Docusign Envelope ID: 104D78A4-F9D6-4B3F-B0CE-8F9C7B2773EB
Charity number: 1156433
POTTER'S PALACE MINSTRIES
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Docusign Envelope ID: 104D78A4-F9D6-4B3F-B0CE-8F9C7B2773EB
POTTER'S PALACE MINSTRIES
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 19 |
Docusign Envelope ID: 104D78A4-F9D6-4B3F-B0CE-8F9C7B2773EB
POTTER'S PALACE MINSTRIES
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
Trustees Mr R I Abraham Mr R Gunashekar Mrs M J Arulthas Charity registered number 1156433 Principal office 5 Marymead Court Stevenage SG2 8AE Accountants Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP
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Docusign Envelope ID: 104D78A4-F9D6-4B3F-B0CE-8F9C7B2773EB
POTTER'S PALACE MINSTRIES
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the Potter's Palace Minstries for the year 1 April 2023 to 31 March 2024.
Objectives and activities
a. Policies and objectives
The Church operates from premises at The Church of the Ascension, Hanger Hill, W5 3 EB and at The Harebreaks community Hub, 81 The Harebreaks, Watford, WD24 6NJ . Church membership is voluntary and free on the bases to agreeing term and conditions.
The Aim of the Charity set out in the objects clause of the Trust Deed are:
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a) To advance the Christian Faith, in accordance with the Statement of Beliefs contained in the Trust Deed
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b) The relief of persons who are in condition of needs, hardship or distress or who are aged or sick;
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c) To promote and fulfil such other charitable purposes as the Trustees may find a suitable cause
In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and to its supplementary public benefit guidance on the advancement of religion.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Introduction
Potter's Palace Ministries is a charity organization, where broken, hurt, depressed, the frustrated and the confused can find love, acceptance, help, hope, forgiveness, guidance, and encouragement to begin a new life. A church where lives are being transformed, marriages are being saved, and love is flowing freely. Our vision and mission is to equip every believer for a significant ministry by helping them to discover the gifts and talents God gave them. We are a small well connected congregation which reaches out to others - we love our local community and share the good news of Jesus Christ and through many outreach activities, thanks to the efforts of our congregation.
The Church - Potter's Palace Ministries went through bereavement period for the loss of its Founder, Director, Chair Trustee and senior Pastor, Pas Abraham Charles Ebenezer Immanuel. The church member and trustee unanimously elected Mr Reece Ian Abraham as the new chair trustee. Pas Jacinth Abraham who was an ordained and ministering Assistant Pastor of Potter's Palace Ministries since 17/04/2011 has now been appointed as the senior Pastor. Staff are remunerated in line with similar roles with similar responsibilities in the same charitable sector.
c. Sunday school for toddlers and tweens
Young children around the community join on Sundays and learn good ethical values and morals based on Biblical principles. Sunday school volunteers encourage and motive them through various activity sessions on improving their behaviours and teach them social skills. The team works with children who have opened their heart to talk about issues in family, schools, low self-esteems, by giving them support through counselling and constant encouragement to build a good future ahead. They learn singing, dancing, small skits and perform in front of the large audience through which they develop self-confidence and independence. We have seen children's quality of life been improved through such work. Vocational activities are facilitated during the holiday period; swimming, picnic in the park, movie time for the children in the community along with fun bible teachings.
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POTTER'S PALACE MINSTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities (continued)
d. Young Adult (Wild for Jesus Junior & Senior Group)
The young adults of the church are given opportunity to lead to small sessions in Sunday services once in a week to develop their spiritual maturity and talents and take lead which will give them boldness and good leadership skills for the betterment of their careers. Many youngsters who were depressed due to family struggles and separation are given guidance and support through counselling session. Youngsters who are socially withdrawn are continually supported. The young adults who have issues related to addiction, involved in gang fights and socially neglected and those with family issues are given encouragement and hope through the teaching of Bible.
e. Other Activities
The church members invite other friends and families for small fellowships during the weekdays to share Bible studies during which people open their heart for personal prayer requests. prayer-walks from street to street for the people living in those streets by the prayer team. Church meets once a month during Saturdays to intercessory pray for the nation "bless UK" prayer for the nation.
Every Sundays Church gathers at Watford in the mornings for prayer fellowship and at Hanger Lane in the evenings. During these services, all join in one accord and worship the Lord Jesus and spread the good news of Love and Peace to people. People who are sick come and get healed by the prayers offered and get comfort, refreshments are served for all the people who attends the service during fellowship time.
The church visits people who are sick and in need of help; food and medicine are send through the house visiting team.
f. Out Reach
Potter's palace Ministries is a Church that strong believes in equality, strives to bring every community together and helps needful individuals with our charity works, despite of difference in the ethnicity or religion, one of the ways we do this is through the outreach programmes.
Counselling refugees, travellers, divorced single parents, those with financial difficulties, families that have lost the loved ones are supported constantly through visiting to build them stronger emotionally.
