CHARITY NUMBER: 1155799
## SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL
Report of The Trustees and Accounts
for the year ended 28 February 2025
## **SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL**
## **Contents of the Financial Statements for the year ended 28 February 2025**
||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 2025**
The trustees present their report with the accounts of the Charity for the year ended 28 February 2025.
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 2025**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgments and estimates that are reasonable and prudent;
- 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: 5 March 2025
Page 2
## **SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL**
## **Accountant's Report**
I report on the accounts for the year ended 28 February 2025 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: 5 March 2025
Page 3
## **SANCTUARY OF PRAISE MINISTRIES INTERNATIONAL**
## **Statement of Financial Activities for the year ended 28 February 2025**
|**for the year ended**
**28 February 2025**|||
|---|---|---|
|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|**2025**
**Unrestricted**
**Funds**
**£**
57,781
250
54,250
2,630
57,130
651
28,604
29,255|**2024**
**Unrestricted**
**Funds**
**£**
48,704
255
47,514
-|
|||47,769|
|||935
27,669|
|||28,604|
## 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 2025**
|Notes
FIXED ASSETS
Tangible assets
CURRENT ASSETS
2
FUNDS
Unrestricted funds
3
Total funds brought forward
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
NET ASSETS
TOTAL FUNDS|**2025**
**Unrestricted**
**Funds**
**£**
25,545
6,340
2,630
29,255
651
28,604
29,255|**2024**
**Unrestricted**
**Funds**
**£**
11,967
19,085
2,448|
|---|---|---|
|||28,604|
|||935
27,669|
|||28,604|
The financial statements were approved by the Board of Trustees on 5 March 2025. 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 2025**
## **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 2025**
## **2. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
£ £ Other creditors
2,630 2,448
This page does not form part of the statutory financial statements
## **3. MOVEMENT IN FUNDS**
Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds 57,781 57,130 651 General fund
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 2025**
|**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
Other administrative expenses
TOTAL RESOURCES EXPENDED
SURPLUS|**2025**
**£**
12,176
45,605
57,781
57,781
250
250
2,630
2,630
23,650
27,336
3,264
54,250
57,130
651|**2024**
**£**
-
48,704|
|---|---|---|
|||48,704|
|||48,704
255|
|||255|
|||-|
|||-|
|||23,650
22,077
1,787|
|||47,514|
|||47,769
935|
Page 8