CHARITY REGISTRATION NUMBER: 1048696 TABERNACLE OF PRAISE MINISTRIES Unaudited Financial Statements 31 March 2024 BAPTISTE & CO Chartered Certified Accountants Tower 42, 25 Old Broad Slreet London EC2N 1 HN TABERNACLE OF PRAISE MINISTRIES Flnancial Statements Year ended 31 March 2024 Page Trustee's annual report (incorporating the director's report) Independent examine¢s report to the trustee Statement of financial activities (including income and expenditure accounl) Slatemenl of financial position S12temenl of cash flows Notes lo the financial statements 10 The following pages do not form part of the financial statements Detailed statement of financial activili8S 17 Notes lo Ihe detailed stalement of financial activities 18 TABERNACLE OF PRAISE MINISTRIES Trustee's Annual Report Year ended 31 March 2024 Tabernacle of Pralse Mlnistries- Trustees, Report for 202312024 Activlties and operdtion Tabernaclc of fic1i8e Mini8tries 18 a Cliristian Organisation registered with the Charity Gomrnission No. 1048696. in England and Wales. Its current address is Praiso14ouse, 37 Taniworth Road, Croydoii, Surrey. CRO 1 XT. The Ti'uste.es during this year were: Sandra Luke.- Chairperson Margaret Halls-Falconer- Secretary Nathaniel Asafo-Agyei - Treasurer Tabernacle of Praise Ministries is founded on Christian values and mission and it carries out humanitarian work and provides caring services in our community. It has as its aim, the advancement of the Christian faith and the improvement of life and wellbeing in the community where it is based. The Charity depends on freewill donations from members for funding and we have acted responsibly by keeping overheads and administrative costs to a minimum in order to achieve the goals we set out. Going Concern5 The annual accounts of Tabernacle of Praise Ministries for 2023124 are prepared with an ongoing concern basis, and the Trustees confirm that this assumption is valid. Development, financial results and position In the opinion of the trustees, the financial statements with accompanying notes give a true and fairview of the financial performance for 2023124 and the sl financial position as at 31 of March 2024. No events have occurred after the TABERNACLE OF PRAISE MINISTRIES Trustee's Annual Report Year ended 31 March 2024 close of the financial year that has any major significance for assessment of the ministry. The ministry's normal depreciation is essentially the difference between the entity's cash flow and the accounting profit. Taxation Taliprnacle of Praise Ministries is established as a charitable Ininistry and is tax exempt as the organisation does not receive iiicome that doesn't qualify for tax relief or spent any income on noii-charitable purposes. Tabernacle of Praise Ministries is also approved to claim Gift aid (25p on every £1 donated by tax paying members). Work Envlronment The current work environment is good and those who are employed or volunteer are satisfied with their working environment. There have been no accidents or injuries in 2023124 and volunteers l employee sick leave are recorded. Equity Tabernacle of Praise Ministries aims to have a workplace with diversity and equality of opportunity for both men and women. The ministry had 3 employees and 18 volunteers (12 women and 6 men). most of whom work within the areas of mission, humanitarian concerns, hospitality, sound engineering and ushering. The Trustees consist of two women and one man. The Envlronment The ministry does not conduct activities that have a substantial adverse impact on the environmant. The ministry has not implemented or planned any special measures in this area in 2023124, beyond such measures as are necessary under laws and regulations to ensure compliance with applicable environmental requirements. Dlsclosure of Financlal Rlsk TABERNACLE OF PRAISE MINISTRIES Trustee's Annual Report Year ended 31 March 2024 In the Trustee's opinion, there is no significant market risk or risk of losses for the ministry in the immediate future. The ministry has mission activities in other countries that it has always supported. The ministry's financial income and expenses must be considered iii light of this. Summaiy