Charity number.. 1172998 HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
HOUSE OF PRAISE TRUST CIO CONTENTS Page Reference and administrative details of the Charityi its Trustees and advisers Trustees. report Independent auditors. report on the financial statgments Consolldated statement of flnanclal actlvltles 8-11 12 Consolidated balance sheet 13 Charity balance sheet Consolidated statement of cash flows 14 15 Notes to tho financial statemants 16-39
HOUSE OF PRAISE TRUST CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 Trust8es Olakunle Falodun. Chair Solomon Adegoke David Makoyawo Babalunde Sofowora Olukayode Olawode Odunilan Oluranti Orioke Folake Kehinde Ogunmekan Olayemi Mojibola Adeleke. Chief Executive Charity registered number 1172998 Principal office 254-270 Camberwell Road Corner of Medlar Street London SE5 ODP Chief executive officer Pastor Olayemi Adeleke Independent auditors Stephen Michael Associates Chartered Certified Accounlanls Stalulory Auditors 201 Borough High Street London SE1 1JA Bankers Barclays Bank plc POBox279 41 Woolwich New Road London SE18 6NU Page 1
HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report together with the audited financial statements of House of Praise Trust CIO Ithe'parenl charilll and its subsidiaries Ithe 'group') for the year 1 January 2025 to 31 December 2025. The Trustees confirm that the report and financial statements of the Charity have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Constitution, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191- Reference and administrative information set out on page 1 forms part of this report. The financial statements comply wth current statutory requirements, the charitys trust deed and the Statement of Recommended Practice- Accounting and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance wth FRS 102. Objg¢tlVgs and activitios a. Policies and objectivgs The objects of the Charity are.. The advancement of the Christian faith worldwide,. and The relief of poverty. PUBLIC BENEFIT STATEMENT In setting objectives and planning for aclivilies, the Board of Trustees has mel its duties in complying with the provisions of sections 4 and 17 of the Charities Act 2011, having due regard to the Charity Commission's general guidance on public benefit. Consideration has been given lo the Charity Commission's public advice on advancing religion for the public benefit. b. Strategies for achieving objectives The church has adopted the following strategies for achieving the above objectives.. organisalion of seminars in the church with proven speakers and ministers of the faith to guide members in the various aspects of the christian faith- planting of churches in the UK and other parts of Europe., and support for other charities and Christian events. c. Actlvltles undertaken to achleve oblectlves Leadership Training Various missionary activities Community Outreach Events Provision of welfare support to members Conferences & Events Media Activities. d. Volunteers The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision. It is estimated that over 12.000 volunteer hours were provided during the year. If this is conservatively valued at £12.21 an hour the volunteer effort amounts lo over £146.520. The charity has a volunteer c(x)rdinator to ensure that best value is derived from the sterling efforts of our volunteers. Page 2
HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Objectives and activities Icontinuedl e. Main activities undertaken to further the Charity's purposes for the public benefit House of Praise is a church that strives to fulfil the great commission as instructed by Jesus Christ to go into the wodd with his good news and reach out and touch lives of those in need of help. The church is open to the public for all services and all the events we organize are open lo the public. All our events are free and flyers are printed and handed out to the members of the public to create awareness. Strategic report Achievgments and perfomiance a. Kgy Pgrformancg indicators Our key perfomiance indicators are summarised in the table below.. Outcome Target Outcome Target 2025 2024 Average number of congregation 2,160 2,300 1,800 2,000 Average number of volunteers 305 320 250 300 Community awareness of food bank 950 visited 800 visited Page 3
HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Strategic report {¢ontinuedl Achievements and perfonnance (continued) b. Review of activities Amongst all the various activities the church is involved in, the outreachlcommunity department of the church frequently visit care homes, hospices and hospitals to give gifts, donations, and spend time with people that need companionship as well as attending lo the needy in the community. Below is a brief summary outlining a selection of the different activities the church members and leaders have actively participated in.. Foodbank= Gimng out food parcels to families and individuals struggling in our community as well as school uniforms lo children weekly. Family Fun Day.. This year was an indoor event, inviting members of the community and raising awareness in the committee of our various aclivilies, creating an environment where people feel safe and included. Our Annual Winter, Worship & Warfare conferen is a 12-day prayer program held every November. 