## **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 -**