Annual Report and Financial Statements for the Year Ended 31 March 2024
## 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 James Sayers, Chair Andrew Benfold
**Charity Registration** 1056529 **Number**
**Principal Office** 7 Arlington Way London EC1R 1XA **Independent Examiner** G W Schulz FCMA 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 2024.
## **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 Board of Trustees has continued to meet twice a year in person, meeting on 12 July 2023, and for our AGM on 1 November 2023. We also met for shorter online meetings on 12 April, 20 September and 14 February 2023. This combination of meeting for a day in person twice a year, while moving business along in shorter online meetings, is proving a more effective way of operating.
Page 2
## **PRAISE! TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
During the year the Trust was involved in the following activities:
1. We reviewed the trust’s legal structure and decided to convert to a Charitable Incorporated Organisation. Working with the help of Trust Advice, all the necessary documents were prepared and at our February 2024 board meeting we passed the necessary resolutions to establish Praise Trust CIO. The process to register the new CIO with the Charity Commission was ongoing at the end of the financial year.
2. Our website remains our main focus as a publisher. We increased the subscription just before this financial year, from £10 to £15, and decided not to increase the subscription further during this financial year. We saw a steady increase in subscriptions, so that overall subscription revenue nearly doubled. However, our current website is about ten years old, and the framework has had a great many amendments. We therefore began the process of scoping out a complete rebuild for our website, which was ongoing at the end of the financial year.
3. This year we engaged a marketing contractor to provide us with a marketing plan to promote the work on social media and elsewhere. This has been helpful and accounts for our rise in website subscriptions. Sales of our new music book, Christmas Praise! have not been as large as we had hoped. We have added to the online collection of additional resources, so that more than half the collection now has online arrangements available to download. We will continue to promote this, especially in the run-up to Christmas.
4. We continue to set strategic goals as part of the trustees’ oversight of the work. We also continue to recruit new people to our review teams, to expand our capacity to create music arrangements, and took various efforts to recruit new trustees during the year.
5. We take care to ensure compliance with copyright law, with GDPR regulations and with all other legal requirements of the Trust’s operations.
We are thankful to God that the work of the trust continues to be valued, that more churches are discovering our work, and that new developments await in the coming financial year.
## **Financial review**
The accounts show a surplus for the financial year of £1,546 (2023: £1,137). Income from royalties increased over the year. While we had been building a significant balance of funds in recent years, we intend to invest a large part of these in our website rebuild. The overall financial position of the Trust remains sound, and we have the resources to continue to develop our work without outside funds being needed.
## _**Policy on reserves**_
The Trustees have continually reviewed the charity's finances to ensure that the reserves policy implemented has enabled it to control its finances properly.
Page 3
PRAISE! TRUST
TRUSTEES, REPORT (CONTINUED)
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.
Statement of Responsibilities
The Trustees are responsible for preparing the Trustees, POrt 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:
select suitable accountlng policies and then apply them consistentlyi
observe the methods and principles In the Charities SORP;
make Judgements and estlmates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements. and
prepare the financial statements on the going concern ba55s unless it is inapproprlate
to presume that the charlty wlll continue in business.
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 Charities
(Accounts and Reports) Regulations 2008, 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 detertion of fraud and other
irregularities.
The annual report was approved by the Trustees of the charlty on 20 November 2024
and signed on its behalf by:
ame5 Sayers
Trustee
Page 4
## **PRAISE! TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRAISE! TRUST**
I report to the Trustees on my examination of the accounts of Praise! Trust for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity 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.
...................................... Lhtu G W Schulz FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
20 November 2024
Page 5
## **PRAISE! TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and Endowments from:**
Donations and legacies
2
25
Other trading activities
3
38,927
Investment income
4
303
Total income
39,255
**Expenditure on:**
Raising funds
5
12,995
Charitable activities
6
24,714
Total expenditure
37,709
Net income
1,546
Net movement in funds
1,546
**Reconciliation of funds**
Total funds brought forward
72,824
Total funds carried forward
12
74,370|**Total**
**2024**
**£**
25
38,927
303
39,255
12,995
24,714
37,709
1,546
1,546
72,824
74,370|**Total**
**2023**
**£**
10
36,777
57|
|---|---|---|
|||36,844|
|||14,100
21,607|
|||35,707|
|||1,137|
|||1,137
71,687|
|||72,824|
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 2024
2024
2023
Note
Fixed assets
Tangible assets
Current assets
Stocks
Debtors
Cash at bank and in hand
19,989
15,458
21,849
14,434
10
77,877
76,885
Credltors: Amounts falling due wlthin one year 11
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
12
The financial statements on pages 6 to 14 were approved by the Trustees, and
authorlsed for Issue on 20 November 2024 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 2024**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **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.
## _**Interest receivable**_
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Page 8
## **PRAISE! TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)**
## **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.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**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.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **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.
Page 9
## **PRAISE! TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)**
## **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.
## **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 charity 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.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.