11 is a lime dedicated to prayer, worship, and spiritual preparation as we look ahead to the coming year. The program also provides an opportunity for us to reach out to more people and engage with our wider community- It is a well-altended event, attracting participants from our local community as well as visitors from olher countries. Through prayer, worship, fellowship, and community outreach, we seek to strenglhen faith, build meaningful connections, and prepare spiritually for the year ahead. Soup Kitchen.. We open our doors to the community lo have 'Breakfasl & Lunch on Christ" We serve full English breakfast as well as full Christmas roast. We have games, karaoke, Christmas Carol, Health Checks, Raw food giving lo struggling families, and presents for children. This is well allended by the community & homes in our community. Christmas Lights.. In the lead up lo the Christmas festive season we had a big display of Christmas lights, which brightened up the surrounding and was very well received by the local community, as well as those also passing through Camberwell. Making a difference.. The charity gave Xmas hampers lo the less privileged in Soulhwark Community. Donation lo Children in Africa. Leadership Training.. We had a live21ead leadership event for our leaders where they are able lo learn from renowned leadership experts from various fields. gain a new perspective on relevant topics. and gel practical tools lo tske work upon. c. Investment policy and performance The Iruslees have decided that al present. funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the trustees. As far as possible, funds will be retained in interest bearing accounts. Financial review Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 4
HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 b. Reserves policy The Iruslees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets I'lhe free reserves'l held by the church should be 3 months of annual expenditure. Al this level, the trustees feel that they would be able lo continue the current activities of the church in the event of a significant drop in funding. The charitys free reserve is £1,817,50712024 £NILI and the trustees recognise that the current level of free reserve does not reach the above target and are considering ways in which additional unrestricted funds will be raised. Financial risk managemant objgctives and policies The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place lo mitigate our exposure to the major risks. d. Principal funding This is provided mainly through voluntary tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects. Structure, governance and management Constitution House of Praise Trust CIO is a registered charity, number 1172998, and is consliluted under a Conslilulion. b. Methods of appointment or election of Trustees The management of the Group and the Charity is the responsibility of the Trustees who are elected and co- opted under the terms of the Conslilulion. c. Organlsatlonal structure and de¢lslon-maklng pollcles The church is organised so that the trustees meet regularly lo manage ils affairs. An Executive Pastor manages the day to day administration of the church. d. Policies adopted for the induction and training of Tmstees The induction process for any newly appointed member of the Trustees comprises an initial meeting with the Chair and other Trustees, followed by 8 series of short meetings wth the Minister in Charge on the powers and responsibilities of the Trustees. Page 5
HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Structure, governance and management (continued) e. Pay policy for key management personnel The Iruslees consider that trustees and the two senior pastors comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All trustees give of their time freely in their capacity as trustees. No trustee received remuneration in the year. Details of trustees, expenses and related paty transactions are disclosed in note 11 and 26 to the accounts. The pay of the charity's senior staff is reviewed annually and normally increased lo account for inflation based on the latest Consumer Price Index. The remuneration is also bench marked with charities of a similar size and activity lo ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles. f. Conng¢tgd charitigs House of Praise Trust CIO is a member of the Redeemed Christian Church of God (RCCGI which has parishes all over the wortd. The relationship is governed by an 'Agreemenl for Common Purposes. between the parishes and RCCG. Plans for future periods The church continues lo explore various ways of spreading the gospel of Christ in an effective manner. The Charity is also looking to grow in membership and continue lo develop its members lo make life changing impact in society. The charity also plan lo invest in the following.. Expansion of Camberwell Building12nd Phase of Camberwell building which will cost about £4 million pounds). This is still ongoing. Page 6
