The Pentecostal Credit Union Ltd - 37th Annual General Meeting

37th Annual General Meeting
The Pentecostal Credit Union Ltd
from 6pm, 11 March 2017
venue Tooting Neighbourhood Centre
28 Glenburnie Road London SW17 7PJ
The Pentecostal Credit Union is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority (FRN 213242).
The Pentecostal Credit Union Limited
15 Oldridge Road
Balham
London SW12 8PL
Phone 020 8673 2542
Email info@pcuuk.com
www.pcuuk.com
/pentecostalcreditunion
@PentecostalCU

AGM agenda
1. Welcome
2. Prayer
3. Hymn: How Great is Our God
4. Scripture: 1 Chronicles 29:11:13
5. Apologies
6. Minutes of last AGM: 19 March 2016
7. Matters arising
8. Directors’ report
9. Presentation from the Youth Shadow Board
10. Bank charges
11. Loan report
12. Audit Committee report
13. Nominations for the Board
14. PCU Financial Statements
• Directors’ report and recommendation of dividend
• Independent auditors’ report
• Accounts
15. Appointment of auditor
16. Raffle
17. Closing: A word from the founder – Rev. Carmel Jones
18. Hymn
19. Close in prayer

2
Prayer: St Francis of Assisi
Lord, make me an instrument of Thy peace;
Where there is hatred, let me sow love;
Where there is injury, pardon;
Where there is error, truth;
Where there is doubt, faith;
Where there is despair, hope;
Where there is darkness, light;
And where there is sadness, joy.
O Divine Master, Grant that I may not so much seek
To be consoled as to console;
To be understood as to understand;
To be loved as to love.
For it is in giving that we receive;
It is in pardoning that we are pardoned;
And it is in dying that we are born to eternal life.

3
How Great is Our God
The splendour of the King,
Clothed in majesty
Let all the earth rejoice
All the earth rejoice
He wraps himself in Light,
And darkness tries to hide
And trembles at His voice
Trembles at His voice
How great is our God, sing with me
How great is our God, and all will see
How great, how great is our God
Age to age He stands
And time is in His hands
Beginning and the end
Beginning and the end
The Godhead Three in One
Father Spirit Son
The Lion and the Lamb
The Lion and the Lamb
Name above all names
Worthy of our praise
My heart will sing
How great is our God
How great is our God, sing with me
How great is our God, and all will see
How great, how great is our God

4
Scripture:
1 Chronicles 29: 11-13
Thine, O Lord, is the greatness, and the power, and the glory, and the
victory, and the majesty: for all that is in the heaven and in the earth is
thine; thine is the kingdom, O Lord, and thou art exalted as head above
all. Both riches and honour come of thee, and thou reignest over all; and
in thine hand is power and might; and in thine hand it is to make great,
and to give strength unto all. Now therefore, our God, we thank thee,
and praise thy glorious name.

5
Held on Saturday 19 March 2016
at 28 Glenburnie Road, London SW17 7JP
Directors present
Leslie Laniyan (Chair)
Chona Labor (Vice Chair)
Patricia Toussainte (Secretary)
Tracey Connage (Director)
Lorna Lynch (Director)
Michael Mathura (Director)
Ann Waugh (Chair, Audit Committee)
Staff in attendance
Mr S Bowes (CEO)
Ms L Humphris (Loans and Business Administrator)
Ms E Bowes (Executive Assistant and Minute Taker)
Minutes of the 36th Annual General
Meeting of the Pentecostal Credit Union
Welcome
The AGM convened at 6.30pm. Mr Leslie Laniyan, the Chair of the PCU,
presided over the meeting and welcomed the members.
Prayer, hymn and scripture reading
Mrs Tracey Connage facilitated the
'praise and worship' opening
session. She read the prayer of
St Francis of Assisi, led the
membership in the hymn –
‘Standing on the Promises’
and read the scripture
Psalm 16: Vs. 8-11.
Apologies
Apologies were received from:
• Rev. Verona Richards – Director
• Ms Veronica Palment
• Rev. Geoffrey Folkes

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Minutes of the last meeting
Mrs Patricia Toussainte, Secretary of the credit union, read the minutes of
the last meeting.
Ms Veronica O'Connor noted an error in the date recorded for the dividend
payment. This should read 2013-14 and not 2014-15. This was accepted
to be rectified.
Mrs Johnson proposed that the minutes be accepted as a true record of
events.
Mrs Douglas seconded the proposal. The minutes were accepted with no
further changes or challenges.
Matters arising
The Credit Union Expansion Project (CUEP)
Mr Bowes updated the AGM on this government-sponsored scheme to
modernise the credit union sector in the UK. He informed the meeting
that CUEP is a 10-year scheme. PCU are due to begin transformation in
August 2016.
Through CUEP, all 40 participating credit unions will share a core banking
platform and a common computer system. They will also share best
practice, knowledge and data. The project has a series of targets, which
each credit union has to meet. There will be new, improved products
and services that everyone will benefit from.
Mr Howard Johnson suggested that CUEP might be a means for the
government to check on the financial dealings of credit union members.
Mr Bowes assured him that this was not the case. Each credit union is
autonomous and will have its own unique system within the common
platform. Members’ personal data will not be shared with anyone.
The purpose of CUEP is to modernise the credit union sector and to make
credit unions more attractive to the population as a whole and especially
to younger people. Credit unions only report to the government – HMRC
– on accounts with levels of dividend payments in excess of £250 and
this is only reporting. No other details are shared.

7
Directors’ report to the membership
Mr Chona Labor, Vice Chair of the credit union, presented the Directors’
Report.
After playing the PCU promotional video – Sun in Rain – he highlighted
the following:
Strategic objectives
• Growth, renewal and improvement are the PCU’s strategic objectives
to September 2017.
• As well as revising existing targets, new targets were set this year in
the areas of lending, shareholding and income.
• The rate of membership has more than doubled, with an average of
12 new members per month.
Marketing
• The PCU has adopted a dynamic and multi-faceted marketing strategy.
• Social media channels Facebook, Twitter, YouTube and LinkedIn have
helped to raise our profile and increase awareness of the PCU brand.
The PCU YouTube channel, in particular, showcases our work through
video.
• The PCU is about to embark on a series of promotional Roadshows.
A new office
• The refurbished offices are now operational.
• The formal office opening is planned for April 2016. It will be
officiated by Bishop Delroy Powell and opened by the Deputy Mayor
of Wandsworth.
Developing our young people
• The PCU has plans to establish a Youth Shadow Board (YSB).
• The YSB will consist of young savers aged 11-18 years.
• Members were encouraged to support and promote the initiative.

