2024-05-31-accounts - Soul's Harbour Pentecostal Church

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Soul's Harbour Pentecostal Church

Charity No. 1050246

Trustees' Report and Unaudited Accounts

31 May 2024

Soul's Harbour Pentecostal Church Contents

	Pages
Trustees' Annual Report	2 to 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Statement of Cash flows	14
Notes to the Accounts	8 to 13
Detailed Statement of Financial Activities	15 to 16

Page 1

Soul's Harbour Pentecostal Church Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 May 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1050246

Principal Office

12 High Street Camelford Cornwall PL32 9PQ

Trustees

The following trustees served during the year:

M.E. Banton P. Besley R. Davies D. Flanders A. Quinn A.M. Sayers

Accountants

Deepblue Accountants Ltd Unit 112 91 Mayflower Street Plymouth Devon PL1 1SB

Page 2

Soul's Harbour Pentecostal Church Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The objects of the Church (“the objects”) are for the benefit of the public:

a) To advance the Christian Faith in accordance with the statement in such ways and in such parts of the United Kingdom or the world as the Church Council form time to time may think fit;

b) To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind including through the provision of counselling and support in such parts of the United Kingdom or the world as the Church Council from time to time may think fit; and

c) To advance education in such ways and in such parts of the United Kingdom or the world as the Church Council from time to time may think fit.

Soul’d Out - A youth club with Bible teaching and discussion on basic youth conflicts for 11-16s.
An evening meeting for young adults (18-30) a very useful tool combatting loneliness and social exclusion in a rural environment.

• A weekly lunch meeting for older people which includes a Bible Study. This addresses loneliness for those who live alone, mental stimulation and social interaction for the elderly.

• A weekly parent and toddler group.

• Activities with younger children include Sunday School and Xbi a learning-based club which teaches morals and Bible knowledge to 5-11 year olds.

• We organise and facilitate a group from the churches of Camelford taking an assembly in the primary school fortnightly under the national “Open the Book” programme.

• We continue to help financially support a Christian worker from the U.K. who is based in Romania and Ukraine and assists with refugees. With a monthly donation of £100 and other one-off gifts when needed.

The Church also helps support two area youth workers at £50 a month each.
The Church supports a Christian worker from the U.K. in Burundi at £50 a month.
The Church continues to provide a range of Christian activities and services for its members and community.

• The Grow Centre – a Souls Harbour project – has a shop in the centre of town providing Foodbank boxes (part of the Trussell Trust) Clothesbank and a range of support for those less fortunate in the community. This is funded by Souls Harbour and also by grant donation.

• A market garden project has also been started to grow vegetables for foodbank and interesting work for those with social needs. The Charity have been leased a field free of charge for this project.

FINANCIAL REVIEW

The income from donations has shown a 7% increase this year and total funds carried forward are up by over £22k from 2023.

The income from gifts rose by a substantial £31,502 the bulk of this was due to a gift from Wadebridge Foodbank to pay wages of the Grow Centre manager.

Total income was up from £82K to 116K.

Page 3

Soul's Harbour Pentecostal Church

Trustees Annual Report

The income to the charity from lettings has increased slightly during the year.

Total expenditure showed a very small increase from the previous year.

During the year thanks to the generous giving of its members Souls Harbour has made generous ministry gifts to invited speakers as well as one off gifts to projects oversees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Mr. Mark Sayers, a member of the board of Trustees is a director of Blue Bird Care North Cornwall who rent offices at the Church. Measures are taken to prevent any conflict of interests.

The Charity is in fellowship with the Assemblies of God of Great Britain and Ireland Incorporated company limited by guarantee (No: 2873415) and a registered Charity (No: 1032245).

Souls Harbour is an independent self-governing charity. In addition to the Trustees above it has legally appointed Holding Trustees namely Revd David Flanders, Mrs. Shirley Flanders, Mrs. Patricia Floyd-Spong and Mr. Alexander Mark Sayers who will act for the charity in the event of its failure.

