Regislered number 05223910 PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Report and Accounts 30 September 2024
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Rèport and accounts Contents Page Company informalion Directors, report Financial Review Independent Examiner's Report Profit and toss accounl Balance sheet Slalement of Changes in Equity Notes to the financial statements 9-13
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Company Infonnation Directors SoyinKa Oluwatoyin Adebomi lyunade Sunday Dare Ojo Oluwatoba Abiodun Soyinka Sunday Adewale Secretary Ojo Oluwatoba Abiodun Accountants Soladex Financial servIs Limited 57 Columbia Road Broxbourne EN10 6FR Registered office 75 Greate Holme Court Thorplands Northampton Northamptonshire NN3 8AE Reglstered number 05223910
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Registered number: 05223910 Dire¢tors' Report The Directors of the Charity are its Truslees for the pU0$e of the Charity Law and throughout this ieport are collectively referred lo as Ihe TFuslees. Their responsibilikn'es Include all the re3pon3ibilities of DireGtors under the Companies, AGts and of Truste¢$ under the Charit& Act. Name and registered office Name: Pentecostal Sancluary Bible Minislries Lifflited Regislered office: 75 Greate Holme Cou¢ Thorpiands, Northampion. NN3 8AE Banker5'. Objectives achieved in th8 y8ar The boaro of Irustees are 5alisfied with Ihe perfotmanrE of the chaiity duiing the year and the position at 30 Seplember 2024 and consiaer thal the charity is in a strong posilion to continue ils aetivities during the coming year, and thal the assets are adequate to fulfil it5 obligatsons. Contrlbutlons of volunteers In additions lo members, financial contributions lo the GhaTity. some do provide very valuable voluntary services. Some of these roles and activib.eg voluntarily provided include counselling, teachings in the schools, ¢ommunity wotk. administrative duties. music ministry and other areas of church lrfe. Measuremenl issues including attrt'bukn'ng an ecortomic value lo such unpaid nlributions. pievenls inclusion of such Gontn"buhons within the Slatement of Financial AGtivities. Struetur•. GovÈ)manco and Management The pastor and the deacons retain oversighl of all church matters. These are ltte managing trustees. The trustees meel regularly lo ijiscuss and Ptan objecbves an(1 Impiemenlalion tnereoT. Mallers of general concern are raised with all members. All matters are subject to prayer and God¥ direclron and the Trustees of the Church. Major decisions at any church meetings are determine by simple majcKity votes cast by members present with each members having one vote. In Ihe event of equal voles. the chair may exercise a second vole as a Gasts'ng vole. Small company piovision8 This report has been prepared In accordance wilh the provisions in Part 15 of the Companies Act 2006 applicable to Gompanies ¥ubjeGt to the small companies regime. Small company provigions This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. Thl eport was approveil by the tx)ar(J on 21 June 2025 and 3igne(J on its behalr. Deaconess Soyinka Director
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Flnanclal Review Transactlons and Flnancial Posltlon Tho finanLYal $talèmènlg Arè $èt out on pages S k 7. The finan¢i•l $tatements htsve been ppred implemenlino the Slatem8nt of Recommended Pract9 for Accounbng and Roporting by Chgritreg issued by the Charity Commission for Englan(J and Wales (effective April 20051 arKI in accordance wi the Financial Repofts"ng Standard for Smaller Enlitios (effective January 20051. The Trustees consider the financial position of the charity dufing tho year has been satisfactory. The StatetnI of Financial Activities show gross resources for Ihe year of a revenue n8ture of £56.893 Expenses for the year was £59.189 leaving a Deficit of £2,296. Reserves at the year end was £21,091 The board of trugtQ95 are satisfied Ihat the ch8riVs assets are available and adequate to fulfil its obligath.ons in the foreseeable fuhjre. The charty relies on offerings, tithes and various donat)nS from Ihe members as MlentifEd in the 8ccounls, whose support is greally valued. Other areas of source of funds are Covenant GIA and bank inv@stnwit