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PCU Shares
• The PCU is now publishing a quarterly newsletter.
• The first edition was recently circulated to all members.
• PCU Shares enables the PCU to keep in touch with its members and
raise the profile of the organisation.
35th anniversary celebration
• On 6 June 2015, we hosted a gala dinner and gospel show to celebrate
our 35th anniversary.
• It was a resounding success, with over 300 guests attending and ‘A
list’ gospel artists performing.
• The anniversary celebration was held to celebrate the great achievements
of this credit union, to honour the founding members, to mark the
history and success of black enterprise in the UK and, most importantly,
to promote the credit union, raise our profile and increase our
membership. The event helped to do all of those things.
Welcome to
our new
newsletter
We hope you like our new
newsletter, which is designed to
share our news, give you lots of
information about our services –
and invite you to join us as a
volunteer.
The newsletter is part of our
transformation plans for PCU over
the coming year. It will allow us to
keep you up to date and pass on
useful information.
Leslie Laniyan
Chair of the PCU Board
Bright new office
(& new services on the way)
The refurbishment of our Balham offices is now complete,
giving us a brighter reception area and better spaces for
our staff and meetings.
pcushares
March 2016
Our newly updated offices reflect the
way we’re working to transform the
entire business – to provide our
members with a modern, accessible
service that better meets their needs.
On 14 April, we will hold a small
opening event. Bishop Delroy Powell
from the New Testament Assembly will
lead a service to re-dedicate the building
and the credit union to the ministry
of providing financial services to the
Pentecostal faith community in the UK.
Inside
Meet PCU’s staff 2
Church Credit Champions
Network 2
Become a PCU Ambassador 3
Involving young people 3
Tips to stay on top of your
finances 3
Focus on: Our YouTube channel 4
News from the Pentecostal Credit Union
Before (bottom left) and after (below
and right). Our tired offices are now
transformed.
Key messages
The Chair then summarised the key messages from the report as follows:
• He explained that marketing is extremely important to the PCU, as
this was the medium through which the credit union’s ambitions for
growth would be achieved.
• He explained the importance of improving the individual loan portfolio,
as the quicker this was done the quicker we could recommence
making loans to churches.
• He continued that the key rationale for refurbishing the office was to
create a positive and uplifting environment for everyone – staff and
members. He invited members to visit the offices – they would be
welcomed by Shane and Lauren.
• The Chair welcomed feedback on the new newsletter, PCU Shares. He
explained that the newsletter is to keep the membership informed and
up to date about PCU operations and activities, and that we want to
make it something that the members are really proud of.
The Chair then invited questions on the Directors’ report.
Rev. Jones observed that the presentation of the Directors’ report was
‘fantastic’, but asked if it could be improved by making better use of
visual aids in presenting the reports, as well as a microphone. This could
be implemented next year.

9
There were a range of questions and discussions about the Youth
Shadow Board – which the membership displayed full support for. Mrs
Katharine Johnson asked if the children had to be members of the PCU.
Leslie Laniyan responded that this was the case.
Rev. Phil Forte commended the scheme and commented that the theme
of getting young people to encourage and work with other young people,
in the way outlined, would bolster them and provide them with a sense
of direction. Leslie asked the members to encourage young people to
join and come, as this would provide fantastic opportunities for them.
There was further discussion about the YSB. Rev. Jones added to the
debate the contribution of the Equiano Benevolent Fund Scheme (EBS)
to the campaign to increase the membership of young people to the
credit union. EBS will provide £30 to any young person under the age of
18 who wishes to open a credit union account. This gift will be the first
deposit in the share account.
Bishop Eric Brown commented that he’d had the pleasure of visiting the
PCU office some months ago and offered his congratulations to the
Board for the new office facilities now available to the staff and
membership. He continued that he’d had a conversation with Rev. Jones
about EBS and that he wanted to commend the programme highly. He
felt that it was important for the PCU to emphasise the EBS facility in
discussions with church leaders, to promote the organisation.
Loan report
The Loan report was presented to the membership by the Loans and
Business Administrator, Lauren Humphris. She reported that a total of
£1,280,646 had been allocated in loans between 1 October 2014 and
30 September 2015.
Shane Bowes commented that this was a substantial improvement on
last year’s outturn, partly because the previous moratorium on lending
had impacted part of the 2013-14 financial year. But, more significantly,
the increased target of £1.2m in loans (£100k per month) set by the
Board had driven the improvement. The target was overachieved by
some £80k.
He continued the explanation by adding that the Customer
Segmentation project that we commissioned researching the financial
behaviours of PCU members had greatly influenced our targeting and
marketing of loans.
Mr Ezra Parkin asked if the PCU would be offering different types of loans
in future, particularly mortgages. Shane Bowes responded that the
segmentation research report would help to determine the types of loans
that we offer in future. He continued that the PCU does not have mortgage
permissions at the moment and it was unlikely that we would venture
into the realm of mortgage lending given that we can only grant loans
of up to £125k and you can’t buy any property – certainly not in the
South East – for this amount of money. However, PCU can and does
provide secured lending in the form of second charge mortgages. We
have reduced the interest rates on larger loans like this to 5%.
Rev. Jones observed that that this was excellent news. Bishop Eric Brown
added that the PCU had been a real credit to our community. It should
be promoted and marketed as a very competitive and viable way of
accessing resources and doing the things that we need to do.

10
He commended the Roadshow initiative and suggested that the PCU
should look into hosting Prayer Breakfasts with key church leaders. He
added that Bishops and church leaders had an important role to play in
promoting the PCU. As a District Bishop he has several churches within
his remit and he would be pushing and promoting the PCU to his
congregants. He added, finally, that members should take responsibility
for promoting the organisation.
Report of the Audit Committee
Ms Ann Waugh, the Chair of the Audit Committee, presented her report.
She began by explaining the role of the Audit Committee – which is to
safeguard the interests of the membership and to ensure that the Board
is compliant with legal and regulatory requirements. She further
explained that the Audit Committee works with an independently
commissioned auditor, who audits the PCU’s operations in accordance
with an agreed Audit Plan. The Audit Committee is independent of the
Board and operates separately.
The purpose of her report was to inform the members of:
• New developments.
• Results of Internal Audits during 2014-15.
• Key lessons and emerging trends from internal audits.
• The Board’s expertise and effectiveness.
• Audit Plan for 2015-2016.
She summarised:
• Leroy Reid and Company Ltd had been appointed to conduct the
PCU’s internal audit. February 2015 saw the start of our two-year
internal audit contract.
• Seven out of 12 of the annual audits have been rated ‘reasonable
assurance’. Four were rated as substantial assurance. One has yet to
be finalised and should be carried forward into next year’s schedule
of audits.
• The Audit Committee through the internal audit process aids the PCU
to learn and grow from audits, feedback, collaboration and discovery.
Members have a Board of Directors and a management team that are
open to learning and determined to improve. Improvements have been
made to our marketing strategy, as well as to the management
information reports that the Board need to make decisions.
• The Board of Directors have the majority of the right competencies to
address the company’s short-term and long-term issues, and a strong
chairman. Overall attendance at Board meetings is 93%.
Finally she summarised the Audit plan for 2015-16.
Ann Waugh invited questions from the floor. Mr O’Connor asked for the
term ‘provisioning’ to be explained. Shane Bowes explained that every
credit union has to make provision for bad and doubtful debts and this
credit union has a provisioning policy that ensures that all loans in arrears
have adequate provision for the length of time in arrears.
Mr Noel Bennett noted that Risk had not been completed in last year’s
audit. Ann Waugh explained that the auditor had an emergency, so he
was not able to complete it in time for this report, but that it had been
added to Quarter 1 in the audit plan for 2015-16.
Leslie Laniyan thanked Ann Waugh for her report.