HOUSE OF PRAISE TRUST CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice}- The law applicable to charities in England & Wales reqLJires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial slatemenls, the Trustees are required to.. select svitsble accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent- slate whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inapproprTate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Group and the Charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constilulion. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other iegUlar1ties. Disclosure of information to auditors Each of the persons who are Trustees at the lime when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charitsble group's auditors are aware of that infomiation. Auditors The auditors, Stephen Michael Associates, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Olakunle Falodun Date.. 23 August 2026 Page 7
HOUSE OF PRAISE TRUST CIO INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO Opinion We have audited the financial statements of House of Praise Trust CIO (the 'parent charitll and its subsidiaries Ilhe 'group'l for the year ended 31 December 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the relaled notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Ststemenl of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has been withdrawn. This has been done in order for the Sccounls lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements-. give a true and fair view of the stale of the Group's and of the parent charitys affairs as at 31 December 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conclLJded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or onditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability lo continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
HOUSE OF PRAISE TRUST CIO INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO ICONTINUEDI other infomiation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl olhetwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, Consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olhetwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misststemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or the parent Charity has not kept sufficient accounting records., or the parent Charity financial slalements are not in agreement wlh the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fulty in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations. or have no realistic alternative but lo do so. Page 9
HOUSE OF PRAISE TRUST CIO INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO ICONTINUEDI Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misststemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misslatemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion wlh the Trustees and other management las required by auditing stsndardsl. We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedure on the related financial statement items. With the exception of any known or possible non-compliance. and as required by auditing standards. our work in respect of these was limited to enquiry of the Trustees. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We reviewed minutes of trustees, meetings, and other records with view to ensuring that there are no undisclosed related party transactions. In addition, we explained the meaning of related party transaction to management and these charged with governance. We obtained a legal letter from the charitys solicitors and enquire of those charged with governance and management around actual and potential liligalion and claims. We reviewed a sample of collectionlcount sheets to ensure they are signed by at least Iwo people. We addressed the risk of fraud through management override of controls, by testing the appropriateness ofjournal entries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of operation. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al- www.frc.or .uklaudilorsres onsibililies. This description fomis part of our Auditors. report. Page 10
HOUSE OF PRAISE TRUST CIO INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO ICONTINUEDI Use of our report This report is made solely lo the charills trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those mallers we are required lo stste to them in an Auditors. report and for no other purpose. To Ihe fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and ils trustees, as a body, for our audit work. for this report, or for the opinions we have formed. Stephen Mlchael Assoclates Chartered Certified Accounlanls Statutory Auditors 201 Borough High Street London SE1 1JA 25 August 2026 Stephen Michael Associates are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 11
