2024-03-31-accounts

INTERNATIONAL TABERNACLE OF PRAISE MINISTRY

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST ] MARCH 2024

CHARITY NUMBER: 1179059

INTERNATIONAL TABERNACLE OF PRAISE

MINISTRY 1 BURNET LANE AYLESBURY HP22 7DD

	INDEX
		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 2024

The trustees are pleased to present their report for the year ended 31[st] March 2024 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 organization 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 £16000 of the charity and the costs have been well managed over this period. The organization is still in a good position to manage its costs. The main cost of the organization 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:

1. Select suitable accounting policies and apply them consistently.

2. Make judgements and estimates that are reasonable and prudent.

3. State whether the applicable accounting standards have been followed.

4. 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 2024

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		2024/£ 2023/£ 18816 13990 0 1944 18816 1593 4 125 96 1350 79 0 380 150 5260 2450 1060 990 1171 7000 300 290 153 720 500 390 400 850 100 100 160 90 0 1000 0 590 448 189 11,407 15,69 5 0 0 0 150 13 20 0 0 13 170 15,86 5 7,396 69 2000 1700 9,396 1769

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	INTERNATIONAL TABERNACLE OF PRAISE MINISTRY
**2 **	Statements of Assets and Liabilities at 31st March 2024
	Monetary Assets
	Cash Funds				Unrestricted Funds
					£/2024	£/2023
					£
	Cash at hand and in bank				9,396	1769
	Total Cash Funds				9,39 6	1769
	Assets Retained for the
	Charity's Own use
	Non-monetary Assets and Liabilities
	Musical Instruments
	Equipment				350	350
	Liabilities
	Bookkeeping				150	150
	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 2024

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 assets 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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