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2021-04-30-accounts

Charity number: 1146646 Company number: 07267974

PLACE OF VICTORY LIMITED

(A company Limited By Guarantee)

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

PLACE OF VICTORY LIMITED

Report and Accounts for the period ended 30 April 2021

CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES

1146646

COMPANY REGISTRATION NUMBER IN ENGLAND AND WALES

07267974

PLACE OF VICTORY LIMITED

Reports and Accounts

CONTENTS
Charity Information 1
Trustees Annual Report 2-4
Accountant's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to Accounts 8-10

PLACE OF VICTORY LIMITED

Charity Informations:

Names of Directors and Trustees

Mr Felix Makanjuola Jnr- Chair of Trustees Mr Jeffrey Nsofor Mrs Gillian Crozier Ahern Dr Alaba Ajanaku Dr Muyiwa Owoniyi

Charity Registration No:

1146646

Company Registration No:

07267974

Principal Location:

47B Westbury Street Swansea Wales SA1 4JW

Bankers:

HSBC Bank 75 Whitechapel Road Whitechapel London E1 1DU

Independent Examiner:

Gabriel Christopher & co Suite 13, Forest House 8 Gainsborough Road London E11 1HT

Page 1

PLACE OF VICTORY LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 30 April 2021

The Trustees of Place of Victory Limited present their report and financial statements for the period 30th April 2021, which have been prepared in accordance with the statement of Recommended Practice," Accounting and Reporting by Charities" issued in October 2000 and Revised SORP 2005.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

Place of Victory Limited is a Company Limited by Guarantee governed by its Memorandum and Articles of Association which was registered with the Companies House on 28th May 2010. It was registered with Charity Commission on 28th March 2017. In accordance with section 2 of the Articles of Association, new members of the board are only admitted by ordinary resolution following the nomination by the existing board of Director.

Resignation from membership is allowed through a special resolution. There are currently four members in Financial year ended 30th April 2018.

Names of Directors and Trustees

Mr Felix Makanjuola Jr- Chair of Trustee Mrs Gillian Crozier Ahern Dr Alaba Ajanaku Dr Muyiwa Owoniyi

Objective and Activities

The object of the charity is to prevent or alleviate poverty or finanacial hardship for public benefit anywhere in the world by providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient.The charity will achieve this object by organising various outreach programmes which seeks to encourage community cohesion and inclusion. The charity particularly targets minority groups,asylum seekers and refugees who may be living below the poverty line.

These objects are charitable and operate for the public benefit. It pursues these objects by the operation of a centre for Christian worship at its premises in Westbury Street, Swansea.

Corporate Social Responsibility and Community Action are two units within Place of Victory that focus purely on helping the disadvantaged and less privileged within its local community and overseas, all of the services offered through the community- centred projects are available to the public. In determining how best to pursue these objects the Trustees have given regard to the Charity Commission’s guidance on public benefit.

The Charity’s main objective for the year was:

� The Charity’s main objective for the year was: providing relief to the members who were impacted by the COVID 19 Pandemic, these efforts included financial support, food support, emotional and spiritual support. These efforts proved to be beneficial as it catered to not just the physical well being of members but also their mental health.

STRATEGIES

The Charity’s strategies for achieving these objectives were:

� Building Strategic alliances with partner organisations to execute its CSR agenda both locally and international

� Active fundraising to help achieve these objectives.

Page 2

Significant activities that contributed to the achievement of these objectives were:

� During the year, most activities were mainly virtual in order to comply with the recommended covid 19 protoco which included social distancing.

Other events post the lock down included a Family Fun Day, Hallow Him Event- a night of praise and Worship, drama and poetry giving locals an alternative way of celebrating Halloween.

International Day Celebration which is a colourful showcase of fashion, music, food, art & craft of the City’s cultural diversity.

The POV Mentorship Program kick started this year which is tailored towards building the capacity and equipping the locals with skills needed to thrive in the marketplace.

With over 50 volunteers who support and make an invaluable contribution to the operations of the Charity, some of the major departments include:

ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT

Specific Investment Powers

The trustees are empowered to use the income and may use the capital of the trust in Promoting the objects in accordance with Section 4 of the Memorandum of Association. They can also let and dispose of property of any kind. All investments are in the name of the Charity.

Page 3

Review of Transactions and Financial Position

During the period, income of £31,065 (2020: £40,116) was received as voluntary donations in the year.