HOUSE OF PRAISE TRUST CIO CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total fvnds 2024 Note Income frorn- Donations and legacies Charitable activities Other trading activities Investments Other income 1.149,769 1.044 217.851 266,875 20.843 1,170.612 1.044 217.851 266,875 3.256 1, 132,429 1,325 257,577 337,355 1,819 3.256 Total income 1.635,539 24.099 1,659.638 1, 730,505 Expenditure on: Raising funds Charitable activities 196,870 1.319.070 196.870 1,339.932 121,807 1, 723,517 20.862 Total oxpgnditure 1,515,940 20,862 1,536,802 1,845,324 Net movement in funds before other ognised gainslllosses) 119.599 3.237 122.836 (f14,819) Other recognlsed galnslllossesl: Other gains 2.089,051 2,089.051 Net movement in funds 2.208.650 3.237 2,211.887 (174,819) Reconciliation of funds: Total funds brought forward Net movement in funds 6.179.921 2,208,650 66.474 3,237 6,246.395 2,211.887 6,361,214 (114,819) Total funds carried for•vard 8.388.571 69.711 8,458.282 6,246,395 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 16 10 39 form part of these financial statements. Page 12
HOUSE OF PRAISE TRUST CIO CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025 As restated 2024 2025 Note Flxed assets Tangible assets Investments 13 14 6.640,772 7,058,457 6.640,775 7,058,460 Current assets Debtors Cash al bank and in hand 15 2.531.272 280.954 726,283 500,626 2,812,226 1,226,909 Current liabilities Creditors.. amounts falling due within one year 16 (994,719) (958,943) Net CU9nt assets 1.817.507 267,966 Total assets less current Ilabllltles 8.458.282 7.326,426 Creditors.. amounts falling due after more than one year 17 (1,080,Q31) Net assets excluding pension asset 8.458,282 6,246,395 Total net assets 8.458,282 6,246,395 Charity funds Reslricled funds Unrestricted funds 20 20 69.711 8,388,571 66,474 6, 179,921 Total funds 8.458,282 6,246,395 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Olakunle Falodun Chair Date= 23 August 2026 The notes on pages 16 10 39 form part of these financial statements. Page 13
HOUSE OF PRAISE TRUST CIO CHARITY BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note Flxed assets Tangible assets Investments 13 14 6.629,303 7,058,457 6.629,306 7,058,460 Current assets Debtors Cash al bank and in hand 15 2.126.640 279.692 377,761 485,040 2,406,332 862,801 Current liabilities Creditors.. amounts falling due within one year 16 (914,223) (915, 752) Net CU9nt assets I liabilites 1.492,109 (52,951) Total assets less current Ilabllltles 8.121.415 7.005,509 Creditors.. amounts falling due after more than one year 17 (I,OT5,000) Net assets excluding pension asset 8.121,415 5,930,509 Total net assets 8.121.415 5,930,509 Charity funds Reslricled funds Unrestricted funds 20 20 69.711 8,051,704 66,474 5,864,035 Total funds 8.121,415 5,930,509 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Olakunle Falodun Date= 23 August 2026 The notes on pages 16 10 39 form part of these financial statements. Page 14
HOUSE OF PRAISE TRUST CIO CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash flows from operating activitles Net cash used in operating activities (1.741,3031 (483, 130) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 266.875 3.100,000 1749,8721 (513,967) 337,355 Not Cash provided byl{usgd in} invosting activitigs 2,617,003 1176,6121 Cash flows from flnanclng actlvltles Cash inflows from new borrowing Repayments of borrowing 1,075,000 (9,969) {1.094.9881 Net cash (used inllprovided by financing activities {1.094,9881 1.065,031 Change in cash and cash gquivalents in thg ygar Cash and cash equivalents al the beginning of the year 1219,2881 490.595 405,289 85,306 Cash and cash equivalents at the end ofthe year 271,307 490,595 The notes on pages 16 10 39 form part of these financial statements Page 15
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 General infomiation House of Praise Trust is a charitable incorFx)rated oryanisation registered with the Charity Commission in England & Wales. The office address is 254 - 270 Camberwell Road, Corner of Medlar Street, London SE5 ODP. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effe¢tive 1 January 20191, the Financial Rep)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue and fair. view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. House of Praise Trust CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated slalement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial ststemenls of the Charity and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Golng concern The consolidated financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the cashflow forecast and the projected income and expenditure for 12 months from aulhorising these financial slatemenls. The level of free reserves and funds held is sufficient for the charity to be able to continue as a going concem. 2.3 Income All income is recognised once the Charity has enlillemenl to the income, il is probable that the income Wbll be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the lime the investment income is receivable. Other income is recognised in the period in which it is receivable and to the exlenl the goods have been provided or on completion of the service. Page 16
