Victory Life Bible Church London (VLBC London) Charity No. 1203253
Trustees' Report and Unaudited Accounts For the year ended 31 December 2024
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 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
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 2024.
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.
Various policies were adopted in furtherance of this objective during the period.
FINANCIAL REVIEW
The total incoming resources for the year amounted to £39,314 (2023 - £84,591) and the total resources expended amounted to £60,715 (2023 - £44,198), leaving a net deficit for the year of £21,401 (2023 - £40,393 surplus). The balance of fund as at 31st December 2024 was £18,992 (2023 - £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.
Page 2
Victory Life Bible Church London (VLBC London) Trustees Annual Report
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established by a charitable trust deed dated 26th February 2023 and it is a registered charity.
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 15 July 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 2024 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:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did 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.
........................................
Mr. B. M. Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane
Dagenham Essex RM9 5SL
15 July 2025
Page 4
Victory Life Bible Church London (VLBC London) Statement of Financial Activities For the year ended 31 December 2024
| Notes Income and endowments from: Donations and legacies 3 Other 4 Total Expenditure on: Charitable activities 5 Other 6 Total Net gains on investments Net (expenditure)/income 7 Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 39,314 - |
Total funds 2024 £ 39,314 - |
Total funds 2023 £ 80,361 4,230 |
|---|---|---|---|
| 39,314 27,053 33,662 |
39,314 27,053 33,662 |
84,591 22,717 21,481 |
|
| 60,715 - |
60,715 - |
44,198 - |
|
| (21,401) - |
(21,401) - |
40,393 - |
|
| (21,401) | (21,401) | 40,393 | |
| (21,401) 40,393 |
(21,401) 40,393 |
40,393 - |
|
| 18,992 | 18,992 | 40,393 |
Page 5
Victory Life Bible Church London (VLBC London) Balance Sheet At 31 December 2024
| Charity No. 1203253 Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds Reserves 11 Total funds Approved by the trustees on 15 July 2025 |
2024 £ 5,327 5,327 14,505 14,505 (840) 13,665 18,992 18,992 18,992 18,992 18,992 18,992 |
2023 £ 3,750 |
|---|---|---|
| 3,750 37,483 |
||
| 37,483 (840) |
||
| 36,643 40,393 |
||
| 40,393 | ||
| 40,393 | ||
| 40,393 | ||
| 40,393 | ||
| 40,393 | ||
And signed on their behalf by:
................................................... Olawale Banjo Trustee 15 July 2025
Page 6
Victory Life Bible Church London (VLBC London) Notes to the Accounts For the year ended 31 December 2024
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
| 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.
Page 9
Victory Life Bible Church London (VLBC London) Notes to the Accounts 2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds carried forward 3 Income from donations and legacies Tithes and offerings 4 Other income Rent receivable |
Unrestricted £ 39,314 39,314 |
Unrestricted funds 2023 £ 80,361 4,230 84,591 22,717 21,481 44,198 40,393 40,393 40,393 40,393 Total 2024 £ 39,314 39,314 Total 2024 £ - - |
Total funds 2023 £ 80,361 4,230 |
| 84,591 22,717 21,481 |
|||
| 44,198 | |||
| 40,393 | |||
| 40,393 | |||
| 40,393 | |||
| 40,393 | |||
| Total 2023 £ 80,361 |
|||
| 80,361 | |||
| Total 2023 £ 4,230 |
|||
| 4,230 |
Page 10
Victory Life Bible Church London (VLBC London) Notes to the Accounts
5 Expenditure on charitable activities
| Expenditure on charitable activities Conventions Evangelism Honoraria and gift to missions Governance costs Accountancy fees Legal and professional fees 6 Other expenditure Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 7 Net (expenditure)/income before transfers This is stated after charging: Depreciation of owned fixed assets 8 Staff costs |
Unrestricted £ 10,053 10,000 6,160 840 - 27,053 Unrestricted £ 7,627 25,035 937 63 33,662 2024 £ 937 |
Total 2024 £ 10,053 10,000 6,160 840 - 27,053 Total 2024 £ 7,627 25,035 937 63 33,662 |
Total 2023 £ 830 8,770 11,977 840 300 |
|---|---|---|---|
| 22,717 | |||
| Total 2023 £ 3,141 17,090 1,250 - |
|||
| 21,481 | |||
| 2023 £ 1,250 |
No employee received emoluments in excess of £60,000.
