Companies House No: 13154032 Charity Commission No: 1194880
VICTORY INTERNATIONAL CHURCH UK
THE OVERCOMERS
Report and Financial Statements
For the Year ended January 31, 2022
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS REPORT AND FINANCIAL STATEMENTS For The Year Ended January 31, 2022
| Contents Page |
|---|
| Legal and Administrative Information 3 |
| Report of the Trustees 4 |
| Independent Examiner's report 8 |
| Statement of Financial Activities 10 |
| Balance sheet 13 |
| Cash flow Statement 14 |
| Notes to the Accounts 15 |
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS REPORT AND FINANCIAL STATEMENTS For The Year Ended January 31, 2022
LEGAL AND ADMINISTRATIVE INFORMATION
Officers and Professional Advisers
Trustees
Mrs Omolara Fadoju Mr Sunday Arowojobe Ms Guehita Okunbor Pastor Michael Tunde
Registered Office Address 77 Coburg Road London N22 6UB
Bankers
Lloyds Bank PO Box 1000 Andover
Accountants
Fabek Associates and Co Ltd
32 Dewey Road Dagenham Essex RM10 8AR
Companies House No: 13154032 Charity Commission No: 1194880
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS REPORT AND FINANCIAL STATEMENTS For The Year Ended January 31, 2022
Trustees Annual Report
The Trustees, for the purposes of the Charities Act 2011 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 31 December, 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the Charity. The Charity is governed by a Memorandum and Articles of Association.
PRINCIPAL OBJECTIVES & ACHIEVEMENTS
The company's principal activity during the year continued to be propagation and activities of Christian Religion.
The year in report presented opportunities for new developments, crystallising in the registration of the organisation with the Companies House and Charity Commission, thereby effectively separating from Victory International Church UK, under whose umbrella it operated previously.
The accountancy firm of Fabek Associates & Co Ltd was employed to advise and undertake accountancy and governance compliance immediately. Subsequently, bank accounts were opened with Lloyds Bank and Barclays Bank for effective management of the revenues of the charity.
The year also witnessed the renewal of our accommodation lease at 77 Coburg Road, Wood Green with Haringey Council for five years with a rent of £6500.00 per annum. Our ambition is to purchase a property somewhere within the South East of England to be used for church meetings and other charitable activities. To this end, the trustees have dedicated the Barclays Bank account as the deposit account where monies meant for this purpose is deposited.
To enhance our religious activities in line with the desires of the members, we have retained in employment an associate pastor who also doubles as a worship leader. Mr Olumide Tibetan earns £25,300 per annum because he possesses all the qualities and the person specifications required for the role. This was after the role was widely advertised in the UK but a suitable candidate could not be found among the applicants who applied, thus we registered with the UK Border Agency to be able to provide him with Certificate of Sponsorship on Tier 2 immigration status.
Although our popular charitable „Soup Kitchen‟ outreach programme was severely disrupted by the outbreak of the Corona Virus and the attendant strict regulations, thereby hampering our practice of hosting vulnerable members of the community to weekly free lunch, we have instead resorted to packing edible and household items in special packs for distribution to such vulnerable
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people at specific areas in the Haringey area. This is considered a temporary measure as there are plans to open up the soup kitchen as soon as health protocols allow us to do so.
RISKS
The factors that may affect the Charity‟s delivery of its objectives include:
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a) Reputation of Charity and the relationship with the community
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b) Ability to generate enough funds to successfully complete the identified projects for the charity
The Charity produces an annual plan for delivery against its objectives. This plan sets out the targets for the year and is then broken down to a work plan. The Charity has considered the impact of COVID-19 on their finances and objectives and developed strategies, which specify how it will deliver the key programmes of work effectively and efficiently. The strategy also identifies targets and performance indicators.
RESERVES POLICY
The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds are held to meet the above policy of the Charity going forward.
GOVERNANCE AND INTERNAL CONTROL
A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At 31[st] January 2022, the Board had a membership of four people acting as trustees.
The Board meets three times a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day to day activities of the charity. None of the committee members is being remunerated.
All Trustees receive the handbook for Trustees‟ provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this the Charity follows the code of practice for governance produced by the Governance Hub.
