Charity number: 1154385
VICTORY WORSHIP CENTRE INTERNATIONAL
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
VICTORY WORSHIP CENTRE INTERNATIONAL
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
VICTORY WORSHIP CENTRE INTERNATIONAL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024
Trustees
Eugenia Tetteh Nana Yaw Englund Curtly Palmer Abu John Patrick
Charity registered number
1154385
Principal office
312 High Road Tottenham London N15 4BN
Page 1
VICTORY WORSHIP CENTRE INTERNATIONAL
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their annual report together with the financial statements of the Victory Worship Centre International for the 1 August 2023 to 31 July 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)'.
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 Worship Centre International is a registered charity, number 1154385, 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.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Page 2
VICTORY WORSHIP CENTRE INTERNATIONAL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
Statement of Trustees' responsibilities
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:
-
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.
Approved by order of the members of the board of Trustees and signed on their behalf by: Date: 11 March 2025
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VICTORY WORSHIP CENTRE INTERNATIONAL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024
Independent examiner's report to the Trustees of Victory Worship Centre International ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 11 March 2025
Zurish Associates
Page 4
VICTORY WORSHIP CENTRE INTERNATIONAL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024
| Note Income from: Donations and legacies 2 Interest income Total income Expenditure on: Charitable activities 3 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 236,506 7,579 244,085 133,699 133,699 110,386 616,341 110,386 726,727 |
Total funds 2024 £ 236,506 7,579 244,085 133,699 133,699 110,386 616,341 110,386 726,727 |
Total funds 2023 £ 233,191 1,661 |
|---|---|---|---|
| 234,852 | |||
| 115,593 | |||
| 115,593 | |||
| 119,259 | |||
| 497,082 119,259 |
|||
| 616,341 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
VICTORY WORSHIP CENTRE INTERNATIONAL
BALANCE SHEET AS AT 31 JULY 2024
| 2024 | 2024 | 2023 | 2023 | ||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | |||||
| Fixed assets | |||||||
| Tangible assets | 7 | 3 | 3 | ||||
| 3 | 3 | ||||||
| Current assets | |||||||
| Debtors | 8 | 10,350 | 10,350 | ||||
| Cash at bank and in hand | 734,853 | 629,212 | |||||
| 745,203 | 639,562 | ||||||
| Creditors: amounts falling due within one | |||||||
| year | 9 | (18,479) | (23,224) | ||||
| Net current assets | 726,724 | 616,338 | |||||
| Total assets less current liabilities | 726,727 | 616,341 | |||||
| Net assets excluding pension asset | 726,727 | 616,341 | |||||
| Total net assets | 726,727 | 616,341 | |||||
| Charity funds | |||||||
| Restricted funds | - | - | |||||
| Unrestricted funds | 726,727 | 616,341 | |||||
| Total funds | 726,727 | 616,341 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Date: 11 March 2025
The notes on pages 7 to 15 form part of these financial statements.
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VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 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 2019), 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 in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Victory Worship Centre International 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 7
VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
- Office equipment 25% straight line
1.6 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.
1.7 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.
1.8 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.9 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.
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VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. Accounting policies (continued)
1.10 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
1.11 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.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Donations Donations |
Unrestricted funds 2024 £ 236,506 Unrestricted funds 2023 £ 233,191 |
Total funds 2024 £ 236,506 |
|---|---|---|
| Total funds 2023 £ 233,191 |
3. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| 2024 | 2024 | |
| £ | £ | |
| Direct costs - Activities | 133,699 | 133,699 |
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VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
3. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| 2023 | 2023 | |
| £ | £ | |
| Direct costs - Activities | 115,593 | 115,593 |
4. Analysis of expenditure by activities
| Direct costs - Activities Direct costs - Activities |
Activities undertaken directly 2024 £ 133,699 Activities undertaken directly 2023 £ 115,593 |
Total funds 2024 £ 133,699 |
|---|---|---|
| Total funds 2023 £ 115,593 |
Page 10
VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
4. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Rent and rates Evangelism and outreaches Travel and subsistence Welfare Music and instruments Volunteer expenses Leaflets and flyers Consultancy Professional fees Administration Donations Honorarium Bank charges |
Church Activities 2024 £ 31,424 60,205 5,108 1,883 2,910 16,390 3,228 891 2,329 1,240 3,992 1,150 1,394 1,555 133,699 |
Total funds 2024 £ 31,424 60,205 5,108 1,883 2,910 16,390 3,228 891 2,329 1,240 3,992 1,150 1,394 1,555 |
|---|---|---|
| 133,699 |
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VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
4. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Staff costs Rent and rates Evangelism and outreaches Travel and subsistence Welfare Music and instruments Volunteer expenses Leaflets and flyers Consultancy Professional fees Administration Donations Honorarium Bank charges |
Church Activities 2023 £ 32,020 60,614 1,158 1,985 2,892 3,411 505 215 2,750 1,600 2,835 2,800 2,280 528 115,593 |
Total funds 2023 £ 32,020 60,614 1,158 1,985 2,892 3,411 505 215 2,750 1,600 2,835 2,800 2,280 528 |
|---|---|---|
| 115,593 |
5. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 27,240 2,504 1,680 31,424 |
2023 £ 28,581 2,752 687 |
|---|---|---|
| 32,020 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Clergy | 1 | 1 |
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VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
5. Staff costs (continued)
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 July 2024, no Trustee expenses have been incurred (2023 - £NIL) .
7. Tangible fixed assets
| Cost or valuation At 1 August 2023 At 31 July 2024 Depreciation At 1 August 2023 At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 |
Office equipment £ 13,503 |
|---|---|
| 13,503 | |
| 13,500 | |
| 13,500 | |
| 3 | |
| 3 |
8. Debtors
| Due within one year Prepayments and accrued income |
2024 £ 10,350 10,350 |
2023 £ 10,350 |
|---|---|---|
| 10,350 |
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VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
9. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 5,851 9,728 2,900 18,479 |
2023 £ 2,788 18,586 1,850 |
|---|---|---|
| 23,224 |
10. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 734,853 | 629,212 |
Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
11. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 3 Current assets 745,203 Creditors due within one year (18,479) Total 726,727 |
Total funds 2024 £ 3 745,203 (18,479) |
|---|---|
| 726,727 |
Page 14
VICTORY WORSHIP CENTRE INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
11. 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 Total |
Unrestricted funds 2023 £ 3 639,562 (23,224) 616,341 |
Total funds 2023 £ 3 639,562 (23,224) 616,341 |
|---|---|---|
Page 15