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2023-03-31-accounts

INTERNATIONAL PRAISE CENTRE

ACCOUNTS

31 MARCH 2023

Charity Number 1149959

INTERNATIONAL PRAISE CENTRE

ACCOUNTS

YEAR ENDED 31 MARCH 2023

CONTENTS PAGE
Trustees' annual report 1
Independent examiner's report to the trustees 3
Statement of financial activities 5
Income and expenditure account 6
Balance sheet 7
Notes to the accounts 8

INTERNATIONAL PRAISE CENTRE

TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

The trustees present their report and the unaudited accounts of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered office

International Praise Centre The Wakefield 72 Katherine Rd East Ham London UK E6 1EN

Trustees

The trustees who served the charity during the period were as follows:

Mr. Ernest Atta-Antwi Mrs Gertrude Halm-Adjepong Esther Frimpomaa Rev Yaw Sarpong Rev. Claude Halm-Adjepong Independent Examiners KBNG Accountants & Business Advisors Sharond Sandhurst Road Tilbury, Essex. RM18 8DH Bankers Barclays Bank Plc 98 High Road Ilford, Essex. IG1 1DE

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INTERNATIONAL PRAISE CENTRE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Background International Praise Centre (IPC) is a faith-based organisation and a UK charity registered in 2012. In January 2019, the structure of the organisation was changed to Charitable Incorporated organisation (CIO).

On the 13[th] day of December 2020, the members of the Church passed a resolution to join with Aldersbrook Baptist Church to become an amalgamated Baptist Church. The church is currently working with the London Baptists and Baptist Union of Great Britain on a new organisational structure and to adopt the constitution of the Baptist Union of Great Britain.

GOVERNING DOCUMENT

The Charity is governed CIO Association constitution adopted on 17 January 2019. There are no restrictions in the governing documents on the operation of the charity or on its investment powers other than those imposed by general charity Law.

Membership of the church is by one of the following paths:

Councillors are appointed from among the members.

The Minister and the Council are the church’s trustees and are responsible for the overall work and

witness of the church as well as the financial and legal aspects of the charity.

The secretary and treasurer are appointed from the members.

Matters may be referred to the Church Meeting by the Council, or the Church Meeting may ask the Council to consider particular matters in detail and report back to the meeting. The Church Meeting is the forum for taking decisions regarding the work of the church and may be advised and guided by the Council.

All members are encouraged to take part in both the spiritual and practical work of the church. Members meetings take place about six times a year, following a Sunday morning service.

CHARITABLE OBJECT

The object of the charity as set out in the governing document is:

• The advancement of Christian Religion in the United Kingdom and overseas.

The principal purpose of the church is the advancement and nurturing of Christian Faith and values amongst members of the church and amongst our neighbours. We aim to show the love of Christ in word and deed, and to bring people into a closer relationship with God, Father, Son and Holy Spirit. This includes the provision and support of community services and other general charitable purposes in the United Kingdom and abroad.

RISKMANAGEMENT

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 assurance against fraud and error. The board of trustees actively review the major risks facing the charity on a regular basis and ensure measures are put in place to safeguard the charity's fund and assets. The trustees also ensure that legal advice is sought, when necessary, on crucial issues concerning the ministry.

OBJECTIVES AND ACTIVITIES

The Church Mission statement states that the ‘Church is the focus of our worship and fellowship’, and that ‘according to Christ’s command to teach all nations, we undertake particular responsibility to serve our own neighbourhood.’

The Church undertakes several activities in keeping with its charitable objective.

Central to our work and witness is the holding of regular public services of Christian worship, each Sunday.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

The vision of the church is the "Transformation, Restoration and Elevation of individual lives and to make them better for their communities and for God’s kingdom”. To help achieve this, the following objectives have been set:

PUBLIC BENEFIT - MINISTRY OUTREACH AND BENEFITS

• The church's activities are available to Christians and non-Christians, members, and non-members alike; there is no restriction to attendance. The community have been attracted to and enjoyed our weekly services, conferences, and programmes. During the year under review, various live changing conferences were held where participants were challenged to make a difference in their environment.

• Seeking new followers or adherent - The members in general and the Evangelism team regularly go out to preach the Gospel in different locations and areas.

• We also aid the local community by providing carrier counselling, pre-and post-marital counselling, bereavement counselling, hospital visits, prison visits, welfare provision, prayer support, men and women's meetings and supporting local charities.