of the main actlvltles The Charity experienced a decline in numbers due to people moving away from our catchment area in Croydon to other areas mainly due to high costs of accommodation. Some of our members moved to Kent. We are continuing to provide livestream services for our members who have for several reasons not been able to reconnect with mainstream services orwhose work shifts do not always allow them to physically attend services. Our commitment to serve our members and the community at large continue to grow in diverse ways irrespective of the fact we lost some of our volunteers, We have continued to strengthen our partnerships with other organisations in our borough and to serve the needs of the marginalised and vulnerable people in Croydon. We continue to host Croydon Church leaders every first Wednesday of the week and this has not only strengthened relationships but has opened wider doors for more collaborative work as well as to develop and build bridges amongst the faith and Community sectors. These meetings continue to provide a hub for diaLogue and dissemination of information to a wider audience. Main Achievements durlng the Year We slowed down the work to refurbish and bring our building to a completion but hope to pick up again on this project in the next financial year. TABERNACLE OF PRAISE MINISTRIES Trustee's Annual Report Year ended 31 March 2024 We hosted a successful event at Fairfield Halls in June 2023 over two days and which attracted over1000 people from different churches in Croydon. This is one of the dividends of our partnership work with other organisations in Croydon. We also arranged foryoung people in Croydon to spend some weekends in the summer in our premises building stronger ties and relationships. This is the second year this project has been run from our premises. OLJr Easter and Christmas Musicals for 2023 were well attended also. We successfully held the annual 31°, of December New Year's Eve Service where we hosted close to 150 people attendance. Plans for the future We plan on further increasingthe participation of diverse community groups, churches, the Local authority and individuals from the local community in what we are doing in the next year. We would like to bring Croydon Churches together in 2024 to host combined worship service in Fairfield Halls. Further Planned activities will include Easter and Christmas Musicals, Concerts with other churches participating, Community Programs to address the issues we feel will best support our community. Conclusion Tabernacle of Praise Ministries remains resolute and steadfast in pursuing the mission and goals we were set out for and we are grateful to our members and those who have supported us in the year under review. We are committed to making a positive difference in the lives of those we serrfe. TABERNACLE OF PRAISE MINISTRIES Trustee's Annual Report Year ended 31 March 2024 Signed: Mrs Sandra Lul you are responsible for the preparation o( Ihe financial slalemenls in accordance wilh Ihe requiremenls of the CJonipaiiies Act 2006 ('Ihe 2006 Acl'l. 14rJviriii snlibliccl m5'k'Jeli'11)al the accounts ol the company are nol reoulred lo be audiled under Parl 16 OK liie ?006 Acl und 8re eligible lor independenl examinalion. I report in respect of my examination of Ilio charity's accounls as carried out under seclion 145 of Ihe Charilies Ac12011 I'lhe 201 l Acl'l. In carrying oul my examlnalion I have lollowed Ilie Dlreclions given by Ihe Chaiily Coniinlsslon under 1so.Llloii 145lJllb) ol the ?011 Act. Iiid¢pondent &xamlnar's statement I l)ave ¢oiiipleled Ihy oxaminalion. I conliini th81 no m8lter8 have com& lo my allenllon In connecllon will) the examlnallon glving me cause lo believe: 8ccounilng records viere not kepl In respecl ol the charlly as required by se¢lion 386 of the 2006 Acl: or th8 linanclal slalemenls do not a¢¢ord wilh those re¢ords; or Ihe financlal slalemenls do nol cornply with 11)e accounling requirements of section 396 of the 2006 Act olher than any requirement that 11)e accounls givo a 'lrue and fall. vlew whlch 18 nol a maiter considered as part ol an iiidependenl oxaminalion: or Iho financlal slalemenls have not been