Registered Charity Number 1155199 PRAISE CHAPEL RAINHAM Trustees Report and Financial Statements For The Year Ended 31 July 2024
PRAISE CHAPEL RAINHAM Report and accounts Contents Page Charity information Trustees, Report Statement of Trustees, responsibilities Independent Examinerfs report Statement of Financial Activities Balan sheet Noteslschedule to the financial statements
PRAISE CHAPEL RAINHAM Charity Information Trustees Pastor Chichi Ikeotuonye Harold Chukwuma Pastor Francis Ugbeiukwu Independent Examiner Daniel Dele-ojo FCCA Timi and Co. Unit One Kings Estste Broadway Parade Hornchurch RM12 4RS Principal address 84 Frederick Road Rainham Essex RM13 8NR Registered number 1155199
PRAISE CHAPEL RAINHAM Report of the Trustees The trustees present their annual report together wtth the financial statements of Praise Chapel Rainham {the charity) for the year ended 31 July 2024. The Trustees confirm that the annual report and financial statements of the charty comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities, issued in March 2005. Praise Chapel Rainham is a charity and the Trustees of the charity exercise control. Review of Financial Position Please refer to the annexed accounts for the details of the financial statements for the year ended 31 July 2024. Reserves Policy The trustees would like to work towards a situats'on WhebY the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assuran against fraud and error. Future strategy and pollcy The trustees are satisfied that the charity has sufficient resources to maintain its current acts'vities and hope that the congregation will grow and increase naturally with time. The organisation's principal objects continue to be: 1. To advance Christian religion by propagating the gospel of Jesus Christ and proclaiming the Kingdom of God through preaching the word of God 2. To advan such other charitable purposes as the Trustees shall determine particularly, but without prejudice to the generality of the foregoing, by relieving distress caused by disaster, poverty, and sickness. 3. The advancement of Christian religion by the worship of God, the proclamation of the Holy Spirit and the Fellowship of Mankind
PRAISE CHAPEL RAINHAM Statement of Trustees. Responslbllhies The ChantEs Act requires the Board of Trustees to prepare finanual stateffents for each financtal year Wh gNe a true and frdir view of the stsle of affairs of the chanty as at the eThl of the financRI year and of the surplus or deficil of the charity. In preparing those financ1 statefftnts the Board is required to - - select suitable rUnting policies and then apply them consistentty, - make Judgements and estitnates that are reasonable and prudenl. and - prepare the fin3nctal statements on the going con basts unless It Ls inappropnate to presuwft that the chaTTty will contnue in business. 5ts1e whether applicable accounbng standards and statements of recommended prathce has tEen f01hVed, subject tr) any matertal departures dwbsed and explained in the financial statements, The Trustees are also responsible for maintaintng adequate accounts'ng records which disdose with reasonable accuracy at any time the financial F4)Sition of the charity and wh are SUffient to show and exptain the charty's transactons and enab them to ensL&re that the financial st3teffEnts compty with regu¢atictns mafje under the CharrtS Act. Triev are also restuisibie for s3feguarding Ihe assets of the chanty and hen for taknng reasonable steps for the preventK)n and detectson of fraud and other irregulatrtEs. The trustees are also responsible for the contents of the trustees, report and the resFonsitxlty of the independent examiner in relabon to the truslees. report is limited to examinirig the report arKI ensuring tha( on Ihe fa of the POrt the are no Inconsistencies th the frjures dBclosed in the financial statemenls. This repjl was approved by ts board of trustees on 10 May 2025 and soned on ts behalf PaslL¥ Ikeobjyrye Trurt8•
PRAISE CHAPEL RAINHAM Independent Examinerfs Report to the trustees of the charity Report of the Independent Examlner to the trustees on the financial statements of the charity for the year ended 31 Juty 2024 I report on the financial statements of the Charity on for the year ended 31 July 2024 which have been prepared in accordan with the Charities Act 2011 and with the Financial Reporting Standard for Smaller Entities (FRSSE), effective April 2008, adapted to meet the needs of unincorporated organisations. as modified by the Ststement of Recommended Practice forAccounting and Reporting issued by the Charity Commissioners for England & Wales, effective April 2005 as revised in June 2008. (The SORP), under the historical cost convention and the accounting policies set out. Respective responslbllities of trustees and examlner The Charity's trustees are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act} does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. Therefore, the trustees have elected that the financial statements be subject to independent examination. Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to= a) examine the accounts under section 145 of the Act; b) to follow the prOdureS laid down in the General Directions given by the Charity Commission under section 145(5){b) of the Act,. and., c) to state whether particular matters have come to my attention. Basis of opinion and scope of work undertaken I conducted my examination in accordance with the General Directions given by the Charity Commissioners ft)r England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial ststements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial ststements. The procedures undertaken do not provide all the evidence that would be required in an audit, and infomation supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, l express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below. I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report. l obtain written asSuranS from the trustees of all material matters. Independent Examlnerfs Statement, report, and opinion Subject to the limitations upon the scope of my work as detailed above, in Connection with my examination, I can confirm that this is a report in respect of an examination carried out under section 145 of the Act and in accordance with any directions given by the Commission under subsection (5)(b) of that section which are applicable
PRAISE CHAPEL RAINHAM and that, no rnatter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any matertal respect the requirements" (i) to keep accounting records in accordance with section 130 of the Act,. (li) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the AGt and., (iii) that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Practice - Accounting and Reporting by Charities have not been met., or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached. Daniel Dele-ojo FCCA For and on behalf of Timi and Co. Chartered Certified Accountants Unit One Kings Estate Broadway Parade Hornchurch RM12 4RS The date upon which my opinion is expressed is on 10 May 2025.
PRAISE CHAPEL RAINHAM Statement of Financial Activie5 for the year ended 31 July 2024 Unrestricted Restrictsd Total Last Year Funds Fund6 Fund8 Total Funds 2024 2024 2024 2023 Incoming resources Incoming resources fmm generated funds Voluntary Income other income 34.728 10,998 34,728 10,998 30,gg8 10,860 Total incoming resources 45,726 46,726 41.858 Costs of charltable activities Governance costs 34,520 400 34,520 400 31,015 400 Total resources expended 34,920 34,920 31,415 Net incoming resources before transfers between funds 10,806 10.806 10,443 Net Incomlng resources before Other recognised gains and losses 10,806 10.806 10,443 Net movement in funds 10,806 10,806 10,443 Total funds bmught forward 16,232 339.000 355.232 344,789 Total Funds carried fonmard 27,038 339,000 366.038 355.232
PRAISE CHAPEL RAINHAM Balanc• 8h•et at 31 Juty 2024 2024 2023 Th• asvts andlablllb* of th• ch•rfty.' Tangible assets Totsl fixed assets 339.000 339,CM)O 339,1)Xl Curr•nt aM•ts Deblo Cash at bank and in hand Total Cuffent assets 21,053 6.785 27,838 13,738 3,294 17,032 amounts due wtlhtn ce year (8001 N•1 euirwttassets 27,038 16,232 rolal as3•ts Iw ¢urn•nt U•Mft 366,038 355.232 Net assets The funds of tho charity." UnmlrfGtEd in¢onw fvnds Unfestrrted FEvenue a(umulabJ funds 27,038 16.232 Total UDratrld•d funds 27,038 16,232 339,fKK) 339,(Kh) Restrtctod fixed a8S&t Funds 339,000 339.000 Total charlty fvnd• 355,232 Pagtor Chffichl Ik•okn?ny• Tru4tsè Apwrnd by the boa oflnAts# on 10 Aliy 2025
PRAISE CHAPEL RAINHAM Notes to the Financial Statements ft)r the ear ended 31 Ju 2024 1. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared in accordan with the Financial Reporting Standard for Smaller Entities (FRSSE), effective April 2008, and all other applicable accounting standards, as modified by the Statement of Recommended Practice for A¢¢ounting and Reporting issued by the Charity Commissioners for England & Wales, (revised June 2008). Incoming resources All incoming resources are induded on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Resources expended Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. MIhe costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Taxation The charity is exempt from tsx on its ¢harit8ble activities. Fund accounting Unrestricted funds can be used in accordance with the charitsble obiectives at the discretion of the trustees. Restricted funds ¢an only be used for particular restricted pUoseS within the objects of the charity. Restrictions arise when spectfied by the donor or when funds are raised for particular restricted pUoses. Further explanation of the nature and purpose of each fijnd is induded in the notes to the financial statements. Hire purchase and leasing Commitinents Rentals paid under operating leases are charged to the statements of financial activities on a straight-line basis over the period of the lease. 2. TRUSTEES. REMUNERATION AND BENEFITS There were no tnJste8s' remuneration or other beneffts for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees. Expenses There were no trustees. expenses paid neither for the year ended 31 July 2024 nor for the year ended 31 July 2023.
