Charity registration number 291611 VICTORY OUTREACH U.K. ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
VICTORY OUTREACH U.K. CONTENTS Page Chaimian's statement Trustees, report Stslemenl of trustees, responsibilities Independent examiner's report Statement of financial activities Balance sheet 10 Notes to the financial statements
VICTORY OUTREACH U.K. CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Chair's Report It gives me great pleasure to bring this report on the work of Victory Outreach UK for the last financial year ending 31 March 2024. Every year has ils challenges lo achieve the objectives of the charity as laid out in its constitution, and this year has been no different. However, rt is with optirnism that we face another year. We are grateful for the support we receive from our donors who support the work which is being done and of each generous gift we re¢&ive. 11 is only with the faithfulness and generosity of so m8ny that th& work continues. Financially the year has been very challenging, bul il has been a joy lo port the valuable work that is being done. Staffing levels have been maintsined and because of this, we have retsined the aims and objectivos of Ihg charity, following the decision to accommodate families from ethnic backgrounds who were desperate for accommodation. Keeping abreast with regulations and legislation is important in any business but none more so than when, as we do, deal with vulnerable people. The importance of following the Charity Commission guidance is a paramoLJnt feature. Obtaining and maintaining the required legal certification is equally important and sometimes costly. The year conlinued to see maintenance following stomi damage and refurbishment of the buildings, both inside and out and to meet ever changing regulalions and standards and invest in the same for the future. The cost of the storm damage has been recovered from our building's insurance. We are also grateful for volunteers who comply with the charity's policies. The trustees are grateful lo Pastor Andrew Parsons, as Director of VOUK, for continuing to lead the charity forward towards increasing success in the charity's objective of rehabilitating the vulnerable and disadvantaged men and women. This report is submitted on behalf of the trustees of Victory Outreach UK. Robert J Hart Chairman of the board of trustees of Victory Outreach UK
VICTORY OUTREACH U.K. TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The truslees present their annual report and financial statements for the year ended 31 March 2024. The fin8ncial slalements have been prepared in 8ccord8nce with the accounting policies sel out in note 1 to the financial ststemenls and comply with the ¢harity's governing do¢umenl, the Charities Act 2011 and "Ac¢ounling and Reporting by Charities". Slalemenl of Recommended Practice applicable to charities preparing their accounts in aordance with the Financial Roporting Standard applicable in the UK and Republic of Iroland IFRS 1021 (effective 1 January 20191.. Objectives and activities The objects of the charity as contsined in the Constitution are= To provide a secure Christian home for ex-offenders and those excluded by social disadvantage. To offer rehabilitation. To offer holistic treatment through both practical and spiritual programs, To help prepare clients back into society, To alleviate poverty. The main activities undertaken in relation to those purposes are detailed throughout this report. The aims of the charity are to equip clients with their latent skills for introduction lo the workplace and lo enhan their opportunities to be free of their addictions. To achieve this clients are given regular routine tasks, learning from each other and attending college. To achieve the above clients receive regular mentoring, leaching and training through holistic disciplines. Success can only be measured by noting the changes in the lives of those who seek help and VOUK have been able lo measure its success in seeing both men and women re-establishing themselves back into their families from which they had previously become oulcasls, and back into a society of worth where they have secured employment and their own living accommodation. Public Benefit We have referred lo the guidance contained in the Charty Commission's general guidance on public benefits when reviewing our aims and objectives and in the planning of our future activities in particular the trustees onsider how planned activities will contribute to the aims and objectives of the charity. The main a¢livilies undertaken to further the charity's purposes for public benefit 8re detailed through the report. Achievements and performance Home updates The support for legal migrants from Africa is continuing and providing much needed housing for a number of families within the Bush Hotel and the home in Cwmbran. The following ¢hanges have been actioned to help redu¢e the expected energy bill increases due in October and Ljtilises homes in a more efficient way. Thè Bush Hotel One family has moved over from Cwmbran to Tho Bush Hotel, we will eventually move the remaining family over when we need to use the home or have a single person living Ihere to reduce energy bills and provide security at the home. Additional rooms at the Bush will now be renovated helping to increase the homes rental potential and help meet our current monthly deficits. The addition of a boiler booster rentlY fitted now allows all the first landing rooms to be heated up. Ob ectives We will continue lo increase the residency levels at the Bush with sirllilar tenants, providing safe and secure housing.
