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2022-03-31-accounts

Chapel of Praise (COP)

(a registered charity)

Trustees' Report and Accounts

For the Year Ended 31 March 2022

Chapel of Praise – Advancing the gospel and helping the community.

Charity Number 1110603

Chapel Of Praise – London

Report and Financial Statements for the year ended 31 March

2022

Contents
Page
Legal and administrative details 3
Trustees' report 4 - 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 - 9

2

Chapel Of Praise – London

Legal and Administrative Details

Status

The Chapel of Praise is a registered charity number 1110603. It was registered as a company in October 2004 and was granted a charitable status in July 2005.

Principal place of Worship

Holiday Inn Express London - Stratford 196 High St, London E15 2NE

Administrative Office

11 Ellingham View Dartford, Kent DA1 5SZ Telephone 0797 919 2659

Honorary officers

Adeyinka Smith - Director Teresa Fashipe – Secretary

Principal Bankers

Yorkshire Bank 28 To 30 Buttermarket St, Warrington, Ches., WA1, 2LE

3

Chapel Of Praise – London

Trustees' Report

For the year ended 31 March 2022

The trustees present their report and accounts for the year ended 31 March 2022.

COP’s aims are;

3) To make a positive impact in the community and contribute towards the well being of community as well as its inhabitants.

4) To provide grants towards the under-privileged in society as well as those in need of help.

Review of activities and events held during the financial year

Being the 17th year of the ministry, the bulk of the resources and effort continue to be towards growing the ministry as well as building our social media presence.

The main evangelistic campaign that the ministry undertook during this period continues to be outreach to those dealing with depression and other forms emotional difficulties.

Donations were slightly down due to the pandemic situation, we expect this to improve in the coming year.

The church currently has Rex Akpojaro as its pastor.

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Chapel Of Praise – London

Review of the Accounts

The accounts continue to show a healthy financial situation being the seventeenth year of operation. For this last financial year, the deficit was in the region of £3.5K. This was due to having to spend about £16k on office rent for video production for the ministry.

The Trustees have given a huge amount of time using their specialist skills and a very hands-on management involvement.

Statement of Trustees' Responsibilities

The trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of as at the end of the financial year and of its income and expenditure for the year then ended. In preparing those financial statements, trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy COP’s financial position and which enable the Committee to ensure that the financial statements comply with the Charities Act 1993. The Committee is also responsible for safeguarding COP’s assets and hence for taking reasonable steps for the detection of fraud and other irregularities.

Members of the Management Committee

The following served as charity trustees and committee members during the year and up to the date of this report:

Adeyinka Smith

5

Chapel Of Praise – London

CHAPEL OF PRAISE (COP) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2022

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2022

PROFIT & LOSS Notes Year End 31/03/22
Income
Donations 3 28,509
Gift Aid Claim 4 9,133
CJRS Claim 4a 8,170
Refunds 685
Interest Earned 0
 46,497
Expenses
Advertising 5 270
Business Expenses 6 32,078
Charity Grants 7 1,865
Equipment 8 -
Other 9 -
Rent 10 15,928 50,141

Operating Surplus (Loss in brackets)

(3,644)

6

Chapel Of Praise – London

CHAPEL OF PRAISE (COP) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2022

BALANCE SHEET Year End 31/03/2022 ASSETS Fixed Assets (see note a) 4,818 Current Assets Debtors 0 Cash at Bank 0 13,818 Current Liabilities Creditors: Amount falling due within 1 year 0 (see note b) Total Assets less Current Liabilities 18,636 Financed by: Capital and Reserve 18,636

The financial statements were approved by the Management Committee on 01 December 2022 and signed on their behalf by:

Adeyinka Smith - 01/12/2022 Trustee …………………………………………………………….

7

Chapel Of Praise – London

CHAPEL OF PRAISE (COP) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

(a) Basis of Accounting

The accounts are prepared under the historical cost convention and include the results of the charity's operations which are described in the Trustees' Report and all of which are continuing.