11
Nominations for election to the Board
In accordance with Rule 103, one-third of the Board had resigned and were
seeking re-election. In addition, the Chair of Audit had also completed
her term and was seeking re-election. These directors were Lorna Lynch,
Tracey Connage and Ann Waugh. These members were duly re-elected.
There were no other nominations from the floor.
Rev. Jones asked about the new regime for approved persons being brought
in by the Financial Conduct Authority (FCA). He observed that Directors
now had to be appointed only if they had the necessary skills and
competencies needed for the direction and management of the credit
union and that nominations and elections to the Board had to reflect this.
Shane Bowes confirmed Rev. Jones’s observations and explained the new
‘Senior Managers Regime’ being implemented by the FCA, and that it is now
the responsibility of the credit union to conduct their own due diligence
on elected Board members, with respect to ‘Fit and Proper’ – ie, financial
and other checks – and to ensure that they have the right skills and
competencies for the Board. In future, FCA approval would be forthcoming
for two senior people in the organisation – the Chair and the CEO.
Authority in the form of Approved Persons Controlled Function 1.
The Rev. Richards was duly elected by the membership.
In addition, and in accordance with Rule 103, one-third of the Board
had resigned and were seeking re-election. These directors were Michael
Mathura and Chona Labor. These members were also duly re-elected.
There were no other nominations.
PCU financial statements
Ms Lorna Lynch (Director) presented the accounts. She explained that the
large capital withdrawals related to churches that had needed to
withdraw funds to fund projects which the PCU were unable to finance
through loans because of the corporate lending restrictions.
Bishop Eric Brown asked about the new reduced level of protection of
the Financial Services Compensation Schemes. Shane Bowes explained
the new arrangements and that, due to EU changes, the level of
protection that the government will provide for savings in a financial
institution in the UK has reduced from £85k to £75k. Ms Lorna Jones
observed that we were affected by this because of EU regulations.
The accounts were accepted by the membership.

Dividend
A dividend of 1.5% was recommended. The Chair reminded the
membership that last year the Board had committed to paying an
increase in dividend, provided we were successful in recouping funds
through the legal case. As this had happened, the Board were in a
position to propose an increase of 50% on the dividend paid last year,
which was 1%.
The members applauded the Board’s achievements in financial
management. Bishop Brown moved that the dividend be accepted and
this was unanimously agreed.
Appointment of the auditor
Lorna Lynch proposed that Thomas Westcott be re-appointed as our
Auditors for the coming year. Bishop Brown asked about costs. Lorna
responded that their costs amounted to £4,800. Bishop Brown moved
that we re-appoint Thomas Westcott as the PCU’s auditors. This was
seconded by Mr A Bartley.
Raffle
Mrs Jones presided over the raffle draw. She thanked the Board and
congratulated them for the very proficient way that they were running
the business on behalf of the membership. Master Montelle Bartley drew
the raffle. The winners were:
• No. 131 – Patricia Toussainte – £150
• No. 133 – Michael Mathura – £100
• No. 150 – Sis. Logan – £100
12

Founder’s closing address
Before Rev. Jones rose to give his address, Bishop Brown asked to make a
statement. He stated that he had been a long-serving member and
supporter of the PCU and that Rev. Jones was the ‘Grand Father’ of the
credit union and as such should be recognised formally, not only as the
founder but for his contribution to the current success of the credit union.
He asked the Board to consider formal recognition of Rev. Jones’s
credibility, in the form of a lifelong membership award. The Chair said
that this will be the first order of business at the next Board meeting and
we will report back in the newsletter.
Rev. Jones then addressed the membership. He expressed his pride and
pleasure at the achievements of the PCU Board and recognised the
transformation that had happened in the credit union. He commented
that the Americans know how to applaud their people when they have
done well, yet, in the UK, we tend to belittle great achievement. He
asked the membership to applaud the Board and commented that there
should be an hour of prayer dedicated to the leadership and
development of the PCU every four months.
In closing, he led the membership in the hymn ‘Immortal Invisible’.
Bishop Eric Brown closed the proceedings in prayer.
13

14
The PCU organisational chart
at 1 January 2017
PCU
Membership
Board (governing body)
Mr Leslie Laniyan (Chair, SMF8)
Mr Chona Labor (Vice Chair)
Ms Patricia Toussainte (Secretary)
Mr Michael Mathura (Director)
Ms Lorna Lynch (Director)
Mrs Tracey Connage (Director)
Ms Verona Richards (Director)
Audit Committee
Ann Waugh
Chair of Audit Committee
(Non-Executive Director)
Marketing
Committee
Mr Chona Labor (Chair)
Mr Leslie Laniyan
Ms Verona Richards
Mr Shane Bowes
Ms Elaine Bowes
Remuneration
Committee
Ms Patricia Toussainte
(Chair)
Mr Michael Mathura
Mrs Tracey Connage
Mr Shane Bowes
Mr Leslie Laniyan
Chief Executive Officer
Shane Bowes (SMF8)
Loans & Business
Officer
Lauren Humphris
Executive Assistant
Elaine Bowes

15
Dear members
Another year has passed of both challenge and achievement for the
Pentecostal Credit Union. As we entered the final year of our current
strategic planning cycle (PCU Business Plan 2014-2017), we have
continued to raise the bar of expectations for achievement at the PCU
and we are happy to announce that these initiatives are bearing fruit.
Strategic objectives
Growth, renewal and improvement remain our three strategic/business
plan objectives up until September 2017 and, as you know, we set
challenging targets to achieve these objectives that are reviewed and
revised each year at the annual Board strategic planning workshop.
After the July 2016 review, we revised the targets upwards again to
provide even greater stretch in the areas of lending, membership and
shareholding. We have shown growth in all these areas and we are
especially pleased with the continued growth in membership, running at
a current (2017) average of 16 per month as compared with five in 2014,
and placing us well on track to achieving this year’s target.
Lending for the financial year of 2015-16 was also above target at £1.65m.
Directors’ report to the membership
Membership growth
The growth in membership for the financial year of 2015-16 is set out
on page 16. The increase in lending is outlined in the loans report on
page 25.
The table on the following page demonstrates the growth membership
from 2014 together with the six-month average trend.

16
In the final year of our strategic/business plan we are happy to announce
that we are on course to achieve all our overall objectives for growth,
renewal and improvement, and to date have attained all but two of the
28 specific targets that were designed to deliver the overall objectives.
The Board will consider the full delivery report of the 2014-17 business
plan at the annual strategic planning workshop in July 2017.
Revision of PCU values
Another key area for revision at the Board strategic planning workshop
were the PCU values. The impetus for this change came from the
independent review of our business through the process to achieve the
Investors in People Award (see below).
The independent assessor observed that our (previous) values of:
Transparency; Connecting with the members; Integrity and working
ethically; Fairness; Customer first; and Flexibility ‘’...are lived and that
there is transparency, integrity, fairness, a flexible service, acting with
fairness, putting the customer first and connecting with members..’’
However, she further commented that these values are typical and can
be found in most all financial institutions. Indeed, they are expected
behaviours from a regulatory standpoint. So they did not differentiate
the PCU from other credit unions – that is, they do not demonstrate our
uniqueness and our brand. She recommended a review.
We considered this carefully and, with the assistance of an independent
facilitator, we have adopted the following suite of values.
• Personality: An uncommon warmth and friendliness, with a sprinkle
of light-hearted feistiness.
• Empowering: Through financial education of our current and future
members, so they proactively take control of their future.
• Faith-based: Our common bond is our faith in God, the Lord Jesus
Christ and in one another.
• Inspirational: Providing a path to security and prosperity for our
members, in an environment without judgement.
• Different: Dare to be different from the pack, fearless and
courageous, a leader and influential in our community.

At this ceremony, we surprised the Rev. Jones with the presentation of the
Lifetime Achievement Award for his unprecedented vision for the delivery
of financial services to the Pentecostal faith community in Great Britain,
and his dedication and commitment to the delivery of that vision, and to
making this credit union the success it is today. We salute you again, Sir!
17
Office opening and
Founder’s Lifetime Achievement Award
At the AGM last year, Bishop Eric Brown proposed, and the membership
unanimously agreed, that we should honour our founding member, the Rev.
Carmel Jones, with a Lifetime Achievement Award. We listened and we did.
On 14 April 2016, we opened the refurbished offices with a re-dedication
ceremony officiated by Bishop Delroy Powell from the New Testament
Assembly. The office was formally opened by the Mayor Elect of
Wandsworth, Councillor Richard Field.