VICTORY OUTREACH U.K. TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Woodsldè Lodge Renovation continues with three additional interiors planned for renovation this October, Ihis will indude the main bathroom, the small single shower room, the Kitchen tiled and the en suite bathroom replaced. Further decorating, renovations indoor and outside will then be quoted. Ob ectives We will continue to prepare the horne for private individuals looking to invest in their recovery and health and wellbeing. Rohilla House One family remains in the home and will continue to until we have suitsble staff to then populate the home for rehabilitation I housing support servIs. Overall property maintenance All certification on all homes are completed and we are complaint with hmo licen VOUK finances We continue lo drop each month due to low resident occupation and non-housing benefit user. This should be balanced once we have additional room ready at the Bush along with woodside lodge ¢ompleted. We are also responding with a legal consultsnt lo Caerphilly council who unlawfully closed our housing benefit a¢¢ess for Woodside Lodge who also owe us £6k. A rent review will now bo tsken al the beginning of O¢lobor for all the homes with migrant use. Elwood Hou$0 The buyer has signalled that he wants to continue with the purchase, however, no practical steps have materials and I will be placing the property on the market again. Financial review At the year end the charity had unrestricted resetves of £1,034,781, consisting of., cash at bank and in hand £155,412, debtors of £495, investmenis in subsidiaries of £100, fixed assets of £1,019,487 and creditors of £140,713. The free resetves of the charity totalled £15,294. The charity made an unrestricted deficit of £242,874. Reserves Policy Unrestricted funds not committed or invested in tangible fixed assets l.the free reserves'l held by the charity should be between three and six months of the resources expended, which equates to approximately £47,848 to £95,696 in general funds. At this level, the board of trustees feel that it would be able to continue the current activities of the charity in the event of a significant drop in funding, It would obviously be necessary to consider how the funding would be replaced or activities changed accordingly. At the balance sheet date the free reserves were £15,294. This is currently below the largel level. Investment powers and policy The Conslilulion allows the trustees lo invest in any stocks, funds, shares, securities or other investments of whatsoever nature as the trustees in their absolute discretion see fil. As income is utilised within a short lime after receipt, the trustees consider that the most appropriate policy for investing funds is lo place them on short- term deposit. Risk Review A strategic review is in the process of being carried out which will identrfy the risks lo which the charity is potentially exposed lo.11 is anticipated that the review will result in furthers systems being pul in place lo manage those possible risks. Intemal risks a minimised by the implementslion of effective inltrrnal Control procedures which ensure both appropriate safeguarding prOdureS and ¢onsislenl delivery of operations and aspects of the Charity. These pro¢oduros are periodically reviewed for their continuing effectiveness.
VICTORY OUTREACH U.K. TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The risks lo the charity which have been identified are'.- Levels of siaffing. Reliable, honest and trusiworthy staff are important to the charity and the commitment is always considered on appointment Fabric of Homes. If homes are neglected in their upkeep, they can quickly become dilapidated to a point of being beyond repair and will not meet the necessary legal requirements for habitation. The assets are maintained on a daily basis. Cutbacks in benefits as a source of income. The charity is dependent on the benefits the residents receive and any change in government or local authority policies could be detrimental. Litigation. Objectors to the work of the charity can involve litigation from a nurllber of sources and can impact the charity's work and finance. To mitigate this, early mediation is important. Plans for futuro pèriods A complete intemal renovalion will be planned over the nexl three years upgrading and further developing our services. Additional rooms will also be built at our mens home along with the development of our preparation for work programmes with national agencies. Our overall plans will also include a new financial slrategy to help provide and generate income to sustain and grow our services.
