THE PENIEL CENTRE Char•ty No. 1202323 Trustees, Report and Unaudited Accounts 31 March 2025
THE PENIEL CENTRE Contents Pages Trustees, Annual Report Statement of Financial Actiwties 3-5 Balance Sheet Notes to the Accounts 8t013 Detailed Statement of Financial Attivities 14to15 Page I
THE PENIEL CENTRE Independent Examlners Report THE PENIEL CENTRE The trustees present their report with the unaudited financial statements of the charity for the year ended 31 Marth 2025. REFERENCE AND ADMINISTRATIVE OAlLs Charlty No. 1202323 Principal Office Unit7&8 New River Trading Estate Fairways Cheshunt EN8 ONJ Trustees The followin8 trustees served (Juring the year.. A. Averkiou C. Ebechldl B. Falegan O.A. Wo8hiren Accountants Ilndependent Examlnadonl 8rayan and Spencer Associates Chartered Certified Accountants 156 Guildford street Chertsey, KT16 9BE Bankers Barclays 8ank 20The Town Enfield EN2 6LS Metro Bank 1-3 Market Chambers Church Street Enfield EN26AA Page 2
THE PENIEL CENTRE Independent Exam5ners Report STRUCTURE, GOVERNANCE AND MANAGEMENT The Peniel Centre is a religious charity governed by its Constitution. The charity is managed by a Board of Trustees who are responsible for setting the charitvs strategic direction and ensuring its effective administration and financial management. The trustees meet regularly to review the charity'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 charity's objectives. Aim5 and Objective5- The principal aim of the charity is to promote the gospel of Jesus Christ, with the overarching goal of advancing evangelical Christian faith both locally and internationally, commencing in Cheshunt. To achieve this, the charity is cornmitted to fulfilling the teachings of Jesus Christ, partitularly ernphasi5ing the tall to make disciples of all nations. This mission is carried out through the systematic preaching and teaching of the 8ospel, alongside intentional mentorship and guidance for believers, equipping them to become devoted followers of Jesus Christ. We pursue our objectives through the following initiatives: Regular Sunday service5 featurin8 themes designed to facilitate spiritual growth amons church members. The cultivation of life.giving communities within small groups, where members are encouraged, supported, and foster healthy personal relationships. Discipleship and lea(Jership trainin8 courses aimed at enhancing operational capacity amongst members. Produrtion ènd disseminètion of gospel content on publit social media platforms. Frequent prayer meetin8s focused on spiritual freedom. breakthroughs, and deepenin8 members, intimacy with God. Communlty outreach pro8rammes. Includin8 dedlcated support for vulnerable adults through our Peniel Care department. Provision of pastoral counselling and support services for church members. Significant Activities.. Annlversary Celebration and Community Engagement In July 2024, we marked our two-year anniversary with a vibrant event attended by over 400 people. Thi5 Social occasion drew many from the local community, including children and young people, who enjoyed a variety of activities such as food and drinks, bouncy castles, face-painting, game5, and other entertainment. As part of our continued commitment to community engagement, we distributed more than 100 hamper5 to vulnerable individuals residing in care and residential homes. In addition, we provided further assistance to the local food bank, extending our support to those most in need within the community- Growth in Attendance and Service Accessibility During the reporting period, we observed a notable IncaSe in in-person attendance at our Sunday services, even though many across the UK continue to prefer participating in church online. To accommodate the needs of all attendees, we also commenced live streaming of our Sunday services. This initiative has provided a flexible option for those unable to join us in person. ensuring our services remain accessible to a wider audience. Page 3
THE PENIEL CENTRE Independent Examlners Report Ongoing Activities and Community Support Throughout the year, we consistently delivered a range of activitie5 designed to support both our church mernbers and the wider comrnunity- Regular Church Activities: Sunday morning services were held at the Goffs Churchgate Academy in Cheshunt, catering for adLJIts, youth, and children. These gatherings provided an opportunity for worship, teachin& and fellowship for all age groups. Weekly Small Group meetings took place on a hybrid b3sis, with some groups meeting in homes and others joining online. This Ilexible approach enabled greater participation and fostered a sense of community among members. Friday prayer meetings were conducted at the Goffs Churchgate Academy in-person, with some sessions also available