CHARITY NUMBER: 1155799
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Report of The Trustees and Accounts
for the year ended 28 February 2023
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Contents of the Financial Statements
for the year ended 28 February 2023
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Trustees Responsibilities | 2 |
| Accountant's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6-7 |
| Detailed Statement of Financial Activities | 8 |
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Report of the Trustees for the year ended 28 February 2023
The trustees present their report with the accounts of the Charity for the year ended 28 February 2023.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1155799
Principal address
Unit 2, 8 Kellner Road Thamesmead London SE28 0AX
Trustees
Ms. Favour Abimbola Emmanuel Mr. Emmanuel Olumayowa Ajayi Mr. Oluwatimilehin Ogundipe
Page 1
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Statement of Trustees Responsibilities for the year ended 28 February 2023
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgments and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
On behalf of the Board for Trustees:
Mr. Emmanuel Olumayowa Ajayi Trustee
Date: 7 March 2023
Page 2
Accountant's Report
To the Trustees of SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
I report on the accounts for the year ended 28 February 2023 set out on pages four to eight.
Responsibilities of Trustees
The charity's trustees are responsible for the preparation of the accounts. I have prepared these accounts from information and explanation provided to me.
Basis of preparation
The Charity is not required to prepare accounts for filing with the Charity Commission in the year under review. As a result, this report has been prepared on a receipt and payments basis.
M.Y. Ojo Business Services
4 Butler Drive Erith Kent DA8 3AQ
Date: 7 March 2023
Page 3
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Statement of Financial Activities for the year ended 28 February 2023
| Notes Incoming resources from general funds 2 3 Resources expended on other charitable activities Support Costs Management 5 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Voluntary income RESOURCES EXPENDED Charitable activities Resources expended on charitable activities Governance Costs Total resources expended NET OUTGOING/ INCOMING RESOURCES INCOMING RESOURCES |
2023 Unrestricted Funds £ 61,035 1,718 47,639 1,770 51,127 9,908 17,761 27,669 |
2023 Unrestricted Funds £ 61,035 1,718 47,639 1,770 51,127 9,908 17,761 27,669 |
2022 Unrestricted Funds £ 50,724 600 48,990 520 |
|---|---|---|---|
| 50,110 | |||
| 614 17,147 |
|||
| 17,761 |
CONTINUING OPERATIONS
All incoming resources and resources expended arise from continuing activities.
The notes form part of these financial statements
Page 4
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Balance Sheet
28 February 2023
| Balance Sheet 28 February 2023 |
||
|---|---|---|
| Notes FIXED ASSETS Tangible assets CURRENT ASSETS 2 FUNDS Unrestricted funds 3 Total funds brought forward NET ASSETS TOTAL FUNDS Cash at bank and in hand CREDITORS Amounts falling due within one year |
2023 Unrestricted Funds £ 15,281 14,158 1,770 27,669 9,908 17,761 27,669 |
2022 Unrestricted Funds £ 17,390 5,264 4,893 |
| 17,761 | ||
| 614 17,147 |
||
| 17,761 |
The financial statements were approved by the Board of Trustees on 7 March 2023 were signed signed on its behalf by:
Mr. Emmanuel Olumayowa Ajayi Trustee
These notes form part of these financial statements.
Page 5
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Notes to the Financial Statements for the year ended 28 February 2023
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Financial Reporting Standard Number 1
Exemption has been taken from preparing a cash flow statement on the grounds that the charity qualifies as a small charity.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Page 6
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Detailed Statement of Financial Activities for the year ended 28 February 2023
2. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 | 2022 |
|---|---|
| £ | £ |
| 1,770 | 4,893 |
£ £ Other creditors
This page does not form part of the statutory financial statements
3. MOVEMENT IN FUNDS
| 3. MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 61,035 | 51,127 | 9,908 |
This page does not form part of the statutory financial statements
Page 7
SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Detailed Statement of Financial Activities for the year ended 28 February 2023
| Detailed Statement of Financial Activities for the year ended 28 February 2023 |
||
|---|---|---|
| INCOMING RESOURCES Voluntary income Gift aid Tithe & offerings Total incoming resources RESOURCES EXPENDED Charitable activities Outreach, training & training Governance costs Legal & Professional fee Support costs: management & administration Rent of hall & utilities Staff costs Insurance Telephone Other administrative expenses TOTAL RESOURCES EXPENDED SURPLUS |
2023 £ 11,487 49,548 61,035 61,035 1,718 1,718 1,770 1,770 23,650 10,582 1,602 1,725 10,080 47,639 51,127 9,908 |
2022 £ 38,959 11,765 |
| 50,724 | ||
| 50,724 600 |
||
| 600 | ||
| 520 | ||
| 520 | ||
| 34,736 - 4,746 695 8,813 |
||
| 48,990 | ||
| 50,110 614 |
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