VICTORY OUTREACH U.K. TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurè, governance and managemont Victory Outreach UK is constituted as a registered charity under a Deed of Trust dated 21 October 1998. The Charity's registration number is 291611. The charity is an unincorporated entity. Recruitment of trustees Trustees are duly appointed by recommendation as sel out in the Trust Deed. The nuwber of Iruslees consists of no less than three and no more than seven. If the number of trustees falls below three, a Iruslee musl be appointed immediately. New Trustees may be appointed by a resolution of the trustees and recorded in minutes. A Iruslee can retire at any point by putting hislher resignation in writing. this is also recorded in the minutes. The trustees may, in their absolute discretion, remove any trustee by a resolution proposed al a meeting of the trustees , as long as this is approved by the majority. The trustees from tirne to lime may wish to appoint an honor8ry secretary or Ire8surer, this person does not have lo be a trustee. The Iruslees also select a chairman and determine the period for which helshe is lo serve. Those within our organisation that are dedicated lo the charity's aims and development are considored for future trusteeship. TrustO0s Indudlon New trLJStees will receive an induction pack, a handbDok with all the policies and procedures adopted by the board and an induction. Related parties The charity works with a number of local agencies such as Probations serViS, Prison Services, Carat workers and many other agencies. We also have close relationships with referring agenaes such as The Lighthouse Project, Gateway Foundation and a number of hostels in the UK. Decisions relating to the charity are made at two levels. The trustees make the decision on the appointment of the director and also on the purchase of assets over £40,000. Decisions relating to the appointment of staff, their remuneration and the day to day running and affairs of the charity are delegated to the director. Trustees are appointed in accordan with the constitution of the charity and their induction and any training is in accordance with the relative policy.
VICTORY OUTREACH U.K. TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R8fèr•nco and admlnlstratlva detalls Nama Victory Outreach U.K Charity registration number 291611 Principal office The Bush Hotel High Street Abertillery NP13 1DD Trustees Mr Robert Hart (Chairl Mr John Williams Mr Andrew Parsons Key management personnel Mr Andrew Parsons- Director Mrs Susan Parsons- Finance Manager Bankers HSBC plc 38 Gwenl Square Cwmbran Torfaen NP44 1XL Independent Examlner Azèts ALJdit Services Ty Derw Lime Tree CoLJrt Cardiff Gate Business Park Cardiff CF23 8AB The truslees. report was approved by the Board of Trustees. Mr Robert Hart. Trustee Dated.. . 31 la¢ju¥ 2045
VICTORY OUTREACH U.K. STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the rnelhods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subjed lo any material departure5 disclosed and explained in the financial ststemenls., and prepare the financial slalemenls on the going con¢&rn basis unless il is inappropriate lo presume that the charity will Continue in operation. The trustees are responsible for keeping sufficient aOntIng records that dis¢lose with reasonable aUr8¢Y at any time the financial position of the charity and enable them to ensure that the financial statements ¢omply with the Charities Act 2011, the Charity (Accounts and Reports) Regulation$ 2008 and the provisions of the trust deed. They are also responsible for safèguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregLJlarities. The trustees are responsible for the Maintenan and integrity of the charity and financial inforrnalion included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislakn'on in other jurisdictions.
