## **PRAYER TEMPLE INTERNATIONAL MINISTRY**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5[th] APRIL 2024**
**CHARITY NUMBER: 1130190**
## **PRAYER TEMPLE INTERNATIONAL MINISTRY Unit 2, 709 OLD KENT ROAD LONDON SE15 1JZ**
**INDEX Page Index 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Receipts and Payments Account 5 Statement of Assets and Liabilities 6 Notes on the financial Statements 7**
**1**
## **PRAYER TEMPLE INTERNATIONAL MINISTRY**
## **TRUSTEES’ REPORT YEAR ENDED 5[TH] APRIL 2024**
The trustees are pleased to present their report for the year ended 5[TH] April 2024 for the charity, Prayer Temple International Ministry with charity number 1130190.
The Trustees of the charity are: Pastor Stanley Osei, Ms Patience Donkor Mr Isaac Kwesi Tetteh, Ms Natasha Ruck Ms Irene Asante
The principal address of the charity is : Unit 2, 709 Old Kent road London
SE15 1JZ
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Charity governing document is a declaration of trust that was executed 2[ND] June 2009 .The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
## **OBJECTIVES AND ACTIVITIES**
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time . The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
## **ACHIEVMENTS AND PERFORMANCE**
The Organisation continues to hold successful services through the year in which individuals were developed on the principles and doctrines of the Christian faith. The organisation continues to hold several bible training conferences during the year in which individuals came from all around the country to attend. The organisation continues to broadcast its programs on radio stations. This has had good results in reaching and helping members of the community. The church currently only holds church services in south London. The church continues the construction of a church in Ghana. The church also has a branch church in the Dagenham area, this is growing steadily.
**2**
## **FINANCIAL REVIEW**
The income of the charity is above £70,000. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services in London and in Colchester and running television and radio programs.
## **FUTURE DEVELOPMENTS**
The church intends to continue to host its regular yearly conferences in UK as well as its radio and television programs in the city of London. The intended re-appointment of our present independent examiner at the upcoming trustee meeting is expected to support the financial operations by making it more effective.
## **RESERVE POLICY**
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure .This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
## **RISK MANAGEMENT**
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
## **TRUSTEE RESPONSIBILITIES**
Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
1. Select suitable accounting policies and apply them consistently.
2. Make judgements and estimates that are reasonable and prudent.
3. State whether the applicable accounting standards have been followed.
4. Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 25[th] June 2024 and signed on their behalf by:
_____________________________________________
**3**
## Independent Examiner’s Report To the Trustees **PRAYER TEMPLE INTERNATIONAL MINISTRY**
I report on the accounts of the church for the year ended 5[th ] April 2024 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
## **Respective responsibilities of trustees and examiner**
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :
- Examine the accounts under section 145 of the 2011 Act.
- Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
- State whether particular matters have come to my attention.
## **Basis of Independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In the course of my examination, no matter has come to my attention;
- (1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
- proper accounting records are kept( in accordance with section 130 of the 2011 Act
- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
- (2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka BSc(Man), FICB PMDip FRESH FIRE ORGANISATION Unit 5, 95 Miles road Mitcham Surrey CR4 3FH
**4**
**PRAYER TEMPLE INTERNATIONAL MINISTRY ACCOUNTS FOR THE YEAR ENDED 5th April 2024**
## **1 Receipts & Payments Account (General Purpose Fund)**
|**Income Receipts**
Donations
Gift Aid
**Total Receipts**
**Direct Charitable Expenditure**
Music Services
Church supplies
Television & Radio program Advert
Building rent & Hall hire
Travel
Pensions
Outreach costs
Speakers expenses
Media services
Fixtures & Fittings
Mission
Accounting services
Subscriptions
Admin services
Storage/ Repairs
Telephone & Internet
Pastors expenses
Mission house expenses
Welfare
Bank charges
Rates
Refreshments
Professional fees
Insurance
**Other Expenditure**
Equipments
Instruments
**Total Payments**
**Bank loan**
**Net Receipts/(Payments) for the year**
**Cash Funds brought forward**
**Cash Funds at the end of the year**|**£**
**2024**
65434
4898
_________
70332
_________
2050
778
130
15562
2705
840
5336
1535
77
135
539
720
253
2444
1280
1592
12760
18384
1147
165
2593
1014
2780
310
**75129**
1072
0
**76201**
**-4259**
-5869
14678
_________
**4550**|£
**2023**
59196
14403|
|---|---|---|
|||_________
73599
|
|||_________
520
2646
212
20073
4294
770
2290
2700
226
0
586
720
456
0
505
1511
14470
17194
1440
170
2040
558
2085
305
**75771**
295
0
**76066**
**-4259**
-2467
21404
|
|||_________
**14678**|
**5**
## **PRAYER TEMPLE INTERNATIONAL MINISTRY**
## **2 Statements of Assets and Liabilities at 5th April 2024**
|**Cash Funds**
Bank
Petty Cash
**Total Cash Funds**
**Assets Retained for the**
**Charity's Own use**
Vehicle
Musical Instruments
Equipments
**Liabilities**
Bank Loan
Accounting services
**NET ASSETS**|**Unrestricted Funds**
**2024**
**2023**
**£**
4550
14678
_________
_________
4550
14678
_________
_________
2848
3560
1043
1304
3861
3754
_________
_________
7752
8618
_________
_________
17170
17170
600
600
-5468
5526|
|---|---|
Approved by the Trustees and signed on their behalf:
______________________________________________________
**6**
**PRAYER TEMPLE INTERNATIONAL MINISTRY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5th April 2024**
## **ACCOUNTING POLICIES**
## **Basis of Accounting**
These accounts have been prepared on the receipts and payments basis under section Charities Act 2011
## **Funds**
Unrestricted funds are those which can be used at the Trustees' discretion. Restricted Funds are those whose purposes have been restricted by the donor.
## **Employees**
The charity had 1 employee during the financial year. All other work was undertaken by volunteers. No Employee was paid more than £15,000 in the financial year.
## **Trustee's Benefit**
Rev Stanly Osebre received payments of £12000 for providing services as the Pastor of the church
## **Public Benefit**
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit.Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
## **Depreciation**
Depreciation is calacculated at 20% reducing balance method
**7**