ACHIEVEMENT AND PERFORMANCE

As we reflect on the past year, it is with immense gratitude and joy that we present this trustees report on behalf of International Praise Centre. Over the course of the year, our community has grown stronger, and our commitment to serving both our church family and the broader neighbourhood has deepened. Through a range of impactful initiatives, events, and projects, we have strived to be a beacon of support, fostering positive change and community well-being.

1. Kingdom Now Conference:

One of the cornerstones of our efforts this year was the successful organisation of the Kingdom Now Conference. This transformative event was designed with the aim of changing individuals' mindsets and equipping them with the tools needed to improve their approach to life. Through inspiring speakers, workshops, and interactive sessions, attendees were empowered to embrace positive changes in their lives and communities.

The Kingdom Now Conference served as a catalyst for personal growth and community development. Participants left with renewed vigour and a deeper understanding of their purpose, contributing to the overall spiritual and mental well-being of our church family. The impact extended beyond our congregation, reaching individuals from various walks of life and creating a ripple effect

of positive change in the broader community.

2. Collaborative Efforts with Newham Borough:

We are proud to have partnered with Newham Borough to deliver a Holiday Camp for children aged 4-15 during both the summer and Christmas holidays. Recognising the challenges many families face during these periods, we aimed to provide a solution that not only kept children engaged but also relieved parents from the financial and emotional pressures that can accompany school breaks.

During these holiday camps, over 250 children were provided with a safe and enriching environment. Through a carefully curated program of activities, educational sessions, and recreational opportunities, we sought to nurture not just their physical well-being but also their personal development. Moreover, we ensured that each child received nutritious meals, addressing the issue of holiday hunger that affects many in our community.

The success of these holiday camps underscores our commitment to being a source of support and relief for families, reinforcing our role as an active participant in the broader efforts to address social challenges.

3. New Building Project:

In the pursuit of expanding our capacity to serve the community, we have made significant strides in our new building project. As we stand just a few months away from completion, the anticipation and excitement within our congregation and the local community are palpable. The new facility will not only provide a larger and more comfortable space for our church family but will also serve as a hub for various community initiatives and events.

The new building project is a testament to the vision and commitment of our congregation and supporters. It symbolises a space where people can gather, connect, and find solace. This expansion reflects our dedication to creating an inclusive environment that welcomes everyone seeking spiritual nourishment, personal growth, and community engagement.

4. Community Events:

Throughout the year, International Praise Centre hosted a variety of community events, reinforcing our commitment to fostering a sense of belonging and unity. Barbecues, talent expression shows, and other gatherings provided opportunities for individuals from diverse backgrounds to come together, share experiences, and build lasting connections.

These events not only served as moments of joy and celebration but also as platforms for dialogue and understanding. In a world that can often feel divided, our community events aimed to bridge gaps and create an atmosphere of inclusivity. By showcasing the diverse talents within our community, we celebrated the richness of our collective identity.

Looking ahead, International Praise Centre is poised to expand its reach into the community even further. Our plans for the coming year include a heightened focus on outreach programs, ensuring that we are not only meeting the needs of our existing church family but also actively listening to the broader community.

We recognise the importance of being attuned to the evolving needs of those around us. In the spirit of service, we aim to establish stronger connections with local organisations, schools, and community leaders to identify areas where our support can make a meaningful impact. By going out into the community, engaging in open dialogues, and actively participating in collaborative initiatives, we seek to be a responsive and adaptive force for positive change.

Moreover, we plan to diversify our community events, introducing new activities and initiatives that cater to a broader audience. This includes workshops, seminars, and skill-building sessions that align

with the evolving needs of our community members. By continually evolving and expanding our offerings, we hope to create an environment where individuals feel supported, empowered, and inspired to contribute to the collective well-being of our community.

In conclusion, the past year has been a testament to the unwavering commitment and dedication of our church family at International Praise Centre. Through the Kingdom Now Conference, collaborative efforts with Newham Borough, progress in our new building project, and a myriad of community events, we have strived to be a source of inspiration, support, and transformation for all those we touch.

Volunteers

Members of the charity who are professionals in their various field of work and study volunteered in different capacities during the year under review and their work has not been quantified. We currently have 4 people working as regular volunteers for up to twenty hours a week. Although they do not receive wages, the church pays for the expenses of volunteers.

FINANCIAL REVIEW

Please refer to the annexed accounts for the details of the financial statements for the year ended 31 March 2023.

During the year significant renovation works were carried out on our Alderbrook property and Minister’s Manse.

The Church expressed its commitment to charity and benevolence by contributing to several organisations with Christian aims and objectives, detailed in Notes to the Financial Statement.

