 to the accounts.

Reserves policy

The charity seeks to maintain general funds equating to three to six months of unrestricted expenditure. General funds of £76,572 (2024: £63,404) as shown in note 10 represent less than 2 months expenditure. Reserves are continually monitored by the Trustees.

Risk assessment

The trustees regularly review the risks to which the charity is exposed in order to ensure they are managed.

Statement of responsibilities of the members of the committee

The trustees, who are also the directors of Victory Gospel Church for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. 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.

Approved by the trustees on 17/12/2025 and signed on their behalf by

A White

A White Trustee

5

VICTORY GOSPEL CHURCH

YEAR ENDED 31 MARCH 2025

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025, which are set out on pages 7 to 18.

Responsibilities and basis of report

As the charity's trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the "2006 Act").

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's report

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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:

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.

J E Harris FCCA

Knight Goodhead Limited, 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire SO53 3DA

6

VICTORY GOSPEL CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 (Including Income and Expenditure Account)

Note
INCOME
Donations
Rental income
Investment income
TOTAL INCOME
EXPENDITURE
Charitable activities
3
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE) FOR YEAR
BEFORE TRANSFERS
TRANSFERS BETWEEN FUNDS
NET INCOME/(EXPENDITURE) FOR YEAR
FUND BALANCES AT 31 MARCH 2024
FUND BALANCES AT 31 MARCH 2025		 Unrestricted
Restricted
funds
funds
2025
2024
£
£
£
£
503,067
15,509
518,576
416,492
3,250
-
3,250
9,038
227
-
227
334
506,544
15,509
522,053
425,864
505,179
13,238
518,417
449,851
505,179
13,238
518,417
449,851
1,365
2,271
3,636
(23,987)
-
-
-
-
1,365
2,271
3,636
(23,987)
704,396
20,822
725,218
749,205
705,761
23,093
728,854
725,218

This statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

7

VICTORY GOSPEL CHURCH

PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 (Including Income and Expenditure Account)

Note
INCOME
Voluntary income
Charitable activities
Investment income
TOTAL INCOME
EXPENDITURE
Charitable activities
TOTAL EXPENDITURE
3
NET (EXPENDITURE )/ INCOME FOR YEAR
TRANSFERS BETWEEN FUNDS
NET (EXPENDITURE) / INCOME FOR YEAR
FUND BALANCES AT 31 MARCH 2023
FUND BALANCES AT 31 MARCH 2024		 Unrestricted
Restricted
funds
funds
2024
£
£
£
408,149
8,343
416,492
9,038
-
9,038
334
-
334
417,521
8,343
425,864
448,946
905
449,851
448,946
905
449,851
(31,425)
7,438
(23,987)
4,880
(4,880)
-
(26,545)
2,558
(23,987)
730,941
18,264
749,205
704,396
20,822
725,218

This statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

8

VICTORY GOSPEL CHURCH

Company number: 7494182

BALANCE SHEET AS AT 31 MARCH 2025

BALANCE SHEET AS AT 31 MARCH 2025
Note
FIXED ASSETS
Tangible assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
CREDITORS: amounts falling
due within one year
8
NET CURRENT ASSETS
NET ASSETS
11
FUNDS
Restricted funds
9
Designated funds
10
Unrestricted funds
10
TOTAL FUNDS		 2025
2024
£
£
541,286
567,390
13,749
16,436
186,031
148,372
199,780
164,808
(12,212)
(6,980)
187,568
157,828
728,854
725,218
23,093
20,822
629,189
640,992
76,572
63,404
728,854
725,218
728,854 725,218
23,093
629,189
76,572		 20,822
640,992
63,404
728,854 725,218

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing accounts, which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the trustees on 12/12/2025 and signed on their behalf by

L Ogbuh Trustee

9

VICTORY GOSPEL CHURCH

(Company limited by guarantee and not having a share capital)

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £ £
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES 1 41,470 (4,304)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 227 334
CASH FLOWS FROM FINANCING ACTIVITIES
Fixed asset additions (4,038) (39,063)
NET CASH FLOW FOR THE YEAR 37,659 (43,033)
2025 2024
NET CASH FLOW FOR THE YEAR £ £
Change in cash and cash equivalents in the year 37,659 (43,033)
Cash and cash equivalent at start of the year 148,372 191,405
Cash and cash equivalents at the end of the year 2 186,031 148,372
NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
2025 2024
1 NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES £ £
Net movement in funds for the year 3,636 (23,987)
Interest received (227) (334)
Depreciation 30,142 30,417
(Increase)/decrease in debtors 2,687 467
Increase/(decrease) in creditors 5,232 (10,867)
Net cash flow from operating activities 41,470 (4,304)
2 ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024
£ £
Cash at bank and in hand 186,031 148,372

10

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES

a) Accounting convention

The financial statements have been prepared 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) (effective January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity meets the definition of the 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 note.