Company law requires the Trustees to prepare financial statements for each financial year, which comply with the Charities Act 2011 as amended
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
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They include:
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A strategic plan and annual budget approved by the Trustees;
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Regular consideration by the Trustees of financial results, in particular variance from budget; and
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Delegation of authority and segregation of duties.
STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).
The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period.
In preparing this financial statement, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 its activities.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Act 2011 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.
DISCLOSURE OF INFORMATION TO EXAMINER
The trustees who held office at the date of approval of this trustees‟ report confirm that, so far as they are each aware, there is no relevant information of which the Charity‟s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity‟s examiner is aware of that information.
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EXAMINER
In line with the provision exemption in the Charities Act 2011 as amended, the trust decided to appoint an examiner, which will review the accounts for the year ended January 31, 2022. The Trustees appointed Mr Adekunle Fawunmi of Fabek Associates and Co Ltd to act as independent examiner.
Approved by the Board of Trustees and signed on behalf of the Board on March 25, 2022
Trustee
Pastor Michael Tunde Chair of the Trustees
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS REPORT AND FINANCIAL STATEMENTS For The Year Ended January 31, 2022
Independent Examiner‟s Report to the Trustees of Victory International Church UK The Overcomers.
We report on the accounts of the Trust for the year ended January 31 2022, which are set out on Pages 10 to 21.
Respective responsibilities of trustees and examiner
The charity‟s trustees are responsible for the preparation of the accounts. The charity‟s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 2011 (the 1993 Act)) and that an independent examination is needed. It is our responsibility to:
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examine the accounts (under section 43(3)(a) of the 1993 Act);
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to follow the procedures laid down in the General Directions given by the Charity Commissioners (under Section 43(7)(b) of the 1993 Act); and
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To state whether particular matters have come to our attention.
Basis of independent examiner‟s report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.
Independent examiner‟s statement
In connection with our examination, no matter has come to our attention:
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(1) Which gives us reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 41 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act as amended.
Have not been met; or
(2) To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Signed this 31st Day of July 2021
Adekunle Fawunmi Fabek Associates and Co Ltd (Certified Chartered Accountants) 32 Dewey Road Dagenham Essex RM10 8AR
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS REPORT AND FINANCIAL STATEMENTS For The Year Ended January 31, 2022
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED JANUARY 31, 2022
| Income & Endowments from: Donations & Legacies 3 Refunds 4 Total income A Expenditure on: Charitable activities 5 Total expenditure B Net income for the year Transfers from other funds C Net income after transfers A-B-C Reconciliation of funds:- E Total funds carried forward Notes Net movement in funds |
Current year Unrestricted Funds 2022 £ 68,767 84 68,851 51,791 51,791 17,060 31,659 48,719 48,719 48,719 |
Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - 68,767 - 84 - 68,851 - 51,791 - 51,791 - 17,060 - 31,659 - 48,719 - 48,719 - 48,719 |
|---|---|---|
All activities derive from continuing operations
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS - Resources applied in the year ended 31 January 2022 towards fixed assets for Charity use:-
| ended 31 January 2022 towards fixed assets for Charity use:- | |
|---|---|
| Funds generated in the year as detailed in the SOFA Resources applied on functional fixed assets Other applications of funds Net resources available to fund charitable activities Movements in revenue and capital funds for the year ended 31 January 2022 |
2022 £ 48,719 (8,515) - |
| 40,204 | |
Revenue accumulated funds
