## **Chapel of Praise (COP)** ## **(a registered charity)** ## **Trustees' Report and Accounts** ## **For the Year Ended 31 March 2024** **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** ## **2024** |**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 2024** The trustees present their report and accounts for the year ended 31 March 2024. ## **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 19th 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. 4 Chapel Of Praise – London ## **Review of the Accounts** The accounts continue to show a healthy financial situation being the nineteenth year of operation. For this last financial year, the deficit was reduced from £10K to £1.7K. 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: - 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 2024** ## **ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2024** |**PROFIT & LOSS**|**Notes**||**Year End 31/03/24**|| |---|---|---|---|---| |**Income**||||| |Donations||3|45,939|| |Gift Aid Claim||4|14,611|| |Refunds|||109|| |Interest Earned|||0|**60,659**| |**Expenses**|||| |---|---|---|---| |Advertising|5|0|| |Business Expenses|6|56,552|| |Charity Grants|7|350|| |Equipment|8|825|| |Other|9|-|| |Rent|10|4,720|**62,447**| Operating Surplus (Loss in brackets) ( **1,788** ) 6 Chapel Of Praise – London ## **CHAPEL OF PRAISE (COP) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2024** ## **BALANCE SHEET Year End 31/03/2024** **ASSETS** Fixed Assets (see note a) 4,633 **Current Assets** Debtors 0 Cash at Bank 1,422 **6,055 Current Liabilities** Creditors: Amount falling due within 1 year 0 (see note b) **Total Assets less Current Liabilities 6,055** Financed by: Capital and Reserve **6,055** The financial statements were approved by the Management Committee on 01 May 2024 and signed on their behalf by: Adeyinka Smith - 01/05/2024 Trustee ……………………………………………………………. 7 Chapel Of Praise – London ## **CHAPEL OF PRAISE (COP) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024** _______________________________________________________________ ## **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:
45,939
**4. GIFT AID CLAIM**
Gift Aid Claim:
14,611

**4a. REFUND**
Monies refunded back to the charity
109

**5. ADVERTISING**
Printing and distribution brochures &
Internet Advertising & Website Development
0

**6. BUSINESS EXPENSES**
Wages and Employer NI
52,605
Direct Business Expenses
3,947

**7. CHARITY GRANTS**
Grants to several missionaries & Speakers
350

**8. EQUIPMENT AND OTHER ASSETS**
Music and computer equipment
825

**10. Rent**
Use of Office facility & Hotel Conference Hall
4,720
|**45,939**
**14,611**
**109**
**0**
**56,552**
**350**
**825**
**4,720**| |---|---| ||

| 9 ## **Company Registration No. 5270492 Registered charity No: 1110603** ## **CHAPEL OF PRAISE** ## **ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2024** |**PROFIT & LOSS**
**Year End**
**31/03/23**
**Year End**
**31/03/24**
**Income**
Donations
31,301
45,939
Gift Aid Claim
5,765
14,611
Refund
1,338
109
Interest Earned
0
**38,405**
0
**Expenses**
Advertising
57
-
Business Expenses
34,017
56,552
Charity Grants
1,952
350
Equipment
905
825
Rent
11,931
4,720
Other Assets
-
**48,862**
-
**(10,458)**

**Operating Surplus**(Loss in
brackets)|Notes
1
2
**60,659**
3
4
5
6
7
**62,447**
**(1,788)**| |---|---| ## 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 Holiday Inn Conference Hall ## **Company Registration No. 5270492** ## **CHAPEL OF PRAISE** ## **ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/03/2024** |**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**
**31/03/2023**
4,760
0
3,360
0|**8,120**
**8,120**
**8,120**|**Year End**
**31/03/2024**
4,633
0
1,422
0|**6,055**
**6,055**| |---|---|---|---|---| |||||**6,055**| **Registered charity No: 1110603** a. For the year ending 31 March 2024 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 2024 And signed on their behalf by: Adeyinka Smith, Director Directors signature ____Adeyinka Smith Date_____01/05/2024 ## **END OF ACCOUNTS** CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of CHAPEL OF PRAISE LTD On accounts for the year ended 3110312024 Charity no (if any) 1110603 Set out on pages 1&2 I report to the trustees on my examination of the accounts of the above charity ('Ihe Trusl,) for the year ended Responslbililies and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 C'the ACV,). I report in respect of my examination of the 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 145151(bl of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination {other than that disclosed below ") which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act- or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounis and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an irKlependent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached, Please dele e the words in the brackets if they do not apply. Signed: Date: Name.. Relevant professional qualification(s) or body (if any): IER Oct 2018 Address: Section B Disclosure Only complete if the examiner needs to highlight material matters ol concern (see CC32, Independent examination of charity accounts". directions and guidance for examiners). Glve here brlef details of any iiems that Ihe examiner wishes to dlsclose. IER Oct 2018