INTERNATIONAL PRAISE CENTRE
ACCOUNTS
31 MARCH 2024
Charity Number 1149959
INTERNATIONAL PRAISE CENTRE
ACCOUNTS
YEAR ENDED 31 MARCH 2024
| CONTENTS | PAGE |
|---|---|
| Trustees' annual report | 3 |
| Independent examiner's report to the trustees | 8 |
| Statement of financial activities (incorporating the | |
| income and expenditure account) | 9 |
| Balance sheet | 10 |
| Notes to the accounts | 11 |
INTERNATIONAL PRAISE CENTRE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
The trustees present their report and the unaudited accounts of the charity for the year ended 31 March 2024.
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 2024
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 a Charitable Incorporated Organisation (CIO). On 13 December 2020, the members of the Church passed a resolution to join with Aldersbrook Baptist Church, becoming an amalgamated Baptist Church. IPC is currently working with the London Baptists and the 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 by the 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 and Leadership
Membership of the church is by:
Acceptance at a Church Meeting, following a visit and report by two members.
Profession of faith followed by Baptism, or confirmation of Baptism if given as a child.
Transfer from another church, with a letter of commendation from that church.
Councillors are appointed from among the members. The Minister and the Council are the church’s trustees and are responsible for the overall work, witness, financial, and legal aspects of the charity. Matters may be referred to the Church Meeting by the Council, or vice versa. All members are encouraged to participate in both the spiritual and practical work of the church.
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 our neighbours. This includes community services and other charitable purposes in the UK and abroad.
RISK MANAGEMENT
The trustees regularly identify and review risks to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Legal advice is sought, when necessary, on crucial issues concerning the ministry.
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INTERNATIONAL PRAISE CENTRE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES
The Church's mission statement emphasises that the Church is the focus of worship and fellowship, with a responsibility to serve the local neighbourhood. To achieve this, the following objectives have been set:
To expand and develop the ministry of IPC through worship services, children's and youth ministries, prayer and ministry training, Bible studies, and small groups.
To minister to the congregation and local community through various programmes.
To establish social programmes for the needy and care for the sick.
To educate and equip the congregation and other churches through IPC-based conferences.
ACHIEVEMENT AND PERFORMANCE
Completion of Aldersbrook Baptist Church Renovation Project
In October 2023, IPC completed the renovation of the Aldersbrook Baptist Church and moved into the new building as a church family. This transition was challenging, having occupied our previous space for about 10 years. A dedicated Transitions Committee worked tirelessly to ensure a smooth relocation, making the new facility a vibrant place of worship and community engagement.
Temple Dedication Ceremony
On Saturday, 26 October 2024, IPC held a Temple Dedication Ceremony, officiated by Rev. Dr. Stephen Finamore, then President of the Baptist Union of Great Britain. The event was graced by Cllr. Sheila Bain, Mayor of Redbridge, and dignitaries from the USA, Japan, and around the world, reflecting IPC's international reach. It was a momentous occasion, celebrating the faithfulness of God and the commitment of the congregation to transform the once-dilapidated building into a dynamic place of worship.
Collaboration with the Aldersbrook Community and Redbridge
IPC continued to build meaningful relationships within Aldersbrook, Wanstead, and Redbridge, evidenced by collaborations with the mayor’s office. Notably, IPC partnered with the Aldersbrook Horticultural Society, who held a well-attended seminar at our new church hall, "Praise Dome," on 11 February 2024. The Society is also advising and assisting in beautifying our outdoor spaces.
Night of Glory
This monthly prayer and worship event brought people together locally and across London, fostering an atmosphere of faith, worship, and community. The impactful gatherings created a space for spiritual renewal and inspired participants to pursue deeper relationships with God.
Leaders of Tomorrow (LOT) Programme
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INTERNATIONAL PRAISE CENTRE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
LOT is a local youth initiative focused on giving young people purpose, direction, spiritual growth, and leadership skills. It provides a safe space for mentoring, guiding youth to become responsible members of society and exemplary Christians.
Volunteers
IPC is blessed with dedicated volunteers who serve in various ministries, contributing their time, skills, and resources. Their commitment is pivotal to the success of IPC's activities and community outreach programmes.