The church has supported various charity organisation through donation and supplies. The charities supported this financial year were Air-Ambulance, Salvation Army, Premier Christian Radio, Ealing Food bank, winter hampers for homeless people.
Visiting elderly people who are alone without a family to support them with their household tasks.
Church members came forward for providing temporary accommodation for people in need and supporting them.
The outreach programmes connect local community with the church in meaningful, sustainable, and innovative ways whilst also working to break down real and perceived barriers.
Reaching the un-churched for Christ, developing a process to turn seekers into saints, turn consumers into contributors, members into ministers. We teach and develop ordinary people who are weak due to their circumstances, share the love and build them stronger to build others whom they meet along their way in the community, thus improving their quality of life and a better peaceful society.
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POTTER'S PALACE MINSTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
a. Main achievements and Performance of the Charity
Church strongly participates in feeding the homeless in needful areas around London, not only giving them food and essential materials but share the love of Jesus from the bottom of our hearts. Prayers were also offered on request of the individuals.
Weekly evangelism programme by Watford team members, prayers are offered on request.
Every first Saturday of the month is now dedicated to praying for United Kingdom. prayer is to pray for the peace of the land, for all the parliament members, all government bodies(NHS, SCHOOLS etc) and broken families in the community.
We have counselling programmes in place for people that are struggling with addictions and those that are in family problems. This is provided any time on request and has no time barriers as the church offers support for the when its needed.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
At the year end £14,078 (2023:£16,322) was held as unrestricted funds, and £39,799 (2023:£38,909) as restricted funds.
Reserves will be used principally for future expansion of the objectives of the Church. The restricted fund will be used principally to purchase a building.
c. Risk Management
The Trustees have identified risks and taken steps to mitigate them:
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Risks to building and contents are insured
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Public liability risks are insured
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A child protection policy is in place including vetting procedures
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The Fire safety risks has been assessed. Detection and fire fighting equipment is maintained to current standards
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An evacuation policy is in place with designated responsibilities
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All those involved were offered training during the year.
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A member of staff is in charge with health and safety and risk assessing.
Structure, governance and management
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POTTER'S PALACE MINSTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management (continued)
a. Constitution
Potter's Palace Minstries is a registered charity, number 1156433, and is constituted under a Trust deed dated 28 March 2024.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Appointment of trustees is governed by existing trustees of the charity. New trustees must declare their belief in and allegiance to the Statement of Beliefs set out in the Trust Deed.
Newly appointed trustees will be from the existing leadership of the Church, either elders or ministry group leaders. New Trustees are furnished with a copy of the Trust Deed and a copy of the Charity Commission's guidance 'The Essential Trustee: What you need to know'.
c. Organisational structure and decision-making policies
The Trustees meet regularly to review the activities of the Church. The Leadership of the Church (which include three of the Trustees) meet monthly and all the meetings are minuted. Day to day activities are controlled by the Church administrator.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report 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 & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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POTTER'S PALACE MINSTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
................................................ (= SignedDC3A0A790235496... by: Mr R I Abraham (Chair of Trustees) Date: 23-01-2025 | 17:52 GMT
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POTTER'S PALACE MINSTRIES
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner's Report to the Trustees of Potter's Palace Minstries ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 23-01-2025 | 18:01 GMT Ce859C3F7667C847C...Hopkins (LP Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP
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Docusign Envelope ID: 104D78A4-F9D6-4B3F-B0CE-8F9C7B2773EB
POTTER'S PALACE MINSTRIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 33,617 - 33,617 34,414 34,414 (797) 16,322 (797) 15,525 |
Restricted funds 2024 £ 420 470 890 - - 890 38,909 890 39,799 |
Total funds 2024 £ 34,037 470 34,507 34,414 34,414 93 55,231 93 55,324 |
Total funds 2023 £ 33,002 13 |
|---|---|---|---|---|
| 33,015 | ||||
| 29,416 | ||||
| 29,416 | ||||
| 3,599 | ||||
| 51,632 3,599 |
||||
| 55,231 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
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POTTER'S PALACE MINSTRIES
BALANCE SHEET AS AT 31 MARCH 2024
| 2024 | 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 10 | 1,905 | 2,074 | |||
| 1,905 | 2,074 | |||||
| Current assets | ||||||
| Debtors | 11 | 4,802 | 6,505 | |||
| Cash at bank and in hand | 50,413 | 48,057 | ||||
| 55,215 | 54,562 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 12 | (1,796) | (1,405) | |||
| Net current assets | 53,419 | 53,157 | ||||
| Total assets less current liabilities | 55,324 | 55,231 | ||||
| Net assets excluding pension asset | 55,324 | 55,231 | ||||
| Total net assets | 55,324 | 55,231 | ||||
| Charity funds | ||||||
| Restricted funds | 13 | 39,799 | 38,909 | |||
| Unrestricted funds | 13 | 15,525 | 16,322 | |||
| Total funds | 55,324 | 55,231 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Mr R I Abraham
(Chair of Trustees) Date: 23-01-2025 | 17:52 GMT
The notes on pages 10 to 19 form part of these financial statements.
