THE PENIEL CENTrE Charity No. 1202323 Trustees, Reikn and Unaudited Accounts 31 March 2024
THE PENIEL CENTRE Contents Pages 3-6 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts IOto15 Detailed Statement of Financial Activities 16to17 Page I
THE PENIEL CENTRE Trustees Annual Report THE PENIEL CENTRE The tru5tee5 present their report with the unaudited financial 5tstements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DEfAIL5 Charity No. 1202323 Principal Office Unit7-8 New RiverTrading Estate Fairway5 Cheshunt EN8 ONI Trustees The following trustees served during the year. A. Averkiou C. EbechSdi B. Falegan O.A. Woghiren A¢countant5 ENO Accountants Limited Kemp House 152- 160 City Road London ECIV 2NX Bankers Barclays Bank 20 The Town Enfield EN2 6LS Metro Bank 1-3 Market Chambers Church Street Enf1eld EN26AA Page 4
THE PENIEL CENTRE Trustees Annual Report STRUCTURE, GOVERNANCE AND MANAGEMENT The Peniel Centre is a religious charity Eovemed by its Constitution. The charity is managed by a Board of Trustees who are responsible for setting the ¢hariVs strate8i¢ dirertion and ensuring its effective administration and financial management. The trustees meet regularly to review the charitS activities. finances. and compliance with legal obligations. New trustees are appointed in accordance with the governing document. with appropriate induction and training provided to ensure they understand their responsibilities and the charit¢s objectives. OBJECTIVES AND ACTIVITIES The purpose of the charity as set out in its govefning document is to promote the gospel of jesus Christ and thereby advance the evangelical Christian faith worldwide starting from Cheshunt. We aim to achieve thi5 bv following the commands of Jesus Christ to make disciples of all people via preaching and teaching of the gospel message and mentorinB believers to become disciples of jesu5 Christ. To do this.. l. We hold re8ular Sunday seNices with themes strategically designed to help church members grow in the faith. 2. We build life-giving communities in sm3118roups where members are connected, encouraged, cared for and develop healthy personal relationships. 3. We run and produce gospel contents for the public on our social media platforms. 4. We hold regular prayer meetin85 for freedom. breakthroughs, and to help member5 grow in intimacv with God. 5. We run outreach events to the community including support for vulnerable adults in the communitv through out Peniel Care department. 6. We provide pastoral counselling and support for church members. ACHIEVEMENTS AND PERFORMANCE In July 2023 we celebrated our one-year anniversary with over 450 people in attendance. This was a great social event that attracted many people from the community including children and the youth who enjoyed food, drinks, bouncy castles, face-painting, games and other fun activities. Within the period in view, we have experienced a numerical increase in the in-person attendance to our Sunday services despite many people in the UK still favoring online church attendance. We also started steps towards live-streaming of our Sunday 5ervice5 to provide options for those who are unable to attend in-person. Throughout the year. we continue to provide the following activities.. l. Sunday morning services at the Goffs Churchgate Academy in Cheshunt for adults, youth and children. 2. Weekly Small Group meetings on a hybrid basis. in homes and online. 3. Friday prayer meeting5 at the Goffs Churchgate Academy in-person, and sometimes online via zoom 4. Leadership and volunteer training Page 5
THE PENIEL CENTRE Trustees Annual Report The charity also continued to support church members and people from the community through.. l. Giving relief to people and families in need of emergenry assistance to help with accommodation, food, travel and home emergencies. 2. Providing support to the elderly and vulnerable in care and residential homes around our community. The above artivities have contributed to the achievement of our objertives and in considering the activities, the Trustees have given regard to Charity Commissions Euidante on public benefit. FINANCIAL REVIEW The charitws principal funding sources are donations. Total income for the year amounted to £210.083 while total expenditure was £115,933. The charity ended the financial year with net a55ets of £159,861, which will be used to support our on80ing and future programs. Reserves Policy.. The trustees aim to maintain reserves equivalent to three months of operational costs to ensure stability and continuity of activities. Statement ol trustees, responslbilltles In relatlon to the financial ststements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generallv Accepted Accountlng Practice). The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statement5 comply with the Charities Act 2011. the applic3blÈ Charitiès IAccounts and Rèports) Regulations. and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees C. Ebechidi Trustee 23 December 2024 Page 6