Supporting the PCU through prayer
Another proposal from the AGM last year was that there should be
periodic prayer meetings to strengthen the work of the PCU. On 14 July
2016, the Rev. Jones hosted the first of these ‘PCU Lunch and Pray’
events at our offices. He was joined by five senior pastors and leaders of
Pentecostal churches, who are also members of the PCU.
The five who joined us for lunch and prayer were the Rev. Currie from
the United Church of God, the Rev. Jean Pierre from the New Testament
Assembly, the Rev. Brown from the Assemblies of the First Born, the Rev.
Bent from New Life Assemblies and Bishop Thomas from Faith Chapel.
The Lunch and Pray sessions will be an annual event at PCU.
18
Investor in People Bronze Award
In March 2016, the PCU attained the Investor in People Bronze Award.
To be recognised as an Investor in People, we have to show that we lead
our staff well, offer them the right support and give them the chance to
improve their skills and our organisation.
However, IIP is not only about the staff, but about the health of the
organisation as a whole. The independent assessor commented “... with
a supportive new Board, highly committed people and government
promoting and funding a credit union initiative, the organisation is in a
strong position to expand. There are some significant challenges, however
these have been recognised. Notably, there is a great deal of knowledge,
experience, passion and motivation in the organisation.
“Key strengths include:
A highly knowledgeable and dedicated CEO
Highly knowledgeable and active Board
Committed people
A culture of continuous learning
The values are lived”
We have implemented a programme to make the changes recommended
for improvement, and will be aiming for Silver at the review in two years.

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Achieving excellence in customer services
One of our most important objectives is to provide the very best services
that we can to you our members. In order to demonstrate that we
genuinely deliver on this commitment, we have commissioned the
services of an independent and expert research company called Accuity
to survey all customers who use our services each month by becoming
new members or by taking out a loan.
Accuity provide us with high quality reports, complete with their
independent and impartial analysis. These reports help us to improve our
services and engage with you better. They give us better information
about what you want and what it takes for you to be satisfied with our
service. They also report back on how you found our performance and
make suggestions for improvement.
We began the process in October last year and it is running very
smoothly. Early reports are extremely positive, but we will report fully on
the year’s activity in the 2017-18 annual report.
Our campaign to increase our
engagement with young people
Many of you will know that this has been a key focus this year and our
achievements here have been substantial. The motives for our
concentrated effort in this area are numerous and meet a range of
needs, for the business of the PCU itself, for our communities and for
our young people more generally. Our programmes aim to:
• build loyal members and future customers
• address PCU succession planning needs
• increase membership
• develop leaders for the future for our communities, and
• teach good financial habits to improve the financial literacy of our
young people and our communities.
Gimme Dat
You will recall that we established the Youth Shadow Board (YSB) last
year. The YSB initiative is itself an ongoing leadership development
programme in that it continually imparts leadership and financial
capability skills to our member young savers.
You will hear from them in a moment, but one of the first things they
did was to produce the music video Gimme Dat. This was their way of
beginning a dialogue with other young people about youth materialism.
Made with the help of Christian rapper Tneek, the film looks at how
materialist young people can be. It encourages them to think again
about how they spend their money and become ‘money wise’ instead –
because it’s wisdom, not wealth, that gets you through life successfully.
It also serves to promote the PCU to a younger customer base. We would
like to thank the New Testament Assembly in Tooting, Chic Unique Hair
Salon in Brixton and Chicken World in Acre Lane Brixton for their help in
making this video.

#Create Amazing
Gimme Dat was the focus of a roadshow of Moneywise workshops
called ‘Let’s Talk about Money’ aimed at young people in Pentecostal
churches up and down the country. By November 2016, the YSB
members had increased to 11 and youth membership was up by 20%.
In the autumn half term in October 2016, the PCU partnered with the
New Life Assembly Supplementary School (NLASS) to deliver a Youth
Leadership and Entrepreneurship Development Programme for our
respective youth groups. The PCU’s Youth Shadow Board and NLASS
embarked on the #Create Amazing programme aimed at developing
and empowering our next generation of leaders. The programme was
designed to help young people:
• build conﬁdence
• enhance their leadership skills
• explore their vision and personal aspirations
• help them overcome any limiting fears and anxieties, and
• develop the right approaches and attitudes, so they can make the
next bold move to create the future they want, whether that be in
business, academia or a career.
20
The programme was delivered by Romeo
Effs and his team at the Empire Builders
Academy and consisted of four days of
workshop tuition at South Bank University,
with a final day of site visits, the highlight
of which was a visit to Google head offices
in Tottenham Court Road. They then had
three months of 1-2-1 coaching.

PCU at BBC Songs of Praise
The pinnacle of our work with young people last year was the invitation
to take part in BBC Songs of Praise which was aired on 8 January this
year. The BBC contacted us after they became aware of our work with
young people through our social media and videos – particularly Gimme
Dat. They told us that they considered our financial education youth
work to be groundbreaking and, for us, the BBC exposure represented a
key milestone in our marketing journey. Our thanks to New Life Assembly
in Dulwich for supporting us on this and enabling filming at their church
premises.
Our exposure through Songs of Praise has resulted in a host of
invitations from churches for our ‘Let’s Talk About Money’ workshops –
which our evaluations show leads to increased membership.
The Equiano Benevolent Gift Scheme
(EBGS)
Members will recall that they elected to make a donation to this
charitable fund, run by a group of Christians, at the AGM in 2015. EBGS
has been providing a gift of £30 to every young person under the age of
18 who wants to open a credit union account. This gift provides the first
deposit into their share accounts. EBGS has journeyed with us in our
campaign to increase our engagement with young people and provided
invaluable support for our work. In all, 95% of all our new young savers
this year have come via EBGS. We want to thank the Trustees of the
charity for their remarkable contribution to our work.
21
Internships
A new area for us has been in providing internships to young people. An
internship is an opportunity offered by an employer to a student
interested in the industry. An intern works at the company for a fixed
period of time, from a week to six months.
Internships offer students a hands-on opportunity to work in their
desired field. They learn how their course of study applies to the real
world and they build valuable experience that makes them stronger
candidates for jobs after graduation. An internship can be an excellent
way to ‘try out’ a certain career and, in some colleges, internships also
count towards course credit.

In the past year we have provided three young people with internships:
Emmanuel Sampah, a Finance and Economics undergraduate at
Bournemouth University; Jabril Issak, aiming for a career in investment
banking; and, currently, Montelle Bartley, who is a veteran member of
our Youth Shadow Board.
22
The PCU marketing strategy
Marketing is the key lynchpin of our growth objectives and we continue
to learn and develop our approaches to raising awareness of the PCU in
our ‘common bond’ community, building our brand and marketing our
products and services.
We have continued to develop our social media presence on YouTube,
Facebook, Twitter and LinkedIn, and are developing a presence on
Instagram aimed at younger people. We also have additional Facebook
and Twitter accounts for our younger market – called PCU Money. We
are gaining approximately 150 new followers a month on Twitter and
Facebook and we have 30 videos to view on line on YouTube,
showcasing our work.
Our marketing plan is multi-faceted. As well as the social media strategy,
we have regular radio advertising on Ruach Radio and occasional adverts
with Premier. We have an active sponsorship programme where we can
buy not only advertising space, but also speaking opportunities at key
events. We also make presentations about our work to church groups
and organisations, as well as the Moneywise roadshows.
Moneywise workshops
One of the most effective tools for marketing this year has proven to be
the delivery of financial capability workshops to church groups across
our common bond community, in a series of Roadshows.
In August 2016, the PCU gained accreditation from the National Skills
Academy in Financial Services, to provide training in financial capability.
We developed the concept of ‘Moneywise’ using the government’s edict
(Credit Unions Act 1979) to credit unions to provide education to its
members in the ‘wise use of money’. Well, we have gone beyond just
our members and we provide this service to our common bond
community generally – that is the Pentecostal Faith community – as a
vehicle to also promote our services.