The net movement in funds for the period, as shown in the statement of financial activities, for the unrestricted funds was a surplus of £1,227 (2020: a deficit of £3,690).There was no restricted income and expenditure in the year.

The value of the place of Victory Limited's net assets at 30th April 2021 was a surplus of £5,892 (2020:a surplus of £4,665).

The Trustees consider that the Charity needs to hold funds that are not required for immediate use be placed or invested in accordance with clause of the Trust Deed and a minimum of £4,980 is to serve as the Charity's reserve in order to ensure the ongoing delivery of its charitable objects during an unforeseen downturn in income. The Trustees consider that the current level of reserves for the expansion is below that required and that the Charity should aim to generate more income for the project.

The Charity’s principal funding source continues to be the individuals who attend services and make contributions in the form of freewill offerings, tithes and other donations.

Plans for Future developments

The Charity continues to explore ways of furthering its charitable objectives in an effective manner by ensuring there is awareness of its services and proactively seeking opportunities to be more involved in the community. The Charity seeks to provide services and activities that meet the needs of people and contribute to a positive change in the moral and spiritual climate of the local community; this reflects its Christian ethos and beliefs.

The Charity will provide charitable support in accordance with its objects and the Trustees have found it necessary to improve on the strategic management and policies. We are therefore currently putting in place strategies and structures to form an audit committee that will benchmark achievements against objectives periodically. The charity also plans to recruit more volunteers to help with division of labour and help achieve its objectives in more effective way.

Page 4

Trustees' Responsibilities in Relation to the Financial Statements

Company Act 2006 requires the trustees to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the finnacial year and of its surplus or deficit for the finacial year. In doing so the trustees are required to:

. Select suitable accounting policies and then apply them consistently

. Make sound judgements and estimates that are reasonable and prundent; and

. Prepare the financial statements on a going concern basis unless it is appropriate to presume that the charity will not continue in business.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accruacy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006.The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Accountant

The trustees appointed Gabriel Christopher & Co as the Charity's Accountant

A resolution to reappoint Gabriel Christopher & Co,as Independent examiner will be proposed during the Trustees meeting for the year 2021.

In preparing these financial statements:

The directors have taken advantage of the special exemptions from Audit under section 477 of the companies Act 2006 relating to small companies.

25/03/22

This report was approved by the board on…………………. and signed on its behalf by

Mr Felix Makanjuola Jr (Director)

Signature:

Page 5

PLACE OF VICTORY LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PLACE OF VICTORY LIMITED

I report on the accounts of the Charity for the period ended 30 April 2021, which are set out on pages 6 to 10.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER

The charity's trustees are responsible for the preparation of the accounts.

The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2012 (the 2012 act) and that an independent examination is needed. It is my responsibility:

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no matter has come to my attention:

A G Oyewole FCCA

Chartered Certified Accountants Suite 13, Forest House 8 Gainsborough Road London

E11 1HT

Page 6

PLACE OF VICTORY LIMITED Statement of Financial Activities for the year ended 30 April 2021

2021 2021 2021 2020
Notes Unrestricted Restricted Total Total
£ £ £ £
Incoming Resources
Incoming resources from generated funds:
Voluntary income:donations 2 31,065 - 31,065 39,116
Activities in furtherance of the charity - - - -
objects 3 - - - 1,000
Total Incoming Resources 31,065 - 31,065 40,116
Resources Expended
Charitable expenditure
Grants payable - institutional 4 1,940 - 1,940 1,250
Costs of activities in furtherance of:
charity's objects 5 26,048 26,048 39,343
Management and governance costs: 6 1,851 - 1,851 3,213
Total Resources expended 29,838 - 29,838 43,805
Net Incoming/(Outgoing) Resources for the year 1,227 - 1,227 (3,690)
Total funds at 1 May 2020 4,665 - 4,665 8,355
Transfer between funds - - - -
Total funds at 30 April 2021 8 5,892 - 5,892 4,665

All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.

Page 7

PLACE OF VICTORY LIMITED Balance sheet as at 30 April 2021

Notes
FIXED ASSETS
Tangible Fixed Assets
9
CURRENT ASSETS
Debtors
10
Cash in Hand/ Bank
CREDITORS:
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:
Amount falling due more than a year
12
NET ASSETS
ACCUMULATED FUNDS
Restricted
14
Unrestricted
13
TOTAL FUNDS
Amount falling due within a year		 £
-
3,381

The accounts have been prepared in accordance with the special provision of Statement of Recommended practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.