VICTORY OUTREACH U.K. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VICTORY OUTREACH U.K. I report on the financial statements of the charity for the year ended 31 March 2024, which are set out on pages 9 to 20. Respe¢tive responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility lo.. examine the financial statements under section 145 of the 2011 Act., lill to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act., and liiil to slate whether particular matters have come lo my attention. Basis of independent exarninerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a VIeW of the 8¢¢ounling cOrdS kept by the charity and a comparison of the financial slalemenls presented with those records. It also includes consideration of any unusual items or disclosu$ in the financial ststements, and seeking explanations from you as trustees ¢on¢erning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and ¢onsequendy no opinion is given as to whether the financial statements present a 'true and fair view, and the report is limited to those matters set out in the next statement. Independent examiner's Statement Your attention is drawn to the fact that the charity has prepared financial statements in accordan with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charilies.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordan with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In ¢onne¢tion with my examination, no other matter expt that referred to in the previous paragraph has ¢ome to my attention.. lal which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the 2011 Act., and lill to prepare financial slalements which accord with the accounting records and Comply with the accounting requirements of the 2011 A¢l', have not been mel or Ibl to which, in rlly opinion, attention should be drawn in order lo enable a proper understsnding of the financial statements lo be reached. Craig Yearsley FCCA Azets Audit Services Ty Denm, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB United Kingdom 3 FebfU8ry 2025 Dated..
VICTORY OUTREACH U.K. STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 28,489 41,953 3,117 9,971 250,173 43,940 523 Total income 83,530 294,636 enditure on= Charitable activities 326,404 248,006 Nat l•xp8ndltur8)Ilncome for the yèarl Net movement in funds 1242,8741 46,630 Fund balances at 1 April 2023 1,277,655 1,231,025 Fund balances at 31 March 2024 1,034,781 1,277,655 The stateent of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
VICTORY OUTREACH U.K. BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assèts Tangible assets Investments 13 14 1,019,487 100 1,058,986 100 1,019,587 1,059,086 Current assets Debtors Cash at bank and in hand 15 495 155,412 1,155 228,238 155,907 229,393 Crèdltors: amounts falllng du8 wlthln on• yèar 16 {140,7131 110,8241 Nel ¢urrenl assets 15,194 218,569 Total assets less current liabilities 1,034,781 1,277,65S Income funds Unreslricled funds Designated funds General unrestricted funds 17 1,019,487 15,294 1,058,986 218,669 1,034,781 1,277,655 1,034,781 1,277,655 The financial stslemenls were approved by the Trustees on . 31 Jar&1Y 20n Trustee Il•trwt I lim 10-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcle$ Charity information Victory Outreach U.K. is a unincorporated charity, whose principal office is The Bush Hotel, High Street, Abertillery, NP13 1 DD. 1.1 A¢¢ounting convention The financial siatements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than Ihe version of the Statement of Recommended Practice which is referred to in Ihe Regulab'ons but which has since been withdrawn. The financial s18lemenls are prepared in sltrrling, which is the functional Currency of the charity. Monetsry amounts in these financial slalemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern At the lime of approving the accounts, the Iruslees have a reasonable expectslion that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concem basis of accounting in preparing the accounts. 1.3 Charitsble funds Unrestricled funds are available for use at the discretion of the trLJStees in furtherance of their charitsble objectives. Designated funds comprise funds which have been set aside al the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Reslricled funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the reslricled funds are sel out in the notes to the financial statements. 1.4 Incoming resources In¢ome is recognised when the charity is legally entitled to it after any performan¢e ¢onditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donats'ons are recognised on reipt. Other donations are recognised On the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation.