‘Moneywise’ is a programme for adults and there is also a separate
programme for young people – Let’s Talk About Money. They are
interactive events with case studies, group exercises and role plays. Our
workshops provide financial capability training, grounded in biblical
principles, and we strongly believe that in developing the financial
acumen of our membership and our congregations we are building the
economic wealth of our churches and communities.
In our most recent evaluations on membership, the data shows that
most people joining the credit union in the past two months have joined
as a result of attendance at a Moneywise workshop. We have plans to
deliver these workshops in-house via webinar.
Testimonial
“Elaine and Shane delivered a fantastic Let’s Talk About Money workshop
to the youth in our church.
“They both were very knowledgeable and passionate about the topic. By
keeping the workshop interactive, they encouraged interesting
discussions amongst the attendees and kept them engaged throughout!
Everyone learnt something new about being wise with money and we’ve
already heard some testimonies from attendees on how they will apply
this in their lives.
“The best thing about the workshop is that it was grounded in scripture
and biblical principles.
“PCU are doing a great thing in the UK Pentecostal community. We look
forward to developing a relationship with PCU in the future and heartily
recommend the workshop to others.
“On behalf of Nu-Life church, I want to say thank you to Elaine, Shane
and the rest of the PCU!
“Thanks again for coming!
“God bless.”
Member development
The leadership programme for our young savers prompted a stream of
interest from our adult members about similar programmes for them –
in particular, business development workshops. Research suggests that a
community’s generational economic empowerment is linked to its
entrepreneurial success. Therefore, if we are serious about improving our
communities, increasing our wealth and providing jobs, we must
advance and strengthen our businesses.
In response to this we are exploring commissioning the delivery of business
development workshops for our members who are either considering
opening a business, have recently opened a business, or who are already
business owners but need help/support in developing their business.
If you are interested in being on this programme please let Elaine know,
as access will eventually be on a first-come-first-served basis.
23

Independent review of governance at PCU
As part of our commitment to excellent governance we have commissioned
an independent governance review to help us assess and evaluate our
governance practices and help determine key improvements. This is the
first of our three, yearly, independent governance reviews, to complement
the yearly skills review and performance appraisal that directors undertake.
The first stage of the review utilised the Association of British Credit
Union’s (ABCUL) Code of Governance for Credit Unions as the evaluation
framework for our current governance practices. We scored a very good
overall average of 80.25% in the areas of:
• compliance and continuity
• integrity and accountability
• skills and ability, and
• structure and the principles of good governance.
Regulatory compliance
In accordance with regulatory requirements, we can inform the
membership that the PCU has Fidelity Bond Insurance and Public Liability
Insurance in place. We are also fully compliant with Single Customer
View requirements and we do not carry out any other additional
activities other than those that we are approved to carry out.
Our thanks
Finally, it remains for us to thank those people to whom we owe our
continued progress and success. Our staff team – Shane our Chief
Executive and Lauren our Loans and Business Officer – both of whom
remain committed to providing you with the best possible service and to
developing the organisation to be a beacon credit union that you can be
proud of. But most importantly we want to thank you – the members.
Your commitment, prayers and devotion continue to be a pillar of
strength to us. We remain utterly committed to your best interests and
to providing you with the best financial services that we can deliver.
Best wishes from the Board of Directors
• Leslie Laniyan: Chair
• Chona Labor: Vice Chair
• Patricia Toussainte: Secretary
• Michael Mathura
• Lorna Lynch
• Verona Richards
• Tracey Connage
• Ann Waugh: Audit Committee Chair
24

25
Banking fees
The Pentecostal Credit Union (PCU) will be adopting transaction banking
as part of joining the Credit Union Expansion Project.
Transaction banking will allow a PCU member to make payments to
another person or business, or to receive payments from another person or
business, directly by logging in to their account. They will be able to do
this either via the PCU website, or by downloading an app that will
accompany the new banking facility at launch. The PCU is expected to
roll out transaction banking to members by the end of the year.
A transaction fee of £0.40p will be levied against the PCU each time it
remits funds to a member’s account or pays a beneficiary. Each time
funds are deposited into the bank account of the PCU by a member
paying shares, loan repayments or other creditors, the PCU will be
charged £0.01. These costs will represent a significant ongoing expense
to the credit union, which will increase over time as membership increases,
and products and services diversify. Please see below for the projected
costs of the new banking platform and software for the first three years.
We propose that adult members, aged 18 and above, contribute the
sum of £2.50 per year as an annual service charge deduction from their
share accounts, as a contribution towards the estimated annual costs.
£2.50 per year represents good value for money for transaction banking
facilities, a new app and a new interactive website, with the new
functionality. Members are, in effect, only making a small contribution
towards the costs of transactions that the credit union will have to pay.
Cost of transformation £ £ £
Cost of ownership Year 1 Year 2 Year 3
Membership/Joining fee 240 240 240
Per member per month fee 10,656 14,479 16,758
Agency banking set up and
access fees
530 300 6,200
Refunded set up costs 6,200 - -
Product specific fees - credit
decisioning costs
2,946 3,093 3,248
Banking Transaction Fees 3,444 3,616 3,797
Other costs 528 30 331
Total cost of ownership £12,144 £21,759 £30,574

26
Loans report
1 October 2015 to 30 September 2016
Month Loans granted (£) Total (£)
October 2015 119,000 119,000
November 2015 142,270 261,270
December 2015 82,050 343,320
January 2016 140,450 483,770
February 2016 86,750 570,520
March 2016 160,700 731,220
April 2016 51,800 783,020
May 2016 97,930 880,950
June 2016 104,750 985,700
July 2016 334,500 1,320,200
August 2016 128,300 1,448,500
September 2016 203,300 1,651,800
TOTAL 1,651,800 1,651,800

Introduction
The Audit Committee exists to safeguard your interests and ensure the
Board meets all legal and regulatory requirements as well as financial
probity. We scrutinise and audit the Pentecostal Credit Union Limited’s
(PCU) practices so that they safeguard your interests, treat you fairly and
comply with the law of the land.
We are not part of the Board and operate completely independently of
it; we are what are known in the sector as non-executive directors. With
the Financial Conduct Authority (FCA), we have a controlled function
status. We are here for you the members.
Each financial year we set out the areas of focus, together with the
Board, based on challenges ahead, listening to members’ feedback,
lessons learned from previous audits and new developments in the credit
union sector. The purpose of the Audit and Risk Committee’s Report is to
inform the PCU’s members of:
• Results of internal audits during 2015-16
• Key lessons and emerging trends from internal audits
• Board’s expertise and effectiveness
• Audit Plan for 2016-2017
• The PCU’s impact
The result of internal audits during
2015-16
Leroy Reid and Company Ltd, the internal auditor, covered 14 areas. The
Audit Committee, through the internal audit function, provided regular
scrutiny of the PCU’s areas of operations. They work to an annual plan
that ensures that the entire business undergoes full scrutiny during the
financial year. They assess the PCU and score the organisation’s
performance against the policies and procedures in use. The PCU can
achieve one of four ratings (which are illustrated in the appendix).
Table 1, on the next page, summarises the assessment ratings the PCU
achieved over the financial year 2015-16.
In the 2016 AGM, there was one internal audit report that was overdue
– looking at risk assessment and management. This was produced and
presented on 20 May 2016 and was rated ‘reasonable assurance’.
Nine out of 14 audits have been rated ‘substantial assurance’. Five were
rated as ‘reasonable’ assurance. The Audit and Risk Committee
recognises that the PCU is doing what it sets out in the policy and
procedures manual and is monitoring itself effectively.
27
Audit Committee report to the AGM
1 October 2015 to 30 September 2016