incomg. Theso funds enables the charity lo carry Out its obltgalions during the year. Ma5or rlsks to whlch th8 chaty Is exposed and systems lo mlttgate thoso rlsks Flnanclal The ljoard of Irustees are sats"sfied wrth thè perfoTmance of the chatrty during the year and the position al 5 ApTiI 2024 and consider that the charily is in a strono posth-on lo continue its activities during the Coming year. and that the assets are adeouale to fulfil ils obligations. The ¢haTity is open to thè usuÉl financi81 risks of any organisation, and the charrty has introduced ¢ontrols to minimise these risks, such 85 I0 signaiute being required foi payments Irom Ihe bank account, an appointe(I deaconlpastor ol the church FS required lo aulhoFise payments for purchases and also the accounts are regulatly expLqineQ to members of the charity and are open for members inspection at qny tsme. Chlldren and Vulnerable adults Work with children and vulnerabla adulls arè open to risks. Tha policy is that visitatK)n, rounsellrng and any work involving children and vulnerable adults are done by trained persons who work in pairs. New volunteers lo the children ministry are iecruiled on Ihe basis of Baptist Union's policy for the recrLtilment of volunteers for ¢hildTen's minlstry which are in line wilh Govemmenl policy. Statement of Directors. and Trustees Rosponslbilltles Charity Law roquires the Board to prepare the financial statement for each financial year which give5 true arFd fair view of the state of affo1 of the charity as at the end of the financial yeai an(J the surplus or defiGil of the charity. In PfeD8ring those financk81 slaiemenls. Ih@ Board 18 rw4UiTed to.- select suitable accounti tKliues and then apply them consislenuy, make judgements and estimatès th818re reasonablo and prud@nl.. stale whéther apDlicable actounting standards and sl8lements of recommond&d practice h8ve been followed. subject to atEy rnaterial departures dlsclosgd and explainod in tho financial stat@mÈnts.. prepare thè financial slalgments on the going coneem basis unless it is inappropriate to presume that the charity will continue in business.
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Flnanclal Revlew The TTUStees are also resp)nsible for keeng proper accounting records which disclose with reasonable accuracy at anytime the financial position of the charity whtch is sufficient lo show and explain Ihe GhariV3 tran30Gti0[ and enable them to ensure Ihol the financial statements comply wllh the Charities Act. They ale also responsÉble for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe prevenb.on and deleclion of fraud an¢J other itregukrities. The Tru$lees are also reswnsible for the contents ol Ihe truslees. report. and the re5wnsibilty of the auditors in relation lo the Iwslees. rep)rt is limFled to examining Ihe report and ensunng that, on the la of the lerL therp are no inccmsislenues wilh the figure5 disclosed in the financtal strtemenls. This report was approved by the Board of TteeS on 21 June 2025. Stgned.. . Deaconess SOnKa Name... Soyinka Oluwaloyin Adebomi Truste•
Independent Examlnefs Report on the Flnan¢lal Statement for Penlecostal Sanctuary Bible Ministries Limited For the year ended 30 September 2024 Flepon to ine trustees OT Peniecosial sanctuary Bible Minlstries Limited on the finanGial statements for the year ended 30 September 2024 as sel out on pages S to 12 Respoctlvo responslbilltles of trustee and examlner The Charity Irustee$ are responsible lor the preparatM)n of the accounts. The Charitys trustees consider that an audil is not required for the year (unaei sectson 43 (2) of the cnarilles AGt 1993 Ithe Acll anij that an inoependenl examinatson is needed. It is my responsibility to=. examine the accounts (under section 43 {3) la) of the Act., to follow the piocedures laid down in the General Directs"ons given by the Charity Commissioners (under section 43{71{bl of the AGI.. and lo state whether partt"cuiar matters have come lo my attenlion. Basls of Independent aMInerS statement My examination was Garried oul acGordance w¢th Geneial DireclK)ns given by the Charity Commissioners. An examination includes a review of the accounbng records kepi by the charity and a comparison of the financial statements presented with