Japanese Outreach Programme
Led by our Japanese Pastor, this programme brings Japanese families together for fellowship and social events. The first meeting, held on 2 February 2024, was attended by over 30 participants, strengthening cultural ties and building a supportive community.
Local Supper Fellowship
This initiative brings together elderly local residents for fellowship, food, and social activities, and will launch on 22 February 2024, fostering community connections and reducing social isolation.
UPCOMING COMMUNITY PROVISIONS
More Than Just a Church: A Vision for Community Transformation
At IPC Aldersbrook Baptist Church, our vision is to be More Than Just a Church. We are committed to being relevant in the community and serving as a one-stop service provider. Our goal is to cater to the diverse needs of the Aldersbrook and Wanstead communities and Redbridge at large, providing holistic community services, including:
Family & Youth Support : Early Years Provision, Youth and Teen Programmes, Family Support Services, Counselling and Pastoral Care
Community Provisions : A Café, Co-working space with internet, Community Events and Meals, Art and Cultural Programs
Basic Needs & Support Services : Baptisms, Weddings & Funerals, Food Pantry and Distribution, Senior Services, Support Groups
Sustainability & Engagement : Education, Volunteering, Partnerships, Networking, Environmental Initiatives
FINANCIAL REVIEW
Please refer to the annexed accounts for the details of the financial statements for the year ended 31 March 2024.
During the year significant renovation works continued on our Alderbrook property funded largely through the sale the church’s property.
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INTERNATIONAL PRAISE CENTRE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
FUTURE PLANS AND EXPANSION
Praise Dome Community Hub
Leveraging our new facility, the Praise Dome, as a community hub where people from all walks of life can come together, fostering meaningful connections and holistic well-being.
Café and Catering Services
Expanding our café services to include made-to-order meals and event catering, generating income while serving the community with high-quality, affordable food options.
Beautification of Outdoor Spaces
Collaborating with the Aldersbrook Horticultural Society to beautify our outdoor spaces with plants and flowers, creating a serene environment for reflection and social gatherings.
Community Integration and Collaboration
Strengthening our partnerships with local organisations, including the office of the Mayor of Redbridge and other community groups, to maximise our impact.
Promotion of the “More Than Just a Church” Vision
Actively promoting the “More Than Just a Church” vision to be recognised as a relevant and indispensable service provider in the community. Adopting a strategic approach to community engagement, ensuring that IPC remains a vibrant and transformative presence in Aldersbrook and beyond.
Cradle-to-Grave Services
Implementing the cradle-to-grave service model, ensuring that our programmes cater to every life stage, from baby dedications and childcare to senior services and end-of-life support.
Innovation and Adaptability
Continuously assessing community needs to adapt our programmes accordingly, remaining flexible and innovative in our approach to community service.
Our ultimate vision is for IPC Aldersbrook Baptist Church to be a beacon of hope, a hub of community activity, and a transformative force in the lives of individuals and families. By being More Than Just a Church, we aim to fulfil our mission of advancing Christian Faith while meeting the social, emotional, and practical needs of our community.
Signed by order of the trustees
REVD DR. CLAUDE HALM-ADJEPONG
Trustee Date: 22 January 2025
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INTERNATIONAL PRAISE CENTRE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INTERNATIONAL PRAISE CENTRE
YEAR ENDED 31 MARCH 2024
I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 10 to 15.
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:
-
examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
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:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
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 2025
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INTERNATIONAL PRAISE CENTRE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2024
| Total Funds | Total Funds | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | £ |
£ | |
| INCOMING RESOURCES | |||
| Incoming resources from generating funds: | |||
| Voluntary income | 2 | 269,579 | 216,273 |
| Investment income | 3 | 49 | 49 |
| Other incoming resources | 4 | 714,465 | 488,500 |
| ------------------------------------- | ------------------------------------- | ||
| TOTAL INCOMING RESOURCES | 984,093 | 704,822 | |
| ------------------------------------- | ------------------------------------- | ||
| RESOURCES EXPENDED | |||
| Charitable activities | 5/6 | (252,311) | (428,570) |
| Governance costs | 7 | (22,445) | (27,442) |
| ------------------------------------- | ------------------------------------- | ||
| TOTAL RESOURCES EXPENDED | (274,756) | (456,012) | |
| ------------------------------------- | ------------------------------------- | ||
| NET INCOMING RESOURCES FOR THE YEAR/NET INCOME FOR THE | |||
| YEAR | 8 | 709,337 | 248,810 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 337,251 | 88,441 | |
| ----------------------------------------------- | ------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 1,046,588 | 337,251 | |
| ========================= | =================== |
All of the above amounts relate to continuing activities.