28
TABLE 1: Internal Audits – 2015-2016
Audit focus Assessment
1. Lending process – Q1 Substantial assurance
2. Risk management – Q1 Reasonable assurance
3. Treating customers fairly – Q1 Reasonable assurance
4. Segregation of duties – Q1 Reasonable assurance
5. Business Plan implementation – Q2 Reasonable assurance
7. Marketing – Q2 Reasonable assurance
8. Provisioning – Q2 Substantial assurance
10. Treasury management – Q3 Substantial assurance
11. Membership – Q3 Substantial assurance
12. Business Plan implementation – Q4 Substantial assurance
12. Marketing – Q4 Substantial assurance
Key lessons and emerging trends from
internal audits
The Audit Committee through the internal audit process aids the PCU to
learn and get better, and gives members reassurance that they are acting
in your interests and complying with the law. We looked at how the PCU
goes about meeting your wishes and expectations through the credit
union laws and their own policies and procedures. We also scrutinise the
appropriateness of decisions, considering the emerging trends and
original vision for the PCU. We also are mindful of the legacy we want to
pass on to the next generation – future and younger members.
I also consider the challenges organisations of our size and experience face.
Thus, the Audit Committee have advised the Board to add two more risks
to their radar. The number of risks have been expanded this year to reflect
unique features of the UK church sector. The new risks include the PCU’s
relationship and connection with stakeholders in the fast-growing segment
of Pentecostal churches in the UK.
In addition, members as a risk area has been added. Although there has
been double-digit growth since the PCU started digital marketing,
combined with the Roadshow campaign, the growth in the customer
segments that we want to attract requires continual management oversight.
Over the past two years, the Audit Committee has reviewed new areas
including business plan implementation and marketing. The Board has
commissioned a review of governance by Gareth Evans, an independent
consultant. This audit is being overseen by the Remuneration Committee.
The report on the PCU’s governance is due to come to a Board meeting
by the end of Quarter 2 (2016-17).
The Audit Committee will review the report to ensure compliance. The
final report is being drafted, but the scores against the Association of
British Credit Union’s (ABCUL) Code of Governance framework indicate a
high level of performance by the Board in governance at 80.25%. This
verifies the findings of previous internal audit reports on governance,
which scored the Board ‘substantial assurance’.

29
Board expertise and effectiveness
Board dynamics and leadership are critical in supporting a Board’s ability
to carry out its responsibilities effectively. Boards need the right
combination of skills, experience and training — and to be alert to the
fact that the ‘right’ combination changes over time.
High performing Boards need a chair who will ensure the Board
effectively discharges its responsibilities, and one that uses a process
which engages directors most productively.
Directors also need to demonstrate the right ‘mind-set’. In a recent
report on Board Effectiveness – what works best (by PwC), a director
commented that “One of the biggest challenges for a director is being
courageous — being willing to ask difficult or uncomfortable questions”.
This Board of Directors has most of the right skills and tools to address
the company’s short-term and long-term issues, and a strong chairman.
Where possible, we contract in specific competencies such as social
media management and PR. The Board has undertaken training in social
media to better manage and oversee the PCU’s social media campaigns.
Director attendance at Board meetings 80% in 2015-16.
Audit Plan for 2016-2017
Through discussions with the Chair and CEO, noting the news from the
Association of British Credit Unions Ltd, and a review of the strategic
goals for the PCU, the Audit Committee has identified the follow areas
for review.
The new audit schedule for 2016-2017 is outlined below in Table 2. The
plan and schedule were approved at the September 2016 Board meeting.
Mind set Tool set
Skill set
TABLE 2: Audit Schedule for 2016-2017
Area Q1
Oct-Dec
2016
Q2
Jan-Mar
2017
Q3
Apr-Jun
2017
Q4
Jul-Sept
2017
1. Business plan implementation ü ü
2. Loans ü ü ü ü
3. Marketing & membership ü
4. Conduct of directors not
covered by SMF
ü
5. Provisioning ü
6. Risk assessment &
management
ü
7. Segregation of duties ü
8. Treasury management ü
9. Single customer view ü
10. Transformation – software
compliance
ü

30
PCU impact
On a more personal note, it is heartening to see the PCU involved in
developing the leadership skills and financial savviness of our young
people, delivering money workshops for better financial management
using biblical principles and supporting endeavours that help vulnerable
people through our corporate social responsibility programme.
Conclusion
The Audit Committee has a good professional relationship with the
Board. The Prudential Regulation Authority (PRA) is satisfied with our
work and I hope you the members are too.
Ann Waugh Chair, the PCU Audit Committee
February 2017
Appendix 1
Assessment rating Definition
Substantial assurance Robust series of internal controls in place designed to achieve the system
objectives and which are being consistently applied.
Reasonable assurance Series of internal controls in place, however there are some control improvements
that would assist in ensuring the continuous and effective achievement of the
system objectives.
Limited assurance The controls in place are not sufficient to ensure the continuous and effective
achievement of the system objectives.
No assurance Fundamental breakdown or absence of core internal controls.

PENTECOSTAL CREDIT UNION
LIMITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2016
FCA REGISTRATION NUMBER
213242
COMPANY NUMBER
IP00006C

PENTECOSTAL CREDIT UNION LIMITED
FCA REGISTRATION NUMBER 213242
COMPANY NUMBER IP00006C
Chief Executive Officer Mr H Boatswain (Contract finished December 2015)
Mr S Bowes (Appointed December 2015)
Directors Mr G L Laniyan Chairman
Mr C M Labor
Mr M Mathura MLRO
Ms P M Toussainte
Mrs T Connage
Miss L Lynch
Ms V Richards
Audit committee members Miss A Waugh
Treasurer Mr S Bowes
Secretary Ms P M Toussainte
Loans officer Miss L Humphris
FCA requirement Version 2 credit union
FCA registration number 213242
Company number IP00006C
Registered office and 15 Oldridge Road
Business address Balham
London
SW12 8PZ
Auditors Thomas Westcott
26-28 Southernhay East
Exeter
Devon
EX1 1NS

CONTENTS
Page
Directors' report 1 - 2
Auditors' report 3 - 4
Income and expenditure account 5 - 6
Balance sheet 7 - 8
Statement of changes in retained earnings 9
Notes to the financial statements 10 - 16

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
Page 1
The directors present their report and the financial statements for the year ended 30 September
2016.
Principal activity
Pentecostal Credit Union Limited is regulated by the Financial Conduct Authority as a Version 2
Credit Union. It was established for the promotion and encouragement of regular savings and the
creation of credit for the benefit of the members at fair and affordable rates of interest.
Directors
The Principal activity of the directors is to be responsible for the delivery of the business of the
Pentecostal Credit Union and legislative and regulatory compliance. To provide strategic direction to
the staff team and to ensure the best interests of the membership are met.
The directors who served during the year are as stated below:
Mr G L Laniyan - Chair
Mr C M Labor - Vice Chair
Ms P M Toussainte - Secretary
Mr M Mathura - Director
Mrs T Connage - Director
Miss L Lynch - Director
Ms V Richards - Director
Non- Executive Director:
Miss A Waugh - Chair of Audit Committee
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in
accordance with applicable law and regulations.
Co-operative and Community Benefit Societies law requires the directors to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the credit
union and of the surplus/deficit of the credit union for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company will continue in business.