online via Zoom. These meetings focused on communal prayer and spiritual support. Leadership and volunteer training was provided to equip individuals for service and nurture the ongoing development of the church's activitie5. Pastoral counselling and support were offered to members, ensuring their emotional and spiritual needs were addressed throughout the year. Support for Members and the WiderCommunity= We provided relief to individua15 and families facing emergencies. offering assistance with accommodation, food, travel, and support for home-related ch3llenges. Additional support was extended to the elderly and vulnerable residents in care and residential homes throughout our community. ensuring they remained connected and cared for during difficult times. These activities have dirertly contributed to achieving our charitable objertives. In implementing these inltiatives, the Trustees have been mindful of and adhered to the Charity Commission's guidance on publlc benefit. Achievement and Perfom)ance Overview of Activities: The actlvlties outlined above have played a vital role in enabling the charity to fulfil its objectlves. Through these initiatives, the charity has consistently delivered services that benefit the wider public, reflerting its commitment to community support and engagement. lrnpact on the Church and Community.. During the reporting period, our Svnday services. prayer meeting5. and evangelistic outreach efforts have contributed significantly to the church's growth. This is demonstrated by an increase in attendance. both in- person on Sundays and online. The commitment of our members. Particularly in maintaining their financial contributlOn5, has ensured the charity's ongoin8 viability and allowed u5 to continue our service to the community. Page 4
THE PENIEL CENTRE Independent Examlners Report FINANCIAL REVIEW The charity's principal funding sources are donations. Total income for the year amounted to £255,892 while total expenditure wa5 £159,879. The charity ended the financial year with net a55et5 of £256,374, which will be used to support our ongoing 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 of trustees. responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generallv Accepted Accounting Practice). The trustees are responsible for keeping proper accountin8 records that 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 Charitie5 Act 2011. the applicable Charlties (Accounts and Reports) Regulations. and the provlslons of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. Slgned on behalf ol the charity's trustees C. Ebechidi Trustee 30 january 2026 Page 5
THE PENIEL CENTRE Statement of Financial Activlties for the year ended 31 March 2025 Unrestricted funds Totsl fvnds Total funds 2025 2025 2024 Notes Income and endowments from: Donations 202,441 51.706 1,745 202,441 51.706 1.745 176,041 33.255 787 Gift Aid Investment5 Ilnterest only) Total 255.892 255.892 210.3 Empendlture M: Other 159,879 159,879 115,933 Totsl 96.013 96.013 94,150 Net gains on investments Net Income 96.013 96.013 94,150 Transfers between lunils Net Income before other galns11105ses1 96,013 96,013 94,150 Other 8alns and losses Net movement Sn funds 96,013 96,013 94,150 Reconclllatlon of funds: Total funds brought foNard 159.861 159,861 6S,711 Total funds carrled forward 255,874 255,874 159,861 Page 6
THE PENIEL CENTRE Balance Sheet at 31 March 2025 Charity No. 1202323 2025 2024 Fixed assets Tangible assets 41.094 41.094 22,684 22,684 Current assets Debtors Cash at bank and in han 396 216,103 225,703 110,9231 141,154 141,550 143731 Credltors: Amount falling due within one year Net current assets 214,780 137,177 Total asset5 less current Ilabllltles 256,903 159,861 Net assets ex¢ludln8 penslon asset or Ilablllty 255,874 159,861 Total net assets 255.874 159,861 The funds of the char5ty Restrlcted funds Unrestrlrted funds General fund5 Designated funds io 65.711 190.163 65,711 94,150 255,874 159,861 Reserves io Total funds 255,874 159,861 Approved by the trvstees on 2>9eeem And signed on their behalf by: C. Ebechid Trustee 30 January 2026 Page 7