The accounts have been prepared in compliance with Statement of Recommended Practice on Charity Accounts.

The charity has taken advantage of the exemption in Financial Reporting Standard No. 1 from the requirement to produce a cash flow statement.

(b) Incoming resources

Incoming resources are reported gross.

All income is accounted for as received by the charity.

(c) Fixed Assets and Depreciation

The bulk of the tangible assets are mainly music and sound equipment as well as video equipment purchased for use in church services.

(d)

Value added tax

Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

2. DEFICIT FOR THE YEAR

This is stated as:

The deficit of £4k is up from a surplus of £19k and is due mainly to the hire of an office facility. We aim to return back to a surplus in 2023.

8

Chapel Of Praise – London

3. DONATIONS
Church Offerings:
28,909
4. GIFT AID CLAIM
Gift Aid Claim:
9,133
4a. CJRS CLAIM
Corona Virus Job retention claim
8,170
5. ADVERTISING
Printing and distribution brochures &
Internet Advertising & Website Development
270
6. BUSINESS EXPENSES
Wages and Employer NI
24,000
Direct Business Expenses
8,078
7. CHARITY GRANTS
Grants to several missionaries & Speakers
1,825
8. EQUIPMENT AND OTHER ASSETS
Music and computer equipment
0

10. Rent
Use of Office facility & Hotel Conference Hall
15,928		 28,909
9,133
8,170
270
32,078
1,825
0
15,928

9

Company Registration No. 5270492 Registered charity No: 1110603

CHAPEL OF PRAISE

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2022

PROFIT & LOSS
Year End
31/03/21
Year End
31/03/22
Income
Donations
34,270
28,509
Gift Aid Claim
6,411
9,133
JRS Claim
20,820
8,170
Refund
204
685
Interest Earned
0
61,705
0
Expenses
Advertising
270
Business Expenses
35,249
32,078
Charity Grants
1,772
1,865
Equipment
Rent
5,553
15,928
Other Assets
-
42,574
-
19,131

Operating Surplus(Loss in
brackets)		 Notes
1
2
46,497
3
4
5
6
7
50,141
(3,644)

Notes:

  1. DONATIONS: Church Offerngs

  2. GIFT AID CLAIM: This is what is claimed from the HMRC under the Gift Aid Scheme.

  3. ADVERTISING: Printing and distribution of brochures, Internet Advertising & Website Development

  4. BUSINESS EXPENSES

Wages and Employer NI as well as Direct Business Expenses

  1. CHARITY GRANTS: Grants to several missionaries & Speakers

  2. EQUIPMENT AND OTHER ASSETS

Music, Video and Computer Equipment New Pulpit, Office Equipment

7. Rent:

Use of Stratford Circus & Holiday Inn Conference Hall

Company Registration No. 5270492

CHAPEL OF PRAISE

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2022

BALANCE SHEET
ASSETS
Fixed Assets(see note 1)
Current Assets
Debtors
Cash at Bank
Current Liabilities
Creditors:
Amount falling due within 1 year,
Total Assets less Current
Liabilities
Financed by:
Capital and Reserve
Notes
1. Musical, Sound & Office
Equipment		 Year End
31/03/2021
6,023
0
17,462
0		 23,485
23,485
23,485		 Year End
31/03/2022
4,818
0
13,818
0		 18,636
18,636
18,636

Registered charity No: 1110603

a. For the year ending 31 March 2022 the company was entitled to exemption under section 477(2) of the Companies Act 2006.

b. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

c. The directors acknowledge their responsibility for:

i. ensuring the company keeps accounting records which comply with Section 386; and

ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as is applicable to the company.

d. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board on 01 December 2022 And signed on their behalf by: Adeyinka Smith, Director

Directors signature _Adeyinka Smith Date__01/12/2022

END OF ACCOUNTS

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