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies {continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not allributable to a single activity are apportioned between those activities on a basis consistent wlh the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., this is normally upon nolificalion of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. Afler recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, Depreciation is provided on the following basis.. Freehold propety Plant and machinery Motor vehicles Fixtures and fittings Computer equipment 2,/0 straight-line method 25,/0 reducing balance basis 12,/0 straight-line method 33,/0 straight-line method Page 17
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies {continued) 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value al the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Consolidated statement of financial aclivilies. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments wlh a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.11 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualrfy as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.12 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. Page 18
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies {continued) 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 19
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Donations Church collections Gift aid income tax recoverable 986,007 163,762 20,843 1,006,850 163,762 Subtotal detailed disclosure 1,149,769 20,843 1,170,612 1,149,769 20,843 1.170,612 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations Church collections 1,022. 119 83,475 26,835 1,048,954 83,475 Gift aid income lax recoverable Subtotal detalled dlsclosure 1, 105,594 26,835 1, 132,429 1, 705,594 26,835 f,f32,429 Income from charitable activities Unrestricted funds 2025 Total funds 2025 Bookshop 1,044 1,044 Page 20
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Income from charitable activities (continued) Unrestricted funds 2024 Total funds 2024 Bookshop 1,325 1,325 Income from other trading activities Income from non charitable trading activities Unrestrlcted funds 2025 Total funds 2025 Rent receivable 217,851 217,851 Unrestricted funds 2024 Total funds 2024 Rent receivable 257,577 257,577 Investment income Unrestricted funds 2025 Total funds 2025 Rental income from properties Bank interest Other interest 98,255 105 168,515 98,255 105 168,515 266,875 266,875 Page 21
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Investment income (continued) Unrestricted funds 2024 Total funds 2024 Rental income from properties Bank interest Other interest 332,362 943 332,362 943 4,050 4,050 337,355 337,355 Other incoming resources Restricted funds 2025 Total funds 2025 Annual Workers Event Contributions 3,256 3.256 Restrict&d funds 2024 Total funds 2024 Annual Workers Event Contributions 1,819 1,819 Page 22
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Advancement of Christian Faith 1,319,070 20,862 1.339,932 Unrestricted funds 2024 Restricted funds 2024 Total 2024 Advancement of Christian Faith 1,693,582 29,935 1,723,517 Analysls of expendlture by actlvltles Aetivities undertaken directly 2025 Support costs 2025 Total funds 2025 Advancement of Christian Faith 739,314 600,618 1,339,932 Activities undertaken directly 2024 Support costs Total funds 2024 2024 Advancement of Christian Faith 661,533 1,061,984 1, 723,517 Page 23
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of expenditure by activities Icontinuedl Analysis of direct costs Advanceme ntof Christian Faith 2025 Total funds 2025 Staff costs Depreciation Ministry expenses Evangelism and special events Music expenses Media expenses Missionary and charitsble giving - UK Missionary and charitable giving - Europe 199,282 160,639 79,020 139,397 29,927 28,561 16,688 85,800 199.282 160,639 79.020 139.397 29.927 28.561 16.688 85.800 739,314 739.314 Advancemen t of Christian Faith 2024 Total funds 2024 Staff costs Depreciation Ministry expenses Evangelism and special events Music expenses Media expenses Missionary and charitable giving - UK 200, 183 174,302 50,289 133,580 67, 144 19,283 16,752 200, 183 174,302 50,289 f33,580 67,144 19,283 16,752 661,533 661,533 Page 24
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of expenditure by activities Icontinuedl Analysis of support costs Advanceme ntof Christian Faith 2025 Total funds 2025 Staff costs Depreciation Bookshop Premises costs Communication costs 140,700 3,070 405 140.700 3,070 405 234,499 28,275 56,892 1,545 63,032 8,987 14,712 244 234.499 28.275 56.892 1.545 63.032 8,987 14.712 244 Finance costs Office and administration costs Professional and consultancy fees Travel and aecomodalion Motor vehicle expenses Exchange {gainllloss Gifts and donations Welfare support Hospitality Training and development Dues and subscriptions Computer and internet expenses Sundry church expenses Governance costs 1,358 1,100 10,482 6,841 4,775 10,681 779 12,241 1.358 1.100 10.482 6.841 4,775 10.681 779 12.241 600,618 600.618 Page 25
