CHARITY REGISTRATION NUMBER: 1002396 Pentecostal Residences Charity Unaudited Financial Statements 31 December 2023 JENNIONS MACKEN Institute of Financial Accountants Suite 1, Foundry House Widnes Business Park Waterside Lane Widnes Cheshire WA8 8GT
Pentecostal Residences Charity Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not fomi part of the financial statements Detailed statement of financial activities 16 Notes to the detailed statement of financial activities 17 Flnal Accounts
Pentecostal Residences Charity Trustees. Annual Report Year ended 31 December 2023 The trustees present their report and the unaudited financial stalemenls of the charity for the year ended 31 December 2023. Referencè and admlnlstratlve details Reglstered charlty name Penlecoslal Residences Charity Charity registration number 1 (Ki2396 Principal office Clo The Foundry Lugsdale Road Widnes Cheshire The trustees Mr S Smith Mrs J Hicklin Mrs L Holland Mr l Aitken Independent examlner Mr l Jennions BA (Hons) FFA FIPA FFTA Suite 1, Foundry House Widnes Business Park Waterside Lane Widnes Cheshire WA8 8GT Structurè, governance and management The organisation was registered as a Charity on 27 March 1991 under a governing instrument dated 16 October 1990. The organisalion is governed by a managemenl commillee. INVESTMENT POLICY The Tmslees have the power to invest in such assets as Ihey see fil subject nevertheless to such conditions and consents as may, for the time being, be imposed or required by law. Surplus funds are invested with various institutions. RESERVES POLICY The Charity carries Qut a vari8ty of both long-term and short-tem projects. The Trustees have examined the requirement for free reserves, which are those unreslricted funds nol invested in fixed assels, designated for specific purposes or otherwise committed. The Truslees consider Ihat Currently, given the nature of our work, this should be approximalely £625,000, which grves flexibility to cover short teim timing differences for grant claims and adequale working capital foT our core costs, and to represent inveslmenl in fixed assets. However, the Trustees keep Ihis under regular review as circurnslances change. The free reserves at 31 December 2023 consist of the profil and loss reserve of £1 ,529,074. Final Accounts
Pentecostal Residences Charity Trustees, Annual Report (¢onllnued) Year ended 31 December 2023 structure, governance and management (contlnuedj RISK MANAGEMENT The Trustees actively review the major risks which the Charity faces on a regular basis and believe thal mainlalnlng our free reseeS al the levels staled above, combined with our annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which we face and confirm that they have established systems to mitigate the significant risks. Oblectlves and activities The objectives and aclivilies of Pent8COStal Residences Charity are: 1) Housing accommodation for persons over 60 years who are members of the Halton Pentecostal Church or in fellowship with the Church, or a Church in fellowship therewith. or persons in such need. 2) Relieving aged persons in occupation of the Housing accommodation of the Charily and. subject Iherelo. applying the income in furthering the religious and other charilab18 work of the Hallon Penlecoslal Church. Achlevements and perfornianc8 Sin¢0 1985, PRC has maintained a high level of service, delivered with care, enthuslasm and commitment that is warmly appreciated by its lenants. PRC is served by an oulstanding team of staff including on-site carelakerlwarden, managers and staff. PRC also benefits from operating and working closely in conjunction with Foundry Community Church. with the added benefils of Gommunily living offered through the friendship and support of the local church. During the last decade. the management team have overseen a constanl and Considerable programme of refurbishment within the bungalows. The main areas of works carried out in 2023 were, completion of the soffit, facia boards and gutters renewal (this was completed across all bungalows. upgrading of the living room heaters (to be continued over into 20241. We also continued lo do day to day repairs and continued to refurbish kitchen and shower rooms. Occupancy rates remain high. the wailing list especially across bolh sets of a¢commodalion remains strong, and the atmosphere on site remains friendly and amenable. In 2023 the Charity faced some challenges around staffing with 2 members of staff being off on long term sick. Our tenant Liaison subsequently moved on lo a new job and our business manager returned to work in December 2023 on a phased return. Much credit must go to the managers, staff and volunteers who have continued to ensure Ihal Fair Havens Court remains a great pla to live as well as a safo place to livel PRC is also appreciative of Ihe working relalionship with the Lighthouse Foundation and their sludenls who work hard to maintain grounds maintenance on behalf of Ihe charily. The Trustees of the Pentecoslal Residences Charity submit this review wilh confidence that the great work of 2023 will be continued into 2024 and beyond. Flnan¢ial revlew Through sound financial management Ihe charity has been able to continue lo provide an excellent service to our residents. Over the past 12 months, rental income has been increased through a programme of sleady increases, undertaken in consultation with an exlernal properly group to ensure Ihe correcl market rental values were applied. The Trustees are pleased to report that the Proposed renlals increases have been accepted by the local authorily for housing benefit purposes. Final Accounts
