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2021-03-31-accounts

Annual Report and Financial Statements for the Year Ended 31 March 2021

Praise! Trust

Charity registration number: 1056529

Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

PRAISE! TRUST

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 14

PRAISE! TRUST

Reference and Administrative Details

Trustees Richard Horton Linda Mawson Gillian Berry Patricia Ellis James Sayers, Chair Andrew Benfold Principal Office 7 Arlington Way London EC1R 1XA Charity Registration 1056529 Number Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Bankers CAF Bank Limited PO Box 289 West Malling Kent ME19 4TA Lloyds Bank plc 99 South Road Haywards Heath West Sussex RH16 4ND

Page 1

PRAISE! TRUST

Trustees' Report

The Trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.

Structure, governance and management

Nature of governing document

Praise! Trust is a registered charity, number 1056529, and is constituted under a Trust deed.

Recruitment and appointment of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Risk management

The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Objectives and activities

Objects and aims

The Charity objects are the advancement of the Christian religion, the advancement of Christian knowledge and understanding of the doctrine of the Christian faith and in particular the production, publication and dissemination of all kinds of Christian literature including (without limitation) books and other materials of hymns, psalms and songs relating to the worship of God and the Christian faith.

Public benefit

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Review of activities

The arrival of Covid has meant that this was a most unusual but busy year for the work of the Trust.

The Board of Trustees met online during the pandemic, on 8 July, 23 September and for the AGM on 18 November 2020, and on 24 February and 10 March 2021. Meeting more regularly, online and for shorter meetings has proved a more effective way of conducting business, and has saved a significant amount on travel costs.

Page 2

PRAISE! TRUST

Trustees' Report

During the year the Trust was involved in the following activities:

  1. Our online presence is now the main focus of our publishing. There are over 1,300 online items now published. Revenue from subscriptions decreased by 8% over this financial year, which was a surprisingly small reduction considering that most churches were not meeting during that time. With churches resuming meeting in person and returning to singing, we are confident, based on the first few months, that subscriptions will bounce back in 2021-22.

  2. Book sales. The Trust continues to sell and distribute copies of the music edition of Praise! through 10ofthose.com Ltd in Leyland, Lancashire. Sales of the music edition understandably reduced during the pandemic, and we have now decided to allow the music edition to go out of print.

  3. the strategic decisions taken in the previous year began to be implemented, with a significant increase in the number of items published as our curated collection of the best published contemporary hymns and songs. Despite the pandemic, our online publishing process gathered pace during the year. We believe that this will attract a wider range of users to our website as a trusted Christian resource.

  4. We recruited a new copyright and administration manager during the year, strengthening our experience in the copyright and publishing of Christian words and music. We expect to appoint two new trustees during the coming year. We are benefitting from the adoption of new software to speed up the flow of information and documentation, and to improve our accounting systems.

  5. We take care to ensure compliance copyright law, with GDPR regulations and with all other legal requirements of the Trust’s operations.

  6. The accounts show a surplus for this financial year of £5,916. The overall financial position of the Trust remains sound, and we have the resources to continue to develop our work.

We are thankful to God for our work being sustained through the pandemic, and we look forward to serving churches and Christians in a post-covid world.

Financial review

Income for the year amounted to £30,604 (2020 - £26,068) and expenditure £24,688 (2020 - £23,184). The surplus was added to funds brought forward and the balance of unrestricted funds at the year end were £66,927 (2020 - £61,012).

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Page 3

PRAISE! TRUST

Trustees' Report

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report was approved by the Trustees of the charity on 3 November 2021 and signed on its behalf by:

......................................... James Sayers Trustee

Page 4

PRAISE! TRUST

Independent Examiner's Report to the trustees of Praise! Trust

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 6 to 14.

Respective responsibilities of Trustees and examiner

As the charity’s Trustees of Praise! Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Praise! Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of Praise! Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... G W Schulz ACMA

Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

3 November 2021

Page 5

PRAISE! TRUST

Statement of Financial Activities for the Year Ended 31 March 2021

Note
Unrestricted
funds
£
Income and Endowments from:
Donations and legacies
2
200
Other trading activities
3
30,384
Investment income
4
20
Total income
30,604
Expenditure on:
Raising funds
5
10,377
Charitable activities
6
14,311
Total Expenditure
24,688
Total expenditure
24,688
Net income
5,916
Net movement in funds
5,916
Reconciliation of funds
Total funds brought forward
61,011
Total funds carried forward
13
66,927		 Total
2021
£
200
30,384
20
30,604
10,377
14,311
24,688
24,688
5,916
5,916
61,011
66,927		 Total
2020
£
160
25,844
64
26,068
9,215
13,969
23,184
23,184
2,884
2,884
58,128
61,012

The notes on pages 8 to 14 form an integral part of these financial statements. Page 6

