OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Chapel of Praise (COP)

(a registered charity)

Trustees' Report and Accounts

For the Year Ended 31 March 2023

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

2023

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

Registered Office

1 St Pauls Drive London E15 1PA

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 2023

The trustees present their report and accounts for the year ended 31 March 2023.

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 18th year of the ministry, the main focus was recovering from the impact and effect of the Covid lockdown and rebuilding the membership and putting in more effort to raise funds to pursue the objectives of the organisation.

The ministry is now pivoting itself towards the online and social media community to reach people who are hurting and dealing with different issues of life that may affect their mental health.

Donations are beginning recover from the effect of the pandemic situation, we expect this to continue 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 eighteenth year of operation. For this last financial year, the deficit was in the region of £10K. This was due to the drop in total income especially after the end of the government JRS scheme. Significant efforts will be made in the coming year to raise funds and build up the financial strength of the organisation.

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 2023

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2023

PROFIT & LOSS Notes Year End 31/03/23
Income
Donations 3 31,301
Gift Aid Claim 4 5,766
Refunds 1,338
Interest Earned 0 38,405
Expenses
Advertising 5 57
Business Expenses 6 34,017
Charity Grants 7 1,952
Equipment 8 905
Other 9 -
Rent 10 11,931 48,862

Operating Surplus (Loss in brackets)

( 10,458 )

6

Chapel Of Praise – London

CHAPEL OF PRAISE (COP) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2023

BALANCE SHEET Year End 31/03/2023 ASSETS Fixed Assets (see note a) 4,760 Current Assets Debtors 0 Cash at Bank 0 3,360 Current Liabilities Creditors: Amount falling due within 1 year 0 (see note b) Total Assets less Current Liabilities 8,120 Financed by: Capital and Reserve 8,120

The financial statements were approved by the Management Committee on 01 May 2023 and signed on their behalf by:

Adeyinka Smith - 01/05/2023

Trustee …………………………………………………………….

7

Chapel Of Praise – London

CHAPEL OF PRAISE (COP) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

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 £10k is up from a deficit of £4 and is due mainly to the end of the government JRS scheme while we continue to recover from the impact of the corona virus pandemic. We aim to return back to a surplus in 2024.

8

Chapel Of Praise – London

3. DONATIONS
Church Offerings:
31,301
4. GIFT AID CLAIM
Gift Aid Claim:
5,765
4a. CJRS CLAIM
Corona Virus Job retention claim
0
5. ADVERTISING
Printing and distribution brochures &
Internet Advertising & Website Development
57
6. BUSINESS EXPENSES
Wages and Employer NI
28,000
Direct Business Expenses
6,017
7. CHARITY GRANTS
Grants to several missionaries & Speakers
1,952
8. EQUIPMENT AND OTHER ASSETS
Music and computer equipment
0
10. Rent
Use of Office facility & Hotel Conference Hall
11,931		 31,301
5,765
0
57
32,017
1,952
0
11,931		 31,301
5,765
0
57
32,017
1,952
0
11,931		 31,301
5,765
0
57
32,017
1,952
0
11,931






1,952
0
11,931		 1,952

9

Company Registration No. 5270492 Registered charity No: 1110603

CHAPEL OF PRAISE

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2023

PROFIT & LOSS
Year End
31/03/22
Income
Donations
28,509
Gift Aid Claim
9,133
JRS Claim
8,170
Refund
685
Interest Earned
0
Expenses
Advertising
270
Business Expenses
32,078
Charity Grants
1,865
Equipment
Rent
15,928
Other Assets
-

Operating Surplus(Loss in
brackets)		 Year End
31/03/23
Notes
31,301
1
5,765
2
-
1,338
46,497
0
38,405
57
3
34,017
4
1,952
5
905
6
11,931
7
50,141
-
48,862
(3,644)
(10,458)

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 Approved by the board on 01 May 2023 7. Rent: Use of Holiday Inn Conference Hall

Company Registration No. 5270492

CHAPEL OF PRAISE

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2023

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
31/03/2022
4,818
0
13,818
0		 18,636
18,636
18,636		 Year End
31/03/2023
4,760
0
3,360
0		 8,120
8,120
8,120

Registered charity No: 1110603

a. For the year ending 31 March 2023 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 May 2023 And signed on their behalf by: Adeyinka Smith, Director

Directors signature _Adeyinka Smith Date__01/05/2023

END OF ACCOUNTS

(HARITY COMMISSION FOR ENGLAND ANO WALE5 Independent examinerfs report on the accounts Report to the trusleosl members of CHAPEL OF PRAISE LTD On ac¢ounts for the year ended 3110312023 Charity no (If any) 1110603 Sot out on pages 1&2 I report to the trustees on my examination of the accounts of the above charity I'the Trust") for the year Èndèd Responsibilities and basis of report As Ihe charity's ITUStees, you are responsible for the preparalDn of the accounts in accordance wilh the requirements of the Charities Act 2011 {'Ihe Act°}. I report in respect of my examination of thè Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independenl I have completed my examinalion. I confirm that no material mallers have examinerfs statement come to my attention in connection with the examination lolher than that disclosed below ') which gives me cause to believe thal in, any material respect- the accounting records were not kepl in accordance with section 130 of the Chari118s Act., or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihat the accounts give a 'true and fair. view which is not a matter considered as part of an independent examination. I have no concerns and have com6 across no other mallers in conn8clion with the examination to whlch attention should be drawn in Ihis report in order to enable a proper understanding of the accounts lo be reached. Please delete the words in the brackets iflhey do not apply. Signed.. Date: IbL Name: goxi Relevant professional quallfication{s) or body (if any): IER Oct 2018

Address: lolz I Only complete If the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Give here brlef details of any Items that tho examiner wishes to d15close. IER Oct 2018