**Charity number: 1176983**
## **PRECIOUS PEARL**
# **TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022**
## **Report and Accounts for the period ended 31 March 2022**
**CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1176983**
|**PRECIOUS PEARL**||
|---|---|
|**Reports and Accounts**||
|**CONTENTS**||
|Charity Information|1|
|Trustees annual report|2-4|
|Accountant's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to Accounts|8-10|
## **PRECIOUS PEARL Charity Information**
## **Trustees**
Tolu Akinsanmi - Chair Elizabeth Olutoyin Olufunke Dada- appointed 6/5/2022 Akinsola Akinsanmi Olubunmi Omolola Martins-Afolabi Oluronke Olusola Anike Alabi Busola Akintunde- resigned 7/12/2022 Bunmi Folarin- resigned 15/11/2022
**Charity Registration No:** 1176983
## **Registered address**
73 Arnolds Avenue Hutton Brentwood
## **Bankers**
Barclays Bank
## **Accountants**
Toda Consult 19 York Road Northfleet Kent DA11 9PU
Page 1
## **PRECIOUS PEARL**
## **TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2019**
The Trustees submit their annual report and the financial statements of Precious Pearl for the period ended 31 March 2022. The Trustees confirm that the annual report and financial Statements of the church comply with current statutory requirements, the requirements of the church's governing documents and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in March 2005.
## **Structure, governance and management**
## **a. CONSTITUTION**
The charity is constituted as Charitable Incorporated Organisation and registered as a charity on 05 February 2018 and has a registered charity no 1176983
## **b. METHOD 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. Ms Elizabeth Olutoyin Olufunke Dada was appointed on 6 May 2022. Ms Bunmi Folarin resigned on 15/11/2022 and Ms Busola Akintunde resigned on 7/12/2022.
## **c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES**
The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Chair on the powers and responsibilities of the Trustees.
## **d. ORGANISATIONAL STRUCTURE AND DECISION MAKING**
The charity is organised so that the trustees meet regularly to manage its affairs. The day to day administration of the church is managed by the trustees.
## **e. RISK MANAGEMENT**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the church, and are satisfied that systems are in place to mitigate our exposure to the major risks.
## **Objectives and Activities**
## **a. POLICIES AND OBJECTIVES**
The objects of the Charity are: Education/training The Advancement Of Health Or Saving Of Lives Disability The Prevention Or Relief Of Poverty Religious Activities
## **b. WHO THE CHARITY HELPS**
Children/young People Elderly/old People People With Disabilities Other Charities Or Voluntary Bodies The General Public/mankind
## **c. ACTIVITIES FOR ACHIEVING OBJECTIVES**
Makes Grants To Individuals Makes Grants To Organisations Provides Other Finance Provides Buildings/facilities/open Space Provides Services Provides Advocacy/advice/information Sponsors Or Undertakes Research Acts As An Umbrella Or Resource Body
Page 2
## **d. VOLUNTEERS**
The charity is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 4 volunteer hours were provided during the year.
## **Achievements and performance**
## **e. INVESTMENT POLICY AND PERFORMANCE**
The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.
## **Financial review**
## **a. RESERVES POLICY**
## **Reserves Policy**
The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.
## **b. PRINCIPAL FUNDING**
This is provided mainly through voluntary giving of donations by members. Pledges and donations are also taken for specific projects.
Page 3
## **Trustees' Responsibilities in Relation to the Financial Statements**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.
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 these financial statements, the trustees are required to:
a) Select suitable accounting policies and apply them consistently; b) Make judgments and estimates that are reasonable and prudent; c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 1993. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.
## **Approval**
This report was approved by the Board of Trustees and signed on their behalf by:
Signature: _Tolu Akinsanmi_
Name: Tolu Akinsanmi Date: 05/01/2023
Page 4
## **PRECIOUS PEARL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRECIOUS ASSEMBLY**
I report on the accounts of the Trust for the period to 31 March 2022, which are set out on pages 6 to 10.
## **RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER**
As the Charity's Trustees, you are responsible for the preparation of the Account: you consider that the audit requirement of section 43(2) of the Charities Act 1993 ("the Act") does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7) of the Act, whether particular 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 Commissioners. An examination includes a review of the accounting records kept by the Charity and a 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 any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the Accounts.
## **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 any material respect the requirements:
- to keep accounting records in accordance with section 41 of the Act, and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act.