Pentecostal Residences Charity Trustees, Annual Report (conthiued) Year ended 31 December 2023 Structure, governance and management (conlinued) Plans for future periods PRC and Lighthouse Trustees are exploring the opportunity of merging the two charities. Final Ac¢ounts
Pentecostal Residences Charity Trustees. Annual Report fconfrnued) Year ended 31 December 2023 Plans for future periods (eonllnuedj BENEFITS TO THE PUBLIC The charity provides sheltered housing accommodation for persons over 60 years who are members of Foundry Church or in fellowship with the Church. or a Church in fellowship therewith, or persons in such need. The trustees, annual report was approved on trLsslees by- and signed on behalf of the board of Mr S Smilh Trustee Flnal Accounls
Pentecostal Residences Charity Independent Examiner's Report to the Trustees of Pentecostal Residences Charity Year ended 31 December 2023 I report lo the trustees on my examination of the financial stalemenls of Pentecoslal Residences Charily ('Ihe charity'l for the year ended 31 December 2023. Responslbllltles and basls of report As the trustees of the charity you are responsible for the preparation of the financial slatements i accordance with the requirements of the Charilies Act 2011 ('the Act'l. I report in respect of my examination of the charity's financial statemenls carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charily Commission under section 145(5){b) of the Act. Independent examinerfs statement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Financial Accounlanls (IFA). which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my alt@nlion in conne¢lion with the examination giving me causè to believe that in any material respect.. accounting COrdS were not kepl in respect of Ihe charity as required by section 130 of Ihe Ad: or the financial statements do not accord with those records- or the financial slalements do not comply with the applicable requirements concemlng the form and contenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and falrf view whh is not a matter considered as part of an independent examination. I have no concerns and have come across no olher matters in connection wilh the examination lo which allenlion should be drawn in Ihis report in order lo enable a proper understanding of the accounts to be reached. Mr l Jennions BA (Hons) FFA FIPA FFTA Independent Examiner Suite 1, Foundry House Waterside Lane Widnes Business Park Widnes Cheshire WA8 8GT Final Accounts
Pentecostal Residences Charity Statement of Financial Activities Year ended 31 December 2023 2023 Unrestricted funds Total funds Tolal funds 2022 Nots Income and endowments Donations and legacies Inveslrnent income 361,583 1.639 361,583 1,639 363,222 344,543 303 Total income 363,222 344,846 Expenditure Expendilure on charilable activities Total expendlture 379,335 379,335 379.335 316.431 379.335 316.431 Net Incomel(8xpendlturel and net movement In funds (16.113) {16,1131 28,415 Reconcillation of funds Total funds brought forward Total funds carried forward 1.545.187 1,545.187 1,529,074 1,516,772 1,529,074 1,545,187 The statement of financial activities includes all gains and tosses recognised in th8 year. All income and expendilure derive from continuing actlvitles. Final Accounts
Pentecostal Residences Charity Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 12 13 1,3B7.630 123 1,388,372 123 1,387,753 1,388,495 Current assets Debtors Cash at bank and in hand 14 5,975 149.114 7,099 160.992 155,089 168,091 Credltor8: amounts falllng due within one year Net current assets 15 13,768 11,399 141,321 156,892 Totsl assets less current liablllties 1,529,074 1,529,074 1.545,187 1,545,187 Net assets Funds of the charlty Unrestricted funds 1,529,074 1,529,074 1,545,187 Total charity funds 16 1,545,187 The 'nancial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by: Mr S Smith Trustee Final Accounts
Pentecostal Residences Charity Notes to the Financial Statements Year ended 31 December 2023 General infonnation The charity is a public benefil enlily and a registered charity in England and Wales and is unincorporated. The address of the principal offe is Clo The Foundry, Lugsdale Road, Widnes, Cheshire. statement of compllance These financial stalèmenls 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 Praclice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Slandaid applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Accountlng poliGSè8 Basls of preparatlon The financial statements have been prepared on Ihe historical wst basis. as modified by Ihe revaluation of certain financial assets and liabilities and inveslment properties measured al fair value through income or expenditure. The financial slalemenls are prepared in sterling, whtch is the functional ¢urrency of the enlily. Going concern There are no material uncertainties aboul th8 charity's abllity lo continue. Olsclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Judgements and key sources of estimation uncertainty The preparation of Ihe financial statements requires management lo make judgements, estimates and assumptions that affecl the amounls reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expeclalions of future events that are believed to be reasonable under the circumstances. Fund accountlng Unreslricled funds are available for use at Ihe discretion of the trustees to further any of the charily's purposes. Designated funds are unreslricled funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expendilure dedared by the donor or through the terms of an appeal, and fall into one of Iwo sub-dasses.. reslricled income funds or endowmenl funds. Flnal Accounts