The accounts have been prepared on the going concern basis. There are no material uncertainties about the charity's ability to continue.

b) Fund accounting

Unrestricted funds are funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

The aim and use of each restricted fund is set out in the notes to the financial statements.

c) Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

d) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is not netted off against related income and is shown inclusive of VAT which cannot be reclaimed.

Charitable expenditure comprises of those costs incurred by the charity in the delivery of its activities and services for

11

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

1 ACCOUNTING POLICIES (continued)

e) Tangible fixed assets and depreciation

Fixed assets are capitalised for ongoing use within the charity, where the individual cost of the asset exceeds £200.

Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:

Land and buildings 2% straight line Equipment - Admin & PA system 20% straight line Fixtures and fittings 20% straight line Plant and machinery 20% straight line

2 LEGAL STATUS

The charity is a company limited by guarantee and has no share capital. The charitable company was incorporated on 17 January 2011 in England and was registered on 20 April 2011 with the Charity Commission in England and Wales. The charity is a public benefit entity.

The registered office of the charitable company is The Victory Centre, 154-156 Portswood Road, Portswood, Southampton, Hampshire, SO17 2NH.

12

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

3
EXPENDITURE
Costs directly allocated to activities
Pastoral
- Staff costs
- Guest speakers
- Travel costs
- Overseas travel
- Hospitality and ministry training
Staff training
Donations and pastoral care
Support for missionaries
Gifts in Kind donations
Church premises expenses
- Depreciation
- Utilities and insurance
- Repairs
Food hub
Outreach work
Youth
Victory Asian Fellowship
Support costs allocated to activities
Salaries
Telephone, postage and stationery
Office equipment and IT
Advertising
Bank charges and interest
Depreciation
Independent examination and accountancy
TOTAL EXPENDITURE		 Unrestricted
Restricted
funds
funds
2025
2024
£
£
£
£
138,258
-
138,258
133,911
5,839
-
5,839
8,120
5,710
-
5,710
3,477
10,461
-
10,461
10,064
25,046
1,488
26,534
27,528
120
-
120
532
3,886
1,763
5,649
7,215
56,245
5,560
61,805
40,743
6,700
-
6,700
8,000
28,343
-
28,343
28,516
53,259
-
53,259
42,045
61,269
-
61,269
41,534
8,351
-
8,351
5,423
6,326
3,384
9,710
4,647
5,305
-
5,305
3,578
9,002
-
9,002
8,361
424,120
12,195
436,315
373,694
53,107
-
53,107
50,708
8,383
-
8,383
9,096
10,001
1,043
11,044
8,768
1,535
-
1,535
67
2,705
-
2,705
2,587
1,799
-
1,799
1,901
3,529
-
3,529
3,030
81,059
1,043
82,102
76,157
505,179
13,238
518,417
449,851

Included within independent examination and accountancy is £2,520 (2024: £2,760) for independent examination and £1,009 (2024: £270) payable to the independent examiners for other services.

13

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

4 ANALYSIS OF GRANTS

Grant payments of £1,000 or more to charitable institutions and ministries were as follows:

Heart for India Foundation
River Church Tampa
Debbie Rich Ministries
International Children's Ministries
Faithwalk Ministry
Walking Like Jesus
Watoto Childcare
Kings School Trust
Christian Mission International
5
STAFF COSTS
Wages and salaries
Social security
Pension		 2025
2024
£
£
19,350
18,200
5,033
-
5,004
-
5,001
-
3,800
1,500
2,000
4,025
1,885
-
-
2,000
-
1,000
2025
2024
£
£
176,594
170,515
9,327
8,886
5,444
5,218
191,365
184,619

No employee received emoluments greater than £60,000 in the current or prior year.

Key management were paid a total of £105,860 (2024: £72,630) payable to three employees (2024: two employees).

The average number of employees during the financial year were:

The average number of employees during the financial year were:
Pastoral
Administration		 Number
Number
6
6
2
2
8
8

Payments to trustees

A pastor of the church acted as a trustee throughout the year and received emoluments for his service as a pastor. The emoluments are determined by the trustees not connected to him.

2025 2024
£ £
Rev A White 47,721 46,755

No other trustee received remuneration during this or the prior year. No expenses were reimbursed to the trustees during this or the prior year.