THE PENIEL CENTRE Independent Examiners Report Independent Examinefs Report to the trustees of THE PENIEL CENTRE I report to the trustees on my examination of the financial statements of THE PENIEL CENTRE for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111.the Act'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent emaminer's statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. the accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the financial statements do not accord with those records; or the financial statements Ilo not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reportsl Regulation5 2CK)8 other than any requirement that the financial statements give a 'true and fair, view which is not a matter ¢onsidered 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 thi5 report in order to enable a proper understanding of the financial statements to be reached. Eunice Onyema Association of Chartered Certified Accountants IACCAI ENO Accountants Limited Kemp House 152- 160 City Road London ECIV2NX 16 December 2024 Page 7
THE PENIEL CENTRE Statement of Financial Actlvitles for the year ended 31 March 2024 Unrestrirted fund5 Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations 209,296 787 209,296 787 Investments Total 210,083 210,083 Expenditure on: Other 115,933 115,933 Total 115,933 115,933 Net gains on Investments Net income 94.150 94,150 Transfers between funds Net 5n¢ome before other 8alns111055e51 94,150 94,150 Other galn5 and losses Net movement In fund$ 94.150 94,150 Recon¢lllat5on of fvnds: Total funds brought fonvard 65,711 65,711 65,711 Total funds carrled forward 159,861 159,861 65,711 Page 8
THE PENIEL CENTRE Balance Sheet at 31 March 2024 Charlty No. 1202323 2023 Flxed assets Tangible a55ets 22,684 22,684 Current assets Debtor5 Cash at bank and in hand 396 141,154 141,550 14,3731 137.177 65.711 65,711 Credltors: Amount falling due within one year Net current assets 65.711 Total assets less current Ilabllltles 159,861 65,711 Net assets excluding penslon asset or liabllty Total net assets 159.861 65,711 159.861 65,711 The funds of the charlty Restrlcted fvnds Unrestricted funds General funds Designated funds io io 65.711 94.150 65,711 159.861 65,711 Resernies io Total funds 159.861 65,711 Approved by the trustees on 23 December 2024 And signed on their behalf bv: C. Ebechidi Trustee 23 December 2024 Page 9
THE PENIEL CENTRE Notes to the Accounts for the year ended 31 March 2024 l Accounting policies Basls of prepar*lon The fin3n¢ial statements have been prepared in 3¢cord¥n¢e with Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reportin8 Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change In basls of a¢¢ountlng or to prevlous accounts There has been no change to the accounting policies Ivalvation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund attountln8 Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestrirted funds which include a revaluation reserve representing the restatement of investment è5sets at their market valves. These are available for use subject to restrictions imposed by the donor or through terms of on appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activitie5 ISOFAI when the charity become5 entitled to, and virrually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in ihe SOFA. Donations and legacies Voluntary income received by way of grants. donations and gifts is included in the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts giftldonation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteers help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This includes any gain or10ss resultin8 from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment assets This includes any gain or loss on the sale of investments. Page 10
THE PENIEL CENTRE Notes to the Accounts Expenditure Recognition of expenditure Expenditure is re¢ogni5ed on an actrua15 ba515. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relate5. These comprise the costs associated with attracting voluntary income. fundraising trading costs and investment management costs. These comprise the costs incurred by the Charity in the delivery of its artivities and seNices in the furtherance of its objects. including the making of grants and governance costs. Expenditure on raising funds Expenditure on charitable activities Grants payable All grant expenditure is accounted for on an actual paid basis plus an actrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity. including any auditlindependent examination fees, t05t5 linked to the strategic management of the Charity, together with a share of other administration cost5. These are support costs not allocated to a particular artivity. Governance Costs Other expenditure Taxatlon The charlty is exempt from tax on its Charitable activities. Tan8lble flxed assets and depreclatlon Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.. Motorvan Other Assets 21)% stTaiBht Line 25% Straight Line Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or10sses are taken to the Statement of Financial Activities as thev arise. Stock5 Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the item5 on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at thè amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalent5 comprise cash at bank and on hand, demand dep051t5 Wlth banks and other short-term highly liquid investments with original maturities of three months or less and bank overdraft5. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 11
