## **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;**
- 1) To advance the Christian faith in the U.K. and abroad
- 2) To provide a place of worship for people to meet on a regular basis
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.
4
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:
- select suitable accounting policies and apply them consistently
- make judgments and estimates that are reasonable and prudent
- prepare the financial statements on a going concern basis, unless it is inappropriate to assume that COP will continue in operation.
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
5. CHARITY GRANTS: Grants to several missionaries & Speakers
6. 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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