prepared in accordance with Ihe melhods and principlos af the Slalemenl of Recommended Practice lor accounting and reporting by ch8rities applicablc lo charilies preparing IheiT accounts in 8ccordance wilh the Fln8nd81 Reporting Standard 8pplicable in the UK and Republic of Ireland (FRS 102). I liavo no concerns and liave come across no olher mallers in connection wilh Ihe examination lo hich allenlion Should be drawn in this reporl in ordei lo enab18 a proper underslandlng of lh8 accounts lo be re8ched, Independent Examiner Tower 42, 25 Old Broad Slre81 London EC2N 1 HN 17 February 2025 TABERNACLE OF PRAISE MINISTRIES Statement of Financlal Actlvitles (including income and expenditure account) Year ended 31 March 2024 . 2024 Unréslricled funds Total fuiids 2023 Total (unds Note IiiLonio and 6ndowni61)t$ Donations and legacle$ Invesln)enl income 87,096 13 87,096 13 109,902 13 I'otal Iii¢omo 87.109 87,109 109,915 E.xpendlliiro Exp8ndilure on charitable aclivliles Total èxpenditure 83.456 83,456 83,456 114,648 . 83.456 114,648 Not Ii)¢om61(oxpendlturèl and nèl movèmèiit In funds 3.653 3,653 (4.7331 Recoiiclllatlon of fuiids I'olal liinds brought fotward Total funds carrled fotward 27,457 27,457 31,110 32,210 31,110 27.477 Tho slalement of financial aclivilies includes all gains and losses recognlsed In tho year, All income and expendllure derive ffom eonllnulng aclivilies. Th• Dolés on pages 10 to IS fomi part of th•$• financlal slalements. TABERNACLE OF PRAISE MINISTRIES Statement of Financial PosStlon 31 March 2024 2024 2023 Note Current assets Oeblors C8slI al bank and in hand 11 40 14,522 176,594 17,018 193,612 Crèdltors: amounts falllng due withln one year Net ¢Lirrent assets 13 (30,2981 150,536 44,860 43.076 Total assot$ less ¢uireiit Ilabllltles 44,860 43,076 Credllors., amoiiiils falllng duè after more thai) oiie year 14 13,750 15,599 27,477 Net assets 31,110 Funds of the cliarlly Unreslricled funds 31,110 31,110 27,477 27,477 Total charlty fund6 15 For th8 year ending 31 March 2024 Ihe charity was enlilled lo exemplion from audil under section 480 of thé Companies Acl 2006 relating lo dormant Gompanies. DirecloT'S r6sponsibililies: The niembers have nol requlred Ihe company to oblain an audil of ils financlal s181emenls for the year In question in accordance viilh seclion 476: The director ackn(trwledges hls responslbS1ilies for eomplying with Ihe requlrem8nls of the Acl with respect 10 8ccounling records 8nd the prep8ralion of financial tslalemenls. Tliese financlal slalemenls wore Épproved by Ihe board of Ifuslees and aulhorised for issue on 17 February 2025. and are signed on beh811 of the board by.. The notes on pages 10 to 1S lomi part of these flnanclal stalenianls. TABERNACLE OF PRAISE MINISTRIES Statement of Cash Flows Year ended 34 March 2024 2024 2023 Note Casli flows from operatlng actlvltles Nel incomel(expendilure) 3,653 {4.733) Adju:Imprils for.. Oiiief inleresl receivable and similar Income Inlorcsl payable and slmilar charges (131 63 {13) 237 CIIHiiges ii).. Irade and other debtors 'rrade and other Creditors 176,554 {180,7701 {5131 25,428 11,227) 19.692 Cash goiieraled from operations Inleresl p.'Jid Ii)lerosl receiv8d 163) 13 {237) 13 Nel c8sh (used In)Ifrom operating aclivilies (563) 19.468 Cash flows froin flnan¢lng actlvltlès Proceeds from borrowings Net cash used in financing aclivilies {1,849 (1,849) {2,595) {2.595) Net {decreaselllncrease In cash 8nd cash oqulvalents Cash and cash equlvalents at beglnnlng of year Cash aiid cash equlval8nt8 at end of year (2,412) 15.830 16,873 (1,0431 15,830 12 13,418 Tho nolos on page5 10 10 15 fomi part of theso finan¢lal statement$. TABERNACLE OF PRAISE MINISTRIES Notes to the Flnancial Statements Year ended 31 March 2024 Gonèral Informatlon The charity Is a public benefil enlily and a private company limited by gu81anlee. reglslered in England and Wales and a registered charity in England and Wales. The address of Ihe reglslered office is Statement of compllance Tliese financial slalemenls have been prepared in compllance wilh FRS 102. 