Company Number: 08413731 Charity Number: 1155799 SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL Trustees' Report and Financial Statements 28 February 2022 ## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL Trustees' Report and Financial Statements 28 February 2022 ## Contents Page - Trustees' Annual Report 1-2 - Independent Examiner's Report 3 - Statement of Financial Activities 4 - Balance Sheet 5 Notes to the Financial Statements (inclusive of Detailed Income & Expenditure) 6-8 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 2022 The Trustees have the pleasure of submitting their report and financial statements for the year ended 28 February 2022 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: - a) Community Outreach in London, Birmingham, Manchester and Leeds - b) Fed the Homeless and Supported the Needy - c) Music Training for the Youths - d) First Afro-Caribbean Food Bank - e) Supported victim s of Domestic Violence - f) Held monthly Youth Conferences where issues of knife, gang and gun crimes were addressed - 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 2022. 1 ## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL Report of the Trustees for the year ended 28 February 2022 ## _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: £38,959.00 and reclaimed Gift Aid totalled: £11,765.00 ## _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: 7/4/2022 2 ## 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 2022 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: - examine the accounts under Section 145 of the 2011 ACT; - follow the procedures laid down in the General Directions given by the Charity Commissioner sunder S145(5)(b) of the Act - 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 - to keep accounting records in accordance with section 130 of the 2011 Act and - 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: 7/4/2022 3 ## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL Statement of Financial Activities for the year ended 28 February 2022 |Notes
INCOMING RESOURCES
Incoming resources from general funds
Voluntary income
2
Gift Aid Claimed
RESOURCES EXPENDED
Charitable activities
3
Support costs of activities in furtherance of
charity's objects
Management & administration of
charity
5
Total resources expended
NET INCOMING RESOURCES
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD|Unrestricted
Funds
£
38,959
11,765
50,724
600
49,510
50,110
614
17,147
17,761|Restricted
Funds
£
-
-
-
-
-
-
-
-
-|Total
Funds
2022
£
38,959
11,765
50,724
600
49,510
50,110
614
17,147
17,761| |---|---|---|---| 4 ## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL |Balance Sheet
as at 28 February 2022
2022
£
Notes
Fixed assets
Tangible assets
3
17,390
Current assets
Cash at bank and in hand
5,264
5,264
Creditors: amount due within
one year
4
4,893
Net current assets
371
Total assets less current liabilities
17,761
Net assets
17,761
RECONCILIATION OF FUNDS
Total funds brought forward
17,147
Unrestricted Funds
5
614
TOTAL FUNDS CARRIED FORWARD
17,761|3,495|2021
£
19,373
2,226| |---|---|---| ||3,495
5,721|| |||| |||17,147| |||17,147| |||9,133
8,014| |||17,147| CONTINUING OPERATIONS All incoming resources and resources expended arise from continuing activities. Signed by: Mrs. Favour Abimbola Emmanuel Date: 07/04/2022 5 ## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL ## Notes to the Financial Statements for the year ended 28 February 2022 ## 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 category. ## _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
3) Tangible fixed assets
Plant &
machinery
£
_Cost_
At 1 March 2021
47,957
Additions
-
At 28 February 2022
47,957
_Depreciation_
At 1 March 2021
24,771
Charge for the year
5,797
At 28 February 2022
30,568
_Net book value_
At 28 February 2022
17,390
At 29 February 2021
19,373|Total
£
47,957
-| |---|---| ||47,957| ||24,771
5,797| ||30,568| ||17,390| ||19,373| 6 ## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL ## Notes to the Financial Statements |Notes to the Financial Statements|| |---|---| |for the year ended 28 February 2022
4) Creditors: amount due within one year
Other creditors
5) Unrestricted Funds
At 1 March 2021
Unrestricted Funds for the year
At 28 February 2022|2022
£
4,893| ||4,893| ||2022
£
17,147
614| ||17,761| 7 SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL ## Notes to the Accounts ## Detailed Income and Expenditure Account for the year ended 28 February 2022 |6.1 INCOMING RESOURCES
_Unrestricted_
£
_Voluntary Donations:_
Tithes, offering & thanksgiving
38,959
Gift Aid Claimed
11,765
50,724
OUTGOING RESOURCES
_6.2 Voluntary cost of generating voluntary income_
Outreach, Training &
Volunteer
600
Travel
-
Publicity
-
600
_6.3 Management and administration of charity_
Rent of Church hall
30,000
Light & heat
4,736
Travelling & Subsistence
925
Printing, postage &
stationeries
62
Telephone
695
Cleaning
93
Repairs & maintenance
1,937
Professional fees
520
Insurance
4,746
Depreciation
5,797
49,511|_Restricted_
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|2022
£
38,959
11,765
50,724
600
-
-
600
30,000
4,736
925
62
695
93
1,937
520
4,746
5,797
49,511| |---|---|---| 8