| Unrestricted Funds 2022 £ 17,060 17,060 (From)/To unrestricted revenue funds 31,659 Closing revenue funds 48,719 Summary of funds Unrestricted and Designated funds 2022 £ Revenue accumulated funds 48,719 Recognised gains and losses before transfers |
Restricted Total Funds Funds 2022 2022 £ £ - 17,060 - 17,060 - 31,659 - 48,719 Restricted Total Funds Funds 2022 2022 £ £ - 48,719 |
|---|---|
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS
Income and Expenditure Account for the year ended 31 January 2022 as required by the Companies Act 2006
| Income Income from operations Other operating income Gross income in the year including exceptional items Expenditure Charitable expenditure, excluding depreciation and amortisation Depreciation and amortisation Governance costs Realised losses on disposals of social investments which are programme related Total expenditure in the year Tax on surplus on ordinary activities Retained surplus for the financial year All activities derive from continuing operations Net income after tax in the financial year Net income before tax in the financial year |
2022 £ 68,767 84 |
|---|---|
| 68,851 | |
| 49,053 1,703 1,035 - |
|
| 51,791 | |
| 17,060 - |
|
| 17,060 | |
| 17,060 | |
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS - Balance Sheet as at 31 January 2022
| Notes | Notes | 2022 | |
|---|---|---|---|
| £ | |||
| Fixed assets | |||
| Tangible assets | 6 | 6,812 | |
| Current assets | |||
| Cash at bank and in hand | 7 | 41,907 | |
| Net current assets | 41,907 | ||
| The total net assets of the charity | 48,719 | ||
| The total net assets of the charity | are funded by the funds of the | charity, as | |
| follows:- | |||
| Unrestricted Revenue Funds | 8 | 48,719 | |
| 48,719 | |||
| Designated Funds | |||
| Total charity funds | 48,719 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Pastor Michael Tunde Trustee
Approved by the board of trustees on 25 March 2022
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| VICTORY INTERNATIONAL CHURCH UK | THE OVERCOMERS | THE OVERCOMERS | |
|---|---|---|---|
| Cash Flow Statement for the year ended 31 January 2022 | |||
| 2022 | |||
| £ | |||
| Cash flows from operating activities | |||
| Net cash provided by operating activities as shown below | A | 50,422 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (8,515) | ||
| Cash flows from financing activities | |||
| Net cash provided by financing activities | C | - | |
| Overall cash provided by all activities | A+B+C | 41,907 | |
| Cash movements | |||
| Change in cash and cash equivalents from | |||
| activities in the year ended 31 January 2022 | 41,907 | ||
| Cash and cash equivalents at 1 February 2021 | - | ||
| Change in cash and cash equivalents due to exchange rate movem | - | ||
| Cash at bank and in hand less overdrafts at 31 | January | 41,907 | |
| VICTORY INTERNATIONAL CHURCH UK | THE OVERCOMERS | ||
| Cash Flow Statement for the year ended 31 January 2022 - Continued | |||
| Reconciliation of net income to net cash flow from operating | activities | ||
| Net income as shown in the Statement of Financial Activities | 48,719 | ||
| Adjustments for :- | |||
| Depreciation charges | 1,703 | ||
| Net cash provided by operating activities | A | 50,422 |
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VICTORY INTERNATIONAL CHURCH UK THE OVERCOMERS NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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 International Church UK The Overcomers meets the definition of 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 Going Concern
There are no material uncertainties regarding the charity‟s ability to continue. Therefore, the accounts are prepared on a going concern basis.
1.3 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 can be measured reliably.
1.4 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 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.
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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 asset‟s use.
Expenditure on charitable activities in incurred on directly undertaking the activities which further the Charity‟s objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 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.
1.6 Tangible fixed assets and depreciation
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 bases:
| Freehold property | - not depreciated |
|---|---|
| Long term leasehold property | - 100 years |
| Fixtures and Fittings | - 10 years |
| Office Equipment | - 10 years |
| Motor Vehicle | - 5 years |
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1.7 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.
1.8 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 or similar account.
1.9 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 anticipated 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 obligation. Where the effect of the time 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.