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement lo the funds, any performance conditions attached to the grants have been mel, it is probable that the income will be received and the amount can be measured reliably and is not deferred, Capital grants are released to the Statement of Financial Activities in the year of receipt. Fixed assets relating lo capital grants are capilalised, and depreciation charged is offset against grant income, in a reslricled fund. Income from interest is included in the accounts when reIpl is probable and the amount receivable can be measured reliably. Income from housing benefit and rent is recognised in the period to which the service is provided. 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following aclivity headings.. Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs have been allocated between governance costs and other support. Govemance costs comprise all costs involving public accounlabilily of the charity and its compliance with regulation and good practice. Support costs include central functions and have been allocated to activity cost categories on a basis consislenl with the use of resources. There has been no offsetting of assols and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. 1.6 Tangible fixed assats Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold property and land Buildings Fixtures and fillings Motor vehicles No depCIall0n applied lo land 2.10 per annum 20.10 per annum 200A per annum 12-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 1.7 Fixed asset investments Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently rneasured at fair value al each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transath'on costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is th& power to govern the financial and operating policies of the entity so as lo obtsin benefits from its activities. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al c411 with banks, other short-lerm liquid investments With original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ¢urr&nl liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Finan¢ial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the ¢ontra¢tual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amoLJnts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilules 8 financing tonsaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial 8ssels Classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are dere¢ognised only when the ¢onlra¢lual rights lo the cash flows from the asset expire or are settled. or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to anothèr entity, or if some significant risks and rewards of ownership are retsined but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third paty. Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing Iransaclion, where the debt instrument Is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities Classified as payable within one year are not amortised. Trade Creditors are obligations to pay for goods or services that have been a¢quid in the ordinary Course of operations from suppliers. Amounts payable are Classified as Current liabilities if payment is due within one year or less. If not, they are presented as non-¢urrent liabilities. Trade ¢reditors are re¢ognised initially at transa¢tion price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the ¢harily's ¢onlra¢tLJal obligations expire or are discharged or ¢an¢elled.
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 1.10 Employee benefits The cost of any unused holiday enlillemenl is recognised in the period in which the employee's services are received. Termination benefits are regnised immediately as an expense when the charity is demonstrably committed to lerminale the ernployrnenl of an employee or lo provide lerminalion benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are reqLJired lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumpb'ons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and lega¢le$ Unrestricted Unrestricted funds funds 2024 2023 Donations and gtfts 28,489 250,173 Donations and gifts Donations Gift aid 28,097 392 248,581 1,592 28,489 250,173 Included in donations in 2023 was £194,235 received from Victory Bream Church. Charitable activities 2024 2023 Housing benefit and rental income 41,953 43,940 14-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Inltrrest receivable 3,117 523 Other income Unrestricted funds Total 2024 2023 Nel gain on disposal of tangible fixed assets Other income 3,245 6,726 9,971 Charitable activities 2024 2023 Staff ¢osts Depreciation and impairment Rehabilitstion costs 119,418 49,368 86,586 80,368 55,952 52,015 255,372 188,335 Share of support costs Isee note 81 Share of governance costs Isee note 81 66,573 4,459 55,463 4,208 326,404 248,006 Included in staff cosis are addilional costs relating to accrued remuneralion. Please refer to note 16.