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of expenditure by activities Icontinuedl Analysis of support costs {continued) Advancemen t of Christian Faith 2024 Total funds 2024 Staff costs Depreciation Bookshop Premises costs Communication costs Finance costs offi and administration costs Professional and consultancy fees Travel and accomodalion 198, 707 3,291 8, 704 235,618 38,809 95,617 825 138, 127 3,891 11,103 240,000 1,040 141 198, 707 3,297 8, 704 235,618 38,809 95,617 825 138, 127 3,897 11,703 240,000 1,040 741 Motor vehicle expenses Bad debt IGain}Iloss on dispos81 of assets Exchange (gainllloss Gifts and donations 8,595 6,304 If,692 12,602 8,937 18,837 8,595 6,304 11,692 12,602 8,937 18,837 Welfare support Hospitality Training and development Dues and subscriptions Computer and internet expenses Sundry church expenses Governance costs li 4,348 14,784 4,348 14, 784 1,06f,984 1,061,984 Page 26
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10. Auditors. remuneration 2025 2024 Fees payable to the Charity's auditor for the audit of the Charivs annual accounts ,370 8,370 Fees payable to the Charity's auditor in respect of= All non-audit services not included above 3,871 6,414 11. Staff costs Group 2025 Group 2024 Charity 2025 Charity 2024 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 305,449 29.109 358,926 33, 777 305,449 29.109 358,926 33, 777 5.424 6, 187 5,424 6,187 339.982 398,890 339,982 398,890 The average number of persons employed by the Charity during the year was as follows.. Group 2025 Group 2024 Charity 2025 Charity 2024 Pastors Church administration The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 No. In the band £80,001- £90,000 Page 27
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12. Trustees. remuneration and expenses During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity for her post as church minister which is authorised in the trust deed. The value of Trustees, remuneration and other benefits was as follows.. 2025 2024 Olayemi Adeleke Remuneration 85,000 1,321 85,000 1,327 Pension contributions paid During the year ended 31 Dernber 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 28
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. Tangible fixed assets Group and Charity Freehold property Plant and machinery Motor Fixtures and vehicles fittings Total Cost or valuation At 1 January 2025 las previously slated) Prior Year Adjustment 8,540,712 129,918 74,313 1,651,343 10,266,368 129.918 At 1 January 2025 las restatedl Additions Disposals 8,670,630 669,172 11.214.656) 74,313 1,651,343 10,396,286 66,364 749,872 {1.214.6561 14,336 At 31 December 2025 8.125.146 14.336 74.313 1,717,707 9.931,502 Depreciation At l January 2025 Charge for the year On disposals 1,716,293 115,709 1213.6751 38,409 8.976 1,583,127 39,024 3,337,829 166,576 1213,6751 2.867 At 31 December 2025 1,618,327 2,867 47,385 1,622,151 3,290,730 Not book value At 31 December 2025 6.506,819 11.469 26.928 95,556 6.640,772 At 31 December 2024 (as restated) 6,954,337 35,904 68,216 7,058,457 Page 29
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14. Fixed asset investments Investments in subsidiary companies Group Cost or valuation At 1 January 2025 At 31 December 2025 Net book value At 31 Dmber 2025 At 31 December 2024 Investments subsidiary companies Charity Cost or valuatlon At 1 January 2025 At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 Page 30
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14. Fixed asset investments {continued} Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or principal Principal activity place of business Lighthouse Operations Ltd 11124403 254- 270 Camberwell Road, caMbeell Road, London SE5 ODP Hire of events space Class of shares Holdlng Ordinary The financial results of the subsidiary for the year were.. Name Income Expenditure ProfitllLossl I Surplusl {Deficit} for the year Lighthouse Operations Ltd 217,851 196,870 20,981 Net assets 336,867 Page 31
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15. Debtors Group 2025 Group 2024 Charity 2025 Charify 2024 Duo Within one year Trade debtors Amounts owed by group undertakings Other debtors 55.152 349.454 2.028,420 9,686 88.560 67,960 280, 754 222,471 6,475 148.623 77 420 2.028,317 9,686 88.560 222,243 6,475 148,623 Prepayments and accrued income Tax recoverable 2,531,272 726,283 2,126,640 377, 761 16. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charlty 2025 Charity 2024 Bank overdrafts Bank loans 9,647 5.010 500.000 19,507 349,454 8.751 5,102 2,150 95.098 10,037 fo,000 500,000 50,225 280, 754 10,118 3,176 1,983 92,656 9,647 10,031 Other loans 500,000 16,987 349,454 8,751 5,102 so0,(0 50,225 280, 754 10,118 3,176 1,983 59,465 Trade creditors Amounts owed to group undertakings Other tsxalion and social security Pension fund loan payable Other creditors Accruals and deferred income 24.282 994.719 958,943 914,223 915,752 17. Creditors: Amounts falling due after more than one year Group 2025 Group 2024 Charlty 2025 Charity 2024 Bank loans 1,080,031 I,OT5,000 The bank loan is from Tab ACM Limited, secured on the charity's property- Land buildings situated al Mecca Bingo, Quarry Hill, Grays, RM17 5BT. The loan wll mature on 03 May 2026. Page 32