THE PENIEL CENTRE Notes to the Accounts for the year ended 31 Mar¢h 2025 l Accountlng pollcles 8a5is of preparation The financial Statements have been prepared in accordance 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 Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. ChanBe In basls of a¢¢ouniln8 or to prth4ous accounts There has been no change to the accounting policies (valuation rules and method of accounting) sin last year and no changes have been made to accounts for previous years. Fund a¢countln8 Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objerts of the charity. These are unrestricted funds eamiarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is inclvde(J in the Ststement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually 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 gr5 in the SOFA. Donation5 and legacies Voluntary income received by way of grants. donation5 and gifts 15 included in the 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 gift5 Bift/donation 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 8$onablY quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This 15 included in the accounts when receivable. Gains/llossesl on This includes any gain or loss resulting from revaluing investments to market value revalLJation of fixed at the end of the year. assets Gainslllossesl on investment assets This includes any gain or loss on the sale of investments. Page 8
THE PENIEL CENTRE Notes to the Accounts Expenditure Recognition of expenditure Expenditure 15 recognised on an accruals basis. Expenditure includes any VATwhich cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of it5 activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for rants that have been approved bythe 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, costs linked to the strategic management of the Charity, together with a share of oiher administration costs. These are support costs not allocated to a particular activity. Governance costs Other expenditure Taxatlon The charity is exempt from tax on its charitable artivities. Tanglble fixed assets and (kpreclatlon Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lile.. Motor Van Othei Assets 20% Straight Line 25% Strai8ht Line Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciate(J. All gains or losses are taken to the Statement of Financial Artivities as they arise. Stocks 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 items on the open market. Trade and other debtors Trade and other debtor5 are Tecognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. demand deposits with bank5 and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial posltion, bank overdrafts are shown within borrowings or current liabilitie5. 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 9
THE PENIEL CENTRE Notes to the Accounts Trade and other ¢reditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has 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. Creditors and provisions are nom)ally recognised at their settlement amount after allowin8 for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Forei8n currencles Monetary a5set5 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 exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters Into a lease whlch entails taking substantially all the risks and rewards of ownership of an asset, the lease 15 treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the InceptSon of the lease or, If lower, at the present value of the mlnimum lease payments. 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 obligation so as to achieve a constant rate of interesi on the remaining balance of ihe 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 straight-line ba515 over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduttion of rental expense on a 5traight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pay5 fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised 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. fadlltles and servlces All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 10
THE PENIEL CENTRE Notes to the Accounts 2 In¢ome from donations and legacies Unrestricted Totsl Total 2025 2024 Donations Gift Aid 202,441 51,7 202,441 51,706 176,041 33,255 254.147 254,147 2(B,296 3 Income from Investments Unrestricted Total Total 2025 2024 Interest Received only 1,745 1,745 787 1.745 1,745 787 4 Other expendlture Unre5trlcted Total Total 2025 2024 Employee costs Motor and travel costs 57.876 57,876 40,354 1,518 32,422 1,691 32,799 1,691 32,799 Premises costs Amortisation, depretiation, impalrment, profitlloss on disposal of fixed assets General administrative costs 12,290 12,290 52,313 52,313 30,059 2,1(XJ 115,933 Legal and professional costs 159,879 159,879 5 Net Income before transfers 2025 2024 This is stated after charging.. Depreciation of owned fixe(13ssets 6 Staff costs 12,290 2025 2024 Salaries and wages Social security costs Pension costs 46,Sll 6,377 2.627 55,515 35.354 3,376 839 39,569 No employee received emoluments in excess of £60.(. Page 11
THE PENIEL CENTRE Notes to the Accounts 7 TanBible fixed assets Motor Van Other Assets Total Cost or revaluation Additions At 31 March 2025 13.440 13.440 49,179 49.179 62,619 62,169 Depre¢lation and Impalrment Depreciation charge for the year At 31 March 2025 6,720 14,805 21,525 6.720 14.805 21.525 Net book values At 31 March 2025 6,720 34.374 41.094 8 Debtor&' 2025 2024 Trade debtors 3% 396 9,600 9 Credltors: amounts falling due within one year 2025 2024 Other taxe5 and social security Other creditors 3.974 6.949 10,923 975 3,398 4,373 Page 12