In the event that the charity fails the aforementioned Assemblies of God become the recipients of the charity’s assets according to the AOG Model Deed.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

D. Flanders Trustee 21 March 2025

Page 4

Soul's Harbour Pentecostal Church Independent Examiners Report

Independent Examiner's Report to the trustees of Soul's Harbour Pentecostal Church

I report to the trustees on my examination of the financial statements of Soul's Harbour Pentecostal Church for the year ended 31 May 2024.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements 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 Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sarah Glenister FCCA Association of Chartered Certified Accountants Deepblue Accountants Ltd Unit 112 91 Mayflower Street Plymouth Devon PL1 1SB 21 March 2025

Page 5

Soul's Harbour Pentecostal Church Statement of Financial Activities

for the year ended 31 May 2024

Unrestricted funds	Restricted funds	Total funds	Total funds
2024	2024	2024	2023
£	£	£	£

65,681	33,016	98,697	64,507
14,381	2,975	17,356	17,609
80,062	35,991	116,053	82,116

79,020	14,564	93,584	91,651
79,020	14,564	93,584	91,651
-	-	-	-
1,041	21,428	22,469	(9,535)
-	-	-	-
1,041	21,428	22,469	(9,535)

1,041	21,428	22,469	(9,535)

15,954	3,367	19,321	28,856
16,995	24,795	41,790	19,321

Page 6

Soul's Harbour Pentecostal Church Balance Sheet

at 31 May 2024

Charity No. 1050246 Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 7 Restricted income funds Unrestricted funds 7 General funds Reserves 7 Total funds Approved by the trustees on 21 March 2025	2024 £ 41,790 41,790 41,790 41,790 41,790 41,790 24,795 24,795 16,995 16,995 41,790	2023 £ 19,321
		19,321
		19,321 19,321
		19,321
		19,321
		3,367
		3,367 15,954
		15,954
		19,321

And signed on their behalf by:

D. Flanders Trustee 21 March 2025

Page 7

Soul's Harbour Pentecostal Church Notes to the Accounts

for the year ended 31 May 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

Soul's Harbour Pentecostal Church Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Page 9

Soul's Harbour Pentecostal Church Notes to the Accounts

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Statement of Financial Activities - prior year

			Unrestricted	Restricted
			funds	funds	Total funds
			2023	2023	2023
			£	£	£
Income and endowments from:
	Donations and legacies		58,129	6,378	64,507
	Other		13,402	4,207	17,609
Total			71,531	10,585	82,116
Expenditure on:
	Other		77,140	14,511	91,651
Total			77,140	14,511	91,651
Net income			(5,610)	(3,925)	(9,535)
Net income before other gains/(losses)			(5,610)	(3,925)	(9,535)
Other gains and losses:
Net movement in funds			(5,610)	(3,925)	(9,535)
Reconciliation of funds:
Total funds brought forward			21,564	7,292	28,856
Total funds carried forward			15,954	3,367	19,321
3	Income from donations and legacies
		Unrestricted	Restricted	Total	Total
				2024	2023
		£	£	£	£
	Offerings and tithes	53,408	485	53,892	50,032
	Gifts	5,611	32,532	38,143	6,641
	Gift Aid	6,662	-	6,662	7,834
		65,681	33,016	98,697	64,507

Page 10

Soul's Harbour Pentecostal Church Notes to the Accounts

4 Other income

4 Other income
Sundry income Rent Growth Centre gifts 5 Other expenditure Employee costs Premises costs General administrative costs Legal and professional costs 6 Staff costs Salaries and wages No employee received emoluments in excess	Unrestricted £ 2,842 11,539 - 14,381	Restricted £ 30 - 2,945 2,975	Total 2024 £ 2,872 11,539 2,945 17,356	Total 2023 £ 4,638 9,261 3,710
				17,609

	Unrestricted £ 34,674 19,162 24,752 432 79,020 of £60,000.	Restricted £ - - 14,564 - 14,564 2024 34,674 34,674	Total 2024 £ 34,674 19,162 39,316 432 93,584	Total 2023 £ 32,222 18,719 40,278 432
				91,651
				2023 32,222
				32,222

