PRAISE HARVEST INTERNATIONAL MINISTRIES
TRUSTEES' REPORT AND FINANCIAL STATEMENT FOR THE YEAR
ENDED 31 DECEMBER 2023
CHARITY REGISTERATION NUMBER - 1133579
PRAISE HARVEST INTERNATIONAL MINISTRIES
CONTENTS
| Pages | |
|---|---|
| Trustees' Report | 1 |
| Accountant's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 - 9 |
PRAISE HARVEST INTERNATIONAL MINISTRIES
Reference and Administrative Information
TRUSTEES
Mr John Ogbeide Ms Margaret Awuah
REGISTERED OFFICE
454A High Road, London LONDON N17 9JD
CHARITY REGISTERED NUMBER
1133579
BANKERS
Natwest
ACCOUNTANTS
Akins & Co (Accountants) London
PRAISE HARVEST INTERNATIONAL MINISTRIES
REPORT OF THE TRUSTEES'
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees have the pleasure of submitting their trustees annual report and the financial statements for the year ended 31 December 2023.
Review of Financial Position
Please refer to the annexed accounts for the details of the Financial Statements for the year ended. 31 December 2023.
Trustees' Responsibilities in Relation to the Financial Statements
The Charities Act requires the Trustees to prepare statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are requested to:
a) Select a suitable accounting policies and then apply them consistently;
b) Make judgements and estimates that are reasonable and prudent;
-
c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
-
d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence taking any reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Board of Trustees and signed on their behalf by:
Signature:
Name:
Date:
- 1 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
Independent Examiner's Report to the Trustees of Praise Harvest Int. Ministries
We report on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages 3 to 9.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the reparation to the accounts. The charity's trustees consider that an audit is not required for this year (under sector 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examiner, is needed.
It is our responsibility to:
examine the accounts (under section 43(3)(a) of the 19 23 Act),
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act): and
to state whether particular matters have come to my attention
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions give by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It aIso 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 we do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with section 41 of the 1993 Act: and
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 1993 Act
have not been met: or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
ACCOUNTANTS
Akins & Co (Accountants) Surrey
- 2 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | |||||
|---|---|---|---|---|---|
| Total this | Restricted | **Total ** | Total Iast | ||
| Year | Funds | Funds | Year | ||
| 2023 | 2023 | 2023 | 2022 | ||
| Notes | £ |
£ | £ | £ | |
| Incoming Resources | 2 | ||||
| Voluntary lncome | 53,475 | - | 53,475 | 34,342 | |
| Adjustment | |||||
| Total Incoming Resources | 53,475 | - | 53,475 | 34,342 | |
| Resources Expended | 3 | ||||
| Charitable Activities | 43,696 | - | 43,696 | 63,137 | |
| Governance Costs | 8,525 | - | 8,525 | 12,750 | |
| Total Resources Expended | 52,221 | - | 52,221 | 34,538 | |
| Net lncoming Resources | 1,253 | - | 1,253 | (196) | |
| Transfer between funds | - | - | - | - | |
| Net lncoming Resources For this year | 1,253 | - | 1,253 | (196) | |
| Total Funds Brought Forward | 33,067 | - | 33,067 | 33,263 | |
| Adjustment - Pledges | |||||
| Total Funds Carried Forward | 34,320 | - | 34,320 | 33,067 |
Unrestricted funds comprise those funds which the trustees' are free to use in accordance with the charitable objects.
Restricted funds are funds which have been given for particular purposes and projects.
- 3 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
BALANCE SHEET AS AT 31 DECEMBER 2023
| Notes Fixed Assets Tangible Assets 4 Pledges Current Assets Cash at bank and in hand Current Liabilities Amounts falling due within one year Net Assets/(Liabilities) FUNDS 5 Unrestricted Funds Restricted Funds Total Funds |
Total 2023 £ 2 2,604 31,714 34,320 34,320 34,320 - 34,320 |
Total 2022 £ 2 - 33,065 33,067 - 33,067 33,067 - 33,067 |
|---|---|---|
The financial statements were approved by the Trustees and signed on its behalf by:
Signature:
Name:
Date:
- 4 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting Policies
The financial statements have been prepared under historical cost convention and in accordance with the Statement of Recommended Practice. Accounting and Reporting by Charities (SORP 2005) issued in March 2005 and applicable accounting policies adopted in the preparation of the financial statements are as follows.
1.1 Voluntary Incomes
Incomes from tithes and offerings received during the year and accounted for as unrestricted fund
Investment Incomes
Investment Income consist of net interest received during the year and accounted for as unrestricted fund.
1.2 Resources Expended
Resources expended are included in the Statement of Financial Activities on an accrual basis, inclusive of any VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been included in those cost categories.
1.3 Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost Iess depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less the estimated residual value, over their expected useful lives on the following basis:
Instruments:
25% Straight Line
Fixtures, Fittings and Office Equipments:
25% Straight Line
- 5 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
NOTES TO THE FINANACIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 2. lncoming Resources Voluntary Income PHIM Trust Tithe Offerings Grant TOTAL |
2023 £ 24,979 20,437 8,058 53,475 |
2022 £ 16,042 13,125 5,175 34,342 |
|---|---|---|
-6 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE - YEAR ENDED 31 DECEMBER 2023
3. Resources Expended
| PHIM Trust Total Cost |
2023 £ 52,221 52,221 |
2022 £ 34,538 34,538 |
|---|---|---|
- 7 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4 Tangible Fixed Assets
| At Cost Additions Disposals Balance carried forward Depreciation Calculation Balance brought forward Charge for the year Disposal Balance carried forward Net Book Value As at 31 DEC 2023 As at 31 DEC 2022 |
Fixtures and Instruments Equipment 2,796 4,360 - - - - 2,796 4,360 2,795 4,359 - - - - 2,795 4,359 1 1 1 1 |
Total 7,156 - - 7,156 7,154 - - 7,154 2 2 |
|---|---|---|
- 8 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| **Unrestricted ** | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| 5 | FUNDS | Funds | Funds | Funds | Funds |
| 2023 | 2023 | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| As at 01 January 2023 | 33,067 | - | 33,067 | 33,263 | |
| Adjustments - Pledges | - | - | - | - | |
| Surplus/Deficit for the Year | 1,253 | - | 1,253 | (196) | |
| As at 31 December 2023 | **34,320 ** | - | 34,320 | 33,067 |
Unrestricted funds comprise those funds which the trustees' are free to use in accordance with the charitable objects.
Restricted funds are funds which have been given for particular purposes and projects.
- 9 -
PRAISE HARVEST INTERNATIONAL MINISTRIES
PHIM Trust
Detailed Income and Expenditure Accounts
| Voluntary Income Income Tithe Offerings Grant Charitable Activities Rent Furniture, Repairs & Maintenance Stationery Volunteering Allowance Phone Evangelism Utilities Conference Cost Television & Radio Expense Refreshment/Welfare/Covit Love Offering & Charitable Giving Admin Cost Professional & Consultancy Fees |
£ £ £ £ 24,979 16,042 20,437 13,125 8,058 5,175 53,475 34,342 14,400 14,400 1,420 2,194 1,217 621 3,950 1,294 467 300 2,902 258 3,504 2,250 6,634 2,976 3,874 240 2,579 1,656 2,750 1,750 7,280 2,588 1,246 4,011 52,221 34,538 1,253 (196) 2023 2022 |
|---|---|
-10 -