## **PRESBYTERIAN CHURCH OF GHANA**
# **SOUTH LONDON DISTRICT VICTORY CONGREGATION (UK)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Contents of the Financial Statements Year ended 31 December 2023**
||Page|
|---|---|
|Trustees' Report|1 - 2|
|Independent Examiner's Report|3 - 4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 - 9|
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK) Trustees' report for the year ended 31 December 2023**
The trustees present their report and unaudited financial statements of the church for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice: "Accounting and Reporting by Charities" in accordance with Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) issued in July 2014 in preparing the Annual Report and the Financial Statements of the church
## **Legal Status**
Presbyterian Church of Ghana - Victory Congregation (UK) is a charity incorporated organisation registered on 01 November 2022 with registration number 1200872
## **Principal Activities**
The principal activities of the church during the period were as follows:
To advance the Christian religion and the ethics, ideals and principles of the Presbyterian church for the public benefit
To provide advice, counselling and support for members' training and education for the relief of poverty
The advancement of education and the provision of facilities for recreation and leisure time occupation in the interest of social welfare and with the object of improving the conditions of the members and their children
## **Review of Financial Activities**
The net incoming resources of the church for the year ended 31 December 2023 amounted to £37,549 (2022 - £41,372).
It is the policy of the trustees that the free reserves of the church should be held as current assets, in order to meet future requirements of its activities
At 31 December 2023, the reserves of the church were £207,856 (2022 - £170,307).
Page 1
## **Presbyterian Church of Ghana, Victory Congregation (UK) Trustees' report for the year ended 31 December 2023 (Continued)**
## **Trustees**
The trustees who served during the period to the date of this report were:
Michael Ohene Asiedu Fred Ankomah Kessie Seth Koranteng Paulina Amoalu Yaw Boadu David Omari Mabel Archison Esther Fordjour-Berko
## **Statement of Trustees' Responsibilities in Relation to the Financial Statements**
The constitution of the church and law applicable to Charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity during the year and of its financial position at the end of each year. In preparing the financial statements, the trustees are required to:
- 1) select suitable accounting policies and apply them consistently;
- 2) observe the methods and principles in the Charities SORP;
- 3) make judgements and estimates that are reasonable and prudent;
- 4) prepare the financial statements on the going concern basis unless it is inappropriate to
- presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Act 2011.
The trustees are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **APPROVED BY THE TRUSTEES AND SIGNED ON THEIR BEHALF:**
Seth Koranteng Date: 26 March 2024
Page 2
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Independent Examiners Report to the trustees**
We have examined the financial statements for the year ended 31 December 2023 on pages 5 to 9, which have been prepared in accordance with the accounting policies set out on page 7
## **Respective responsibilities of Trustees and Independent Examiner**
As described on page 2, the trustees are responsible for the preparation of the financial statements of the church. The trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is our responsibility to:
examine the financial statements under section 145 of the 2011 Act;
follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to our attention.
We have been appointed under section 145 of the Charities Act 2011 and report in accordance with the regulations under that Act.
## **Basis of independent examiner's report**
We conducted our examination in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and the seeking of explanations from the trustees concerning such matters. The procedures undertaken do not provide all of the evidence that would be required by an audit and, consequently, no opinion is given as to whether the financial statements present a 'true & fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
During the course of our examination, nothing has come to our attention which gives us reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:
a) proper accounting records have been kept in accordance with Section 130 of the Charities Act 2011; and
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## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Independent Examiners Report to the trustees (Continued)**
- b) the financial statements for the year ended 31 December 2023 are in accordance with those records and comply with the accounting requirements of Charity Act 2011 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities (revised 2014).
Further, during the course of our examination, nothing has come to our attention that, in our opinion, should be drawn to your attention in order to enable a proper understanding of the financial statements to be reached.