The notes on pages 11 to 14 form part of these accounts.
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INTERNATIONAL PRAISE CENTRE
BALANCE SHEET
31 MARCH 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible assets | 10 | 1,598,777 | 589,424 | |
| CURRENT ASSETS | ||||
| Cash at bank | 2,048 | 94,690 | ||
| CREDITORS: Amounts falling due within one year | 11 | (10,642) | (46,863) | |
| ------------------------------- | ------------------------------- | |||
| NET CURRENT (LIABILITIES)/ASSETS | (8,594) | 47,827 | ||
| ----------------------------------------------- | ------------------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,590,183 | 637,251 | ||
| CREDITORS: Amounts falling due after more than | ||||
| one year | 12 | (543,595) | (300,000) | |
| ----------------------------------------------- | ------------------------------------- | |||
| NET ASSETS | 1,046,588 | 337,251 | ||
| ========================= | =================== | |||
| FUNDS | ||||
| Unrestricted income funds | 13 | 1,046,588 | 337,251 | |
| ----------------------------------------------- | ------------------------------------- | |||
| TOTAL FUNDS | 1,046,588 | 337,251 | ||
| ========================= | =================== |
The notes on pages 11 to 14 form part of these accounts.
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INTERNATIONAL PRAISE CENTRE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
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 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Tithes & Offering | 106,997 | 106,997 | 91,329 |
| Gift Aid | 134,035 | 134,035 | – |
| Other Income | 18,547 | 18,547 | 105,944 |
| Grants receivable | |||
| Grants receivable | 10,000 | 10,000 | 19,000 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 269,579 | 269,579 | 216,273 | |
| =================== | =================== | =================== | |
| INVESTMENT INCOME | |||
| Unrestricted | Total Funds | Total Funds | |
| Funds | 2024 | 2023 | |
| £ | £ | £ | |
| Bank interest receivable | 49 | 49 | 49 |
| ========= | ========= | ======== |
3. INVESTMENT INCOME
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INTERNATIONAL PRAISE CENTRE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
4. OTHER INCOMING RESOURCES
| Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Sale of property for charity's own use | 714,465 | 714,465 | 488,500 | |
| =================== | =================== | =================== | ||
| 5. | COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE | |||
| Unrestricted | Total Funds | Total Funds | ||
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Rent | 96,205 | 96,205 | 223,708 | |
| Honorarium | 4,692 | 4,692 | 7,314 | |
| Pastoral & Members Welfare | 360 | 360 | 1,075 | |
| Ministerial & Mission House | 5,450 | 5,450 | 24,381 | |
| Printing, Postage and Stationery | 1,767 | 1,767 | – | |
| Premises Expenses | 5,152 | 5,152 | – | |
| Catering & Refreshment | – | – | 9,775 | |
| Services & Ministry Expenses | 100,297 | 100,297 | 97,787 | |
| Utilities | 33,768 | 33,768 | 4,006 | |
| Missions & Outreach | 4,500 | 4,500 | 51,582 | |
| Subscriptions | 120 | 120 | 8,942 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| 252,311 | 252,311 | 428,570 | ||
| =================== | =================== | =================== | ||
| 6. | COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE | |||
| Activities | ||||
| undertaken | Total Funds | Total Funds | ||
| directly | 2024 | 2023 | ||
| £ | £ | £ | ||
| Rent | 96,205 | 96,205 | 223,708 | |
| Honorarium | 4,692 | 4,692 | 7,314 | |
| Pastoral & Members Welfare | 360 | 360 | 1,075 | |
| Ministerial & Mission House | 5,450 | 5,450 | 24,381 | |
| Printing, Postage and Stationery | 1,767 | 1,767 | – | |
| Premises Expenses | 5,152 | 5,152 | – | |
| Catering & Refreshment | – | – | 9,775 | |
| Services & Ministry Expenses | 100,297 | 100,297 | 97,787 | |
| Utilities | 33,768 | 33,768 | 4,006 | |
