Company Number: 08413731 Charity Number: 1155799
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Trustees' Report and Financial Statements 28 February 2021
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Trustees' Report and Financial Statements
28 February 2021
Contents
- Trustees' Annual Report 1-2 - Independent Examiner's Report 3 - Statement of Financial Activities 4 - Balance Sheet 5 - Notes to the Financial Statements 6-8 (inclusive of Detailed Income & Expenditure)
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Administrative Information
Directors and Board of Trustees
Ms. Favour Abimbola Emmanuel Mr. Emmanuel Olumayowa Ajayi Mr. Oluwatimilehin Ogundipe
Company Number 08413731
Charity Number 1155799 Registered Office Unit 2, 8 Kellner Road Thamesmead London SE28 0AX
Accountant M.Y. Ojo Business Services Bankers Barclays Plc
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Report of the Trustees for the year ended 28 February 2021
The Trustees have the pleasure of submitting their report and financial statements for the year ended 28 February 2021 which comply with current statutory requirements and the governing documents of the charity.
Constitution and Policies
The company is constituted by an Articles of Association. Its objects are to advance the Christian religion, to proclaim and further the gospel of God and his Son the Lord Jesus Christ and to preach and teach the Christian faith. It also aids persons in need, hardship and distress, priority being given to applicants who are prayer partners of the church and other religious institution or body having purposes similar thereto as the trustees shall from time to time decide.
Objectives and Activities
To seek the advancement of the Christian religion in accordance with the teachings of the word of God according to the bible and to educate people in the word of God. To teach the knowledge of Jesus Christ all over our area of operation and beyond.
In addition, to help in the relief of poverty in our areas of operation and beyond: directly to our immediate members, their families, members of the local, national and international community as occasion would demand in cash and kind.
Each year our trustees review our objectives and activities to ensure they continue to reflect our aims and objectives. In carrying outhits review, the trustees have considered
Strategies for Achieving Objectives and Activities held during the year
The main activities of the church in the year under review are as follows:
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a) Community Outreach in London, Birmingham, Manchester and Leeds
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b) Fed the Homeless and Supported the Needy
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c) Music Training for the Youths
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d) First Afro-Caribbean Food Bank
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e) Supported victim s of Domestic Violence
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f) Held monthly Youth Conferences where issues of knife, gang and gun crimes were addressed
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g) Walk-in Centre for Welfare and Support by professionals
Review of Financial Position
Please refer to the annexed accounts for the details of the financial statements for the year ended 28 February 2021.
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Report of the Trustees for the year ended 28 February 2021
Risk Assessment
The Board of Trustees actively review the major risks facing the charity on a regular basis to ensure measures are put in place to safeguard the charity's funds and assets. The Trustees also ensure that legal advice is sought when necessary on crucial issues concerning the ministry.
Reserves Policy
The Trustees would like to work towards maintaining unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.
Volunteers
The effort of volunteers is at the heart of our charity. Incoming volunteers should attend full induction programme. Some of our long-standing volunteers have worked with us for a considerable period contributing invaluable time and skills to the charity. The church is grateful for the unstinting efforts of its volunteers who are involved in service provision and administration.
Summary of Income
During the year under review, we received donations from members totalled: £47,063.00 and reclaimed Gift Aid totalled: £15,979.00
Trustees Responsibilities in relation to Financial Statements
The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.
In preparing those financial statements, the trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) make judgements and estimates that are reasonable and prudent;
c) state whether applicable accounting standards and Statement of Recommended Practice (SORP) been followed, subject to any departures disclosed and explained in the financial statements;
d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
Signed by: Mrs. Favour Abimbola Emmanuel
Date: 08/04/2021
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Independent Examiner's Report
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity to enable them to ensure that the financial statements comply with the Charities Act.
They 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.
I report on the accounts for the year ended 28 February 2021 as set out on pages five to eight.
Respective responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 ACT;
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follow the procedures laid down in the General Directions given by the Charity Commissioner sunder S145(5)(b) of the Act
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state whether 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 Commission.
An examination includes a review of the accounting records kept by the charity and ac 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 such matters.
