Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 ANNUAL REPORT AND FINANCIAL STATEMEwr FOR THE YL4R ENDED 31 DECEMBER 2024 PRAISE HARVEST COMMUNTfY CHURCH CHARrrY REGISTRATION NUMBEIL. 1091412
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 TRUSTEES Nana Agyeman Asare Samuel Ankrah Margaret Awuah REGISTERED OFFICE 454 High Road Tottenham London N179JD CHARITY REGISTERED NUMBER 1091412 BANKERS HSBC ACCOUNTANTS DANED FINANCIAL SERVICES LTD 55 ST. PETERS HOUSE QUEENS ROW, LONDON SE17 2PU
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 CONTENTS Pages Trustees, Report Accountant's Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 REP RT FTHETR TEE R THE YEAR ENDED IDE EMBER 2 24 Governing Document Praise Harvest Community Church is a charity constituted by a Deed of Trust and is registered with the Charity Cornmission. 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 The advancement of the Christian Faith. Worshipping and Praying to God through Jesus Christ. Evangelizing locally, regionally and internationally. Expressing God's love to the community by organizing charitable activities in the local communities as well as sponsoring a needy organization abroad. Activities Outreach programs were organized to witness to the members of the public on Saturdays. Inter church sports activities were held. Fund raising activities were organized to raise funds for a school in South Africa.
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 TRUSTEES, RESPONSIBIUTIES 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: l ) Select suitable accounting policies and then apply them consistently. 2) Make judgements and estimates that are reasonable and prudent. 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 forn] 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 significani 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 Tnisteeq declare that they have approved the Trustees report above. Signed on behalf of the charity's trustees Nana Agyeman Asare Trustee Date: 2511012025
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 IA I rqK)rt on the accounts of the Charity for the year ended 31 Dernber 2024, which are set out on the following pagts which have been prepared b&sed on the accounting policies shown An the corresponding pag&8. Respectsve rwnsibilities of trustets and examiner The trustees of the chty are respK)ffjible kn the FryaMion of xcthmts: Ily ciwider that the audit rquirement under section 43{2) of the Charitie3 Act 1993 (the 1993 Act)), does not apply. It is my responsibility to: Examme the ¥xounts under scclion 43{3) of the 1993 ACL Follow the pr(K&lur&s laid down in the General Directions given by the Charity Commissioners m* under scction 43(7Xb) of the 1993 ACL and State whether particular matlers have come to my attention. BASIS OF114DEPENOENT EXAMINERS REPORT My examination was carried out ID accordance with the General Direction Ven by the Chan'ty Commissioner's. An examination included a revicw of the accounting records kepL It also includds consideration of any UnSUal items of disclosures in the accounts. And sceking examinatioLs from you as trustees concerning any matt¢T5. The procedures undertaken do not provide all the evidence that would be required in an audi( and as a rcsult I do noi express an auth't opinion on the view given by the accounts. INDEPENDEKf EXAMINEIYS sfATEMENT In accordancc with my examinatioTL no matter h&$ come to my attention: Which V¢S me a reasonable cause to believe that in any mat¢Tial reSpt the requirements ) keep accounting record in accordance with scction 41 of the J 993 Act and to preparc which accord with the a¢u(Ing reconls and to comply with the accounting requjrements of thc 1993 ACL Have not been met 2. To which. in my opinion. attention should be dTawn lo enable a proper understanding of the accounts to reachuL DY Amo. oyte Accounta41 Msc.PGCert.eAIHcn?s,ACCA
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMMBER 2024 Unrestricted Restrirted Total this Total last Income Fund Fund 2024 2024 year 2024 year 2023 Notes Incoming Resources Voluntary Income £227,290 £0 £227,290 £307,800 Totsl Incoming Resources £227,290 £0 £227,290 £307,800 Resources Expended Charitable Activities Governance Cost Total Resources Expended £202,639 £0 £202,639 £0 £202,639 £280, 741 £0 £0 £0 £0 £202,639 £280,741 Net Incoming Resources Fc Transfer between funds £24,651 £0 £0 £24,651 £27,058 £0 £0 £0 Net Incoming Resources For this year £24,651 £0 £24,651 £27,058 Totsl Funds Brought Forward £639,199 £0 £639,199 £612,141 Totsl Funds Carried Forward £663,851 £0 £663,851 £639,199
