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 2024
PLACE OF VICTORY LIMITED
Report and Accounts for the period ended 30 April 2024
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 Mrs Gillian Crozier Ahern Dr Alaba Ajanaku Dr Muyiwa Owoniyi Mr Jeffrey Nsofor
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 2024
The Trustees of Place of Victory Limited present their report and financial statements for the period 30th April 2024, 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 Mr Jeffrey Nsofor
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:
· Strengthening and expanding the reach and impact of its charitable activities under the Corporate Social Responsibility umbrella to help the underprivileged and disadvantaged both locally and internationally.
STRATEGIES
The Charity’s strategies for achieving these objectives were:
· Building Strategic alliances with partner organisations to execute its CSR agenda both locally and internationally.
· Active fundraising to help achieve these objectives.
Page 2
Significant activities that contributed to the achievement of these objectives were:
- Events and activities organised during the year to promote the Christian faith and to help engage with the local community included Arise Gospel Concert, Family Fun Day which provided free meals, to local
residents/neighbours in the Swansea Community, The event entailed a day of fun, games, music & barbeque,
-
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,
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The Shift Conference which provided the congregants with the needed information for personal transformation. The charity also provided financial educational aid for students of Swansea University, thereby helping them succeed in their academic pursuits.
Free piano lessons for children from the ages of 5 and above were provided.
With over 70 volunteers who support and make an invaluable contribution to the operations of the Charity, some of the major departments include:
· Audio/Visual
-
Facilities Maintenance
-
Children’s Church · POV Choir (Music Dept)
·Prayer & Evangelism
-
Admin department
-
Finance department
-
Corporate Social Responsibility
-
Member Services
-
Knights Men’s’ Ministry
-
Sparkles Women’s’ Ministry
ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT
· The Charity, through the departments mentioned above, organises events and meetings to promote its objects.
· The Charity continues to provide human resources and support to the Festival of Life prayer event held bi-annually.
· The Charity continues to provide substantial financial support to other charities (locally, and nationally) operating within its objects. Grant allocation for each year is approved by the Board of Trustees and disbursement to various charities is approved by the Management Team.
· The Charity continues to partner with charities and organisations in Swansea to provide shelter for the homeless persons during the winter months.
· The Charity continues to impact lives across the globe by partnering with the Prison Fellowship UK to help change the lives of some of its inmates.
· The Swansea Food Bank (part of The Trussell Trust), a food distribution service set up for those in need within Swansea.
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 £152,511 (2023: £108,716) 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 £28,025 (2023: a surplus of £2,888).There was no restricted income and expenditure in the year.
The value of the place of Victory Limited's net assets at 30th April 2024 was a surplus of £41,387 (2023:a surplus of £13,362).
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 2025.
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.
This report was approved by the board on and signed on its behalf by 28/01/25
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 2024, 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:
-
to examine the account under section 145 of the 2012 Act;
-
to follow the procedures laid down in the general Direction given by the Charity Commission under section 145(5)(b) of the 2012 Act; and
-
to state whether particular matters have come to my attention
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:
-
(1) 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 2012 Act
-
and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2012 Act have not been met; or
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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 2024
| 2024 | 2024 | 2024 | 2023 | ||
|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | ||
| Incoming Resources | |||||
| Incoming resources from generated funds: | |||||
| Voluntary income:donations | 2 | 152,511 | - | 152,511 | 108,716 |