Page 11
Victory Life Bible Church London (VLBC London) Notes to the Accounts
9 Tangible fixed assets
| Cost or revaluation At 1 January 2024 Additions At 31 December 2024 Depreciation and impairment At 1 January 2024 Depreciation charge for the year At 31 December 2024 Net book values At 31 December 2024 At 31 December 2023 10 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 840 840 |
£ 5,000 2,514 7,514 1,250 937 2,187 5,327 3,750 |
£ 5,000 2,514 |
|
|---|---|---|---|---|
| 7,514 | ||||
| 1,250 937 |
||||
| 2,187 | ||||
| 5,327 | ||||
| 3,750 | ||||
| 2023 £ 840 |
||||
| 840 | ||||
| 11 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 12 Analysis of net assets between funds Fixed assets Net current assets |
At 1 January 2024 40,393 40,393 |
Incoming resources (including other gains/losses) £ 39,314 39,314 |
Resources expended £ (60,715) (60,715) Unrestricted funds £ 5,327 13,665 18,992 |
At 31 December 2024 £ 18,992 |
| 18,992 | ||||
| Total £ 5,327 13,665 |
||||
| 18,992 |
Page 12
Victory Life Bible Church London (VLBC London) Notes to the Accounts 13 Reconciliation of net debt
| Reconciliation of net debt ory Life Bible Church London (VLBC London) es to the Accounts |
|||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 January 2024 £ |
Cash flows £ |
At 31 December 2024 £ |
| 37,483 | (22,978) | 14,505 | |
| 37,483 37,483 |
(22,978) (22,978) |
14,505 | |
| 14,505 |
Page 13
Victory Life Bible Church London (VLBC London) Detailed Statement of Financial Activities For the year ended 31 December 2024
| Income and endowments from: Donations and legacies Tithes and offerings Other Rent receivable Total income and endowments Expenditure on: Charitable activities Conventions Evangelism Honoraria and gift to missions Governance costs Accountancy fees Legal and professional fees Total of expenditure on charitable activities Motor and travel costs Vehicles - General costs Premises costs Rent Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Telephone, fax and broadband Total of expenditure of other costs Total expenditure Net gains on investments |
Unrestricted funds 2024 £ 39,314 39,314 - - 39,314 10,053 10,000 6,160 26,213 840 - 840 27,053 7,627 7,627 24,335 700 25,035 937 63 1,000 33,662 60,715 - |
Total funds 2024 £ 39,314 39,314 - - 39,314 10,053 10,000 6,160 26,213 840 - 840 27,053 7,627 7,627 24,335 700 25,035 937 63 1,000 33,662 60,715 - |
Total funds 2023 £ 80,361 |
|---|---|---|---|
| 80,361 | |||
| 4,230 | |||
| 4,230 | |||
| 84,591 830 8,770 11,977 |
|||
| 21,577 | |||
| 840 300 |
|||
| 1,140 | |||
| 22,717 3,141 |
|||
| 3,141 | |||
| 15,830 1,260 |
|||
| 17,090 | |||
| 1,250 - |
|||
| 1,250 | |||
| 21,481 | |||
| 44,198 - |
Page 14
Victory Life Bible Church London (VLBC London) Detailed Statement of Financial Activities
| Victory Life Bible Church London (VLBC London) Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
(21,401) (21,401) - (21,401) 40,393 18,992 |
(21,401) (21,401) - (21,401) 40,393 18,992 |
40,393 |
| 40,393 - |
|||
| 40,393 | |||
| - | |||
| 40,393 |
Page 15