PRAISE! TRUST

Balance Sheet as at 31 March 2021

Note
Fixed assets
Tangible assets
8
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Creditors: Amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than
one year
12
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
13		 2021
£
2
6,712
18,319
47,525
72,556
(4,536)
68,020
68,022
(1,095)
66,927
66,927
66,927		 2020
£
152
7,235
9,238
50,842
67,315
(5,499)
61,816
61,968
(956)
61,012
61,012
61,012

The financial statements on pages 6 to 14 were approved by the Trustees, and authorised for issue on 3 November 2021 and signed on their behalf by:

......................................... James Sayers Trustee

The notes on pages 8 to 14 form an integral part of these financial statements. Page 7

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Praise! Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Gift aid

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Page 8

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Furniture and equipment 33% straight line Website development 33% straight line

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Page 9

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees's discretion in furtherance of the objectives of the charity.

2 Income from donations and legacies

Donations and legacies;
Donations		 Unrestricted
funds
General
£
200
200		 Total
2021
£
200
200		 Total
2020
£
160
160

3 Income from other trading activities

Sales of publications
Copyright royalties		 Unrestricted
funds
General
£
6,818
23,566
30,384		 Total
funds
£
6,818
23,566
30,384		 Total
2020
£
8,354
17,490
25,844

Page 10

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

4 Investment income

Interest receivable and similar income; Interest receivable on bank deposits

Unrestricted funds Total Total General 2021 2020 £ £ £ 20 20 64

5 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Royalties paid
Administration costs		 Unrestricted
funds
General
£
544
2,933
6,900
10,377		 Total
2021
£
544
2,933
6,900
10,377		 Total
2020
£
2,365
2,708
4,142
9,215

6 Expenditure on charitable activities

Storage charges
Website operating costs
Postage and stationery
Advertising and promotion
Members' expenses and committee
meetings
Professional services
Bank charges
Independent examination
Depreciation, amortisation and other
similar costs		 Unrestricted
funds
General
£
760
1,512
17
127
-
10,915
290
540
150
14,311		 Total
2021
£
760
1,512
17
127
-
10,915
290
540
150
14,311		 Total
2020
£
864
1,810
73
368
1,397
8,503
294
510
150
13,969

Page 11

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

7 Trustees remuneration and expenses

No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

Two Trustees received consultancy fees in respect of their professional services amounting to £7,392 in the current year (2020 - £4,200) and received royalties of £751 - (2019 £NIL).

No Trustees received reimbursement of expenses during the year (2020 - £985 to 5 Trustees).

8 Tangible fixed assets

Cost
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
9 Stock
Stocks
10 Debtors
Trade debtors		 Furniture
and
equipment
£
1,087		 Website
development
£
Total
£
10,450
11,537
10,450
11,537
10,449
11,385
-
150
10,449
11,535
1
2
1
152
2021
£
2020
£
6,712
7,235
2021
£
2020
£
18,319
9,238		 Website
development
£
Total
£
10,450
11,537
10,450
11,537
10,449
11,385
-
150
10,449
11,535
1
2
1
152
2021
£
2020
£
6,712
7,235
2021
£
2020
£
18,319
9,238		 Website
development
£
Total
£
10,450
11,537
10,450
11,537
10,449
11,385
-
150
10,449
11,535
1
2
1
152
2021
£
2020
£
6,712
7,235
2021
£
2020
£
18,319
9,238		 Website
development
£
Total
£
10,450
11,537
10,450
11,537
10,449
11,385
-
150
10,449
11,535
1
2
1
152
2021
£
2020
£
6,712
7,235
2021
£
2020
£
18,319
9,238
1,087 10,450
936
150		 10,449
-
1,086 10,449
1 1
151 1
2021
£
6,712
2021
£
18,319
2020
£
9,238

Page 12

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

11 Creditors: amounts falling due within one year

Trade creditors
12 Creditors: amounts falling due after one year
Trade creditors
13 Funds
Balance at
1 April
2020
£
Incoming
resources
£
Unrestricted funds
General
General Funds
61,011
30,604
Balance at
1 April
2019
£
Incoming
resources
£
Unrestricted funds
General
General Funds
58,128
26,068		 2021
£
4,536
2021
£
1,095
Resources
expended
£
(24,688)
Resources
expended
£
(23,184)		 2020
£
5,499
2020
£
956
Balance at
31 March
2021
£
66,927
Balance at
31 March
2020
£
61,012

Page 13

PRAISE! TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

14 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
2
72,556
(4,536)
(1,095)
66,927
Unrestricted
funds
General
£
152
67,315
(5,499)
(956)
61,012		 Total funds
at 31
March
2021
£
2
72,556
(4,536)
(1,095)
66,927
Total funds
at 31
March
2020
£
152
67,315
(5,499)
(956)
61,012

Page 14