Charity number: 1176983
PRECIOUS PEARL
TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
Report and Accounts for the period ended 31 March 2025
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 Akinsola Akinsanmi Olubunmi Omolola Martins-Afolabi Oluronke Olusola Anike Alabi
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 2025
The Trustees submit their annual report and the financial statements of Precious Pearl for the period ended 31 March 2025. 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.
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:
Page 4
PRECIOUS PEARL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRECIOUS PEARL
I report on the accounts of the Trust for the period to 31 March 2025, 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:
-
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
- 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:
Page 5
PRECIOUS PEARL
Statement of Financial Activities for the period ended 31 March 2025
| 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 2024 Total funds at 31 March 2025 6 |
2025 2024 Unrestricted Restricted Total Total £ £ £ £ 2,276 - 2,276 1,754 - - - - |
|---|---|
| 2,276 - 2,276 1,754 |
|
| 2,158 - 2,158 1,648 100 - 100 100 |
|
| 2,258 - 2,258 1,748 |
|
| 17 - 17 5 - - - - |
|
17 - 17 5 |
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 2025
| PRECIOUS PEARL Balance sheet as at 31 March 2025 |
|
|---|---|
| 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 |
£ - 50 |
Approved by the Trustees and Signed on their behalf:
Signature: Tolu Akinsanmi Name: Tolu Akinsanmi Date:
Page 7
PRECIOUS PEARL
Notes to the financial statements for the period ended 31 March 2025
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 | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Members donations | 2,276 | 1,754 |
| - | - | |
| 2,276 | 1,754 | |
| 3.CHARITABLE ACTIVITIES- (Direct charitable expenditure Unrestricted) | ||
| This comprises all expenditure directly related to the objects of the charity. It also | includes th | |
| in support of that activity where material. | ||
| 2025 | 2024 | |
| Welfare expenses | 1,078 | 358 |
| IT and Website expenses | 506 | 328 |
| Travelling | - | 130 |
| Admin expenses | 28 | 148 |
| Social responsibility expenses | 545 | 685 |
| 2,158 | 1,648 | |
| 4. GOVERNANCE COSTS | ||
| 2025 | 2024 | |
| - | - | |
| Legal & professional fees | 100 | 100 |
| Depreciation | - | - |
| 100 | 100 | |
| 4.1 NET MOVEMENT IN FUNDS FOR THE YEAR | ||
| 2025 | 2024 | |
| The net movement in funds for the period is stated | £ | £ |
| after charging | ||
| Depreciation of tangible fixed assets | - | - |
| Legal & Professional fees | 100 | 100 |
| 100 | 100 |
This comprises all expenditure directly related to the objects of the charity. It also includes the expenditure in support of that activity where material.
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 2023 Surplus/(Deficit) for the year At 31 March 2024 7. FIXED ASSETS |
18%- reducing balance Unrestricted Restricted Total Total Funds Funds Funds Funds 2025 2024 £ £ £ £ 67 - 67 - 73 - 17 - 17 5 |
|---|---|
| (50) - (50) (67) |
|
| COST At 01 April 2023 Add: Additions At 31 March 2024 Depreciation At 01 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 |
Musical Instrument Total £ £ - - - - |
|---|---|
| - - - - - - - - - - |
| 8. DEBTORS Members' Loan 9.CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2025 2024 £ £ - - |
|---|---|
| - - |
|
| 2025 2024 £ £ 100 100 - - |
|
| 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