2023-04-30-accounts - People Of Praise Ministries International

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Presson Tax Accountants Ltd

Chartered Certified Accountants/Chartered Tax Advisers

Mr Kwame Asabere PRAISE HOUSE 37 Tamworth Road CROYDON CR0 1XT PEOPLE OF PRAISE MINISTRIES INTERNATIONAL

14 February 2024

Dear Kwame,

Accounts for Period ended 30/04/2023

Please find attached final accounts for PEOPLE OF PRAISE MINISTRIES INTERNATIONAL for the period ended 30/04/2023 [including filleted/abbreviated accounts if appropriate].

Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office.

Please do not hesitate to contact us if you have any queries.

Yours sincerely,

EVELYN AFIA WIRKEO BSC FCCA CTA

2 Killerton Park Drive, West Bridgford, Nottingham, NG2 7SB TELEPHONE: 0115 798 0751 FAX: 0115 9847501 E-mail: info@pressontaxaccountants.co.uk

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL

Charity No. 1183686

Trustees' Report and Unaudited Accounts

30 April 2023

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Contents

	Pages
Trustees' Annual Report	1
Independent Examiner's Report	2
Statement of Financial Activities	3
Balance Sheet	4
Statement of Cash flows	5
Notes to the Accounts	6
Detailed Statement of Financial Activities	7 to 15

Page 1

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 30 April 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1183686

Principal Office

Praise House 37 Tamworth Road Croydon CR0 IXT

Trustees

The following trustees served during the year:

ACHIAA ASANTE CLEMENT TAKYI KINGSLEY OWUSU-NUM

Directors of Corporate Trustees

Ps. Kwame Asante Asbere

Achiaa Asante

Accountants

Presson Tax Accountants Ltd 2 KILLERTON PARK DRIVE WEST BRIDGFORD NOTTINGHAM NG2 7SB

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document is to advance the Christian faith in accordance with the statement in such ways and in such parts of the United Kingdom or the world as the Church Council from time to time may think fit.

The main activities undertaken in relation to those purposes include Church attendance: The Church has maintains a register for its members and regularly monitor members attendance.

The charities activities includes: Community services such as street evangelism to encourage people to respond to the Christian faith .

ACHIEVEMENTS AND PERFORMANCE

Page 2

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL

Trustees Annual Report

A summary of the main achievements of the charity, identifying the difference the charity's work has made to its beneficiaries and society as a whole includes : Family support : The church’s activities with parents has expanded through women and men fellowship in the church. This has included regular evening meetings during in a month, retreats, seminars, and access to the church premises. The parent sessions have been well attended. Subjects have included health and nutrition, Christian evangelism activities etc. parents are involved in the running of the programme.The church also provides a signposting service to enable parents to access advocacy, counselling, mediation, mentoring as well as educational, health and financial advice.

A large charity must provide an explanation of any material expenditure occurred to raise income in the future...

FINANCIAL REVIEW

A review of the charity's financial position at the year end. The financial year 2022/23 have seen limited improvements in the charity’s finances, with total reserves totalling £26,670 (included restricted funds of £1906.20). The trustees continue to take action to restrict expenditure in order to build the reserve potion.The trustees will continue to closely monitor expenditures going forward to ensure that the financial health of the charity is maintained. The trustees ensure that the level of fixed expenditure is kept to a minimum to enable the charity to flexibly respond to changes in resource

Policy on reserves :The trustees have examined the charity’s requirements in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should cover 3 months operating cost including staff salaries. In achieving this, an annual fundraising activity is held and the funds restricted. Also, 5% of all funds raised will be reserved.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

CLEMENT TAKYI Trustee 30 April 2023

Page 3

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Independent Examiners Report

Independent Examiner's Report to the trustees of PEOPLE OF PRAISE MINISTRIES INTERNATIONAL

I report to the trustees on my examination of the financial statements of PEOPLE OF PRAISE MINISTRIES INTERNATIONAL for the year ended 30 April 2023.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

EVELYN AFIA WIREKO ASSOCIATION OF

CHARTERED CERTIFIED ACCOUNTANTS- ACCA

Presson Tax Accountants Ltd

2 KILLERTON PARK DRIVE

WEST BRIDGFORD

NOTTINGHAM

NG2 7SB 30 April 2023

Page 4

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Statement of Financial Activities

for the year ended 30 April 2023

Unrestricted funds	Total funds	Total funds
2023	2023	2022
£	£	£

42,033	42,033	34,426
42,033	42,033	34,426

21,181	21,181	9,288
14,781	14,781	21,511
35,962	35,962	30,799
-	-	-
6,071	6,071	3,627
(3,627)	(3,627)	-
2,444	2,444	3,627

