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COMPANY REGISTRATION NUMBER: NI646256
CHARITY REGISTRATION NUMBER: 107245
Victory Church Belfast Limited
Company Limited by Guarantee
Unaudited Financial Statements
30 June 2024
Victory Church Belfast Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Victory Church Belfast Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2024 .
Reference and administrative details
Registered charity name
Victory Church Belfast Limited
Charity registration number
107245
Company registration number
NI646256
Principal office and registered
243 Castlereagh Road
office
Belfast
BT5 5FL
The trustees
Mr G McKibben
Mrs K McKibben
Mr S McKibben
Independent examiner
John Magee - Aubrey Campbell & Co
631 Lisburn Road
Belfast
BT9 7GT
Structure, governance and management
The governance and management of Victory Church Belfast is made up of Trustees, Pastors and Elders. All decisions regarding church affairs and how church funds are spent is handled by Elders.
Objectives and activities
Victory Church Belfast continues to exist to glorify God, preach the gospel to every person and make a difference in our community . There was no harm flowing from the charities purposes and there was no private benefit. All Trustees of the charity are aware of the Commissions public benefit statutory guideline requirement.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Connect ministry:
Victory Church Belfast, on a weekly basis, stands on the Castlereagh Road with refreshments for the public. We use this as an opportunity to encourage the local community to pray and care for anyone who needs it.
Homeless:
Members of the church go out onto the streets of Belfast with care packages and food. We seek to listen, care for and positively impact the homeless community in Belfast.
Street ministry:
We have three groups on a weekly basis sharing the love of the gospel on the streets of Belfast, both with scripture and in practical terms such as referrals to food banks etc.
Childrens ministry:
The childrens ministry has included not just a Sunday school for primary age children, but also events, parties and a summer scheme and an Easter scheme. The summer scheme and youth summer activities include guests coming in and outings with the children. At Christmas, a toy drive is held which reached 74 children.
Food:
The food store has fed many families throughout the year. With an average of around 20 individuals having recieved food parcels on a weekly basis. The demand for the food store has been steady with increased demand hitting at certain times of the year, specifically in the winter months and Christmas.
Families:
We have also held family events including quiz nights, Mothers' Day and Fathers' Day events and Christmas celebrations which are all open to the community. There are also ladie's and men's social nights to encourage friendships and connections.
Workshops:
We have begun craft workshops for the community and we also serviced a lot of families with a Christmas workshop.
Online:
Pastor Gary personally taught over 220 hours of bible teaching online in this period with over 300,000 people watching these teachings. Victory Church online Facebook group now has over 7,200 members around the world tuning in regularly for teachings. As well as over 5,200 subscribers across YouTube and Rumble.
Youth:
Victory Youth has been a real blessing to the surrounding area, especially for those children where their own churches have ceased their youth club. The youth club allows for bible teaching in a fun and friendly atmosphere. This allows those from ages 10-17 to relax with their friends and play pool, video games and table tennis.
Homeless follow up:
The ministry has allowed for active support including helping individuals get into rehab. We raised items and care bags for each individual we speak with. We helped the local homeless community with goods and reconditioned white goods. We have also facilitated individuals transporting their items.
Bible study:
Bible study occurs each Wednesday at 7.00pm where we instruct and tutor people in the discernment
and division of scripture. There is also a ladies Bible study is on Wednesday mornings at 11:30am.
Mentoring:
The church provides mentoring in leadership and biblical teaching every Tuesday evening.
House Groups:
Victory church began to train individuals in house church leadership. We now have house groups in Portadown, Belfast, Wales and U.S.A with 15 more launching around Europe.
Prophecy Teaching:
The church has hosted 2 nights to other ministries this year, allowing members from other gatherings to partake in in-depth teaching.
Testimoney Evenings:
We have invited guests to speak at the church to impart their testimonies for the encouragement of others.
Missions:
Victory Church Belfast has continued to support Answers International/Troy Brewer ministry in their fight against human trafficking.
Baptisms, Dedications & Services:
We baptised multiple individuals throughout the year, baby dedications and funeral services were also conducted.
Church Minibus:
The minibus has been essential for outreach. Allowing us to hand out donated items of clothing and food on a weekly basis. It has also proven to be invaluable as a place of prayer and comfort for those exposed to the elements while they are fed and prayed for. On top of that, it has allowed us to collect and drop off for youth and services.
Christian Counselling:
The pastoral team have been involved continually in pastoring and counselling individuals through numerous issues.