The procedure taken 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
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to keep accounting records in accordance with section 130 of the 2011 Act and
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to prepare accounts which accord with the accounting records and comply accounting requirements of the 2011 Act not been met, or
2) to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
M.Y. Ojo Business Services
Date: 08/04/2021
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Statement of Financial Activities
for the year ended 28 February 2021
| Notes INCOMING RESOURCES Voluntary income 2 Gift Aid Claimed RESOURCES EXPENDED Charitable activities 3 Management & administration of charity 5 Total resources expended Total funds brought forward Incoming resources from general funds Support costs of activities in furtherance of charity's objects NET INCOMING RESOURCES RECONCILIATION OF FUNDS TOTAL FUNDS CARRIED FORWARD |
Unrestricte d Funds £ 47,063 15,979 63,042 13,217 41,812 55,029 8,014 9,133 17,147 |
Restricted Funds £ - - - - - - - - - |
Total Funds 2021 £ 47,063 15,979 63,042 13,217 41,812 55,029 8,014 9,133 17,147 |
Total Funds 2020 £ 63,915 17,581 |
|---|---|---|---|---|
| 81,496 | ||||
| 31,149 57,236 |
||||
| 88,385 | ||||
| 6,889 16,022 |
||||
| 9,133 |
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Balance Sheet
as at 28 February 2021
| 2021 £ Notes 3 7,931 - 3,495 3,495 4 -5,721 9,216 17,147 Creditors: after more than one year - 17,147 RECONCILIATION OF FUNDS Total funds brought forward 9,133 5 8,014 TOTAL FUNDS CARRIED FORWARD 17,147 Creditors: amount due within one year Net current assets Total assets less current liabilities Net assets Unrestricted Funds Cash at bank and in hand Fixed assets Tangible assets Current assets Debtors |
2020 £ 10,574 - 609 609 2,050 1,441 9,133 - 9,133 16,022 6,889 9,133 |
2020 £ 10,574 - 609 609 2,050 1,441 9,133 - 9,133 16,022 6,889 9,133 |
|---|---|---|
| 9,133 - |
||
| 9,133 | ||
| 16,022 6,889 |
||
| 9,133 |
CONTINUING OPERATIONS
All incoming resources and resources expended arise from continuing activities.
Signed by: Mrs. Favour Abimbola Emmanuel Date: 08/04/2021
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Notes to the Financial Statements
for the year ended 28 February 2021
1) Accounting policies
Basis of preparation
The accounts have been prepared under the historical convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Incoming Resources
Income mainly from donations and bank interest received are included in the financial statements when received.
Resources Expended
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the cate
Taxation
As a charity, the charitable funds are exempt from corporation tax but not from VAT.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
| Cost Additions 3) Tangible fixed assets At 1 March 2020 At 29 February 2020 Depreciation At 1 March 2020 Charge for the year At 28 February 2021 Net book value At 28 February 2021 At 28 February 2021 |
Plant & machinery £ 32,701 0 32,701 22,127 2,644 24,771 7,931 10,574 |
Total £ 32,701 0 |
|---|---|---|
| 32,701 | ||
| 22,127 2,644 |
||
| 24,771 | ||
| 7,931 | ||
| 10,574 |
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Notes to the Financial Statements
for the year ended 28 February 2021
4) Creditors: amount due within one year
| Accruals At 28 February 2021 4) Creditors: amount due within one year Other creditors 5) Unrestricted Funds At 1 March 2020 Unrestricted Funds for the year |
2021 £ 0 0 0 2021 £ 9,133 8,014 17,147 |
2020 £ 1,650 400 |
| 2,050 | ||
| 2020 £ 16,022 6,889 |
||
| 9,133 |
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SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Notes to the Accounts
Detailed Income and Expenditure Account for the year ended 28 February 2021
| 6.1 INCOMING RESOURCES Unrestricted £ Voluntary Donations: Tithes, offering & thanksgiving 47,063 15,979 63,042 6.2 Voluntary cost of generating voluntary income Outreach, Training & Volunteer 7,965 Travel 4,807 Benevolent donations - - 445 13,217 30,000 1,509 489 Printing, postage & stationeries 155 Telephone 676 Cleaning 159 45 1,598 Insurance 4,537 2,644 41,812 Light & heat Travelling & Subsistence Gift Aid Claimed OUTGOING RESOURCES Honorarium Repairs & maintenance Professional fees Depreciation Publicity 6.3 Management and administration of charity Rent of Church hall |
Restricted £ - - - - - - - - - - - - - - - - - - - |
2021 £ 47,063 15,979 63,042 7,965 4,807 - - 445 13,217 30,000 1,509 489 155 676 159 45 1,598 4,537 2,644 41,812 |
2020 £ 63,915 17,581 |
|---|---|---|---|
| 81,496 | |||
| 17,956 4,083 850 7,600 660 |
|||
| 31,149 | |||
| 32,500 5,763 2,140 141 746 300 1,135 2,058 4,278 8,175 |
|||
| 57,236 |
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