## **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.
Page 10
## **PRAISE! TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)**
## **2 Income from donations and legacies**
|Donations and legacies;
Donations
**3 Income from other trading activities**
Sales of publications
Copyright royalties
**4 Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits|**Unrestricted**
**funds**
**General**
**£**
25
25
**Unrestricted**
**funds**
**General**
**£**
12,663
26,264
38,927
**Unrestricted**
**funds**
**General**
**£**
303|**Total**
**2024**
**£**
25
25
**Total**
**funds**
**£**
12,663
26,264
38,927
**Total**
**2024**
**£**
303|**Total**
**2023**
**£**
10|
|---|---|---|---|
||||10|
||||**Total**
**2023**
**£**
10,338
26,439|
||||36,777|
||||**Total**
**2023**
**£**
57|
Page 11
## **PRAISE! TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)**
## **5 Expenditure on raising funds**
## **a) Costs of trading activities**
|**Note**
Costs of goods sold
Royalties paid
Administration costs
Music arrangements|**Unrestricted**
**funds**
**General**
**£**
1,859
3,232
5,514
2,390
12,995|**Total**
**2024**
**£**
1,859
3,232
5,514
2,390
12,995|**Total**
**2023**
**£**
2,600
3,004
8,496
-|
|---|---|---|---|
||||14,100|
## **6 Expenditure on charitable activities**
|Website operating costs
Postage and stationery
Advertising and promotion
Members' expenses and committee
meetings
Subscriptions
Professional services
Bank charges
Independent examination|**Unrestricted**
**funds**
**General**
**£**
3,092
2,614
2,599
925
209
14,335
400
540
24,714|**Total**
**2024**
**£**
3,092
2,614
2,599
925
209
14,335
400
540
24,714|**Total**
**2023**
**£**
7,160
664
899
786
-
11,219
309
570|
|---|---|---|---|
||||21,607|
## **7 Trustees remuneration and expenses**
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
One Trustee received consultancy fees in respect of their professional services amounting to £9,853 in the current year (2023 - £13,900) and two Trustees received royalties of £892 (2023 - £998).
Page 12
## **PRAISE! TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)**
## **8 Tangible fixed assets**
|**Furniture**
**and**
**equipment**
**£**
**Cost**
At 1 April 2023
1,087
At 31 March 2024
1,087
**Depreciation**
At 1 April 2023
1,086
At 31 March 2024
1,086
**Net book value**
At 31 March 2024
1
At 31 March 2023
1
**9 Stock**
Stocks
**10 Debtors**
Trade debtors
**11 Creditors: amounts falling due within one year**
Trade creditors|**Furniture**
**and**
**equipment**
**£**
1,087|**Website**
**development**
**£**
**Total**
**£**
10,450
11,537
10,450
11,537
10,449
11,535
10,449
11,535
1
2
1
2
**2024**
**£**
**2023**
**£**
19,989
21,849
**2024**
**£**
**2023**
**£**
15,458
14,434
**2024**
**£**
**2023**
**£**
3,509
4,063|**Website**
**development**
**£**
**Total**
**£**
10,450
11,537
10,450
11,537
10,449
11,535
10,449
11,535
1
2
1
2
**2024**
**£**
**2023**
**£**
19,989
21,849
**2024**
**£**
**2023**
**£**
15,458
14,434
**2024**
**£**
**2023**
**£**
3,509
4,063|**Website**
**development**
**£**
**Total**
**£**
10,450
11,537
10,450
11,537
10,449
11,535
10,449
11,535
1
2
1
2
**2024**
**£**
**2023**
**£**
19,989
21,849
**2024**
**£**
**2023**
**£**
15,458
14,434
**2024**
**£**
**2023**
**£**
3,509
4,063|**Website**
**development**
**£**
**Total**
**£**
10,450
11,537
10,450
11,537
10,449
11,535
10,449
11,535
1
2
1
2
**2024**
**£**
**2023**
**£**
19,989
21,849
**2024**
**£**
**2023**
**£**
15,458
14,434
**2024**
**£**
**2023**
**£**
3,509
4,063|
|---|---|---|---|---|---|
||1,087||10,450|||
||1,086||10,449|||
||1,086||10,449|||
||1||1|||
||1||1|||
||||**2024**
**£**
19,989
**2024**
**£**
15,458
**2024**
**£**
3,509|||
||||||**2023**
**£**
14,434|
||||||**2023**
**£**
4,063|
Page 13
## **PRAISE! TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED)**
## **12 Funds**
|**12 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
**_General_**
General Funds
**Unrestricted funds**
**_General_**
General Funds|**Balance at**
**1 April**
**2023**
**£**
72,824
**Balance at**
**1 April**
**2022**
**£**
71,687|**Incoming**
**resources**
**£**
39,255
**Incoming**
**resources**
**£**
36,844|**Resources**
**expended**
**£**
(37,709)
**Resources**
**expended**
**£**
(35,707)|**Balance at**
**31 March**
**2024**
**£**
74,370|
|||||**Balance at**
**31 March**
**2023**
**£**
72,824|
## **13 Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
2
77,877
(3,509)
74,370
**Unrestricted**
**funds**
**General**
**£**
2
76,885
(4,063)
72,824|**Total funds**
**at 31**
**March**
**2024**
**£**
2
77,877
(3,509)|
|---|---|---|
|||74,370|
|||**Total funds**
**at 31**
**March**
**2023**
**£**
2
76,885
(4,063)|
|||72,824|
Page 14