14

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

6
TANGIBLE FIXED ASSETS
COST
At beginning of period
Additions
At end of period
DEPRECIATION
At beginning of period
Charge for the period
At end of period
NET BOOK VALUE
At end of period
At beginning of period
7
DEBTORS
Income tax recoverable
Other debtors
8
CREDITORS: amounts falling due within one year
Trade creditors
Accruals and deferred income
Other creditors		 Freehold
Equipment
Fixtures &
Property
PA & admin
fittings
Total
£
£
£
£
647,058
89,043
67,092
803,193
-
3,728
310
4,038		 Freehold
Equipment
Fixtures &
Property
PA & admin
fittings
Total
£
£
£
£
647,058
89,043
67,092
803,193
-
3,728
310
4,038		 Freehold
Equipment
Fixtures &
Property
PA & admin
fittings
Total
£
£
£
£
647,058
89,043
67,092
803,193
-
3,728
310
4,038
647,058 92,771
67,402		 807,231
127,089
12,941		 70,579
38,135
9,405
7,796		 235,803
30,142
140,030 79,984
45,931		 265,945
507,028 12,787
21,471		 541,286
519,969 18,464
28,957		 567,390
2025
£
9,908
3,841
13,749
2025
£
3,474
6,026
2,712
12,212		 2024
£
9,043
7,393
16,436
2024
£
-
4,826
2,154
6,980

15

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

9 RESTRICTED FUNDS

RESTRICTED FUNDS
Building fund
Spirit and Word
Specific donations		 Transfers
At beginning
Income
Expenditure
between
At end
of period
funds
of period
£
£
£
£
£
13,679
3,603
-
-
17,282
5,464
4,583
(5,915)
-
4,132
1,679
7,323
(7,323)
-
1,679
20,822
15,509
(13,238)
-
23,093

The building fund represents monies donated specifically for the upkeep of the Victory Centre and towards new premises for the Victory Asian Fellowship.

Donations made to the Spirit and Word fund (formerly Faithworks) are used to run VGC Spirit and Word Bible College.

Specific donations relate to amounts given for specific small projects and missionary work.

10 UNRESTRICTED FUNDS

Designated funds:
Capital fund
Victory Asian Fellowship
Missions fund
The Food Hub
General funds		 Transfers
At beginning
Income
Expenditure
between
At end
of period
funds
of period
£
£
£
£
£
567,390
-
(30,142)
4,038
541,286
30,906
22,816
(9,002)
-
44,720
31,419
40,842
(38,423)
-
33,838
11,277
6,419
(8,351)
-
9,345
640,992
70,077
(85,918)
4,038
629,189
63,404
436,467
(419,261)
(4,038)
76,572
704,396
506,544
(505,179)
-
705,761

The Capital fund represents the net book value of the Victory Centre and other fixed assets

The Victory Asian Fellowship fund represents monies its congregation has raised.

The Missions fund represents money set aside by the trustees to support its worldwide missions.

The Food Hub (formerly Highway ministry) is supported by specific offerings used to fund the weekly soup run project that the church is involved in.

16

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

11 ANALYSIS OF NET ASSETS BY FUND

At 31 March 2025
Tangible assets
Current assets
Current liabilities
At 31 March 2024
Tangible assets
Current assets
Current liabilities		 Restricted
Unrestricted
2025
funds
funds
Total
£
£
£
-
541,286
541,286
23,093
176,687
199,780
-
(12,212)
(12,212)
23,093
705,761
728,854
Restricted
Unrestricted
2024
funds
funds
Total
£
£
£
-
567,390
567,390
20,822
143,986
164,808
-
(6,980)
(6,980)
20,822
704,396
725,218

12 RELATED PARTY TRANSACTIONS

There were no related party transactions during this or the prior year.

13 OPERATING LEASE COMMITMENTS

At 31 March 2025, the charity had total commitments under non-cancellable operating leases, due as follows:

Within one year 2025
£
-		 2024
£
436

17

VICTORY GOSPEL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

14 DONATED GOOD AND SERVICES

During the year, the charity received donated gifts in kind with a total value of £6,700 (2024: £8,000) which has been included in income and expenditure. The trustees wish to extend their thanks for these generous donations.

15 PRIOR YEAR FUND MOVEMENTS

RESTRICTED FUNDS

Building fund
Faithworks
Specific donations
UNRESTRICTED FUNDS
Designated funds:
Capital fund
Victory Asian Fellowship
Missions fund
The Food Hub
General funds		 Transfers
At beginning
Income
Expenditure
between
At end
of period
funds
of period
£
£
£
£
£
12,116
1,563
-
-
13,679
3,969
2,400
(905)
-
5,464
2,179
4,380
-
(4,880)
1,679
18,264
8,343
(905)
(4,880)
20,822
Transfers
At beginning
Income
Expenditure
between
At end
of period
funds
of period
£
£
£
£
£
558,744
-
(30,417)
39,063
567,390
22,948
16,319
(8,361)
-
30,906
27,782
32,854
(29,217)
-
31,419
14,777
1,923
(5,423)
-
11,277
624,251
51,096
(73,418)
39,063
640,992
106,690
366,425
(375,528)
(34,183)
63,404
730,941
417,521
(448,946)
4,880
704,396

18