Approved by the Trustees and Signed on their behalf:

Name: Mr Felix Makanjuola Jr

Signature:

Date: 25/03/22

Page 8

PLACE OF VICTORY LIMITED Notes to the financial statements for the period ended 30 April 2021

ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards. They follow best practice as set out in the statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.

1.2 Income and Expenditure

Income and expenditure are accounted for on accrual basis

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.

Unrestricted funds are incoming resources received for the objects of the charity without further specific purpose and are available as general funds.

2. Voluntary Income: Donations
Tithes & Offerings
Gift aid claims
3. Grants received
Grants
4. Grants payable - institutions
Word Evangelical Mission (WEM)
RCCG Central office
RCCG
Others		 Unrestricted Fund
Restricted
Fund
Total Fund
2021
2021
2021
£
£
£
31,065
-
31,065
-
-
-
31,065
-
31,065
£
£
£
-
-
-
-
-
-
£
£
£
-
-
-
1,200
-
1,200
600
-
600
140
140
1,940
-
1,940		 Total Fund
2020
£
26,128
12,988
-
39,116
£
1,000
1,000
£
-
1,200
-
50
1,250

Page 9

5. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS

This comprises all expenditure directly related to the objects of the of the charity. It also includes the expenditure in support of that activity where material.

Unrestricted
Restricted
Total
Funds
Funds
Funds
2021
2021
2021
£
£
£
Visiting Speakers' Expenses
900
-
900
Admin Expenses
1,397
-
1,397
Training expenses
150
150
Welfare expenses
1,635
-
1,635
Outreach, Conference and Seminar
-
-
-
Rent & Rates
14,601
-
14,601
Light & Heat
3,282
-
3,282
Telephone expenses
1,108
-
1,108
IT expenses
576
-
576
Sunday School expenses
-
-
-
Security and survelance
467
-
467
Motor Expenses
435
-
435
Printing, Postage & Stationery
-
-
-
Insurance
1,128
-
1,128
Music expenses
-
-
-
Building works
368
-
368
26,048
-
26,048
Unrestricted Fund
Restricted
Fund
Total Fund
6. GOVERNANCE COSTS
2021
2021
2021
£
£
£
Legal & Professional Fees
900
-
900
Depreciation
858
-
858
Bank Charges & Interest
92
-
92
1,851
-
1,851
6.1 NET MOVEMENT IN FUNDS FOR THE YEAR
2021
The net movement in funds for the year is stated
£
after charging
Legal & Professional Fees
900
Bank Charges & Interest
92
992		 Total
Funds
2020
£
200
979
-
684
348
16,450
1,651
976
-
489
487
409
412
516
90
15,652
39,343
Total Fund
2020
£
1,493
905
815
3,213
2020
£
1,493
815
2,308

7. DEPRECIATION

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Van & office equipment
8. MOVEMENT IN FUNDS
At 1 May
Surplus/(Deficit) for the year
At 30th April		 18% - reducing balance
Unrestricted
Restricted
Total
Funds
Funds
Funds
2021
2021
2021
£
£
£
4,665
-
4,665
1,227
-
1,227
5,892
-
5,892		 Total
Funds
2020
£
8,355
(3,690)
4,665

Page 10

9. FIXED ASSETS

Van
£
Cost
At 1 May 2020
1,445
Additions
-
At 30 April 2021
1,445
Depreciation
At 1 May 2020
1,147
Charge for the year
54
At 30 April 2021
1,200
Net Book Value
At 30 April 2021
245
At 30 April 2020
298
10. DEBTORS
Rent deposit
11. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
Others
12. CREDITORS:AMOUNTS FALLING DUE AFTER ONE YEAR
Loan		 Van
£
1,445
-		 Furniture,
Fixtures &
Fittings
PA System
£
£
5,219
10,838
-
-		 Music
Equipment
Total
£
£
2,140
19,642
645
645
1,445 5,219
10,838		 2,785
20,287
1,147
54		 4,170
8,598
189
403		 1,605
15,519
212
858
1,200 4,359
9,001		 1,817
16,377
245 860
1,837		 968
3,910
298 1,049
2,240		 535
4,123
2021
£
-
-
2021
£
1,200
199
1,399
2021
£
-
-		 2020
£
-
-
2020
£
900
199
1,099
2020
£
-
-

13. UNRESTRICTED FUNDS

These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.

14. RESTRICTED FUNDS

Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.

Page 11