ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
MINISTRY OF PRAISE
CHARITY REGISTRATION No: 1073397
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
MINISTRY OF PRAISE PENTECOSTAL CHURCH
CONTENTS
Page 3 Legal and Administrative Information Pages 4 to 5 Trustees' Report Page 6 Independent Examiner's Report to the Trustees Page 7 Statement of Financial Activities Page 8 Balance Sheet Pages 9 to 13 Notes to the Financial Statements
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
WORKING NAME Ministry of Praise CHARITY NUMBER 1073397 START OF FINANCIAL YEAR 1st January 2024 END OF FINANCIAL YEAR 31st December 2024 TRUSTEES AT 31ST DECEMBER 2024 M Thompson (Chair) E W Gordon K Johnston N Sterling The existing trustees appoint any new trustees following the provisions laid out in the organisation's governing instrument. LEGAL STATUS Unincorporated Charity
GOVERNING INSTRUMENT CONSTITUTION ADOPTED 9TH MARCH 1998, AND AMENDED 25TH DECEMBER 1998
OBJECTS THE ADVANCEMENT OF THE CHRISTIAN RELIGION IN ACCORDANCE WITH THE STATEMENT OF BELIEFS SET OUT IN THE SCHEDULE HERETO. THE RELIEF OF POVERTY OF PEOPLE IN NEED IN ACCORDANCE WITH RELIGIOUS PRINCIPLES. CORRESPONDENCE ADDRESS 35 Parkland Road London N22 6SU
PRIMARY BANKERS
Barclays Bank Plc 549 High Road Tottenham London N17 6SG
INDEPENDENT EXAMINER
Lomax Pavey Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
TRUSTEES REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees present their report on the accounts of the Ministry of Praise for the year ended 31st December 2024.
Structure, Governance and Management
The Ministry of Praise is registered with the Charity Commission. It is managed by its Trustees.
New trustees are recommended and appointed by the existing trustees in accordance with the charity’s constitution.
All the trustees have been briefed on the legal set up of the charity and its constitution and are aware of their obligations and responsibilities through Charity Commission publications.
Objectives and Activities
The objects of the charity are:
• The advancement of the Christian religion in accordance with the statement of beliefs set out in the schedule hereto. The relief of poverty of people in need in accordance with religious principles.
The charity will engage in activities to achieve these objectives. These include making the charity’s premises available, free or at a charge, to organisations whose activities help meet the charity’s objectives. The trustees have considered the guidance issued by the Charity Commission on public benefit and are firmly of the view that all its objectives and activities are for the public benefit.
Achievements and Performance
Ministry of Praise Warm Welcome was registered with Haringey Council in 2021. Ministry of Praise Warm Welcome opened it’s doors to 2 food banks to use its premises 2 days per week. Ministry of Praise provides volunteers and funds food collections using the church vehicle to collect food from supermarkets and local food providers for Community Cook Up and Bridge of Hope. Bridge of Hope Foodbank and Community Cookup. Every Tuesday and Friday Ministry of Praise is the distribution and administrative centre for the 2 foodbanks. We work together to serve our local community with food and a warm safe space to gain information, play games, collect food and have a chat over a cup of tea. Ministry of Praise provide a room every Tuesday and Friday between 12.00pm-4.00pm with up to 70 visitors per session for Community Cookup to provide advice and information to the community putting them in touch with essential services in Haringey.
During cold periods Ministry of Praise distribute sleeping bags, warm clothing. Vinnie Packs are dis-tributed in the local community to those in need. Warm Welcome ran movie nights where we gathered people from our local community creating a safe, inclusive and friendly environment where people from our local community could build connections.
In association with InKind Direct Ministry of Praise have helped address period poverty by distributing sanitaryware for females in our local community in Ghana and Jamaica. In association with InKind toiletries are provided to homeless and vulnerable. We have held a Christmas party for our local community providing Christmas dinner for over 100 people at the local Powerleague venue.
The premises are used annually for fundraising for Macmillan Nurses.
Street Outreach continues to promote Christianity, give clothing and toiletries in Tottenham, Wood Green and Finsbury Park areas.
Hospital visits and prayer groups benefit the community.
There have been many youth events held throughout the year. Over 100 young people in the local community have been attending Friday youth groups at the church and monthly events and activities are sponsored by Ministry of Praise.
Ministry of Praise has sent donated clothing and toiletries overseas bi-monthly
Financial Review
The charity was largely funded in the period by donations.