thosè records. It also includes consideration of any unugual items or disclosures in the financial statements, and seeking explanations from the trustees GonGerning any such mallers. The proce(iures undertaken do not provide all Ihe evldence Ihal would be required in an audiL antj consequenuy I do not xpress an audit opinion on the financial ststements. Independent examineWs statement In Connection Yth my examination. no matter has come to my attention The board of trustees are $3ti5fred with the performance of Ihe charity durin9 the year and the position at 30 September 2024 and consider that the charity 15 in a sliong position to continue its aGliYlties during the Goming year. an(1 thal the a5$ets are adequate to fulfil its oblHJalions. which gives MÈ reasonable caugÈ to believe that in any matertal respect the requirements. to keep accounting records in acdanCe with sectson 41 of the 1993 Act,. arml to prepare financial statements which accord wilh Ihe accouniing records and comply th the aGcount requirements of the Act have noi been met" or to which, in my opinion. attenkn'on should be drawn in order to enable a proper understanding of the aGGounts lo be reached. Signed.. Date:_ 30 June 2025. Name:. Soladex Financial Services Ltd
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Profit and Loss Account for the year ended 30 September 2024 Unrestricted funds 2024 Totsl lundg Total funds 2024 2023 Note Incoming Resources Capital grants, legacies & donations 56,893 56,803 63,072 Resources Expended Cost of activities Management and administration Total Resources Expended 59.189 59.189 54,113 7,695 61,808 59,189 59,189 Deficrt 2.296 2,296 1,264 Gross Transfers belween funds:_ Net Incoming Resourc8s bafore revaluations & Investment asset disposals 2,2g6 2.2g6 1,264 Net Movement in funds 2,296 2,296 1,264 Tot21 funds brought forward 23.387 23.387 22,123 Totsl funds carried forward 21,091 21,091 23,387
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Registered number- 05223910 Balance Sheet as at 30 September 2024 Notes 2024 2023 Fixed ossets Tangiblo aggèts 8.329 8.329 811 811 Current a88ets Cash at bank arid in hand Othèr dÉbtorA 11,142 2.100 13,242 23.056 23,056 Creditors: arnounts falling duo wlthin one yèar 480 12.762 22.576 Total asset8 le88 current liabilities 21.091 23,387 Not A888t 21,091 23,387 Capital 2nd Tagorvog Restricled Funds 21,091 23,387 Roserv88 21.091 23.387 The Board of Trustees acknovledge Iheir responsibility for ensuring the organisation keeps proper aGGounling reGords in accordan wiln the requirements ol the Gharits'es AGI 2005 as more fully sel out undei'Truslees' Responsibililies. in the report ol the Ttustees. The members have not required the company to obtain an audÉt in accordance with Ihe Charities AG12011. Deaconess Soyinka Direclor Approved by the Ix>aid (M) 21 June 2025
PENTECOSTAL SANCTUARY BIBLE MINISTrIES LIMITED Statement of Changes in Equity for the year ended 30 September 2024 Profit Total and 1053 account At 01 October 2023 23,387 23.387 Surplus Total comprehensive income for the financlal year 23,387 23.387 At 01 October 2023 At 01 October 2023 Restated 23,387 23,387 23.387 23.387 At 010ctober 2023 23,387 23.387 Total comprehensive income for the finanGial year (2.296) (2.296) At 30 September 2024 21.091 21.091
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Notes to the Flnan¢lal Statements for th¢ y¢ar ended 30 September 2024 1 Accountlng pollcle5 Basis of preparation The Financial Slalements have been prepared in accordance with the Charities Act 1993 and with the Financtal Reporting Standard for Sm811 Entities IFRSSE), and all other appIable a)UntIng standards. effecttve June 2002. as mcNJrfted by Ihe Slalemenl of Recommended Pr8Ct4ce for Accounting and Reporting issued by the Charity Commissioners for England and Wales. effeclive October 2000. adapted to meel the needs of Uninco0[a1ed organisaln$. Accounting convention The Financial StateTnents are prepared. a goiTrJ concern basis. under the historical cost conventton. Incomino Resources Incoming resources are accounted for on a receivable basis. DefeRred Jneomè In accordance with Ihe statennt of Recommended Practice for Accounting and Reporting Issued by tho Charity Commissionerg for England & Wales grants. roceivafj in advance and specrfied by the donor as relating to specffic accounting peiiods or allematively which are SUbcl to condib'ons whlc ale still to be rnet ate deferred on an accruals basis to the perIA to Nvhich Ihey relate. Such defealS aro shown in IhÈ not to ttje accounts ano tne sums in¥olvgJ are incluoed as creoilors in the linancl stalgm9nts. Stocks Stocks are measured at me lower of cost and estsmateu selling price less costs to (x)mpiete and sell. Cost is determined using the first in first out method. The larrng amounl of stock sold is recc%JnisÈd as an expènso in tho period in whieh tho related revenue is rocognisod. Debtors Short leim debtors are measured at transaction pri (which is usually the invoice price}. le55 any impairment losses lor bad and doubfful debts_ Loans and other financial assels are inilially recognised at transaction Pri including any transaclion ¢osls and subsequenlly measured at amortised cost determined using Ihe effective interest methlxl. less any impaifwEnl losses for bad and doubtful debts. Recognition of Liabilities Llabililies are recognised on the acciuals basis in accordancé wth nomal accounting principles. modified where necessary in accordanrE wrth the ouidance given in the Sl8temenl of Recommended Praclicg for Accounting 8nd Rep(Kling issued by thè Chary Commissioners for England and Wales. Charitsble Expenditure Charitable expenditure includes all ÈxpÈndibJre drecty rdalad to the tharity and mpriSeS the roiiowing'.-
PENTECOSTAL SANCTUARY BIBLE MINISTRIES LIMITED Notes to the Flnanclal Statements for the year ended 30 September 2024 Activities in furtherance of the charity¥ objectives The cost of 8Ctivities ift furtheranee ol the chanvs objeclEves represents the Cost of 0dS and services and anullary trading costs Ihal have been incurTed in charitable ackn"vib"es. Management and administration of the charity Management and administratÉon costs represent expenditure incurred In the nwnagemenl of the Charivs assets. OTganisational administration and compiiance with the charitable and sl8ttJtory requirements. Allocation of costs within types of resources expended The chartws operatlno costs incILe ststt costs, rent and other related co%ts. Such costs are alloc8teL1 beeen types of resources expended on the basis ol estimales made by Ihe truslees. Administralion èxpÈndllu includes all expenditure not direclly related to direct charitable activity. In respect of certain ilems of expenditure il is a matter of judgement as to whelher such items are direct charitable expenditure or adminislralive. and the trustees have applied what they consider to be reasonable judgemenl in apportioning such costs. The Companies Act 1985 requires all pioperties belonging to companies lo be depreciated. However. Ihis requirement conflic13 wilh the generally accepted PTÉnGiple sel oul in SSAP 19 and the oveTriding requirement to show a true and fair view. The Board ol TTUStees conswJeTS ihat because the propefty is not hèld for consumption, bul for its investtment potential. lo depreciate il Ivould not give a true and fair view, and at although Ihe charity is exempl from the full application of SSAP 19. and has not had a formal professional valuation. of the property. bul has relied on the best of Ihe board of Ihe market value, in order to conserve fvnds for the charitable PUft*)ses of the chanty ff this poliey had not bgun adwled. tho dgfiiit for tho finanual ygar woubJ havg boen increasod by depreciation. However. the amount of deprecialton Cannot reasonably be quantffied beuse depreciation is only one of many factors reflected in Ihe annual valuatM)n and the annt to which might otherwise have beèn shown cannot be separately idenlified. Flxed A55et and Depreclatlon The langible fed assets are stated at cost less depreciation. Depreciatlon has been provided at the foliowng fates in order to WTite off the assets (less their expected value) over their estimated useful INes. A regular annual review of the likelihood of a1 impairnt is undertaken The princlp81 annual rates used for depreualion ere as follows: Land and Buildin9 0% per annum strai9ht line. Office Equipment 25% per annum slravJni line. Fixtures. flttings. tools and equlpment 20% per annum sirafighl line.