2.0 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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- Donations, Grants and Legacies
| 3. Donations, Grants and Legacies |
|||
|---|---|---|---|
| 4. 5. Total Donations, Grants and Legacies Total donations and gifts from individuals Total Covid Job Retention Scheme Grant Other income and gains Total other income Refunds Expenditure on charitable activities - Direct spending Total direct spending Defined benefit pension costs - charitable activities Anniversary costs Employers' NI - Charitable activities Gross wages and salaries - charitable activities Welfare Charitable activities Travel costs |
Current year Unrestricted Funds 2022 £ 56,180 12,587 |
Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - 56,180 - 12,587 |
|
| 68,767 | - 68,767 Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - 84 - 84 Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - 23,688 - 1,912 - 409 - 674 - 995 - 1,107 - 2,420 - 31,205 |
||
| Current year Unrestricted Funds 2022 £ 84 |
|||
| 84 | |||
| Current year Unrestricted Funds 2022 £ 23,688 1,912 409 674 995 1,107 2,420 |
|||
| 31,205 |
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| Current year Current Year Unrestricted Funds 2022 £ Premises Expenses 10,716 408 519 Administrative overheads 519 10 240 95 131 179 1,649 299 82 260 972 197 Professional fees paid to advisors other than the auditor or examiner 500 1,072 Financial costs 1,703 Support costs before reallocation 19,551 Total support costs - Current Year 19,551 Equipment,repairs,expenses and maintenance Courier services Accountancy fees other than examination or audit fees Rates and water charges Postage Rent payable under operating leases Light heat and power Support costs for charitable activities Home Office Costs Liabilty and contents insurance Information and publications Subscriptions to periodicals Telephone, fax and internet Equipment expenses Software licences and expenses Vehicle costs Sundry expenses Depreciation & Amortisation in total for Admin costs Other Expenditure - Governance costs Independent Examiner's fees 535 Professional fees 500 Total Governance costs 1,035 |
Current year Current Year Unrestricted Funds 2022 £ Premises Expenses 10,716 408 519 Administrative overheads 519 10 240 95 131 179 1,649 299 82 260 972 197 Professional fees paid to advisors other than the auditor or examiner 500 1,072 Financial costs 1,703 Support costs before reallocation 19,551 Total support costs - Current Year 19,551 Equipment,repairs,expenses and maintenance Courier services Accountancy fees other than examination or audit fees Rates and water charges Postage Rent payable under operating leases Light heat and power Support costs for charitable activities Home Office Costs Liabilty and contents insurance Information and publications Subscriptions to periodicals Telephone, fax and internet Equipment expenses Software licences and expenses Vehicle costs Sundry expenses Depreciation & Amortisation in total for Admin costs Other Expenditure - Governance costs Independent Examiner's fees 535 Professional fees 500 Total Governance costs 1,035 |
Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - 10,716 - 408 - 519 - 519 - 10 - 240 - 95 - 131 - 179 - 1,649 - 299 - 82 - 260 - 972 - 197 - 500 - 1,072 - 1,703 - 19,551 - 19,551 - 535 - 500 - 1,035 |
|---|---|---|
| 19,551 | ||
| 19,551 | ||
| 535 500 |
||
| 1,035 |
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| Total Charitable expenditure Total direct spending Total support costs Total Governance costs Total charitable expenditure |
Current year Unrestricted Funds 2022 £ 31,205 19,551 1,035 |
Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - 31,205 - 19,551 - 1,035 - 51,791 |
|---|---|---|
| 51,791 |
Staff costs and emoluments
| Salary costs Gross Salaries excluding trustees and key management personnel Employer's National Insurance for all staff Employer's contribution to defined benefit pension schemes Total salaries, wages and related costs The average number of full time staff employed in the year was |
2022 £ 23,688 1,912 409 |
|---|---|
| 26,009 | |
| 1 |
6. Tangible fixed assets
| Cost Additions At 31 January 2022 Depreciation Charge for the year At 31 January 2022 Net book value At 31 January 2022 |
Land and Buildings £ - |
Plant & Machinery £ 6,275 |
Motor Vehicles Total £ £ 2,240 8,515 |
|---|---|---|---|
| - | 6,275 | 2,240 8,515 |
|
| - | 1,255 | 448 1,703 |
|
| - | 1,255 | 448 1,703 |
|
| - | 5,020 | 1,792 6,812 |
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| 7. Analysis of cash and cash equivalents Cash in hand at for the year ended 31 January 2022 Notice deposits - (less than 3 months) Total cash and cash equivalents |
2022 £ 41,907 - |
|---|---|
| 41,907 |
- Analysis of Funds
| Analysis of Funds | ||||
|---|---|---|---|---|
| Unrestricted and designated funds:- Unrestricted Revenue Funds Total unrestricted and designated funds Total charity funds |
Funds brought forward from 2021 £ - |
Movement in funds in 2022 £ 17,060 |
£ 31,659 Transfers between funds in 2022 |
£ 48,719 Funds carried forward to 2023 |
| - | 17,060 | 31,659 | 48,719 | |
| - | 17,060 | 31,659 | 48,719 |
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