Financial review
The biggest outgoing this year was for the ministry minibus. This has allowed for foodbank deliveries to be done as well as facilitating our youth and homeless street church. We have had doorstep church/deliveries supplying essentials to those in need. This has been sustained by the generous giving from the members of the congregation. Building costs have increased with insurance this year and are set to increase in the year ahead, with a new lease and increased rent for the property by our landlord. We have continued in our efforts to support TBM as missions support in the fight against trafficking and also increased our street and community presence. The needs of the church have been met by donations from members including that of the foodbank/food store.
The trustees' annual report and the strategic report were approved on 17 March 2025 and signed on behalf of the board of trustees by:
Mr G McKibben
Mrs K McKibben
Trustee
Trustee
Victory Church Belfast Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Victory Church Belfast Limited
Year ended 30 June 2024
I report to the trustees on my examination of the financial statements of Victory Church Belfast Limited ('the charity') for the year ended 30 June 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
John Magee - Aubrey Campbell & Co
Independent Examiner
631 Lisburn Road Belfast BT9 7GT
17 March 2025
Victory Church Belfast Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 June 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
34,049
34,049
22,304
--------
--------
--------
Total income
34,049
34,049
22,304
--------
--------
--------
Expenditure
Expenditure on charitable activities
6,7
23,579
23,579
20,684
--------
--------
--------
Total expenditure
23,579
23,579
20,684
--------
--------
--------
--------
--------
--------
Net income and net movement in funds
10,470
10,470
1,620
--------
--------
--------
Reconciliation of funds
Total funds brought forward
731
731
( 889)
--------
--------
--------
Total funds carried forward
11,201
11,201
731
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Victory Church Belfast Limited
Company Limited by Guarantee
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
13
6,118
147
Current assets
Cash at bank and in hand
7,273
1,643
Creditors: amounts falling due within one year
14
2,190
1,059
-------
-------
Net current assets
5,083
584
--------
----
Total assets less current liabilities
11,201
731
--------
----
Net assets
11,201
731
--------
----
Funds of the charity
Unrestricted funds
11,201
731
--------
----
Total charity funds
15
11,201
731
--------
----
For the year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mr G McKibben
Mrs K McKibben
Trustee
Trustee
Victory Church Belfast Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 243 Castlereagh Road, Belfast, BT5 5FL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units .
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee and has no share capital.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations and offerings
34,049
34,049
22,304
22,304
--------
--------
--------
--------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Sunday School
198
198
2,902
2,902
Support costs
23,381
23,381
17,782
17,782
--------
--------
--------
--------
23,579
23,579
20,684
20,684
--------
--------
--------
--------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Sunday School
198
21,295
21,493
19,821
Governance costs
2,086
2,086
863
----
--------
--------
--------
198
23,381
23,579
20,684
----
--------
--------
--------
8. Analysis of support costs
Analysis of support costs
Total 2024
Total 2023
£
£
£
Premises
12,917
12,917
13,027
Governance costs
990
990
750
Support costs - Other costs
2,287
2,287
4,005
--------
--------
--------
16,194
16,194
17,782
--------
--------
--------
9. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
1,529
37
-------
----
10. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
990
750
----
----
11. Staff costs
Pastor Gary McKibben, a Trustee, was paid £Nil for his services as Pastor of Victory Church Belfast Limited . Pastor McKibben is self-employed.
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee remuneration and expenses
Pastor Gary McKibben, a Trustee, was paid £Nil for his services as Pastor of Victory Church Belfast Limited . Pastor McKibben is self-employed.
13. Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
450
450
Additions
7,500
7,500
----
-------
-------
At 30 June 2024
450
7,500
7,950
----
-------
-------
Depreciation
At 1 July 2023
303
303
Charge for the year
29
1,500
1,529
----
-------
-------
At 30 June 2024
332
1,500
1,832
----
-------
-------
Carrying amount
At 30 June 2024
118
6,000
6,118
----
-------
-------
At 30 June 2023
147
147
----
-------
-------
14. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,190
1,059
-------
-------
15. Analysis of charitable funds
Unrestricted funds
At 1 July 2023
Income
Expenditure
At 30 June 2024
£
£
£
£
General funds
731
34,049
(23,579)
11,201
----
--------
--------
--------
At 1 July 2022
Income
Expenditure
At 30 June 2023
£
£
£
£
General funds
(889)
22,304
(20,684)
731
----
--------
--------
----
16. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
6,118
6,118
Current assets
7,273
7,273
Creditors less than 1 year
(2,190)
(2,190)
--------
--------
Net assets
11,201
11,201
--------
--------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
147
147
Current assets
1,643
1,643
Creditors less than 1 year
(1,059)
(1,059)
-------
-------
Net assets
731
731
-------
-------
17. Related parties
During the financial year under review members of the board of Trustees donated a total of £1,800 (2023 £1,800) to the charity. Rent totalling £8,500 (2022 £9,300) was paid to a Trustee for use of the church premises.