PRAISE CHAPEL RAINHAM Schedule to the Ststement of Financial Activities for the year ended 31 July 2024 Status of this schedule to the Statenient of Financial Actlvltles The schedules on the following pages are required by the disclosure requirements of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, effective April 2005 and revised in June 2008. As such, they form a part of the accounts required by the Charities (Accounts and Reports) Regulations 2008. Unrestrlctsd Restrlcted Funds Funds 2024 2024 Total Funds 2024 Prlor Perlod Total Funds 2023 Incoming Resources Voluntary Income Donations Gift Aid Receivable Total Totsl Donations Received 28,508 6,220 34,728 34.728 28.508 6.220 34,728 34,728 25,208 5,790 30,998 30,998 Totsl Voluntary Income Activities for generating funds 34.728 34.728 30,998 Rental Incom8 Totsl of activltles for generating funds 10,998 10,998 10.998 10,998 10,860 10,860 Total Incoming Resources 46,726 45.726 41,858 Charitable expenditure Support costs of charitsble activities Direct support costs Travel and subsisten - Charitable Activities 3,500 3,500 3,500 3,500 3,500 3,500 Management and administration costs In support of charitable activities Staff costs In support of ¢haiit•ble activitws Prnmlses Costs Insurance Council Tax 3,412 700 3.106 3,953 11,171 3,412 700 3.106 3,953 11.171 2,412 700 2,306 4,213 9,631 Light and heat Premises repairs and renevrdls G8ngral adminlstr8tlve expenses.. Subscription$ Equipment expenses 533 533 533 3,475 3,475 900
PRAISE CHAPEL RAINHAM Schedule to the Statement of Financial Activities for the year ended 31 July 2024 Status of thls schedule to the Statement of Flnanclal Actlvltles The schedules on the fdlowing pages are required by the disclosure requirements of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, effective April 2005 and revised in June 2008. As such, they fomi a part of the accounts required by the Charities (Accounts and Reports) Regulations 2008. Unrestricted Restricted Total Funds Funds Funds 2024 2024 2024 Prfor Perlod Total Funds 2023 Admin costs Events 4,041 2,700 10,749 4,041 2,700 10.749 6,051 2,500 9,984 Pmfesslonal fees In support of charltable actlvltles Accountancy fees other than examinerslauditors Legal fees 400 400 400 900 900 1,700 2,100 1,300 1.300 Othersupport costs Charity Honorarium 3,500 2,800 1,500 7,800 3,500 2,800 1,500 7.800 3,000 1,800 1,000 5,800 Missions Total Support costs 34,520 34,520 31,015 Support costs for grants paid Total Expended on Charitable Activities 34,520 34,520 31,015 Govemance costs that are not direct management functions inherent in generating funds, service delivery and programme or project work Specrfic governance costs Independent Examinels Fees 400 400 400 Total governance costs 400 400 400 10