DIRECTORS' REPORT
.................... continued
Page 2
The directors are responsible for keeping proper accounting records that are sufficient to show and
explain the credit union's transactions and disclose with reasonable accuracy at any time the
financial position of the credit union and enable them to ensure that the financial statements comply
with Co-operative and Community Benefit Societies Act 2014 and the Credit Union Act 1979. They
are also responsible for safeguarding the assets of the credit union and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Each of the persons who is a director at the date of approval of this report confirm that:
- so far as each director is aware, there is no relevant audit information of which the credit union's
auditor is unaware; and
- each director has taken all steps that they ought to have taken as a director to make themself
aware of any relevant audit information and to establish that the credit union's auditor is aware of
that information.
This report was approved by the Board on .................................... and signed on its behalf by
Ms Patricia Toussainte
Secretary

INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF
Page 3
Independent auditors' report to the shareholders of
Pentecostal Credit Union Limited
We have audited the financial statements of Pentecostal Credit Union Limited for the year ended 30
September 2016 which comprise the income and expenditure account, the appropriation account,
the balance sheet and the related notes. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
This report is made solely to the Credit Union's members, as a body, in accordance with the
Co-operative and Community Benefit Societies Act 2014 and the Credit Union Act 1979. Our audit
work has been undertaken so that we might state to the credit union's members those matters we
are required to state to them in an auditors' report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Credit Union
and the Credit Union's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Respective responsibilities of directors and the auditors
As explained more fully in the Directors' Responsibilities statement on pages 1 to 2, the directors
are responsibile for the preparation of the financial statements which give a true and fair view. Our
responsibility is to audit and express an opinion on the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland). Those standards require
us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements
sufficient to give reasonable assurance that the financial statements are free from material
misstatement, whether caused by fraud or error. This includes an assessment of: whether the
accounting policies are appropriate to the credit union's circumstances and have been consistently
applied and adequately disclosed; the reasonableness of significant accounting estimates made by
the directors; and the overall presentation of the financial statements. In addition, we read all the
financial and non-financial information in the director's report to identify material inconsistencies with
the audited financial statements and to identify any information that is apparently materially incorrect
based on, or materially inconsistent with, the knowledge acquired by us in the course of performing
the audit. If we become aware of any apparent material misstatements or inconsistencies we
consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
- give a true and fair view of the state of the credit union's affairs as at 30 September 2016
and of its income and expenditure for the year then ended; and

INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF
...................continued
Page 4
- have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice, and with the Co-operative and Community Benefit Societies Act 2014
and the Credit Union Act 1979.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Co-operative and
Community Benefit Societies Act 2014 requires us to report to you if, in our opinion:
- proper books of account have not been kept by the credit union in accordance with the
requirements of the legislation,
- a satisfactory system of control over transactions has not been maintained by the credit
union in accordance with the requirements of the legislation,
- the income and expenditure account or the other accounts (if any) to which our report
relates, and the balance sheet are not in agreement with the books of account of the credit
union,
- we have not obtained all the information and explanations necessary for the purposes of
our audit.
Shona Godefroy FCCA (senior statutory auditor)
For and on behalf of Thomas Westcott
Chartered Accountants and Statutory Auditors
26-28 Southernhay East
Exeter
Devon
EX1 1NS

REGISTRATION NUMBER 213242
REVENUE ACCOUNT
AND EXPENSES SCHEDULE
Page 5
2016 2015
£ £ £ £
Income
Entrance fees 735 570
Income from loans to members 340,026 322,425
Interest received on investments 109,656 69,419
Bad debts recovered - 175,395
Sundry income 1,996 1,862
PCU 35th anniversary celebrations income - 7,754
Expansion project income 27,707 3,277
Total income for the year 480,120 580,702
Administrative expenses
Administration expenses 169,569 135,771
Data processing expenses 6,588 6,588
Fidelity bond insurance 3,875 3,934
Consultancy fees 8,460 30,375
FCA fees 3,550 6,712
Auditors remuneration 9,832 8,608
Other legal and professional 70,933 135,407
Affiliation fees 1,949 1,813
Bank charges 766 675
Investment management charges 5,987 -
Bad debt provision )(38,606 )(33,788
General expenses 73 473
PCU 35th anniversary celebrations 3,610 35,991
Depreciation of assets 16,887 16,368
Profits/losses on disposal of investments 2,566 -
Revaluation movement on investments 4,239 -
Total expenditure for the year 270,278 348,927
Surplus/ (Deficit) for the year before taxation 209,842 231,775
Taxation 21,931 13,884
Surplus/ (Deficit) for year before appropriations 187,911 217,891

REGISTRATION NUMBER 213242
REVENUE ACCOUNT
AND EXPENSES SCHEDULE
Page 6
Appropriations:
Revenue reserve 187,911 217,891
Dividend )(104,692 )(71,040
Total applied 83,219 146,851
There are no recognised gains or losses other than those included above.
All figures included in the income and expenditure account relate to continuing activities.

BALANCE SHEET
AS AT 30 SEPTEMBER 2016
The notes on pages 10 to 16 form an integral part of these financial statements.
Page 7
2016 2015
Notes £ £ £ £
Fixed assets
Tangible assets 4 567,701 504,340
Investments 5 1,520,065 -
2,087,766 504,340
Members loans 6 5,041,221 4,508,310
Less: provision for underperforming loans )(901,900 )(940,506
4,139,321 3,567,804
6,227,087 4,072,144
Current assets
Prepayments and accrued income 6,274 6,709
Investments 8 2,749,368 3,684,797
Cash at bank and in hand 7 364,480 1,783,403
3,120,122 5,474,909
Total current assets 3,120,122 5,474,909
Total assets 9,347,209 9,547,053
Liabilities
Subscribed share capital
Ordinary members shares 10 6,974,429 7,271,640
Junior members shares 10 124,621 120,929
Hold shares 10 190 190
7,099,240 7,392,759
Other payables 9 36,710 26,254
Revaluation reserve 297,124 297,124
Social and educational reserve 115,409 115,409
Revenue reserve 518,132 434,913
General reserve 1,280,594 1,280,594
Total liabilities 9,347,209 9,547,053

BALANCE SHEET
AS AT 30 SEPTEMBER 2016
Page 8
The financial statements were approved by the directors on and signed on its behalf by
Ms P M Toussainte - Secretary
Mr G L Laniyan - Director
Mr C M Labor

STATEMENT OF CHANGES IN RETAINING EARNINGS
Page 9
Revaluation General Revenue Social and
reserve reserve reserve educational Total
£ £ £ £ £
At 1 October 2014 297,124 1,280,594 288,062 115,409 1,981,189
Dividends paid - - )(71,040 - )(71,040
Appropriation of surplus - - 217,891 - 217,891
At 30 September 2015 297,124 1,280,594 434,913 115,409 2,128,040
Dividends paid - - )(104,692 - )(104,692
Appropriation of surplus - - 187,911 - 187,911
At 30 September 2016 297,124 1,280,594 518,132 115,409 2,211,259

NOTES TO THE FINANCIAL STATEMENTS
Page 10
1. Accounting policies
1.1. Accounting convention
The Credit Union is registered under the Co-operative and Community Benefit Societies Act
2014. The financial statements have been prepared under the historical cost convention in
accordance with the Co-operative and Community Benefit Societies Act 2014 and the Credit
Union Act 1979 and comply with financial reporting standards of the the Accounting
Standards Board.
In accordance with the regulatory environment for credit unions, deposits from members can
be made by subscription for redeemable shares, deferred shares and interest bearng shares.
At present the Credit Union only has redeemable shares.
These financial statements have been prepared in accordance with FRS102, the financial
reporting standard applicable in the UK and Republic of Ireland.
1.2. First-time adoption of FRS102
These are Pentecostal Credit Union Limited's first financial statement to comply with
FRS102. The date of transition to FRS102 is 1 October 2014.
There have been no changes required due the transition due to FRS102.
1.3. Interest
All interest payable and receivable is accounted for on an accruals basis.
1.4. Taxation
Corporation tax payable is provided on investment income at the current rate.
1.5. Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost or valuation
less residual value of each asset over its expected useful life, as follows:
Land and buildings - 2% reducing balance
Fixtures, fittings and equipment- 25% reducing balance
Tangible fixed assets are stated at cost less accumulated depreciation.