Signed
Date: 26 March 2024
Prime Accounting Solutions Ltd Maureen Egbuche (FCCA) Chartered Certified Accountant
Page 4
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Statement of Financial Activities For the year ended 31 December 2023**
|Notes
**Incoming resources**
Voluntary income
2
Investment income
Gift aid
Building Fund
Total incoming resources
**Resources expended**
Charitable activities
3
Administrative expenses
4
Total resources expended
Net incoming resources for the year
Funds brought forward
**Total funds carried forward**|**31.12.23**
**31.12.23**
**31.12.23**
**31.12.22**
**Restricted**
**fund**
**Unrestricted**
**fund**
**Total**
**£**
**£**
5,000
64,946
69,946
50,312
-
1,752
1,752
187
-
14,098
14,098
9,241
400
400
26,283
5,400
80,796
86,196
86,023
2,890
2,321
5,211
4,750
-
43,436
43,436
39,901
2,890
45,757
48,647
44,651
**2,510**
**35,039**
**37,549**
**41,372**
33,295
137,012
170,307
128,935
**35,805**
**172,051**
**207,856**
**170,307**|
|---|---|
The notes form part of these financial statements
Page 5
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
|Notes
**Fixed Assets**
Tangible
5
**Current Assets**
Debtors
6
Cash at bank
7
Total current assets
**Current Liabilities**
Creditors
8
**Net Current Asset**
**Total Net Assets**
**Funds**
9
**Total funds**
**At**|**£**
1,720
219,492
**221,212**
13,952
**Balance Sheet**
**31 December 2023**
**2023**|**£**
596|
|---|---|---|
|||207,260|
||||
|||**207,856**|
|||207,856|
|||**207,856**|
## **APPROVED BY THE TRUSTEES AND SIGNED ON THEIR BEHALF:**
Seth Koranteng Date: 26 March 2024
The notes form part of these financial statements
Page 6
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Notes to the financial statements for the year ended 31 December 2023**
## **1 ACCOUNTING POLICIES**
## _**Basis of accounting**_
The financial statements have been prepared in accordance with the Statement of Recommended Practice : Accounting and Reporting by Charities in accordance with with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in July 2014
## _**Accounting convention**_
The financial statements have been prepared under the historical cost convention
## _**Tangible fixed assets**_
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Computer equipment : 25% on cost Musical instrument : 25% on cost
## _**Cash flow statement**_
Exemption has been taken from preparing a cash flow statement on the grounds that the charity is a small undertaking
## _**Incoming resources**_
Incoming resources represent offertory, pledges, donations, tithes and self generated income
## _**Reserve policy**_
The trustees have a free reserve policy whereby the free reserves of the church will be sufficient to continue the current activities should there be a significant fall in offertory levels. This will need to be sufficient to sustain the church whilst alternate funding is sought or other arrangements are made.
## **2 Voluntary income**
|General
offering
Tithes
Harvest
Special offering and donations
Children's offering
Annual thanksgiving|**2023**
**2023**
**2023**
**2022**
**Restricted**
**Unrestricted**
**£**
**£**
-
15,340
15,340
6,613
5,000
30,767
35,767
26,689
-
10,730
10,730
-
-
7,685
7,685
4,315
-
424
424
319
-
-
-
4,165
**5,000**
**64,946**
**69,946**
**42,101**|
|---|---|
Page 7
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Notes to the financial statements for the year ended 31 December 2023 (continued)**
|**3 Charitable activities**
Welfare & bereavement
Gifts & donations
**4 Administrative expenses**
Catechist allowance
Secretary's allowance
Computer & internet expenses
Pulpit supply
Printing, postage & stationery
Assessment
Refreshment
Christmas party
Rent
Travel
Interest on loan
Evangelism and special events
Sundry
Depreciation
Youth trip
Professional fees
Accountancy fees
**5 Tangible fixed assets**
Computer Equipment
**6 Debtors: Amounts falling due within one year**
Rent deposit
Other debtors
**7 Cash at bank and in hand**
Deposit account
Current account
Cash in hand|**2023**
**£**
2,890
2,321
**5,211**
**2023**
**£**
6,000
1,800
624
550
792
12,007
1,805
-
6,195
1,793
-
725
1,017
496
3,317
5,065
1,250
**43,436**
596
**596**
580
1,140
**1,720**
204,359
14,933
200
**219,492**|**2022**
**£**
3,296
1,454|
|---|---|---|
|||**4,750**|
|||**2022**
**£**
6,000
1,920
224
400
227
12,237
328
1,280
6,495
1,247
120
-
553
578
1,600
5,743
950|
|||**39,901**|
|||1,092|
|||**1,092**|
|||580
1,230|
|||**1,810**|
|||192,606
12,967
118|
|||**205,691**|
Page 8
## **Presbyterian Church of Ghana, South London District - Victory Congregation (UK)**
## **Notes to the financial statements for the year ended 31 December 2023 (continued)**
|**8 Creditors: Amounts falling due within one year**
Loans
Assessment
Women's fellowship
Men's fellowship
Church choir
Singing band
Sundry creditors
**9 Movement in funds**
Unrestricted funds
Restricted
**Total funds**
Net movement in funds, included in the above are
as follows:
Unrestricted funds
Restricted
**Total funds**|**2023**
**2022**
**£**
**£**
5,000
30,000
-
2,608
963
665
2,918
2,245
1,831
95
1,878
1,695
1,362
979
**13,952**
**38,287**
**At 01.01.23**
**Net**
**movement in**
**funds**
**At 31.12.23**
**£**
**£**
137,012
35,039
172,051
33,295
2,510
35,805|**2022**
**£**
30,000
2,608
665
2,245
95
1,695
979|
|---|---|---|
|||**38,287**|
||**170,307**
**37,549**
**207,856**||
||**Incoming**
**resources**
**Resources**
**expended**
**Movement in funds**
**£**
**£**
**£**
80,796
(45,757)
35,039
5,400
(2,890)
2,510||
||**86,196**
**(48,647)**
**37,549**||
## **10 Related party disclosure**
During the period, Seth Koranteng who is a trustee was paid £2,658 (2022 -£3,980 for professional and accountancy services rendered to the church.
Page 9