PLANS FOR FUTURE PERIODS

As we look forward to the future, our vision is clear – to deepen our roots in the community, listen attentively to its needs, and continue being a beacon of hope and positivity. We are grateful for the ongoing support of our congregation, volunteers, and partners who make these endeavours possible. Together, we will build a stronger, more connected, and resilient community for all.

• To continue with the renovation work of our new premises at Aldersbrook, Wanstead.

• The church will continue to offer financial and emotional support to members in difficult time’s example bereavement and continue to support other related welfare issues.

Signed by order of the trustees

REVD DR. CLAUDE HALM-ADJEPONG Trustee Date: 22 January 2024

INTERNATIONAL PRAISE CENTRE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INTERNATIONAL PRAISE CENTRE

YEAR ENDED 31 MARCH 2023

I report on the accounts of the charity for the year ended 31 March 2023 which are set out on pages 5 to 12.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The trustees (who are also the directors of International Praise Centre for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also 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 no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Kofi Boahene FCCA, MBA. Independent examiner KBNG Accountants & Business Advisors Sharond, Sandhurst Road. Tilbury, Essex RM18 8DH

Date: 26 January 2024

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YEAR ENDED 31 MARCH 2023

INTERNATIONAL PRAISE CENTRE

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2023

Total Funds Total Funds
2023 2022
Note £ £
INCOMING RESOURCES
Incoming resources from generating funds:
Voluntary income 2 216,273 222,020
Investment income 3 49 87
Other incoming resources 4 488,500 –
────────── ──────────
TOTAL INCOMING RESOURCES 704,822 222,107
────────── ──────────
RESOURCES EXPENDED
Charitable activities 5/6 (428,570) (115,451)
Governance costs 7 (27,442) (28,168)
────────── ──────────
TOTAL RESOURCES EXPENDED (456,012) (143,619)
────────── ──────────
NET INCOMING RESOURCES FOR THE YEAR 8 248,810 78,488
RECONCILIATION OF FUNDS
Total funds brought forward 88,441 9,923
────────── ─────────
TOTAL FUNDS CARRIED FORWARD 337,251 88,411
══════════ ═════════

All of the above amounts relate to continuing activities.

The notes on pages 8 to 12 form part of these accounts.

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INTERNATIONAL PRAISE CENTRE

INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 MARCH 2023

2023 2022
Note £ £ £
INCOME 216,273 222,020
Net gains from disposals of income fund fixed assets 488,500 –
────────── ──────────
TOTAL INCOME 704,773 222,020
TOTAL EXPENDITURE (449,373) (143,446)
────────── ──────────
OPERATING SURPLUS 8 255,400 78,574
OTHER INCOME
Interest receivable and similar income 3 49 87
────────── ─────────
255,449 78,661
INTEREST PAYABLE
Interest payable (6,639) (173)
────────── ─────────
RETAINED SURPLUS FOR THE FINANCIAL YEAR 248,810 78,488
══════════ ═════════

All of the above amounts relate to continuing activities.

The notes on pages 8 to 12 form part of these accounts.

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INTERNATIONAL PRAISE CENTRE

BALANCE SHEET

31 MARCH 2023
2023 2022
Note £ £ £
FIXED ASSETS
Tangible assets 10 589,424 173,315
CURRENT ASSETS
Cash at bank 94,690 5,877
CREDITORS: Amounts falling due within one year 11 (46,863) (76,700)
───────── ─────────
NET CURRENT ASSETS/(LIABILITIES) 47,827 (70,823)
────────── ──────────
TOTAL ASSETS LESS CURRENT LIABILITIES 637,251 102,492
CREDITORS: Amounts falling due after more than
one year 12 (300,000) (14,081)
────────── ──────────
NET ASSETS 337,251 88,411
══════════ ══════════
FUNDS
Unrestricted income funds 13 337,251 88,411
────────── ─────────
TOTAL FUNDS 337,251 88,411
══════════ ═════════

The notes on pages 8 to 12 form part of these accounts.

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INTERNATIONAL PRAISE CENTRE

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

1.1 Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005)

1.2 Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income. Voluntary income is received by way of donations, offerings and tithes and is included in full in the statement of financial activities when receivable.

1.3 Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Costs of generating funds comprise the costs associated with attracting voluntary income. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment - 25% reducing balance.