Have not been met: or
2. To which, in my opinion, attention be drawn to enable a proper understanding of the accounts to be reached.
_O G AGBOLA_ **Toda Consult** Accountants and Business Advisers & Consultants 19 York Road Northfleet Kent DA11 9PU Date: 05/01/2023
Page 5
## **PRECIOUS PEARL Statement of Financial Activities for the period ended 31 March 2022**
|Notes
**Incoming Resources**
_Incoming resources from generated funds:_
Voluntary income: donations
2
Other income
objects
**_Total Incoming Resources_**
**Resources Expended**
_Charitable activities_
3
_Governance costs:_
4
**_Total Resources expended_**
**Net Incoming/(Outgoing) Resources for the year**
**Total fund at 01 April 2021**
**Total funds at 31 March 2022 6**|**2022**
Unrestricted
Restricted
Total
£
£
£
1,280
-
1,280
-
-
-|
|---|---|
||**1,280**
-
**1,280**|
||1,259
-
1,259
100
-
100|
||**1,359**
-
**1,359**|
||(79)
-
(79)
173
-
173|
||
**94**
-
**94**|
All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.
Page 6
## **PRECIOUS PEARL Balance sheet as at 31 March 2022**
|**PRECIOUS PEARL**
**Balance sheet as at 31 March 2022**|||
|---|---|---|
|Notes
**FIXED ASSETS**
Tangible Fixed Assets
7
**CURRENT ASSETS**
Debtors
8
Cash in Hand/ Bank
**CREDITORS:**
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS:**
Amount falling due more than a year
**NET ASSETS**
**ACCUMULATED FUNDS**
Restricted
10
Unrestricted
10.1
**TOTAL FUNDS**
Amount falling due within a year|£
-
194|**2022**
£
-|
||||
|||**94**
-|
|||**94**|
|||-
94|
|||**94**|
Approved by the Trustees and Signed on their behalf:
Signature: _Tolu Akinsanmi_ Name: Tolu Akinsanmi Date: 05/01/2023
Page 7
## **PRECIOUS PEARL**
## **Notes to the financial statements for the period ended 31 March 2022**
## **ACCOUNTING POLICIES**
## **1.1 Basis of preparation of accounts**
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for smaller Entities (effective January 2007).The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities" published in March 2005 and applicable accounting standards.
## **1.2 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 which have been raised by the Charity for particular purposes. The cost 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 accounts.
## **1.3 Incoming resources**
These are recognised in full in the Statement of Financial Activities in the period in which they are received Included are income from tithes, offerings, gift aid and interest received during the year from investments and accounted for as restricted or unrestricted-funds.
|**2. Voluntary Income: Donations**
Members donations|**2019**
£
1,280
-|
|---|---|
||1,280|
## **3.CHARITABLE ACTIVITIES- (Direct charitable expenditure Unrestricted)**
This comprises all expenditure directly related to the objects of the charity. It also includes the expenditure in support of that activity where material.
|Welfare expenses
Grant
IT and Website expenses
Admin expenses
**4. GOVERNANCE COSTS**
Legal & professional fees
Depreciation
**4.1 NET MOVEMENT IN FUNDS FOR THE YEAR**
The net movement in funds for the period is stated
after charging
Depreciation of tangible fixed assets
Legal & Professional fees|**2019**
585
300
159
215|
|---|---|
||**1,259**|
||**2019**
-
100
-|
||**100**|
||**2019**
**£**
-
100|
||**100**|
||Page 8|
## **5.DEPRECIATION**
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|Music equipment
**6. FUNDS**
At 01 April 2021
Surplus/(Deficit) for the year
At 31 March 2022
**7. FIXED ASSETS**
**COST**
At 01 April 2021
**Add: Additions**
**Depreciation**
At 01 April 2021
Charge for the year
**At 31 March 2022**
**Net book value**
At 31 March 2021|18%- reducing balance
**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2017**
**£**
**£**
**£**
173
173
(79)
-
(79)
**94**
**-**
**94**
**Musical Instrument**
**Total**
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|
|**8. DEBTORS**
Members' Loan
**9.CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|**2019**
**£**
-|
|---|---|
||-|
||**2019**
**£**
100
-|
||100|
## **10. UNRESTRICTED FUNDS**
These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.
## **10.1 RESTRICTED FUNDS**
Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.
Page 9