Pentecostal Residences Charity Notss to the Financial Statements (continuodj Year ended 31 December 2023 Accounting policies (contlnu•d) Incoming resources All incoming resources are included in the slatemenl of financial aclivilios when antitlement has passed to the charity,. it is probable thal the economic benefits associated with the transaction will flow to the charity and Ihe amount can be reliably measured. The following specific policies are applled 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 ils amount can be measured reliably. legacy income is recognised when receipt Is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impractical lo measure reliably, in which case the value is dorived from the cost to the donor or the eslimaled resale value. Donated facililies and services are recognised in the accounts when received if the value can be reliably measured. No arnounls are included for Ihe 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 contraclual requirement for il lo be spenl on a particular purpose and returned if unspent. in which case il may be regarded as reslricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurfed. Expenditure includes any VAT which cannot b8 fully recovered, and is classified under headings of the stalemenl of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising actlvilies, events, non- charitable trading aclivities. and the sale of donated goods. expenditure on Charitable activities includes all costs incurred by a charity in undertaking activities thal further its charitable aims for Ihe benefit of ils beneficiaries, including those support costs and costs relaling to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure Ihat is neither related to raising funds for the charily nor part of its expenditure on chaiilable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct Gosls altribulable to a single activity are allocated directly lo that actiwty. Shared costs are apportioned between the a¢livilies they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets All fixed assets are initially recorded al cost. Final Accounts
Pentecostal Residences Charity Notes to the Financial Statements (eontlnued) Year ended 31 December 2023 Accountlng policies (contlnued) Deproclation Depreciation is calculated so as lo write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows- Fixlures and Fittings Equipment Computer equipment 25% reducing balance 250h reducing balance 250A reducing balance Investments Unlisted equity investments are initially recorded at cosl, and subsequenlly measured al fair value. If fair value cannot be reliably measured, assets are measured at cost lass impairment. Listed investments are measured at fair value with thanges in fair value being recognised in income or expenditu. Impalmient 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 exisl. Where the carrying value exceeds the recoverable amounl, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairmenl lesling, when il is nol possible to estimate the recoverable amount of an individual asset. an eslimate is made of the recoverable amount of the cash-generating unil lo which the asset belongs. The cash-generating unil is the smallest idenlifiable group of assets that includes the assel 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 2cquisilion date, allocated lo each of the ¢ash-generaling units thal are expected to benefit from the synergies of Ihe combinalion, irrespective of whether other assels or liabilities of the charily are assign8d to those units. Flnancial Instruments A linancial asset or a financial liability is recognised only when the entity becomes a party to the conlractual provisions of the instrument. Basic financial instruments are inilially recognised at the amount receivable or payable including any related transaction costs, unless the arrangemenl conslitules a financing transaction, whare il is recogni5ed al the present value of the future payments discounted al a market rate of interest for a similar debt instrumenl. Donations and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Rents and Service Charges Receivable 361,234 361,234 344,543 344,543 Final Accounts io
Pentecostal Residences Charity Notes to the Financial Statements (¢onllnued) Year ended 31 December 2023 Investment Income Unreslricled Total Funds Unreslricted Total Funds Funds 2023 Funds 2022 Bank Charges Receivable 1.639 1,639 303 303 Expendlture on charitable actlvities by fund type Unreslricted Tolal Funds Unrestricted Total Funds Funds 2023 Funds 2022 Direcl charitable activities Support costs 372.359 2,832 375,191 372,359 2.832 313.485 2,946 316,431 313,485 2,946 375,191 316,431 Expondlture on charltable 8Ctivitles by activity type Activities urKlertaken directly Support Total funds cosls 2023 Total fund 2022 Direct charilable activities Governance Gosts 372.359 372,359 2,832 376,191 313,485 2,946 2.832 2,832 372,359 316,431 Net Income Nel income 18 slated after chargingl{crediting): 2023 2022 Depreciatlon of tangible fixed assets Operating lease rentals 742 236 Independent examlnatlon fees 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial slalements 1,800 2,730 10. Staff costs The average head courbt of employees during the year was 5 {2022: 3). No employee received employee benerrts of more than £60,LN)O during the year {2022'. Nil). Flnal Accounts li