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 18. Financial instruments Group 2025 Group 2024 Charity 2025 Charify 2024 Financial assets Financial assets measured al fair value through income and expenditure 280,954 500,626 279,692 485,040 Finsncial assets measured at fair value through income and expenditure comprise bank and cash balances. 19. Prior year adjustments The accounts of the parent have been restated to incorporate the impact of a misclassificalion of professional fees expenditure for the construction of Camberwell project as revenue expenditure. The change has resulted in increasing the fund balance al 31 December 2024 by £129,918 Page 33
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 20. Statement of funds statement of funds - current year Balance at 31 Gainsl December (Losses} 2025 Balance al 1 January 2025 Income Expenditure Unrestricted funds General Funds Gain on sale of Grays property Share capital ReseNes 5.864.035 1.417.688 {1.319.070} 5.962,653 2,089,051 2,089,051 315.883 217.851 1196.8701 336,864 6,179,921 1,635,539 {1,515,9401 2,089,051 8,388,571 Restricted funds Building fund Welfare fund 7.039 2,394 1.332 10.078 (5,0961 (1,1001 (1.3321 110.0781 1,943 67,768 66,474 Food bank Mission fund Annual Workers Event Contributions 3,256 (3,2561 66.474 24.099 120.8621 69,711 Total of funds 6.246.395 1.659.638 {1.536,8021 2.089,051 8,458,282 Building fund represents unexpended donations for building repairs and maintenance. Welfare fund represents unexpended donations for welfare and relief of poverty. Page 34
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 20. Statement of funds Icontinuedl statement of funds prior year Balance at 31 December 2024 Balance al l January 2024 Income Expenditure Unrestricted funds General Funds Share capital Reserves 6,711,524 1,472,928 (1, 720,47 7J 5.864,035 315,883 315,883 6,427.410 1,472,928 (1, 720,417J 6. 179,921 Restricted funds Missions fund 13,748 8, 783 350 (13, 748) (8, 783) (6, 150) (1,254) Building fund Welfare fund 69,574 63,774 Food bank 1,254 2, 700 Seminar Registration 2,700 69,574 26,835 (29,935) 66,474 Total of funds 6,496,984 1,499, 763 (1, 750,352) 6,246,395 Welfare fund represents unexpended donations for welfare and relief of poverty. Seminar Registration fund represents unexpended donations for seminar. Page 35
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 21. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses} 2025 Balance at 1 January 2025 Income Expenditure General funds Restricted funds 6,179,921 66,474 1.635,539 {1.515,940} 2,089,051 24.099 (20.8621 8,388,571 69,711 6.246.395 1.659,638 {1.536,802} 2,089,051 8,458,282 Summary of funds- prior year Balance at 31 December 2024 Balance al 1 January 2024 Income Expenditure General funds 6,427,410 69,574 1,472,928 (1, 720,417) 26,835 (29,935) 6,179,921 66,474 Restricted funds 6,496,984 1,499, 763 (1, 750,352) 6,246,395 22. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 6,640,772 6.640,772 2,742,515 1994,7191 69,711 2,812,226 1994,7191 Total 8,388,571 69,711 8,458,282 Page 36
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2024 Reslricled funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 7,058.457 7,058,457 1, 160,435 (958,943) (1,080,037) 66,474 1,226,909 (958,943) (1,080,031) Total 6,179,921 66,474 6,246,395 23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2025 Group 2024 Net incomelexpenditure for the year las per Statement of Financial Activities) 122,836 (114,879) Adlustments for.. Depreciation charges Dividends, interests and rents from investments Loss on the sale of fixed assets Increase in debtors Increase in creditors 166,576 177,599 1266,8751 (337,355) 7,040 1284,825) 15,230 {1.804,9891 41,149 Net cash used in operating activities (1.741,3031 (483, 130) Page 37
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand Overdraft facility repayable on demand 280,954 (9,6471 500,626 (10,031) Total cash and cash equlvalents 271,307 490,595 25. Analysis of changes in net debt At1 January 2025 Cash flov At31 December 2025 Cash al bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 500,626 (10,0311 1513.1761 {1.080,031} 1219,6721 384 3,064 1.080,031 280,954 19,6471 1510,1121 11.102,612) 863,807 1238,8051 Page 38
HOUSE OF PRAISE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 26. Pension commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted lo £5,42412024 - £6,187). 27. Operating lease commitments At 31 December 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows- Charity 2025 Charify 2024 Not later than 1 year 60,000 60,000 28. Related party transactions In addition, during the year the charitable company.. 1. purchased project management & development service amounting lo £88,49412024 - £71,686) from Eden Group Operations Ltd, a company under the control of Philemon Adeleke and Jennifer Adeleke who are family members of Pastor Olayemi Adeleke, a trustee and Chief Executive Officer of the charity., and 2. paid Pastor Andrew Adeleke Isenior Pastor), who is the spouse of the Chief Executive Officer and trustee (Pastor Olayemi Adelekel for use of his home as vicarage amounting lo £60,000 12024 £60,000}- Page 39