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COMPANY REGISTRATION NUMBER: 02909145
CHARITY REGISTRATION NUMBER: 1054449
PRAISE CHAPEL
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2023
PRAISE CHAPEL
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
PRAISE CHAPEL
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .
Reference and administrative details
Registered charity name
PRAISE CHAPEL
Charity registration number
1054449
Company registration number
02909145
Principal office and registered
Mill House
office
Columbia Avenue
Edgware
Middlesex
HA8 5DQ
The trustees
E A Amartey
F K Adjei
Company secretary
Kofi Konadu Banful
Accountant
HP Osalor's Limited
Chartered Certified Accountants
6 Greenwich Quay
Clarence Road
London
SE8 3EY
Structure, governance and management
Governing document
Praise Chapel is a charitable company limited by guarantee. It is governed by a Memorandum and Articles of Association and controlled by a Board of Trustees who are directors for the purpose of company law and trustees for the purposes of charity law.
Recruitment and appointment of new trustees
New Trustees are selected on the basis of the contribution they will make to the governance of the organisation and the skills they will contribute. They are provided with copies of the Charity Commission's guidance to trustees and given an introduction to the activities of the charity by the existing board members.
Objectives and activities
Achievements and performance
Impact of COVID-19 and Lockdown
The charity continued most of its activities online, even though the government had given new guidelines to Faith groups for congregational meetings and worship. These guidelines for meeting as a congregation remained challenging, therefore the church leadership decided to continue the congregational meetings online as in the previous year. At the beginning of July, the government relaxed the Covid guidelines further for congregational ‘In-Person’ worship for faith groups. In August, the church held its first in-person service after seventeen months of holding online services. The main Sunday services and midweek Bible Study continues to stream online. Since resuming ‘In-person’ services, physical attendance and participation in Sunday services has been running at approximately sixty percent capacity.
Restructuring of organisation’s leadership
The charity has introduced an additional executive level to its leadership. The Covid-19 pandemic highlighted the need for a wider reach to remote members and the importance of contingency and succession planning. The Senior Leadership Team (SLT) is comprised of designated members who work alongside the Senior Pastor, taking responsibility for the supervision, mobilization and organisation of small groups and the support teams organised by the church.
Oasis Family Network
The Oasis Family Network (OFN) was developed as an extension of pastoral care for congregants and visitors to the church in the geographical areas which they live. The OFN has been highly instrumental this year. They were proactive in meeting the needs of congregants in their respective localities. The OFN have organised various online activities which involved: supportive centres providing words of encouragement and advice, virtual social events, prayer meetings and a space where congregants could share their experiences.
Financial review
Plans for future periods
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 28 May 2023 and signed on behalf of the board of trustees by:
F K Adjei
Trustee
PRAISE CHAPEL
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
416,997
416,997
460,252
Investment income
6
40
40
10
---------
----
---------
---------
Total income
417,037
417,037
460,262
---------
----
---------
---------
Expenditure
Charitable Activities
7,8
473,350
473,350
392,044
---------
----
---------
---------
Total expenditure
473,350
473,350
392,044
---------
----
---------
---------
---------
----
---------
---------
Net (expenditure)/income and net movement in funds
( 56,313)
( 56,313)
68,218
---------
----
---------
---------
Reconciliation of funds
Total funds brought forward
228,973
129,037
358,010
289,792
---------
---------
---------
---------
Total funds carried forward
172,660
129,037
301,697
358,010
---------
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
PRAISE CHAPEL
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
13
33,417
32,667
Current assets
Debtors
14
118,133
114,176
Cash at bank and in hand
191,095
241,133
---------
---------
309,228
355,309
Creditors: amounts falling due within one year
15
40,948
29,966
---------
---------
Net current assets
268,280
325,343
---------
---------
Total assets less current liabilities
301,697
358,010
---------
---------
Net assets
301,697
358,010
---------
---------
Funds of the charity
Restricted funds
129,037
129,037
Unrestricted funds
172,660
228,973
---------
---------
Total charity funds
17
301,697
358,010
---------
---------
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 28 May 2023 , and are signed on behalf of the board by:
F K Adjei
Trustee
PRAISE CHAPEL
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Mill House, Columbia Avenue, Edgware, Middlesex, HA8 5DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Private Limited Company by guarantee without share capital use of 'Limited' exemption
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Tithes and offerings
416,997
416,997
362,372
362,372
Charity gift aid
97,880
97,880
---------
---------
---------
---------
416,997
416,997
460,252
460,252
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
40
40
10
10
----
----
----
----
7. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable Activities
435,004
435,004
358,881
358,881
Honorarium,Musical,Mission and Publicity
38,346
38,346
28,964
28,964
Support costs
4,199
4,199
---------
---------
---------
---------
473,350
473,350
392,044
392,044
---------
---------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2023
Total fund 2022
£
£
£
Charitable Activities
435,004
435,004
358,881
Honorarium,Musical,Mission and Publicity
38,346
38,346
28,964
Governance costs
4,199
---------
---------
---------
473,350
473,350
392,044
---------
---------
---------
9. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
8,166
----
------
10. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
4,200
----
------
11. Staff costs
The average head count of employees during the year was Nil (2022: 4 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Direct staff
4
----
----
The number of employees whose remuneration for the year fell within the following bands, were:
2023
2022
No.
No.
£60,000 to £69,999
1
----
----
12. Trustee remuneration and expenses
There were no trustees' remuneration, neither were there any benefits and expenses paid during the year ended 31 March 2021.
13. Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
151,962
95,053
27,236
274,251
Additions
750
750
---------
--------
--------
---------
At 31 March 2023
151,962
95,803
27,236
275,001
---------
--------
--------
---------
Depreciation
At 1 April 2022 and 31 March 2023
146,200
75,518
19,866
241,584
---------
--------
--------
---------
Carrying amount
At 31 March 2023
5,762
20,285
7,370
33,417
---------
--------
--------
---------
At 31 March 2022
5,762
19,535
7,370
32,667
---------
--------
--------
---------
14. Debtors
2023
2022
£
£
Prepayments and accrued income
83,216
79,609
Other debtors
34,917
34,567
---------
---------
118,133
114,176
---------
---------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,184
6,305
Trade creditors
4,013
4,004
Accruals and deferred income
4,200
8,400
Social security and other taxes
16,239
10,636
Other creditors
1,312
621
--------
--------
40,948
29,966
--------
--------
16. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 2,684 (2022: £ 3,991 ).
17. Analysis of charitable funds
Unrestricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
228,973
417,037
(473,350)
172,660
---------
---------
---------
---------
At 1 April 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
General funds
160,755
460,262
(392,044)
228,973
---------
---------
---------
---------
Restricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
Restricted Fund 1
129,037
129,037
---------
----
----
---------
At 1 April 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
Restricted Fund 1
129,037
129,037
---------
----
----
---------
18. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
Current assets
Creditors less than 1 year
----
----
----
Net assets
----
----
----
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
32,667
32,667
Current assets
226,272
129,037
355,309
Creditors less than 1 year
(29,966)
(29,966)
---------
---------
---------
Net assets
228,973
129,037
358,010
---------
---------
---------
19. Related parties
There were no related party transactions other than as disclosed in Note 11 in respect of salaries paid to the senior pastor.