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Basis of allocation Staff costs Office expenses Professional fees 29,855 32,197 4,521 29,855 32,197 4,521 20,092 Time spent 32,067 Direct apportionment 3,304 Direct apportionment Accountancy fees 4,459 4,459 4,208 Governance 66,573 4,459 71,032 59,671 Analysed between Charitable activities 66,573 4,459 71,032 59,671 Governance costs includes payments to the independent examiners of £3,600 12023.. £3,498). Trustees No trustees were reimbursed for expenses12023'. no trustees were reimbursed for expenses) 1 trustee was remunerated £84,785 12023= 1 trustee lotslling £39,975) for paid employment which includes accrued remuneration in relation lo 2023 lotaling £24,835. Trustees were not remunerated for their role as a trustee. No Iruslee received remuneration for their role as a trustee during the current or previous year. 16-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employoes Number ofemployees The average monthly number of employees during the year was.. 2024 Number 2023 Number Number of staff Employment costs 2024 2023 Wages and salaries Social security costs Other pension ¢osls 129,853 15,952 3,468 90,118 9,016 1,326 149,273 100,460 Key management personnel The lolal amount paid lo the charity's key rmanagement personnel for their ServIS to the charity tolalled £135,59912023.. £75,112). This includes accrued remuneration in relation lo 2023 of £29,008. There were no employees whose annual remuneration was £60,000 or more. 11 Deflned contrlbutlon s¢h¢m• The company operate5 a defined contribution pension scheme. During the year employer'5 contributions charged for these schemes amounted lo £nil12023.. £1,326). The amount outstanding al the year end was £nil 12023.. £4,252). 12 Taxation The charily is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the exlent that these are applied to its charitable objects. 17-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble flxed assèts Freehold property and land ¢)ffice Motor vehlclès equlpment Total Cost At 1 April 2023 Additions Disposals 1,504,103 144,944 10,024 44,144 1,693,191 10,024 13,0941 13,0941 At 31 March 2024 1,504,103 154,968 41,050 1,700,121 Depreciation and impairment Al 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 481,919 30,082 109,662 17,921 42,624 1,365 12,9391 634,205 49,368 12.9391 At 31 March 2024 512,001 127,583 41,050 680,634 Carrylng amount At 31 March 2024 992,102 27,385 1,019,487 At 31 March 2023 1,022,184 35,283 1,519 1,058,986 14 Flxed asset Investments 2024 2023 Other investmenis comprise.. Notas Investments in subsidiaries 20 100 100 15 Debtors 2024 2023 Amounts falling due within one year: Amount owed by parent undertaking Other dtrblors 495 495 660 495 1,155 18-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Credltors: amounts falllng duè wlthln ono yoar 2024 2023 other taxation and social security Other creditors A¢cruals and deferred in¢ome 1,869 4,252 4,703 135,012 5.701 140,713 10,824 Within other creditors is £135,012 of costs relating lo wages owed for 22123 and 23124. These have been recognised during the year. 11 was noted that £29,008 of these costs related lo 22123 bul the charity were unaware of these costs al the point of preparing the 22123 financial slalemenls. 17 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific PLJrposes'. Balance at 1 April 2022 Resources expended Trdnsfers Balance at 1 April 2023 Resources expended Trdnsfers Balance at 31 March 2024 Fixed asset fund 1,104,216 155,9521 10,722 1,058,985 146,4291 6,931 1,019,487 1,104,216 155,9521 10,722 1,058,985 146,4291 6,931 1,019,487 The fixed asset fund represents thè functional fixed assets used to further the charills aims. Transfers from the designated fund relate to additions and depreciation movement in the year. 19-
VICTORY OUTREACH U.K. NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysls of not assèts betw&on funds Unrestricted Designated funds funds 2024 2024 Total Unrestricted Designated funds nds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Investments Current assetsllliabilitiesl 1,019,487 1,019,487 100 15,194 1,058,986 1,058,986 100 218,569 100 15,194 100 218,569 15,294 1,019,487 1,034,781 218,669 1,058,986 1,277,655 19 Related party transactions No trLJStees were remunerated for consultancy work during the current or previous year. They were not remunerated for their role as a trLJStee. No trustee received remuneration for their role as a trustee during the current or previous year. 20 Subsidiaries These financial statements are separate charity financial statements for Victory Outreach U.K. The financial statements of the subsidiary ¢an be found on Companies House. The ¢ompany number is 10043967, a company registered in England and Wales whose registered office is The BLJsh Hotel, High Street, Abertillery, Wales, NP13 1 DD. As the gross income of the parent charity and its subsidiaries do not exceed the threshold limits consolidated accounts have not been prepared. Detsils of the charity's subsidiaries al 31 March 2024 are as follows.. Name of undertaking Registered office Nature of business Class of Yo Held shares held Dire¢t Indirect Work Force Rehab Limited United Kingdom Buildingllrade related Ordinary Shares 100.00 The aggregate capital and reserves and the result for the year of subsidiaries exduded from consolidation was as follows.. Name of undertaklng ProfitllLossl Capltsl and Reserves Work Force Rehab Limited 14951 The investments in subsidiaries are all slated at cost. 20-