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 BALAN HEET A AT IDE EMBER 2 24 Total 2024 Total 2023 Notes Fixed Assets Tangible Assets £1,251,628 £1,323,790 Current Assets Prepayment Debtors Cash at bank and in hand Unrestricted Restricted £59.992 £27.522 £111,021 £0 £105.281 £0 £171.013 £132.803 Current Liabilities Amounts falling due within one year Net Current Assets £92,367 £78,646 £92.367 £40,436 Long term liabilitles Amounts falling due after one year Net A55ets £927,675 £402,599 £986,078 £378.148 Reserves Reserves £402.599 £378.148 £402,599 £378,148 Approved by the Trustees on 25/1012025 and signed on its behalf by Nana Agyeman Asare Trustee
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies Basis of Accounting The financial statements have been prepared under the hislorical cost convention. The accounls 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) 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 Statemenl ol Financial Activities (SOFA) when: the charity b¢¢om¢s entitl¢d to lh¢ resources. the trustees are virtually certain they will receive the resources; and 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 eslimate of iheir 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. Tangible Fixed Assets and Depreciation These are capitalised if they can be used for more than one year, and cost at least £500. They ar¢ valu¢d at cost or a r¢asonabl¢ value on r¢¢¢ipt. 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: 250/0 Straight Line Fixtures, Fittings and Office Equipment- 250/0 Straight Line Vehicle.. 250/0 Straight Line Building 40/0 Straight Line
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 NOTES TO THE FINANCIAL STATEMNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure and Liabilities Liabilitv recognition: Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out r¢sources. Governanee eosts: Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to Irustees on governance or constitulional mallers. Grants with performance conditions: Where the charity gives a grant with conditions for ils paymeni being a specific level of service or oulput to be provided, such grants are only recognised in ihe SOFA once the recipient of the grant has provided the specified service or output. Grants pavable without performance conditions: These are only recognised in the accounts when a commitment has been made and there are no conditions to b¢ met r¢lating to th¢ grant which remain in th¢ 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 resources. eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. io-
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 TE THE FINAN IAL TATEMNT R THE YEAR ENDED IDE EMBER 2 24 Incoming Resources 2024 2023 East Branch Incoming Resources £225.410 £231.974 Milton Keynes Branch Incoming Resources £0 £74,857 Interest £1,880 £969 TOTAL £227,290 £307,800 li-
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 TE THE FINAN IAL TATEMNT R THE YEAR ENDED IDE EMBER 2 24 Resources Expended Charftable Actlvltles 2024 2023 East Branch MK Branch Total East Branch MK Branch Total Rent 11,017 11,017 51.231 51231 Welfare 250 250 i? IL Interest Paid 30,676 30.676 34.952 34,952 Petty Cash Love Offering Vol Allawance 31 3t 6,650 6,650 34A55 4,5 4,t5 41,957 34,455 41,957 Phone & Internet 4,070 4.070 3,986 851 4,837 Business Rates 133 1,588 1.722 850 850 1,621 1,621 Conference Costs 5.837 s37 2,1 7.825 9,925 Adrnin Costs 4,062 4062 2,772 3.026 Loan Repayment Property Managetnent 5,717 5.717 2.576 1576 In5urancÈ 7,924 7.924 15,017 15,017 Departmental Costs Missions 5,900 Travel Cost 1.5 Summer Camp 9,200 4,658 4,658 Building works Profe55i0nal Fees 3.486 Depreciation Total 77.012 Illl 77.0 85,074 2fj6,X34 85,074 280,741 192,603 IIAI17 Z03,620 74.iX18 12-
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 TE THE FINAN IAL TATEMNT R THE YEAR ENDED IDE EMBER 2 24 Tangible Fixed Assets At Cost Bulldlng Building Improvement Audio Visual Equlpment Instruments. Fixtures & Equlpments Totsl Bal Blfwd Additions £1,500,000 £59,516 £3,189 £88,993 £3,869 £0 £92,862 1,651,699 £3,869 £0 £1,655,568 Disp055315 or WIOff Bal Ufwd £0 £1,500,000 £0 £59,516 £0 £3,189 Depreciation Calculation Basis SL SL 4% SL 25% SL 25% Depreciation Bal Blfwd Charge for year Disposals or W/Off Bal Clfwd £240,000 £60,000 £0 £300,000 £9,391 £2,381 £0 £11,772 £3,189 £0 £0 £3,189 £76,297 £14,631 £0 £90,928 £328,876 £77,012 £0 £405,888 Net Book Value Bal Blfvid Bal Clfwd £1,260,01)0 £1,200.000 £50,126 £47.745 £0 £0 £12,697 £1,935 £1,322,822 £1.249,679 13-
Praise Harvest Community Church Report and Financial Statements For Year Ended 31 December 2024 Current Liabilities 2024 2023 £74.157 £6.210 £12,000 £92.367 Mortgage payable Business Bounce Back Loan Loan Repayment Balance Carried Forward £74,157 £6,210 £12,000 £92.367 Long term liabilities 2024 £810,250 £27.991 £89,434 £927.675 2023 £854,613 £33.318 £98,146 £986,078 Mortgage payable Business Bounce Back Loan Loans Acquired in Refurbishing Church Balance Carried Fonward 14-