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Page 11
1.6. Investments
Investments held as fixed assets are revalued at mid-market value at the balance sheet date
and the gain or loss taken to the profit or loss account.
Current asset investments are taken at the lower of cost and net realisable value.
1.7. Financial assets - loans and advances to members
Loans to members are financial assets with fixed or determinable payments, and are not
quoted in an active market. Loans are recognised when cash is advanced to members and
measured at amortised cost using the effective interest method.
Loans are derecognised when the right to recieve cash flows from the asset have expired,
usually when all amounts outstanding have been repaid by the member.
1.8. Impairment review
The Credit Union assesses at each balance sheet date, if there is objective evidence that any
of its loans to members are impaired. The loans are assessed collectively in groups that
share similar credit risk characteristics, because no loans are individually significant. In
addition, if, during the course of the year, there is objective evidence that any individual loan
is impaired, a specific loss will be recognised.
Any impairment losses are recognised in the revenue account, as the difference between the
carrying value of the loan and the net present value of the expected cash flows.
1.9. Financial liabilities - subscribed capital
Members' shareholdings in the Credit Union are redeemable and therefore are classified as
financial liabilities and described as subscribed capital. They are initially recognised at the
amount of cash deposited and subsequently measured at amortised cost.
1.10. Juvenile depositors
Juvenile transactions are included within the financial statements unless specially shown
otherwise.
1.11. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash and loans and advances to
banks with maturity of less than or equal to three months.

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Page 12
2. Auditors' remuneration
2016 2015
£ £
External auditors' remuneration - audit of the financial statements 6,084 4,860
Internal auditors' remuneration - internal audit services 3,748 3,748
In common with many other Credit Unions of our size and nature we use our auditors to
prepare and submit returns to the tax authorities and to assist us with the preparation of the
financial statements.
3. Tax on profit on ordinary activities
Analysis of charge in period 2016 2015
£ £
Current tax
UK corporation tax 21,931 13,884

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Page 13
Land and Fixtures,
4. Tangible fixed assets buildings fittings
freehold equipment Total
£ £ £
Cost
At 1 October 2015 607,504 48,693 656,197
Additions 77,075 3,173 80,248
At 30 September 2016 684,579 51,866 736,445
Depreciation
At 1 October 2015 122,580 29,277 151,857
Charge for the year 11,240 5,647 16,887
At 30 September 2016 133,820 34,924 168,744
Net book values
At 30 September 2016 550,759 16,942 567,701
At 30 September 2015 484,924 19,416 504,340
5. Fixed asset investments Listed
investments Total
£ £
Cost/revaluation
Additions 1,802,409 1,802,409
Disposals )(278,105 )(278,105
Revaluations )(4,239 )(4,239
At 30 September 2016 1,520,065 1,520,065
Net book values
At 30 September 2016 1,520,065 1,520,065
Historical cost at 30 September 2016 1,473,836

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Page 14
6. Members loans 2016 2015
£ £
Members loan accounts (see below) 5,041,221 4,508,310
Provision for underperforming loans )(901,900 )(940,506
4,139,321 3,567,804
Members loans
(including Juniors)
Balances brought forward from last year 4,508,310 4,649,819
Repaid )(1,458,915 )(1,694,927
Granted 1,651,800 1,235,805
Interest charged 340,026 317,613
Loans written off - -
5,041,221 4,508,310
7. Cash and cash equivalents 2016 2015
£ £
Cash at bank and in hand 364,480 1,783,403
8. Current asset investments 2016 2015
£ £
Cash held in investments 2,749,368 3,684,797

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Page 15
9. Creditors: amounts falling due 2016 2015
within one year £ £
Trade creditors 14,779 12,371
Corporation tax 21,931 13,883
36,710 26,254
10. Subscribed capital - financial liabilities 2016 2015
(including Juniors) £ £
Balance brought forward from last year 7,392,759 7,778,177
Shares saved and loans repaid 1,314,301 1,472,732
Dividends paid 104,692 71,040
Shares withdrawn )(1,712,512 )(1,929,190
7,099,240 7,392,759
Analysed as:
Ordinary members shares 6,974,429 7,271,640
Hold shares 190 190
Junior members shares 124,621 120,929
7,099,240 7,392,759
11. Capital commitments 2016 2015
£ £
Details of capital commitments at the
accounting date are as follows:
Contracted for but not provided in
the financial statements - 39,269

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Page 16
12. Related party transactions
Loans can be made to directors, as members of the Credit Union, in the course of business
and on the same terms as are available to other members, in accordance with the
requirements of the Financial Conduct Authority.
During the year £48,099 (2015: £42,135) including Employers National Insurance was paid to
key management personnel in respect of remuneration.
During the year, Pentecostal Credit Union paid £43,995 (2015: £29,795) in consultancy fees
to mother of a member of key management personnel.
13. Members numbers 2016 2015
(including Juniors)
Members as at 30 September 1,691 1,574
Junior members as at 30 September 34 29
Total 1,725 1,603
14. Transition to FRS102
FRS102 was adopted by the Credit Union for the first time in these financial statements for
the year ended 30th September 2016. No transitional adjustments were required.

And Can it Be
And can it be that I should gain
An int’rest in the Savior’s blood?
Died He for me, who caused His pain?
For me, who Him to death pursued?
Amazing love! how can it be
That Thou, my God, shouldst die for me?
Amazing love! how can it be
That Thou, my God, shouldst die for me?
2
’Tis mystery all! The Immortal dies!
Who can explore His strange design?
In vain the firstborn seraph tries
To sound the depths of love Divine!
’Tis mercy all! let earth adore,
Let angel minds inquire no more.
’Tis mercy all! let earth adore,
Let angel minds inquire no more.
3
He left His Father’s throne above,
So free, so infinite His grace;
Emptied Himself of all but love,
And bled for Adam’s helpless race:
’Tis mercy all, immense and free;
For, O my God, it found out me.
’Tis mercy all, immense and free;
For, O my God, it found out me.
4
Long my imprisoned spirit lay
Fast bound in sin and nature’s night;
Thine eye diffused a quickening ray,
I woke, the dungeon flamed with light;
My chains fell off, my heart was free,
I rose, went forth, and followed Thee.
My chains fell off, my heart was free,
I rose, went forth, and followed Thee.
5
No condemnation now I dread;
Jesus, and all in Him, is mine!
Alive in Him, my living Head,
And clothed in righteousness Divine,
Bold I approach the eternal throne,
And claim the crown, through Christ my own.
Bold I approach the eternal throne,
And claim the crown, through Christ my own.50

Office opening event 14 April 2016
51

The Pentecostal Credit Union Ltd - 37th Annual General Meeting

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