'The Financ181 Reporting Slaiidard applicable in tlie UK and the Republlc of Ireland,. tho Slalemenl of Recommended Practice applicable to charilies preparing their accounts in accordance wllh Iho Financlal Reporting Slandard applicable in the Ul< and Republic ol Ireland IFRS 102) {ChaTilies SORP (FRS 102)) and the Companies Acl 2006. Accounllng pollel&s Ba$1$ of preparatlon The financlal sla16m8nls have been prepared on Ihe l)Islorical cost basis, as modified by the revalvallon ol certaSn linancial ass81s and liabilities and Inv8slment prop8rties measured al fair value through income or expendllure. The fin8iiclal slalemenls are prepared In slerllng, whlch is the funclional currency of the enlily. Golng concern There are no malerial uncerlainlies about Ihe charity's ability lo conlinue, Fund accountlng Unreslricled funds are available lor use al discretlon of the Ifuslees to furlher any of Ihe charity's purposes. Desl9naled funds are unreslrided lunds earmarked by the truslee for particular fulur8 projecl or commllm6nl. Reslricled funds are subjeeled lo reslri¢lion$ on thelr expendllure declared by Ihe donor or through the lerms of an appeal, Bnd fall inlo one of Iwo sub-classes.. reslricted Incom8 funds OT endowinent funds. -10- TABERNACLE OF PRAISE MINISTRIES Notes to the Flnanclal Statements (¢ontinue(l) Year ended 31 March 2024 A¢eountliig pollcles (¢onllnueilJ Incomlng rèsources All iiicoming reoources arp. included in Ihe slalemenl of linancial activilies when eiilitlemenl has passcd lo the chdllty,. 11 probable that the economic benefils associated wilh Ihe Iransaclion will flow lo Ihe charity and Ihe bmounl can be rellably measured. The following specific pollcles are applied lo parllcular categories of Income: ii)come Iroiii donal10n*￿ or graiils is recognlsed when there is evidence of enlillemenl lo Ihe3 gilt, rcceipl is probable and ils dlll0(Int can be measured reliably. legacy income Is reLoonlsed iyhen receipl Is probable and enlillement is eslablished. income from iJonaled goods is nieasured al Ihe falr valu8 of the goods unless Ihls Is impraclical lo measLirÈ reliably, in )vhich case Ihe value is deiived fron) the cosl lo Ihe donor or the estimated resale value. Donated facilities and setvices are recognised in Ihe accounls wl)en Yeceived if Ihe value can be reliably nieasured. No amounls are Included for the conlribullon ol geneial volunleers. income Irom conlra¢l8 for Ihe supply of services Is recognlsed wilh Ihe delivery of the conlracled seNi¢e. Thls Is classified as unreslricled fun(ls unless Ihere Is a conlraclual requlremenl for11 lo be spent on a particular purpos8 and r61urned if unspenl, In which case il may be regarded as reslricled. Resources èxpènded Expendilure Is recognised on an accruals basis as a Ilabillty Is Incurred. Expenditure Ii)cSudes any VAT whlch connol be fully fe¢overed. and is classified under headings of th6 slalemenl of rinancial activities lo which it relale$: oxpendllure on ralsing funds Includes lh8 cosls of 811 fundraising acliviliès, events, non- charitablo Ir8dliig aclivilies, and the sale of donated goods. expendllure on ch8ri18ble aclivilies includes all costs incurfed by a charily In underiaking aclivilles Ihal further ils charilable aims lor the benefil ol Ils beneficiaries, Including Ihos8 supporl costs and costs ielaling lo Ihe governance of Ihe charily apportioned lo charitabl8 a¢livities. other expandllure includes 811 expendilure Ihat Is nellher related lo raising funds lor the charily nor p2rt of ils expendilure on charitable aclivilies. All costs are allocaled to expenditure ¢alegories rellecling the u88 of Ihe resource. Dlrecl costs allributable to a single activity aré allocated directly lo that aclivily. Shared cosls are apportloned between Ihe activities Ih8y contribute to on a reasonable, juslifiable and consislenl basis. Flnanclal Instruments A financlal assel or a financi81 liabilly is recognised only when the charity becom8s a party lo the conlraclual provisions of the instrument. TABERNACLE OF PRAISE MINISTRIES Noles to the Flnancial Statements {¢onilnued) Year ended 31 March 2024 Accounllng pollcles (eonllnyed) Flnanclal Instruments (¢04yllnu Basic fiiiancial instruments are inilially recognised at tha amount receivable or payable includiiig any relal8d Iransaclion costs. Currenl 