| Missions & Outreach | 4,500 | 4,500 | 51,582 | |
| Subscriptions | 120 | 120 | 8,942 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| 252,311 | 252,311 | 428,570 | ||
| =================== | =================== | =================== |
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INTERNATIONAL PRAISE CENTRE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
7. GOVERNANCE COSTS
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2024 | 2023 | |
| £ | £ | £ | |
| Professional Fees | 4,199 | 4,199 | – |
| Telephone | 990 | 990 | 3,503 |
| Interest payable | 2,571 | 2,571 | 6,639 |
| Bank Charges | 2,175 | 2,175 | 1,349 |
| Depreciation | 12,510 | 12,510 | 15,951 |
| ------------------------------- | ------------------------------- | ------------------------------- | |
| 22,445 | 22,445 | 27,442 | |
| ================ | ================ | ================ | |
| NET INCOMING RESOURCES FOR THE YEAR | |||
| This is stated after charging: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation | 12,510 | 15,951 | |
| ================ | ================ |
8. NET INCOMING RESOURCES FOR THE YEAR
9. STAFF COSTS AND EMOLUMENTS
No salaries or wages have been paid to employees, including the member of the committee, during the year.
10. TANGIBLE FIXED ASSETS
| Freehold | |||
|---|---|---|---|
| property | Equipment | Total | |
| £ | £ | £ | |
| COST | |||
| At 1 April 2023 | 552,875 | 107,477 | 660,352 |
| Additions | 1,008,371 | 13,492 | 1,021,863 |
| ----------------------------------------------- | ------------------------------------- | ----------------------------------------------- | |
| At 31 March 2024 | 1,561,246 | 120,969 | 1,682,215 |
| ========================= | =================== | ======================== | |
| DEPRECIATION | |||
| At 1 April 2023 | – | 70,928 | 70,928 |
| Charge for the year | – | 12,510 | 12,510 |
| ---------------- | ------------------------------- | ------------------------------- | |
| At 31 March 2024 | – | 83,438 | 83,438 |
| ========= | ================ | ================ | |
| NET BOOK VALUE | |||
| At 31 March 2024 | 1,561,246 | 37,531 | 1,598,777 |
| ========================= | ================ | ======================== | |
| At 31 March 2023 | 552,875 | 36,549 | 589,424 |
| =================== | ================ | =================== |
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INTERNATIONAL PRAISE CENTRE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
11. CREDITORS: Amounts falling due within one year
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Other creditors | 6,442 | 7,000 | ||||
| Accruals and deferred income | 4,200 | 39,863 | ||||
| ------------------------------- | ------------------------------- | |||||
| 10,642 | 46,863 | |||||
| ================ | ================ | |||||
| 12. | CREDITORS: Amounts falling due after more than one year | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Bank loans and overdrafts | 543,595 | 300,000 | ||||
| =================== | =================== | |||||
| 13. | UNRESTRICTED INCOME FUNDS | |||||
| Balance at | Incoming | Balance at | ||||
| 1 April | 2023 | resources 31 |
March 2024 | |||
| £ | £ | £ | ||||
| General Funds | 337,251 | 709,337 | 1,046,588 | |||
| =================== | =================== | ======================== | ||||
| 14. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||
| Tangible | Net current | Long term | ||||
| fixed assets | liabilities | liabilities | Total | |||
| £ | £ | £ | £ | |||
| Unrestricted Income Funds | 1,598,777 | (8,594) | (543,595) |
1,046,588 | ||
| ----------------------------------------------- | -------------------------- | ------------------------------------- | ----------------------------------------------- | |||
| Total Funds | 1,598,777 | (8,594) | (543,595) |
1,046,588 | ||
| ========================= | ============== | =================== | ======================== |
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