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2023-12-31-accounts

Victory Life Bible Church London (VLBC London)

Charity No. 1203253

Trustees' Report and Unaudited Accounts For the year ended 31 December 2023

B M Cooper & Co. Limited Chartered Certified Accountants 88 Wood Lane Dagenham Essex RM9 5SL

Victory Life Bible Church London (VLBC London) Contents

Pages
Trustees' Annual Report 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 to 12
Detailed Statement of Financial Activities 13 to 14

Page 1

Victory Life Bible Church London (VLBC London) Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1203253

Principal Office

114 - 126 Westmoor Street London SE7 8NQ

Trustees

The following Trustees served during the year: Gabriel Ikyemtu Margaret Aiyanyo Olawale Banjo

Accountants

B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

OBJECTIVES AND ACTIVITIES

The advancement of the Christian religion throughout England and Wales and worldwide for the benefit of the public through the holding of prayer meetings, lectures, public celebration of religious festivals, producing and/or distributing literature on the Christian religion to enlighten others about the Christian religion.

FINANCIAL REVIEW

The total incoming resources for the year amounted to £84,591 and the total resources expended amounted to £44,198, leaving a net surplus for the year of £40,393. The balance of fund as at 31st December 2023 was £40,393.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was established by a charitable trust deed dated 26th February 2023 and it is a registered charity.

Page 2

Victory Life Bible Church London (VLBC London) Trustees Annual Report

Trustees are selected from long standing members of the congregation and people from outside of the church who are familiar with and have an empathy with the Church's objectives.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

..................................................... Gabriel Ikyemtu Trustee 10 February 2025

Page 3

Victory Life Bible Church London (VLBC London) Independent Examiners Report

Independent Examiner's Report to the trustees of Victory Life Bible Church London (VLBC London)

I report to the trustees on my examination of the accounts of Victory Life Bible Church London (VLBC London) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in

connection with the examination giving me cause to believe that in, any material respect:

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.

........................................

Mr. B. M. Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

10 February 2025

Page 4

Victory Life Bible Church London (VLBC London) Statement of Financial Activities

For the year ended 31 December 2023

Unrestricted
funds Total funds
2023 2023
Notes £ £
Income and endowments
from:
Donations and legacies 2 80,361 80,361
Other 3 4,230 4,230
Total 84,591 84,591
Expenditure on:
Charitable activities 4 22,717 22,717
Other 5 21,481 21,481
Total 44,198 44,198
Net gains on investments - -
Net income 6 40,393 40,393
Transfers between funds - -
Net income before other
gains/(losses) 40,393 40,393
Other gains and losses
Net movement in funds 40,393 40,393
Reconciliation of funds:
Total funds carried forward 40,393 40,393

Page 5

Victory Life Bible Church London (VLBC London) Balance Sheet At 31 December 2023

Charity No. 1203253 2023
£
Fixed assets
Tangible assets 8 3,750
3,750
Current assets
Cash at bank and in hand 37,483
37,483
Creditors:Amount falling due within one year 9 (840)
Net current assets 36,643
Total assets less current liabilities 40,393
Net assets excluding pension asset or liability 40,393
Total net assets 40,393
The funds of the charity
Restricted funds 10
Unrestricted funds 10
General funds 40,393
40,393
Reserves 10
Total funds 40,393
Approved by the trustees on 10 February 2025

And signed on their behalf by:

................................................... Olawale Banjo Trustee 10 February 2025

Page 6

Victory Life Bible Church London (VLBC London) Notes to the Accounts

For the year ended 31 December 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

Victory Life Bible Church London (VLBC London) Notes to the Accounts Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 8

Victory Life Bible Church London (VLBC London) Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Income from donations and legacies
Unrestricted Total
2023
£ £
Tithes and offerings 80,361 80,361
80,361 80,361

Page 9

Victory Life Bible Church London (VLBC London) Notes to the Accounts 3 Other income

3 Other income
Unrestricted Total
2023
£ £
Rent receivable 4,230 4,230
4,230 4,230
4 Expenditure on charitable activities
Unrestricted Total
2023
£ £
Expenditure on charitable
activities
Conventions 830 830
Evangelism 8,770 8,770
Honoraria and gift to
missions		 11,977 11,977
Governance costs
Accountancy fees 840 840
Legal and professional fees 300 300
22,717 22,717
5 Other expenditure
Unrestricted Total
2023
£ £
Motor and travel costs 3,141 3,141
Premises costs 17,090 17,090
Amortisation, depreciation,
impairment, profit/loss on 1,250 1,250
disposal of fixed assets
21,481 21,481
6 Net income before transfers
2023
This is stated after charging: £
Depreciation of owned fixed assets 1,250
7 Staff costs

No employee received emoluments in excess of £60,000.

Page 10

£

Victory Life Bible Church London (VLBC London) Notes to the Accounts

£

£ £
Cost or revaluation
Additions 5,000 5,000
At 31 December 2023 5,000 5,000
Depreciation and
impairment
Depreciation charge for the 1,250 1,250
year
At 31 December 2023 1,250 1,250
Net book values
At 31 December 2023 3,750 3,750

amounts falling due within one year

2023
£
Accruals and deferred income 840
840

10 Movement in funds

10 Movement in funds
Incoming
resources
(including Resources At 31
December
other
gains/losses		 expended 2023
)
£ £ £
Restricted funds:
Unrestricted funds:
General funds 84,591 (44,198) 40,393
Revaluation Reserves:
Total funds 84,591 (44,198) 40,393
11 Analysis of net assets between funds
Unrestricted
Total
funds
£ £
Fixed assets 3,750 3,750
Net current assets 36,643 36,643
40,393 40,393

Page 11

Victory Life Bible Church London (VLBC London) Notes to the Accounts 12 Reconciliation of net debt

Reconciliation of net debt
es to the Accounts
At 31
December
Cash flows 2023
£ £
Cash and cash equivalents 37,483 37,483
37,483 37,483
Net debt 37,483 37,483

Page 12

Victory Life Bible Church London (VLBC London) Detailed Statement of Financial Activities

For the year ended 31 December 2023

Unrestricted
funds Total funds
2023 2023
£ £
Income and endowments from:
Donations and legacies
Tithes and offerings 80,361 80,361
80,361 80,361
Other
Rent receivable 4,230 4,230
4,230 4,230
Total income and endowments 84,591 84,591
Expenditure on:
Charitable activities
Conventions 830 830
Evangelism 8,770 8,770
Honoraria and gift to missions 11,977 11,977
21,577 21,577
Governance costs
Accountancy fees 840 840
Legal and professional fees 300 300
1,140 1,140
Total of expenditure on charitable
activities		 22,717 22,717
Motor and travel costs
Motor and travelling expenses 3,141 3,141
3,141 3,141
Premises costs
Rent 15,830 15,830
Premises repairs and
maintenance		 1,260 1,260
17,090 17,090
General administrative costs,
including depreciation and
amortisation
Depreciation of 1,250 1,250
1,250 1,250
Total of expenditure of other costs 21,481 21,481
Total expenditure 44,198 44,198
Net gains on investments - -

Page 13

Victory Life Bible Church London (VLBC London) Detailed Statement of Financial Activities

Detailed Statement of Financial Activities
Net income 40,393 40,393
Net income before other
gains/(losses) 40,393 40,393
Other Gains - -
Net movement in funds 40,393 40,393
Reconciliation of funds:
Total funds brought forward - -
Total funds carried forward 40,393 40,393

Page 14