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. MINISTRY OF PRAISE PENTECOSTAL CHURCH
TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
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Future Plans ‘ The trustees will continue to pursue opportunities to use the premises and facilities in furtherance of the charity's objectives. Ministry of Praise Warm Welcome will continue to provide a safe, warm and friendly space for the local community and will continue to provide volunteers and sponsorship to Bridge of Hope foodbank . and Community Cookup foodbank so that all togetherwe reach out to the vulnerable in our local community. Warm Welcome group are planning family fun days, movie nights, games, arts and crafts Amonthly get together at church has started for the elderly within our local community to have light exercise, a meal and art therapy. Ministry of Praise continues to send donated clothing and toiletries overseas : Risk Assessment — The trustees have identified the major risks to which they believe the charity is exposed and systems have been established to minimise these risks. The risks are formally reviewed, as appropriate, at each trustees’ meeting. The principal risks relate to the building and tothe activities carried out in the building. , : Public Benefit The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. Trustees' Responsibilities : The Charities Act 2011 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 trust and of the surplus of the trust for that period. In preparing those financial statements the trustees are required to: , . » Select suitable accounting policies and apply them consistently : - Make judgements and estimates that are reasonable and prudent - 9g The trustees arePrepare responsible financial for. keeping statementsproper on the accounting going" ‘concernrecords, basis unless which discloseit is inappropriate with reasonable: toi presume accuracy that at any the time trust willthe financial continue position in existence.ofthe trust. They . are also responsible for safeguarding’the assets of the trust and hence for taking reasonable stepsfor the prevention and detection of fraud and other : irregularities. , . Approved by the Trustees on theef Si NY i LODE nani ; Signed on their behalf byMan A Prat.) core
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INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS
Report to the trustees/members of Ministry or Praise on the accounts for the year ended 31st December 2024 set out on pages 7 to 13.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S STATEMENT
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S QUALIFIED STATEMENT
In connection with my examination, no matter's have come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act.
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Lomax Pavey Independent Examiners Ltd Unit 2
The Broadbridge Business Centre Delling Lane Bosham West Sussex
PO18 8NF
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Notes INCOME Donations & Legacies 3a Other Income 3b Total Income EXPENDITURE Charitable Activities 4a Total Expenditure NET INCOME/(EXPENDITURE) Total Funds Brought Forward TOTAL CHARITY FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 58,460 - 58,460 64,444 12,221 - 12,221 1,743 |
|---|---|
| 70,681 - 70,681 66,187 |
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| 61,883 - 61,883 37,403 |
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| 61,883 - 61,883 37,403 |
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| 8,797 - 8,797 28,784 358,815 - 358,815 330,031 |
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| 367,612 - 367,612 358,815 |
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 13 form part of these financial statements.
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
_[BALANCE][ SHEET] AS AT 31ST DECEMBER 2024
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Unrestricted | Restricted Total Total
Funds Funds 31-Dec-24 31-Dec-23
F Notes £. £ e £
Fixed Assets :
Tangible Assets 2 91,179 - 91,179 97,497
Current Assets
Debtors . 8 3 of . §s a
Cash at bank in hand 6 277,424 - 277 424 262,310
, Se "=
Total Current Assets 277,424 - 277,424 262,310
Creditors falling due within one year 7 990 z 990 990
NET CURRENT ASSETS . 276434 - 276,434 261,320
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TOTAL ASSETS less current liabilities ; 367,612 . 367,612 358,817
' Creditors: amounts falling due in more than one year ’ - , - - -
' os ne eee
NET ASSETS 367,612 “ 367,612. . 358,817
Fundsof the Charity OG
GeneralRestrictedFundsFunds| 5 367,612= :P 367,612= 358,8157
foe de es
Total Charity Funds 367,612 - 367,612 358,815
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Approved by the Trustees on the0
. Signed on their behalf by MW.W, Dhowporn pyr _ pail1CA..TH c Cth, pawews fteeeeke A() uBin | Sia T Oe TALL y pas nscuncgmen | Signature: at
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention and on the going concern basis. The financial statements have been in accordance with accounting standards and comply with Financial Reporting Standard 102 (FRS102); Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS102.
Going Concern
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Income
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when: ▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Income with Related expenditure
Where income has related expenditure (as with fundraising or contract income) the income and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Income from tax reclaims are included in the SOFA during the same period as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.
Donated Services and Facilities
These are only included in income (with an equivalent amount in expenditure) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
Investment Income
This is included in the accounts when receivable.
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES (Continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, e.g. allocating property cots by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Changes in Accounting Policies and Previous Accounts
There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.
Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expenses
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a reducing balance over their estimated useful lives. The rates applied per annum are as follows:
| ollows: | |
|---|---|
| Building Improvements | 25% |
| Equipment | 25% |
| Motor Vehicles | 25% |
No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost.