Page 11

Soul's Harbour Pentecostal Church Notes to the Accounts

7 Movement in funds

At 1 June 2023 Restricted funds: Restricted income funds: Paul's Cows (13) Ukraine Church (361) Grow Centre 1,464 Christmas Collection 235 Grant for Grow 1,782 4Front Theatre 20 New Life Church CAP - Ladies Conference 240 Mens Conference - Wadebridge Foodbank - Tannery Trust Holiday Club - Burundi Appeal - Western Supply - Breast Cancer Garden Party - David Norway - Christmas Concert - Gifts for Bantons - Gifts for Eric - Gospel Outreach - Total 3,367 Unrestricted funds: General funds 15,954 Total funds 19,321 Purposes and restrictions in relation to the funds:	Incoming resources (including other gains/losses ) £ - 2,098 5,706 150 - - - 40 2,739 20,000 750 1,670 106 498 1,516 390 200 120 10 35,991 80,062 116,053	Resources expended £ - (2,300) (9,064) (200) - - (300) - - - - (2,000) - (500) - - (200) - - (14,564) (79,020) (93,584)	At 31 May 2024 £ (13) (563) (1,894) 185 1,782 20 (300) 280 2,739 20,000 750 (330) 106 (2) 1,516 390 - 120 10
			24,795
			16,995
			41,790

Restricted funds:
Paul's Cows
Ukraine Church
Grow Centre
Christmas Collection
Grant for Grow
4Front Theatre
New Life Church CAP
Ladies Conference

Page 12

Soul's Harbour Pentecostal Church

Notes to the Accounts












At 1 June 2023 £	Unrestricted funds £ 41,790 41,790 Cash flows £	Total £ 41,790
		41,790
		At 31 May 2024 £
19,321	22,469	41,790
19,321 19,321	22,469 22,469	41,790
		41,790

Page 13

Soul's Harbour Pentecostal Church Statement of Cash flows for the year ended 31 May 2024

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Other gains/losses Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ 22,469 (17,356) - 5,113 17,356 17,356 - 22,469 19,321 41,790	2023 £ (9,535) (17,609) -
		(27,144) 17,609
		17,609

		-

		(9,535)
		28,856
		19,321

Components of cash and cash equivalents
Cash and bank balances	41,790	19,321

	41,790	19,321

Page 14

Soul's Harbour Pentecostal Church Detailed Statement of Financial Activities

for the year ended 31 May 2024

Income and endowments from: Donations and legacies Offerings and tithes Gifts Gift Aid Other Sundry income Rent Growth Centre gifts Total income and endowments Expenditure on: Employee costs Pastor salary and expenses Premises costs Church running costs Church repairs and maintenance General administrative costs, including depreciation and amortisation Bank charges Equipment expensed Ministry expenses Management and admin Growth Centre expenses Other expenses Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure)	Unrestricted funds 2024 £ 53,408 5,611 6,662 65,681 2,842 11,539 - 14,381 80,062 34,674 34,674 19,162 - 19,162 30 3,955 14,582 4,155 - 2,030 24,752 432 432 79,020 79,020 - 1,041	Restricted funds 2024 £ 485 32,532 - 33,016 30 - 2,945 2,975 35,991 - - - - - - 2,304 5,500 - 6,760 - 14,564 - - 14,564 14,564 - 21,428	Total funds 2024 £ 53,892 38,143 6,662 98,697 2,872 11,539 2,945 17,356 116,053 34,674 34,674 19,162 - 19,162 30 6,259 20,082 4,155 6,760 2,030 39,316 432 432 93,584 93,584 - 22,469	Total funds 2023 £ 50,032 6,641 7,834
				64,507
				4,638 9,261 3,710
				17,609
				82,116 32,222
				32,222
				18,381 338
				18,719
				75 9,947 15,524 4,582 7,675 2,475
				40,278
				432
				432

				91,651
				91,651 -
				(9,535)

Page 15

Soul's Harbour Pentecostal Church Detailed Statement of Financial Activities

Soul's Harbour Pentecostal Church Detailed Statement of Financial Activities
Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	1,041 - 1,041 15,954 16,995	21,428 - 21,428 3,367 24,795	22,469 - 22,469 19,321 41,790	(9,535) -
				(9,535)
				28,856
				19,321

Page 16