Pentecostal Residences Charity Notes to the Financial Statements (continu•d) Year ended 31 December 2023 11. Trustee remuneration and expenses Included in the above is the amount of £35,550, paid lo Sean Smith, a trustee who is paid in his role as an employee of the charity. Also included is the amount of £19,783 paid lo Diane Daniels, a Irustee of the Foundry church, who is paid in her role as consultanl to Ihe charity. Part of Ihis amount is paid in Ihe form of management fees recharged by Foundry Church, who pay Diane's salary. 12. Tangible fixed assets Land and Fixtures and buildings fittings User defined asset Equipment Total Cost At 1 January 2023 Additions 1.385.403 4,337 38.794 3,274 1,431,808 At 31 December 2023 1,385,403 4.337 38.794 3,274 1,431,808 Depreclation At 1 January 2023 Charge for the year At 31 December 2023 4,258 20 38,041 188 1.137 534 43,436 742 4,278 38.229 1,871 44,178 Carrying amount At 31 December 2023 1,385.403 1.385,403 59 565 1,603 1,387,630 1,388,372 At 31 December 2022 79 753 2,137 13. Investments Llsted investments Cost or valuatlon At 1 January 2023 and 31 December 2023 Impaimient At 1 January 2023 and 31 Decembèr 2023 Carrying amount At 31 December 2023 123 123 At 31 December 2022 123 All Investments shown above are held at valuation. Financial assets held at fair value Financial assets are measured at fair value wilh changes in fair value being recognised in the financial slatemenls. Flnal Accounts 12
Pentecostal Residences Charity Notes to the Financial Statements (coftllnued) Year ended 31 December 2023 14. Debtors 2023 2022 Trade deblors Prepayments and accrued income Other debtors S,213 762 5,927 846 326 5,975 7.099 15. Credltors: amounts falllng due wlthln one year 2023 2022 Accruals and deferred income Social security and other taxes Other credilors - Rent refund due 3,097 4,774 5,897 13,768 3,619 1.883 5,897 11,399 16. Analy818 of charllable funds Unrestrlctsd funds At 1 January 20 23 At 31 December 2023 Income Expenditure Unrestricted Fund 1.545,187 363,222 (379,335) 1,529,074 At 1 January 20 22 Income Expenditure At 31 December 2022 Unrestricted Fund 1,516,772 344.846 (316,431) 1.545,187 Final Accounts 13
Pentecostal Residences Charity Notes to the Financial Statements (contlnued) Year ended 31 December 2023 17. Analysis of net assets between funds Unrestricled Total Funds Funds 2023 Tangible fixed assets Invèstments Current assets Creditors less than 1 year 1.387,630 123 155,089 (13.768) 1.529,074 1,387,630 123 1S5,089 113,768) 1,529,074 Net assets Unreslricted Total Funds Funds 2022 Tangible fixed assets Inveslmenls Current assets Creditors less than 1 year Net assets 1,388,372 123 168.091 (11,399) 1.545,187 1,388,372 123 168,091 (11,399) 1.545,187 18. Flnanclal in8trument8 The charity currenlly holds no financial instruments. 19. Related partles The Charity is effectively controlled by The Foundry Church (charity no. 1174210) which also controls The Lighthouse Foundation (charity no. 1100896). The charity received £16.200 from The Lighthouse Foundation for property rental and pald £15,840 to The Lighthouse Foundation for ground maintenance. Final Accounts 14
Pentecostal Residences Charity Management Information Year ended 31 December 2023 Thè following pages do not form part of the financlal ststements. Final Accounts 15
Pentecostal Residences Charity Detsiled Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations and legacies Rents and Service Charges Receivable 361.583 344,543 Investment Income Bank Charges Recelvable 1.639 303 Total income 363.222 344,846 Expgnditure Expendlture on charitable activitips Wages and salaries Employerfs NIC Operaling leases Repairs and maintenance Motor vehicle expenses Other molorltravel cos15 Legal and professional fees Other office costs Depreciation Other interest payable and similar Charges Property Cosls Sundry Expenses Donations staff wellbeing 108,309 8,727 104,625 7,283 236 651 2,282 46 3,404 5,022 992 846 136,620 2.491 51,465 2,6S1 6,227 12,424 742 785 184,888 2,748 51,223 611 379,335 316,431 Total expenditure 379,335 316,431 Net incomel(expendlture) 28,415 Final Accounts 16
Pentecostal Residences Charity Notes to the Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure on charitable actlvlties Direct charitable activities Activities undertaken directly Wages and salaries Employerfs NIC Operaling leases Repairs and maintenance Motor vehicle expenses Other motorllravel costs Legal and professional fees Other office costs Depreciation Other interesl payable and similar charges Property costs Sundry expenses Donations Staff wellbeing 108.309 8,727 104.625 7,283 236 651 2,282 46 458 5,022 992 846 136,620 2,491 51.465 468 2,651 3,595 12,424 742 785 184,888 2,748 51,223 611 376,703 313,485 Governance costs AOUntanCY fees 2,632 2,946 Expenditure on charStable actlvllles 379,335 316,431 Final Accounts 17