PENTECOSTAL SANCTUARY BIBLE MINISTrIES LIMITED Notes to th¢ Flnanclal Ststem¢nts for the year ended 30 September 2024 Capltal Grants The Boafd of Trustees considers that. in otder to cotnply wilh the Slalemenl of Recommended Pfacli for Accounting and Reporting issued by Ihe Charity Commissioners for England and Wales {effective Oclober 20001. grants of a capil81 nature QNen for specific purposes and fvily ulilised in the lurtherance of the purp)ses of the charity should be credited lo the fixed assets fund after the funds have been properfy expended on the festricled putpose. The fekiled assels is shown in the balancè sheet at Ihe cost of acouisition or subsequent valuation. The rÈ18tÈd assèts are subject to reSOn$ ty the grant making organisation on Iheir use and disposal, and these westrtionS a noted in the fixed assel section of these accounls. The fixed asset fund so crealed Is treated as a reslricw fund. Taxatlon As a charity. Ihe orgaiFisation is exempt from Irome and corporation lax lo the exlenl that its incomè and gains are applicable lo charttable PUlFoses only. Value Added Tax (VAT) is not recoverable by the organisalion. and is therefore included in the relevant costs in the Statement of Financial Activities. Funds Sttucture Policy The charity maintains a general unrestrKted fund which represents fvnds which are expendable at the discretion of Ihe trustees in furtherancè of the objects of the charity. Such funds may be held in order lo rinance both workn.ng capllal and capilal investrnenL Restrieted ft*nds have been provided to the charity for particular purposes. and it is Ihe policy of the trustee lo carefully tTKJnitor applicabon of those funs in accordance with the resttionS placed upon them Th9re 15 no fotmal policy on the allocation of funds to designaled funds. There is no fomial policy lo translw beeen lunds. Olher than Ihal described under the Gapi181 Gains policy aboye. Any proposed transfer behveen funds would be cotEsidered on the particular clrtumstan¢os. Analysis of incoming resources and 8natysis of managementand admin•str41ion costs Th@ (ielails requir1 by the Stalennt of Recommended PrtTh for th9 Accounting and Reporting issued by the Charity Commissioners for England and Wales are shown in the detailed schedule to the Staternerkl of Financ1 Activitses on pages........... Staff costs and Emolumants 2024 2023 PAYE & National Insuran Conl. Pension Contributions 7.696 7.696 Number of full trme employees or full time equivalenls There were no employees with emolumenls in exGes5 of £50,1)00 per annum.
PENTECOSTAL SANCTUARY BIBLE MINISTRIES UMITED Notes to the Flnanclal Statements for the year ended 30 September 2024 2 Tanglbl& flxèd ass•ts CqulpThEnfs, Flxturgs & Muslcal Instruments Computer Equipment Total Cost At 01 October 2023 Additions 2,155 9.483 11,638 2.155 10.473 12.628 990 990 At 30 September 2024 D•preclatlon Al 01 October 2023 Chatge for the year AI 30 Septembér 2023 2,708 4.052 247 247 2.955 4,299 Not book valuo At 30 September 2024 743 8,329 At 30 Sepiember 2023 811 811 3 Aecruals amounts payab wlthln on• ar Loan creditors (as per note 41 AccounianGy lee5 480 480 480 Unreslricled runds 2024 Total funds 2024 4 Incomlng Resoure&s Grani. Legacles & Dorlatlons rilhès & offering Interest from Bank 56,657 236 56,657 236 56,893 56.893 12
PENTECOSTAL SANCTUARY BIBLE MIIIISTRIES LIMITED Note¥ to the Flnanclal Statements for the year ended 30 September 2024 Charltable Expendlture - Cost of activities in turtherat¥Ge of Ihe Gharttys obl?Gti5 2024 2023 ReTkt of Building Event Depreciation 14onorarium Telephone, fax & inlemet Travel and sUbstence Insurance Govemance cost Sundry Printing. postage & stskn"onery Welfare donations Anniversary expense 37.409 6.701 2.955 1,660 1.242 505 100 898 3.772 1.755 2.192 13,T79 10.358 1.007 3.291 1.603 1.213 829 203 3.489 518 17.825 59.189 54,115 Management and admlnlstratlon 2024 2023 Salary UniÈstricted funds 2024 Piior year tolal funds 2023 Total fvnds 2024 6 Capttal & Rgsorvg Al 1 O¢tober 2023 Net movement in funds 23.387 (22961 23.387 (2,2961 23,387 At 30 Septsmbar 2024 21.091 21.091 23,387 7 Evants aftof th& raportlng date There are no post balance sheet events lo report lo the board.