THE PENIEL CENTRE Notes to the Accounts 10 Movement in funds Incomlng resources At31 March 2025 (including other At l April galnsllosses 2024 Resour¢es expended Restrlcted funds: Unrestrlcted funds: General fvnds 65,711 65,711 General Funds 94,1) 255,892 1159,8791 1159,8791 190.163 Total 94.150 255.892 255.874 Total fvnds Purposes and restrictions In relation to the funds: Designated funds.. General Funds 11 Analysls of net assets between funds Unrestrlcted funds Total Fixed assets 41,094 215,280 41,094 215,280 Net current assets 12 Recon¢llla¥on of net debt At31 Mar¢h 2025 At l Aprll 2024 Cash flows Cash and cash equivalents 141.154 141.154 74.949 74.949 216,103 216,103 Net debt Penslon commltments The pension c05t charge to the chartty 2025 2024 amounted to.. 839 Page 13
THE PENIEL CENTRE Detailed Statement of Flnancial Actlvltles for the year ended 31 March 2025 Unrestricted fund5 2025 Totsl funds 2025 Total funds 2024 In¢ome and endowments from: Donations and legacies Donations GrftA( 254.147 254,147 254,147 254,147 203,296 209,296 Investments Interest Receive onlv 1,745 1,745 787 1,745 1,745 787 Total Income and endowments 255.892 255,892 210,083- Empendlture on: Employee costs Salaries/wages Directors, remuneration Employer's NIC Pension costs 19.450 29.050 4,390 2.627 2.361 57,878 19,450 29.050 4,390 2.627 2,361 57,878 18,012 17,342 3,376 839 Staff trainin8 78S 40,354 Motor and travel cost5 Vehicles- General costs Travel and subsistence 1.420 271 1,420 271 1,691 1,418 IN) 1,691 1,518 Premises costs Rent 29,195 29,195 30,239 928 Rates Light, heat and power 1,255 32,422 32,799 32,799 General administrative costs. including depreciation and amort15ation Advertising & PR Depreciation of Motor Van Depreciation of Other Assets Pastoral & Community support Bank charges 1.5 3,360 8,930 2,570 1.602 1.500 3,360 8,390 2,570 1,602 3,360 4,620 2,011 1,377 F111 Equipment expensed Equipment leasing and hire charges Hospitality & Catering General insurances 73 73 1,083 581 3.864 2,751 1,845 3.864 2,751 1,845 4,629 2,314 1,668 Information and publications Postage and couriers Stationery and printing 6,641 Page 14
THE PENIEL CENTRE Detailed Statement of Flnanaal Actlvltles Unrestritted funds 2025 Total funds 2025 Totsl funds 2024 Subscriptions Sundry expenses Telephone, fay and broadband Repairs 726 71x1 399 10,136 1,539 21.613 64.511 10,136 1,539 21,613 64,511 7,582 1,766 39,539 Legal and professional costs Actountanty antl bookkeermng Independent Examination Fees 1,5(N) 1.sc 1,500 1,5(N) 2,1(X) Total of empendlture of other costs 159,879 159,879 115,933 Total expendlture 159,879 159,879 115,933- Net gain5 on investments Net Income 96,513 96,513 94,150 Net Income before other galnslllossesl 96,013 96,013 94,150 Other Gains Net movement Sn funds 96.013 96.013 94,150 Reconclllatlon of funds: Total funds brought forward 159.861 159.861 65,711 Total fvnds carrled forward 2SS.874 255,874 159,861 Page 15
Inde endent Examinerfs Re The Peniel Centre ort to ihe Trnsiees of Independent C&m]ner'S report to the tru5t¢es of The Peniel Cent I report to the chariry trusiees on my examinaiion of the accounts of The Peniel Centre for the year ended 31 March 2025. Responsibilities and basis of report As the Charil}' Trustees. N'ou are responsibl¢ for the pr¢pwdtion of the ac¢ounts in accordance wid) th¢ requir¢ments of di¢ Charities Aci 20111'th¢ Aci,). I report in respect of my examination of the Charitie5' accounts carried out under Section 145 of the Act and in caryii)g out niy examination I have followed all applicable Direclions given by the Charity Comtnission uiider Section 145{5)Ibl ofthe Act. Independent examiner'5 Statement I have conipleled mv exaniinaiion. I confirm ihal no mat¢rial matt¢r5 hav¢ ¢om¢ lo my atl¢ntion in coniie¢tion with the examination giving me eause 10 believe ihai in any material respeci= accounting records were noi kept in respect of the Trusi as required by Sttiion 130 ofthe Aci.. or the aLcount5 do not aecord w ith those records: or the acLounts do lloi Lornply wilh the applicable requirements concerning the fomi and tonient of accounts sei oul ii) the Charities IAcLOUTit5 and Reports) Regulations ?(M)8 other ihan an). requirerneni ihai ihe aeLouiiiS ¥ive a irue and fair view whieh is noi a maller considered &% part of an independeni examinaiion. I have no concems and have come across no other mailers in conneciion 1th the examination to which aiieniion should be drawn in this report io enable a proper understanding ofihe accounts io be reached. PAT SHARMA The AssoLiaiion of Chartered Certified Accountants 3010112026