8ssels and cur(enl liabililies are subsequenlly measured at the cash or olher consideralion expected lo be paid or received and not discounled, Debl Inslrumenls are subsequently measured al amortised cost. Where inveslnienls in shares are publicly Icadtsd or their lair value can olhorwise be measured reliably. Ihe inveslmenl Is subsequently measured at fair value wilh changes In lair value recognised in inconie and expenditure. All ollier Such inveslmenls 8Te subsequently Ineasured al cost less impairnienl. Other financlal inslrumeiits, Including d8riv81ives. 8re initially r6cognised al lair value, unless payment for an asset Is deferred b8yond norn781 business terms Of financed al a rate ol Inleresl th81 Is nol a market rate. in which case the asset Is measured al Ihe present value of the fulure paymenls discounted al a markel ral8 of inleresl for a slmilar debt inslrumenl. Other financlal Inslrumenls are subsequenlly measured al falr v81ue, wilh any chang65 recognised In the slalen)enl ol financlal aclivilies. with the excepllon of hedging Inslrumenls in a deslgnaled hedgii)g relationship. Financlal assels that are measured at cost or amortised cosl are revlewed for oblecliv8 evidence ol impaimienl al Ihg end of each reporting dale. 11 Ihere is objeclive evidence of impalrmenl, an impairment loss is recognised under the appropriale heading In the slalemenl ol financial aclivi116s In which Ihe Initlal gain was recognlsed. For all eqully inslruments regardless of slgnificance. ond other financial assels Ihal 8re individually slgnificanl, Ihese are assessed individually for impalrmenl. Other financlal assets are eilher assessed individually or grouped on the basis of simllar credit fisk characlerisllcs. Any reversals of impairm8nl are recognlsed Immedialely, lo Ihe exlenl that the r6vers81 does not resull Sn a carrying amount of the financlal asset Ihal exceeds what the carying amount would have been had thè Impalrmenl not prevlousty been recognised. Llmlled by guarantee Donatlons and legaclès Unrestricted Total Fund$ Unreslricled Total Funds Funds 2024 Funds 2023 Donatlons Donations, Illhes and offerings 87.096 87,096 109,902 109,902 12 TABERNACLE OF PRAISE MINISTRIES Notes to the Flnanclal Statements (ctsntlftueLI) Year ended 31 March 2024 Investment Incoime Unreslricled Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Bank Interest recefvable typ8 1 13 13 13 13 ExpendSture on charltable actlvlties by fund lype Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Operation of the Church Siipporl costs 78.888 4.568 78,888 4,568 83.456 109,925 4,723 109,925 4,723 83.456 114,648 114,648 Expèndlturo oil charltable a¢llvllles by actlvlty lypo Total funds 2024 Tolal fund 2023 Oulreach expenses Wages and sala(les Olher eslablishmenl Legal and professional fe85 Olher offlce costs Other Inleresl payable and slmllar charges 24,556 45,032 2,788 1,717 9,300 63 50,391 46,769 501 3,985 12,765 237 83,456 114,648 Staff costs Tho lolal slaff cosls and employee ben6fils lor the reporting period are analysed as follows: 2024 2023 Wages and salartes 45,032 46,769 The average head count of employees during the year was Nil (2023: 3). No employee recelved employee benefits of more than £60,000 durlng the y6ar (2023: 3). 10. Trustee rémunerailon and expenses There was no Trustee remuneration. 13- TABERNACLE OF PRAISE MINISTRIES Notes to the Flnanclal Statements (conllnued) Year ended 31 March 2024 11. Debtors 2024 2023 OlheT d8blors 40 176.594 12. Cash and cash equivalonts Cash and cash equivalenls tomwise th6 following: 2024 2023 Cash al bank and in hand Bank overdrafts 14,522 {1,124> 13,398 17,018 11,188) 16.830 13. Credltors.. amounts falllng due wSthln one year 2024 2023 Bank loans and overdrafts Accruals and delerred income Olher ¢redllors 1,124 400 (31,822) (30,298) 1,188 400 148,948 150.536 14. Credllors,. amounls falllng due after more than one year 2024 2023 Bank loans and ov8rdrafls 13,750 15,599 15. Analysls ol charltable fund$ Unrostrlcted funds At 31 March 20 24 At 1 April 2023 Income Expenditure 27,457 87,109 (83.456) 31,110 14- TABERNACLE OF PRAISE MINISTRIES Notes to the Flnancial Statements (eonllnuedj Year ended 31 March 2024 -15-