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 charit￿S 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