2. VOLUNTARY INCOME

Unrestricted Total Funds Total Funds
Funds 2023 2022
£ £ £
Donations
Tithes & Offering 91,329 91,329 46,757
Gift Aid – – 31,004
Other Income 105,944 105,944 132,259
Grants receivable
Grants receivable 19,000 19,000 12,000
────────── ────────── ──────────
216,273 216,273 222,020
══════════ ══════════ ══════════

3. INVESTMENT INCOME

Unrestricted Total Funds Total Funds
Funds 2023 2022
£ £ £
Bank interest receivable 49 49 87
════ ════ ════

4. OTHER INCOMING RESOURCES

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INTERNATIONAL PRAISE CENTRE

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2023

Unrestricted Total Funds Total Funds
Funds 2023 2022
£ £ £
Gains on disposal of tangible fixed assets for charity's
own use 488,500 488,500 –
══════════ ══════════ ════
5. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
Unrestricted Total Funds Total Funds
Funds 2023 2022
£ £ £
Rent 223,708 223,708 47,899
Honorarium 7,314 7,314 1,000
Pastoral & Members Welfare 1,075 1,075 24,070
Ministerial & Mission House 24,381 24,381 –
Printing, Postage and Stationery – – 2,700
Premises Expenses – – 774
Media & Publicity 9,775 9,775 –
Services & Ministry Expenses 97,787 97,787 16,940
Utilities 4,006 4,006 6,568
Missions & Outreach 51,582 51,582 14,472
Subscriptions 8,942 8,942 1,028
────────── ────────── ──────────
428,570 428,570 115,451
══════════ ══════════ ══════════
6. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Activities
undertaken Total Funds Total Funds
directly 2023 2022
£ £ £
Rent 223,708 223,708 47,899
Honorarium 7,314 7,314 1,000
Pastoral & Members Welfare 1,075 1,075 24,070
Ministerial & Mission House 24,381 24,381 –
Printing, Postage and Stationery – – 2,700
Premises Expenses – – 774
Media & Publicity 9,775 9,775 –
Services & Ministry Expenses 97,787 97,787 16,940
Utilities 4,006 4,006 6,568
Missions & Outreach 51,582 51,582 14,472
Subscriptions 8,942 8,942 1,028
────────── ────────── ──────────
428,570 428,570 115,451
══════════ ══════════ ══════════

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INTERNATIONAL PRAISE CENTRE

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2023

7. GOVERNANCE COSTS

Unrestricted Total Funds Total Funds
Funds 2023 2022
£ £ £
Salaries and wages 12,000 12,000 12,000
Professional Fees 3,600 3,600 2,700
Telephone 3,503 3,503 964
Interest payable 6,639 6,639 173
Bank Charges 1,349 1,349 1,028
Depreciation 15,951 15,951 11,303
───────── ───────── ─────────
27,442 27,442 28,168
═════════ ═════════ ═════════
NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:
2023 2022
£ £
Depreciation 15,951 11,303
═════════ ═════════

8. NET INCOMING RESOURCES FOR THE YEAR

9. STAFF COSTS AND EMOLUMENTS

No employee received remuneration of more than £60,000 during the year (2022 - Nil).

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INTERNATIONAL PRAISE CENTRE

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2023

10. TANGIBLE FIXED ASSETS

Freehold
property
Equipment		 Total
£ £ £
COST
At 1 April 2022 139,407
88,885		 228,292
Additions 413,468
18,592		 432,060
──────────
──────────		 ──────────
At 31 March 2023 552,875
107,477		 660,352
══════════ ══════════ ══════════
DEPRECIATION
At 1 April 2022 –
54,977		 54,977
Charge for the year –
15,951		 15,951
────
─────────		 ─────────
At 31 March 2023 –
70,928		 70,928
════ ═════════ ═════════
NET BOOK VALUE
At 31 March 2023 552,875
36,549		 589,424
══════════ ═════════ ══════════
At 31 March 2022 139,407
33,908		 173,315
══════════ ═════════ ══════════
11. CREDITORS: Amounts falling due within one year
2023 2022
£ £
Other creditors 7,000 –
Accruals and deferred income 39,863 76,700
───────── ─────────
46,863 76,700
═════════ ═════════
12. CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 300,000 14,081
══════════ ═════════
13. UNRESTRICTED INCOME FUNDS
Balance at Incoming Balance at
1 April 2022 resources
31		 March 2023
£ £ £
General Funds 88,441 248,810 337,251
═════════ ══════════ ══════════

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INTERNATIONAL PRAISE CENTRE

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2023

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Net current Long term
fixed assets assets liabilities Total
£ £ £ £
Unrestricted Income Funds 589,424 47,827 (300,000) 337,251
────────── ───────── ────────── ──────────
Total Funds 589,424 47,827 (300,000) 337,251
══════════ ═════════ ══════════ ══════════

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