| Activities in furtherance of the charity | - | - | - | - | |
| objects | 3 | - | - | - | - |
| Total Incoming Resources | 152,511 | - | 152,511 | 108,716 | |
| Resources Expended | |||||
| Charitable expenditure | |||||
| Grants payable - institutional | 4 | 13,137 | - | 13,137 | 4,900 |
| Costs of activities in furtherance of: | |||||
| charity's objects | 5 | 102,536 | 102,536 | 97,337 | |
| Management and governance costs: | 6 | 8,813 | - | 8,813 | 3,591 |
| Total Resources expended | 124,486 | - | 124,486 | 105,828 | |
| Net Incoming/(Outgoing) Resources for the year | 28,025 | - | 28,025 | 2,888 | |
| Total funds at 1 May 2023 | 13,362 | - | 13,362 | 10,474 | |
| Transfer between funds | - | - | - | - | |
| Total funds at 30 April 2024 | 8 | 41,387 | - | 41,387 | 13,362 |
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 2024
| PLACE OF VICTORY LIMITED Balance sheet as at 30 April 2024pril 2024ril 2024 |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Notes | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible Fixed Assets | 9 | 33,563 | 4,794 | ||
| 33,563 | 4,794 | ||||
| CURRENT ASSETS | |||||
| Debtors | 10 | - | - | ||
| Cash in Hand/ Bank | 9,024 | 9,782 | |||
| 9,024 | 9,782 | ||||
| CREDITORS: | |||||
| Amount falling due within a year | 11 | (1,200) | (1,213) | ||
| NET CURRENT ASSETS | 7,824 | 8,569 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 41,387 | 13,362 | |||
| CREDITORS: | |||||
| Amount falling due more than a year | 12 | - | - | ||
| NET ASSETS | 41,387 | 13,362 | |||
| ACCUMULATED FUNDS | |||||
| Restricted | 14 | - | - | ||
| Unrestricted | 13 | 41,387 | 13,362 | ||
| TOTAL FUNDS | 41,387 | 13,362 |
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: 28/01/2025
Page 8
PLACE OF VICTORY LIMITED Notes to the financial statements for the period ended 30 April 2024
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 RCCG Central office RCCG Provincial /Zonal Grants to student members Other Donations |
Unrestricted Fund Restricted Fund Total Fund 2024 2024 2024 £ £ £ 152,511 - 152,511 - - - 152,511 - 152,511 £ £ £ - - - - - - £ £ £ 1,250 - 1,250 150 - 150 11,487 - 11,487 250 250 13,137 - 13,137 |
Total Fund 2023 £ 71,586 37,131 - |
|---|---|---|
| 108,716 | ||
| £ - |
||
| - | ||
| £ 1,150 600 2,000 1,150 |
||
| 4,900 |
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 2024 2024 2024 £ £ £ Visiting Speakers' Expenses 1,500 - 1,500 Admin Expenses 504 - 504 Choir expenses 8,186 - 8,186 Welfare and hospitality expenses 45,856 - 45,856 Outreach, Conference and Seminar 6,336 - 6,336 Rent & Rates 18,480 - 18,480 Light & Heat 4,047 - 4,047 Media and communication expenses 2,624 - 2,624 Children/youth expenses 1,640 - 1,640 Licence and related expenses 161 - 161 Sunday School expenses 829 - 829 Security and survelance 544 - 544 Motor Expenses 1,694 - 1,694 Printing, Postage & Stationery 494 - 494 Christmas expenses 595 - 595 Insurance 1,254 - 1,254 Media Equipments expensed 2,051 - 2,051 Transport expenses 5,742 - 5,742 Building works - - - 102,536 - 102,536 Unrestricted Fund Restricted Fund Total Fund 6. GOVERNANCE COSTS 2024 2024 2024 £ £ £ Legal & Professional Fees 1,200 - 1,200 Depreciation 7,368 - 7,368 Bank Charges & Interest 245 - 245 8,813 - 8,813 6.1 NET MOVEMENT IN FUNDS FOR THE YEAR 2024 The net movement in funds for the year is stated £ after charging Legal & Professional Fees 1,200 Bank Charges & Interest 245 1,445 7. DEPRECIATION |
Total Funds 2023 £ - 2,672 3,969 24,141 5,907 14,940 3,423 2,098 174 295 479 567 427 705 - 1,681 - 3,573 32,285 |
|---|---|
| 97,337 | |
| Total Fund 2023 £ 1,593 1,052 946 |
|
| 3,591 | |
| 2023 £ 1,593 946 |
|
| 2,539 |
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 18% - reducing balance
| 8. MOVEMENT IN FUNDS At 1 May Surplus/(Deficit) for the year At 30th April |
Unrestricted Restricted Total Funds Funds Funds 2024 2024 2024 £ £ £ 13,362 - 13,362 28,025 - 28,025 41,387 - 41,387 |
Total Funds 2023 £ 10,474 2,888 |
|---|---|---|
| 13,362 |
Page 10
9. FIXED ASSETS
| Van £ Cost At 1 May 2023 1,445 Additions - At 30 April 2024 1,445 Depreciation At 1 May 2023 1,281 Charge for the year 30 At 30 April 2024 1,310 Net Book Value At 30 April 2024 135 At 30 April 2023 164 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 29,935 1,000 |
Music Equipment Total £ £ 6,004 23,506 5,202 36,137 |
|---|---|---|---|
| 1,445 | 35,154 11,838 |
11,207 59,644 |
|
| 1,281 30 |
4,640 9,603 5,492 402 |
3,189 18,713 1,443 7,368 |
|
| 1,310 | 10,133 10,005 |
4,632 26,080 |
|
| 135 | 25,021 1,833 |
6,575 33,563 |
|
| 164 | 579 1,235 |
2,816 4,794 |
|
| 2024 £ - - 2024 £ 1,200 - 1,200 2024 £ - - |
2023 £ - - 2023 £ 1,213 - 1,213 2023 £ - - |
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