THE PENIEL CENTRE Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity ha5 a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exehan8e differences are taken into account in arrivin8 at net incomelexpenditure. Leased assets Where the charity enters into 3 lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operatin8 leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payment5. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obli8ation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised Immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a strai8ht-line basis over the lease term. In the event that lease incentives are received to enter inlo operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a strai8ht-line ba51S. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no ftjrther payments obli8ations. The contributions are recogni5ed as expenses when they fall due. Amounts not paid are Shown in accrua15 in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Recelpt of donated goods, facllltles and seThices All donated good5, facilities and services received are recognised within incoming resource5 and expenditure at an estimate of the value to the charity. Page 12
THE PENIEL CENTRE Notes to the Accounts 2 Income from donations and legacie5 Unrestricted Total Total 2024 2023 Donation5 from members 209,296 209,296 209,296 209,296 3 Income from Investments Unrestricted Total Total 2024 2023 Interest Received 787 787 787 787 4 Other empenditure Unrestrfcted Total Total 2024 2023 Employee costs Motor and travel costs 40.354 1,518 32,422 40,354 1,518 32,422 Premises costs AmortlS3tion, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 9,480 9,480 30.OS9 30,059 2,IC 115,933 Legal and professlonal costs 2.IC(I 115.933 5 Net Income before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 6 Staff costs 7.980 20Z4 2023 Salaries and wages Social security costs Pension costs 35.354 3,376 839 39.569 No employee received emoluments in excess of £60.C((J. Page 13
THE PENIEL CENTRE Notes to the Accounts 7 Tangible fixed assets Motor Van Other Assets Total Cost or revaluation Additions At 31 March 2024 13,440 13.440 17,224 17,224 30,664 30,664 Depreciation and Impalmient Depreciation charge for the year At 31 March 2024 3.360 4,620 7.980 3,360 4,620 7,980 Net book values At 31 March 2024 8 Debtors 10,080 12,604 22,684 2024 2023 Trade debtors 396 396 9 Credltors: amounts fallin8 due within one year 2024 2023 Other taxes and social security Other creditors 975 3.398 4,373 Page 14
THE PENIEL CENTRE Notes to the Accounts 10 Movement in funds Incomlng resources At31 (including other Resources March expended At l April 8alnslk)sses 2024 Restricted funds: Unrestricted funds: General funds 65.711 65,711 General Funds 210.083 1115.9331 1115,9331 94,150 Tott71 210,083 94,150 Total funds Purposes and restrlctlons In relatlon to the funds: Designated funds: General Funds 11 Analysls of net assets between funds Unrestrlcted funds Totsl Fixed assets Net current assets 22,684 137.177 22,684 137,177 12 Reconclllatlon ol net debt At31 March At l Aprll Cash flow5 2024 Cash and cash equivalents 65.711 65.711 75,443 75.443 141,154 141.154 Net debt Penslon commltments The pension cost charge to the charity 2024 2023 amounted to- Page IS
THE PENIEL CENTRE Detailed Statement ol Flnancial Activltles for the year ended 31 March 2024 Unrestrlcted funds Total funds 2024 2024 Total funds 2023 Income and endowments from: Donations and legacies Donationsfrom members 209.296 209.296 209.296 209.296 Investments Interest Received 787 787 787 787 Total income and endowments 210.083 210.083 ExpendItU on., Employee costs Salarie5/wa8e5 Directors, remuneration Employer's NIC Pension costs Staff trabning 18.012 17.342 3,376 839 785 18.012 17.342 3,376 839 785 40.354 40,354 Motor and travel costs Vehitles- General costs Travel and subsistence 1,418 Ic(J 1,418 IDJ 1.518 1,518 Premises costs Rent Rates Light. heat and power 30,239 928 30,239 928 1.255 32,422 1.255 32,422 General administrative ¢osts, including depreciation and amortisation Advertising & PR Depreciation of Motor Van Depreciation of Other Assets Pastoral & Community Support Bank charges Equipment expensed Equipment leasing and hire charges Hospitality & Catering General insurances Information and publications Postage and couriers Stationery and printing 3.360 4,620 2.011 1,377 1,083 581 3,360 4,620 2.011 1,377 1,083 581 4.629 2,314 1.668 4.629 2,314 1.668 6.641 6.641 Page 16
THE PENIEL CENTRE Detailed Statement ol Flnancial Artivltles Unrestrirted funds Total funds Total funds 2024 2024 2023 Subscriptions Sundry expenses Telephone, fax and broadband 399 399 7,582 1.766 39.539 7,582 1.766 39.539 Legal and professional costs Accountancy and bookkeeping Independent Examination Fees 2.1 2.100 Total of expenditure of other costs Total expenditure Net gains on investments 115,933 115,933 115,933 115,933 Net Income 94.150 94,150 Net Income beforeother Balnslllossesl 94,150 94,150 Other GaSns Net movement In funds 94.150 94.150 Reconclllatlon of lunds: Total funds brought forward 65,711 65,711 65,711 Total funds Carrled f¢Thward 159,861 159,861 65,711 Page 17