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POTTER'S PALACE MINSTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Marymead Court, Stevenage, SG2 8AE.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Potter's Palace Minstries meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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POTTER'S PALACE MINSTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Plant and machinery - 25% reducing balance Equipment - 25% reducing balance
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
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POTTER'S PALACE MINSTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 33,617 Total 2023 32,223 |
Restricted funds 2024 £ 420 779 |
Total funds 2024 £ 34,037 33,002 |
Total funds 2023 £ 33,002 |
|---|---|---|---|
4. Investment income
| Restricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment income | 470 | 470 | 13 |
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POTTER'S PALACE MINSTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Church fund | 34,414 | 34,414 | 29,416 |
6. Analysis of expenditure by activities
| Church fund Total 2023 |
Church fund 2024 £ 7,984 5,447 |
Support costs 2024 £ 26,430 23,969 |
Total funds 2024 £ 34,414 29,416 |
Total funds 2023 £ 29,416 |
|---|---|---|---|---|
Analysis of direct costs
| Church | Total | Total | |
|---|---|---|---|
| fund | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Rent | 7,984 | 7,984 | 5,447 |
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POTTER'S PALACE MINSTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Church fund 2024 £ Staff costs 18,326 Depreciation 476 General expenses 3,705 Computer costs 394 Sundry expenses 850 Accountancy fees 1,740 Travel and subsistence 529 Charitable donations 410 26,430 7. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2024 £ 18,326 476 3,705 394 850 1,740 529 410 26,430 2024 £ 1,500 |
Total funds 2023 £ 14,845 519 3,615 - 2,300 2,690 - - |
|---|---|---|
| 23,969 | ||
| 2023 £ 1,200 |
8. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2024 £ 17,977 349 18,326 |
2023 £ 14,577 268 |
|---|---|---|
| 14,845 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £4,000) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
10. Tangible fixed assets
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Plant and machinery £ 5,803 - 5,803 4,747 211 4,958 845 1,056 |
Equipment £ 1,334 307 1,641 316 265 581 1,060 1,018 |
Total £ 7,137 307 |
|---|---|---|---|
| 7,444 | |||
| 5,063 476 |
|||
| 5,539 | |||
| 1,905 | |||
| 2,074 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2024 £ - 4,802 4,802 |
2023 £ 1,103 5,402 |
|---|---|---|
| 6,505 |
12. Creditors: Amounts falling due within one year
| Other taxation and social security Accruals and deferred income |
2024 £ 296 1,500 1,796 |
2023 £ 205 1,200 |
|---|---|---|
| 1,405 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Building Fund Total of funds |
Balance at 1 April 2023 £ 16,322 38,909 55,231 |
Income £ 33,617 890 34,507 |
Expenditure £ (34,414) - (34,414) |
Balance at 31 March 2024 £ 15,525 |
|---|---|---|---|---|
| 39,799 | ||||
| 55,324 |
The restricted fund will be used principally to purchase a building.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Building Fund Total of funds |
Balance at 1 April 2022 £ 51,515 117 51,632 |
Income £ 32,223 792 33,015 |
Expenditure £ (29,416) - (29,416) |
Transfers in/out £ (38,000) 38,000 - |
Balance at 31 March 2023 £ 16,322 |
|---|---|---|---|---|---|
| 38,909 | |||||
| 55,231 |
14. Summary of funds Summary of funds - current year
| General funds Restricted funds |
Balance at 1 April 2022 £ 51,515 117 51,632 |
Balance at 1 April 2023 £ 16,322 38,909 55,231 Income £ 32,223 792 33,015 |
Income £ 33,617 890 34,507 Expenditure £ (29,416) - (29,416) |
Expenditure £ (34,414) - (34,414) Transfers in/out £ (38,000) 38,000 - |
Balance at 31 March 2024 £ 15,525 39,799 |
|---|---|---|---|---|---|
| 55,324 | |||||
| Balance at 31 March 2023 £ 16,322 38,909 |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
|||||
| 55,231 |
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Docusign Envelope ID: 104D78A4-F9D6-4B3F-B0CE-8F9C7B2773EB
POTTER'S PALACE MINSTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
15. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 1,905 Current assets 15,416 Creditors due within one year (1,796) Total 15,525 |
Restricted funds 2024 £ - 39,799 - 39,799 |
Total funds 2024 £ 1,905 55,215 (1,796) 55,324 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 2,074 15,653 (1,405) 16,322 |
Restricted funds 2023 £ - 38,909 - 38,909 |
Total funds 2023 £ 2,074 54,562 (1,405) 55,231 |
|---|---|---|---|
16. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge recognised in income or expenditure as an expense was £349 (2023: £268).
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