INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST ] MARCH 2023
CHARITY NUMBER: 1179059
INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
1 BURNET LANE AYLESBURY HP22 7DD
| INDEX | ||
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| Page | ||
| Index | 1 | |
| Trustee’s Report | 2 – 3 | |
| Receipts and Payments Account | 4 | |
| Statement of Assets and Liabilities | 5 | |
| Notes on the financial Statements | 6 |
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INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
TRUSTEES’ REPORT YEAR ENDED 31[ST] MARCH 2023
The trustees are pleased to present their report for the year ended 31[st] March 2023 for the charity, International Tabernacle of Praise with charity number 1179059.
The Trustees of the charity are: Beata Quaye Tony Ondiege
The principal address of the charity is: 1 Burnet Lane, Aylesbury. HP22 7DD
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Foundation Constitution registered 23[RD] December 2016.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 OBJECT OF THE CIO IS FOR THE BENEFIT OF THE PUBLIC: TO ADVANCE THE CHRISTIAN FAITH IN ACCORDANCE WITH THE STATEMENT OF BELIEFS IN SUCH WAYS AS THE TRUSTEES FROM TIME TO TIME MAY THINK FIT.
ACHIEVMENTS AND PERFORMANCE
The organisation continues to hold weekly Christian services, bible studies and prayer meetings which have been designed to promote the message of the Christian faith in the community. The church saw new people attending throughout the year and this produced a positive feedback from them.
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FINANCIAL REVIEW
The income this year was over £15000 of the charity and 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 and supporting those in need.
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 has 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:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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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 20[th] December 2021 and signed on their behalf by:
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INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
ACCOUNTS FOR THE YEAR ENDED 31st March 2023
1 Receipts & Payments Account (General Purpose Fund)
| Income Receipts Donations Other Income Total Receipts Direct Charitable Expenditure Repairs Benevolent giving Music Services Church Rent Refreshments Welfare Fuel Pastoral services Stationery Media services Volunteer Expenses Printing Church events Website costs Admin Other Expenditure Equipment Professional fees Telephone Outreach costs Total Payments Net Receipts/(Payments) for the year Cash Funds opening balance Cash Funds at the end of the year |
2023/£ 2022/£ 13990 11883 1944 2963 15934 14846 96 42 790 673 150 25 2450 1340 990 1255 7000 6659 290 305 720 593 390 616 850 972 100 74 90 0 1000 844 590 453 189 144 15,695 13995 0 0 150 280 20 70 0 369 170 719 15,865 14,714 69 132 1700 1821 1769 1953 |
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INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
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2 Statements of Assets and Liabilities at 31st March 2023
Monetary Assets
Cash Funds Unrestricted Funds
£/2023 £/2022
£
Cash at hand and in bank 1769 1953
Total Cash Funds 1769 1953
Assets Retained for the
Charity's Own use
Non-monetary Assets and Liabilities
Musical Instruments
Equipments 350 454
Liabilities
Bookkeeping 150 280
These accounts were approved by the trustees and signed on their behalf by:
Beata Quaye
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INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st March 2023
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.
Funds
The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.
The CIO has no outstanding guarantees to third parties no any debts secured on the asstes of the CIO
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.
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