PRESBYTERIAN CHURCH OF GHANA - VICTORY CONGREGATION (UK)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Presbyterian Church of Ghana - Victory Congregation (UK)
Contents of the Financial Statements Year ended 31 December 2024
| 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 - Victory Congregation (UK) Trustees' report for the year ended 31 December 2024
The trustees present their report and unaudited financial statements of the church for the year ended 31 December 2024. 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 2024 amounted to £51,186 (2023 - £37,549).
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 2024, the reserves of the church were £259,092 (2023 - £207,856).
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Presbyterian Church of Ghana - Victory Congregation (UK) Trustees' report for the year ended 31 December 2024 (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 Berkoh
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:
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1) select suitable accounting policies and apply them consistently;
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2) observe the methods and principles in the Charities SORP;
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3) make judgements and estimates that are reasonable and prudent;
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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: 21 May 2025
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Presbyterian Church of Ghana - Victory Congregation (UK)
Independent Examiners Report to the trustees
We have examined the financial statements for the year ended 31 December 2024 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 - Victory Congregation (UK)
Independent Examiners Report to the trustees (Continued)
- b) the financial statements for the year ended 31 December 2024 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: 21 May 2025
Prime Accounting Solutions Ltd Maureen Egbuche (FCCA) Chartered Certified Accountant
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Presbyterian Church of Ghana - Victory Congregation (UK)
Statement of Financial Activities For the year ended 31 December 2024
| 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 |
31.12.24 31.12.24 31.12.24 31.12.23 Restricted fund Unrestricted fund Total £ £ 5,000 71,449 76,449 69,946 - 4,060 4,060 1,752 - 17,500 17,500 14,098 6,490 6,490 400 11,490 93,010 104,500 86,196 1,860 1,620 3,480 5,211 - 49,834 49,834 43,436 1,860 51,454 53,314 48,647 9,630 41,556 51,186 37,549 35,805 172,051 207,856 170,307 45,435 213,607 259,042 207,856 |
|---|---|
The notes form part of these financial statements
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Presbyterian Church of Ghana - Victory Congregation (UK)
Balance Sheet At 31 December 2024
| Notes 2024 £ 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 |
2024 £ 100 12,907 336,096 349,003 90,061 258,942 259,042 259,042 259,042 |
2023 £ 596 |
|---|---|---|
| 1,720 219,492 221,212 |
||
| 13,952 207,260 |
||
| 207,856 | ||
| 207,856 | ||
| 207,856 |
APPROVED BY THE TRUSTEES AND SIGNED ON THEIR BEHALF:
Seth Koranteng Date: 21 May 2025
The notes form part of these financial statements
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Presbyterian Church of Ghana - Victory Congregation (UK)
Notes to the financial statements for the year ended 31 December 2024
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 |
2024 2024 2024 2023 Restricted Unrestricted £ £ - 18,092 18,092 15,340 5,000 36,304 41,304 35,767 - 9,472 9,472 10,730 - 7,432 7,432 7,685 - 148 148 424 5,000 71,449 76,449 69,946 |
|---|---|
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Presbyterian Church of Ghana - Victory Congregation (UK)
Notes to the financial statements for the year ended 31 December 2024 (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 Rent Travel 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 |
2024 £ 1,860 1,620 3,480 2024 £ 6,000 1,800 541 750 843 15,610 2,277 10,245 2,695 - 445 496 - 4,821 2,200 49,834 100 100 580 12,327 12,907 329,669 6,227 200 336,096 |
2023 £ 2,890 2,421 |
|---|---|---|
| 5,311 | ||
| 2022 £ 6,000 1,800 624 550 792 12,007 1,805 6,195 1,793 725.00 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 |
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Presbyterian Church of Ghana - Victory Congregation (UK)
Notes to the financial statements for the year ended 31 December 2024 (continued)
| 8 Creditors: Amounts falling due within one year Loans 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 |
2024 2023 £ £ 74,700 5,000 1,350 963 3,350 2,918 4,362 1,831 1,978 1,878 4,321 1,362 90,061 13,952 At 01.01.24 Net movement in funds At 31.12.24 £ £ 172,051 41,556 213,607 35,805 9,630 45,435 |
2023 £ 5,000 963 2,918 1,831 1,878 1,362 |
|---|---|---|
| 13,952 | ||
| 207,856 51,186 259,042 |
||
| Incoming resources Resources expended Movement in funds £ £ £ 93,010 (51,454) 41,556 11,490 (1,860) 9,630 |
||
| 104,500 (53,314) 51,186 |
10 Related party disclosure
During the period, Seth Koranteng who is a trustee was paid £2,507 (2023 -£2,658 for professional and accountancy services rendered to the church.
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