Praise Harvest Community Church
Report and Financial Statements For Year Ended 31 December 2022
ANNUAL REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
PRAISE HARVEST COMMUNITY CHURCH
CHARITY REGISTRATION NUMBER: 1091412
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
TRUSTEES
Mrs Agyemang Asare Mr Samuel Ankrah Ms Margaret Awuah
REGISTERED OFFICE
448 - 454 High Road Tottenham London N17 9JD
CHARITY REGISTERED NUMBER
1091412
BANKERS
HSBC Chingford
ACCOUNTANTS
Apex Services 58 Colebroke Lane Loghton Essex IG10 2HJ
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
| CONTENTS | ||
|---|---|---|
| Pages | 4 | Trustee’s Report |
| 6 | Accountant’s Report | |
| 8 | Statement of Financial Activities | |
| 9 | Balance Sheet | |
| 10 | Notes to the Financial Statements |
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
REPORT OF THE TRUSTEE’S FOR THE YEAR ENDED 31 DECEMBER 2022
Governing Document
Praise Harvest Community Church is a charity constituted by a Deed of Trust and is registered with the Charity Commission.
Aims and Objectives
PHCC was created in 2002 to provide facilities for worshipping God and to advance the Christian Faith. This is achieved through evangelism, fellowship with each other, baptizing and teaching the word of God from the Bible.
The objectives among others are
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The advancement of the Christian Faith.
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Worshipping and Praying to God through Jesus Christ.
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Evangelizing locally, regionally and internationally.
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Expressing God’s love to the community by organizing charitable activities in the local communities as well as sponsoring a needy organization abroad.
Activities
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Outreach programs were organized to witness to the members of the public on Saturdays.
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Inter church sports activities were held.
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Fund raising activities were organized to raise funds for a school in South Africa.
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
TRUSTEES RESPONSIBILITIES
The Charity Act 1993 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the trustees are required to:
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1) Select suitable accounting policies and then apply them consistently.
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2) Make judgements and estimates that are reasonable and prudent.
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3) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993.
The charity's policy is to retain reserves, in the form of unrestricted funds, to a level where they equate in value approximately 12 months expenditure. This should provide a reasonably secure financial base on which to plan future projects and commit to related expenditure, before external funding has been fully secured. At this level, PHCC would be able to continue its current level of activities in the event of a significant drop in funding.
This report has been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (issued March 2005) and in accordance with the Charities Act 1993.
The Trustees declare that they have approved the Trustees report above.
Singned on behalf of the charity’s trustees
Nana Agyemang Asare
Date: 26/10/2023
Trustee
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF PRAISE HARVEST COMMUNITY CHURCHFOR THE YEAR ENDED 31 DECEMBER 2022
I report on the accounts of the Charity for the year ended 31 December 2022, which are set out on the following pages which have been prepared based on the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the charity are responsible for the preparation of accounts: they consider that the audit requirement under section 43(2) of the Charities Act 1993 (the 1993 Act)), does not apply. It is my responsibility to:
Examine the accounts under section 43(3) of the 1993 Act. Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 43(7)(b) of the 1993 Act, and State whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINERS REPORT
My examination was carried out in accordance with the General Direction given by the Charity Commissioner’s. An examination included a review of the accounting records kept. It also includes consideration of any unusual items of disclosures in the accounts. And seeking examinations from you as trustees concerning any matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and as a result I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In accordance with my examination, no matter has come to my attention:
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Which gives me a reasonable cause to believe that in any material respect the requirements
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to keep accounting record in accordance with section 41 of the 1993 Act and
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- to prepare which accord with the accounting records and to comply with the accounting requirements of the 1993 Act.
Have not been met
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To which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
K. Duodu
58 Colebroke Lane Loughton Essex IG10 2HJ
Date: 27/10/2023
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMMBER 2022
| Notes 2 3 Total Incoming Resources Total Resources Expended Incoming Resources Voluntary Income Resources Expended Charitable Activities Governance Cost Net Incoming Resources Fo Transfer between funds Net Incoming Resources For this year Total Funds Brought Forward Total Funds Carried Forward |
£246,124 £246,124 £260,935 £0 |
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 |
2022 £246,124 |
2021 £186,289 £186,289 £240,124 £0 £240,124 -£53,835 £0 -£53,835 £680,787 £626,952 |
|---|---|---|---|---|
| £246,124 | ||||
| £260,935 £0 |
||||
| £260,935 | £260,935 -£14,811 £0 -£14,811 £626,952 |
|||
| -£14,811 £0 |
||||
| -£14,811 £626,952 |
||||
| £612,141 | £612,141 |
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
BALANCE SHEET AS AT 31 DECEMBER 2022
| Notes 4 Unrestricted Restricted 5 6 FUNDS 7 Net Current Assets Unrestricted Funds Restricted Funds Fixed Assets Tangible Assets Current Assets Current Liabilities Amounts falling due within one year Prepayment Long term liabilities Amounts falling due after one year Net Assets/(Liabilities) Cash at bank and in hand |
Total 2022 £1,401,471 £149,472 £74,980 £0 £224,452 £80,435 £144,017 £933,347 £612,141 £612,141 - £612,141 |
Total 2021 £1,475,055 £147,219 £63,876 £0 |
|---|---|---|
| £211,094 £80,435 |
||
| £130,659 £978,762 |
||
| £626,952 | ||
| £626,952 - |
||
| £626,952 |
Approved by the Trustees on … 26/06/2022 ……and signed on its behalf by
Nana Agyemang Asare
Trustee
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting Policies
1.1 Basis of Accounting
The accounts have been prepared in accordance with applicable accounting standards, Charities SORP2005 (Accounting and Reporting by Charities) and comply with the Charities (Accounts and Reports) Regulations 20085 issued under the Charities Act 1993 (as amended Charities Act 2006)
1.2 Incoming Resources
Voluntary incomes are received by way of donations and are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. These are included in the Statement of Financial Activities (SoFA) when:
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the charity becomes entitled to the resources;
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the trustees are virtually certain they will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA. Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.
Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.
This is only included in the SoFA once the related goods or services have been delivered. 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 incoming resources when receivable.
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
1.3 Tangible Fixed Assets and Depreciation
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows with residual value assumed £0.00: Instruments: 25% Straight Line Fixtures, Fittings and Office Equipment: 25% Straight Line Vehicle: 25% Straight Line Building 4% Straight Line
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1.4 Expenditure and Liabilities
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Liability recognition: Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
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Governance costs: Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
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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.
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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 the grant which remain in the control of the charity.
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Support Costs: Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 2 Incoming Resources |
||
|---|---|---|
| ` | 2022 | 2021 |
| East Branch | ||
| Incoming Resources | £202,275 | £149,469 |
| Milton Keyness Branch | ||
| Incoming Resources | £43,768 | £36,815 |
| Interest | £81 | £4 |
| TOTAL | £246,124 | £186,289 |
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2022
3 Resources Expended
Charitable Activities
----- Start of picture text -----
2022 2021
East Branch MK Branch Total East Branch MK Branch Total
Rent - 35,030 35,030 6,667 19,979 26,645
Welfare 400 - 400 900 900
Interest Paid 34,952 - 34,952 31,475 31,475
Petty Cash 700 - 700 450 450
Love Offering 3,800 - 3,800 200 200
Vol Allawance 40,684 - 40,684 22,000 22,000
Phone & Internet 2,567 1,280 3,848 2,502 1,548 4,050
Business Rates 222 5,500 5,723 1,325 1,537 2,862
Utilities 1,703 900 2,603 -
Conference Costs 4,233 - 4,233 3,700 3,700
Admin Costs 4,970 - 4,970 447 1,128 1,575
Loan Repayment 13,000 - 13,000 2,000 2,000
Property Management 3,066 - 3,066 -
Insurance 7,596 - 7,596 399 399
Departmental Costs 3,000 - 3,000 -
Audio Visual Expenses - 1,295 1,295
Travel Cost - 235 235
Unpaid Chqs - - - 600 600
Building works 12,967 400 13,367 34,169 23,116 57,285
Professional Fees 156 - 156 3,200 - 3,200
Depreciation 83,809 83,809 81,253 - 81,253
Total 217,825 43,110 260,935 190,021 50,103 240,124
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2022
4 Tangible Fixed Assets
| At Cost Bal B/fwd Additions Dispossals or W/Off Bal C/fwd Depreciation Calculation Basis Rate Depreciation Bal B/fwd Charge for year Dispossals or W/Off Bal C/fwd Net Book Value Bal B/fwd Bal C/fwd |
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|---|---|---|---|---|---|---|
| Building | Building Improvement |
Audio Visual Equipment |
Instruments, Fixtures & Equipments |
Total | ||
| £1,500,000 | £58,416 | £3,189 | £72,476 | 1,634,081 | ||
| £10,225 | £10,225 | |||||
| £0 | ||||||
| £1,500,000 | £58,416 | £3,189 | £82,701 | £1,644,306 | ||
| SL SL SL SL 4% 4% 25% 25% |
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| £120,000 | £4,673 | £1,947 | £32,406 | £159,026 | ||
| £60,000 | £2,337 | £797 | £20,675 | £83,809 | ||
| £0 | ||||||
| £180,000 | £7,010 | £2,744 | £53,081 | £242,835 | ||
| £1,380,000 | £53,743 | £1,242 | £40,070 | £1,475,055 | ||
| £1,320,000 | £51,406 | £445 | £29,620 | £1,401,471 |
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Praise Harvest Community Church
Report and Financial Statements
For Year Ended 31 December 2022
NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2022
5 Current Liabilities
| 2022 | 2021 | |
|---|---|---|
| Mortgage payable | £74,225 | £74,225 |
| Business Bounce Back Loan | £6,210 | £6,210 |
| Balance Carried Forward | £80,435 | £80,435 |
6 Long term liabilities
| Mortgage payable Business Bounce Back Loan Balance Carried Forward |
2022 £895,052 £38,295 £933,347 |
2021 £935,490 £43,272 |
|---|---|---|
| £978,762 |
7 FUNDS
| Unrestricted Funds Balance Brought Down Net Income Resources Balance Carried Forward |
2022 2021 £626,952 £680,787 -£14,811 -£53,835 £612,141 £626,952 |
|---|---|
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Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2022 17-