2. TANGIBLE FIXED ASSETS
| Notes Cost 01-Jan-24 Prior year Addition 12 Additions Disposal 13 Cost at 31-Dec-24 Depreciation 01-Jan-24 Prior Year Charge 01-Jan-23 Charge Depreciation at 31-Dec-24 Net Book Value 31-Dec-24 Net Book Value 31-Dec-23 |
Land & Buildings Motor General Total Buildings Improvements Vehicle Equipment 2024 £ £ £ £ £ 82,643 92,173 20,000 23,099 217,915 - - 13,548 - 13,548 - - - - - - - (20,000) - (20,000) |
|---|---|
| 82,643 92,173 13,548 23,099 211,463 |
|
| - 91,250 - 22,802 114,052 - - 3,387 - 3,387 - 231 2,540 74 2,845 |
|
| - 91,481 5,927 22,876 120,284 |
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| 82,643 692 7,621 223 91,179 |
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| 82,643 923 84 297 83,947 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st December 2024: None
31st December 2023: None
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
3. INCOME
| Notes a) Donations & Legacies Gifts & Donations Gift Aid Tax Recoverable b) Other Income Other Primary Income Bank Interest Sundry/Unidentified Income |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 51,686 - 51,686 54,710 6,773 - 6,773 9,734 |
|---|---|
| 58,460 - 58,460 64,444 |
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| 254 - 254 1,442 2,300 - 2,300 300 9,667 - 9,667 - |
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| 12,221 - 12,221 1,743 |
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
| 4. EXPENDITURE Notes a) Charitable Activities Alarm Building Repairs & Maintenance Church/Office Supplies Advertising Costs Certificates Cleaning Costs Communion Website Costs Christmas Costs Events Foodbank Equipment Charitable Contributions Gifts Hardship Giving - Youth Hospitality and Catering Giving Compassionate Gardening Costs Insurance Mini Bus Running and Repairs Costs Motor Insurance Petrol Costs and Reimbursements Parking Charges, Permits & Fines Van Hire Funerals Music Costs Music Equipment Costs Music Equipment Repairs Utility Costs Castle Water Electricity Gas Rubbish & Recycling TV Licence Telephone Cost Training Convention Legal & Professional Fees Independent Examiner's Fee Postage & Stationary Unknown Expenses Depreciation Expenses Loss on disposal of Vehicle |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 1,949 - 1,949 707 714 - 714 2,100 1,026 - 1,026 219 736 - 736 93 41 - 41 83 862 - 862 105 - - - 209 227 - 227 309 1,301 - 1,301 1,191 2,115 - 2,115 - 50 - 50 32 256 - 256 600 - - - 25 585 - 585 400 1,000 - 1,000 1,260 2,540 - 2,540 489 201 - 201 375 60 - 60 - 25 - 25 - 1,366 - 1,366 2,775 2,834 - 2,834 3,448 4,262 - 4,262 2,702 2,390 - 2,390 1,594 910 - 910 904 367 - 367 - 10,500 - 10,500 3,700 3,916 - 3,916 - - - - - 620 - 620 220 - - - - 802 - 802 572 5,299 - 5,299 4,047 2,386 - 2,386 3,005 550 - 550 - 170 - 170 159 674 - 674 748 - - - 300 82 - 82 300 3,001 - 3,001 2,859 990 - 990 990 134 - 134 387 625 - 625 62 6,232 - 6,232 435 85 - 85 - |
|---|---|
| 61,883 - 61,883 37,403 |
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MINISTRY OF PRAISE PENTECOSTAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
5. RESTRICTED FUNDS
The charity held no restricted funds during this financial year.
6. CASH AT BANK AND IN HAND
| 6. CASH AT BANK AND IN HAND | |
|---|---|
| Current Account Savings Account Petty Cash |
Unrestricted Restricted Total Total Fund Fund 31-Dec-24 31-Dec-23 £ £ £ £ 122,106 - 122,106 109,292 155,203 - 155,203 152,903 115 - 115 115 |
| 277,424 - 277,424 262,310 |
7. CREDITORS FALLING DUE WITHIN ONE YEAR
Independent Examiner's Fee
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Fund | Fund | 31-Dec-24 | 31-Dec-23 | |
| £ | £ | £ | £ | |
| 990 | - | 990 | 990 | |
| 990 | - | 990 | 990 |
8. DEBTORS
The charity held no debtors during this financial year.
9. STAFF COSTS AND NUMBERS
The Charity employed no staff during this financial year.
10. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
11. PRIOR YEAR ADJUSTMENT
A motor vehicle with a cost of £13,485 was capitalised in the prior year but was not included in the depreciation schedule at that time. This resulted in no depreciation being charged on the asset in the year of acquisition.
During the current year, this omission was identified, and the depreciation schedule has been updated accordingly. A catch-up depreciation charge of £3,387 has been included within the current year’s depreciation expense.
No prior year adjustment has been made, as the omission was not material and the impact has been corrected in the current year.
12. DISPOSAL OF ASSET
During the year, the charity identified a motor vehicle with a cost of £20,000 that had been disposed of under the UK Government's vehicle scrappage scheme approximately three years ago. Although the £9,000 proceeds had been correctly recognised as income at the time, the asset had not been removed from the fixed asset register.
The vehicle has now been derecognised, resulting in the removal of its cost and accumulated depreciation from the balance sheet, and a charge of £85 has been recorded in the current year as a loss on disposal, representing the net book value that had remained on the books.
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