2,444	2,444	3,627

3,627	3,627	-
6,071	6,071	3,627

Page 5

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Balance Sheet

at 30 April 2023

at 30 April 2023
Charity No. 1183686 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 7 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds Reserves 8 Total funds Approved by the trustees on 30 April 2023	2023 £ 6,371 6,371 (300) 6,071 6,071 6,071 6,071 6,071 6,071 6,071	2022 £ 3,927
		3,927 (300)
		3,627 3,627
		3,627
		3,627
		3,627
		3,627
		3,627

And signed on their behalf by:

CLEMENT TAKYI Trustee 30 April 2023

Page 6

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Notes to the Accounts

for the year ended 30 April 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 8

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 9

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL

Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies 4 Expenditure on charitable activities Expenditure on charitable activities Governance costs	Unrestricted funds 2022 £ 34,426 34,426 9,288 21,511 30,799 3,627 3,627 3,627 (1,758) 1,869	Restricted funds 2022 £ - - - - - - - - 4,103 4,103 Unrestricted £ 42,033 42,033 Unrestricted £ 12,063 2,319 4,861 1,938 21,181	Endowment funds 2022 £ - - - - - - - - 5,964 5,964 Total 2023 £ 42,033 42,033 Total 2023 £ 12,063 2,319 4,861 1,938 21,181	Total funds 2022 £ 34,426
				34,426 9,288 21,511
				30,799
				3,627
				3,627
				3,627 8,309
				11,936
				Total 2022 £ 34,426
				34,426
				Total 2022 £ 7,731 - - 1,557
				9,288

Page 10

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Notes to the Accounts

5 Other expenditure

Employee costs Motor and travel costs Premises costs General administrative costs Legal and professional costs 6 Staff costs No employee received emoluments in excess 7 Creditors: amounts falling due within one year Other creditors 8 Movement in funds At 1 May 2022 Restricted funds: Unrestricted funds: General funds 3,627 Total funds 3,627 9 Analysis of net assets between funds Net current assets	of £60,000. Incoming resources (including other gains/losses) £ 42,033 42,033	Unrestricted £ 3,444 21 10,479 537 300 14,781 2023 £ 300 300 Resources expended £ (35,962) (35,962)	Total 2023 £ 3,444 21 10,479 537 300 14,781 Gross transfers £ (3,627) (3,627) Unrestricted funds £ 6,071 6,071	Total 2022 £ 8,641 - 11,776 794 300
				21,511
				2022 £ 300
				300
				At 30 April 2023 £ 6,071
				6,071
				Total £ 6,071
				6,071

Page 11

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Notes to the Accounts

10 Reconciliation of net debt

At 1 May 2022 £	Cash flows £	At 30 April 2023 £
3,927	2,444	6,371
3,927 3,927	2,444 2,444	6,371
		6,371

Page 12

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Statement of Cash flows for the year ended 30 April 2023

Cash flows from operating activities Net income per Statement of Financial Activities Net cash provided by operating activities Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2023 £ 2,444 2,444 - - 2,444 3,927 6,371	2022 £ 3,627
		3,627
		-

		-

		3,627
		8,609
		12,236

Components of cash and cash equivalents
Cash and bank balances	6,371	3,927

	6,371	3,927

Page 13

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Detailed Statement of Financial Activities

for the year ended 30 April 2023

Income and endowments from: Donations and legacies Total income and endowments Expenditure on: Charitable activities Governance costs Total of expenditure on charitable activities Employee costs Staff welfare Temporary staff Motor and travel costs Travel and subsistence Premises costs Rent Premises cleaning General administrative costs, including depreciation and amortisation Bank charges General insurances Stationery and printing Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure	Unrestricted funds 2023 £ 42,033 42,033 42,033 12,063 2,319 4,861 19,243 1,938 1,938 21,181 1,519 1,925 3,444 21 21 10,229 250 10,479 244 193 100 537 300 300 14,781 35,962	Total funds 2023 £ 42,033 42,033 42,033 12,063 2,319 4,861 19,243 1,938 1,938 21,181 1,519 1,925 3,444 21 21 10,229 250 10,479 244 193 100 537 300 300 14,781 35,962	Total funds 2022 £ 34,426
			34,426
			34,426 7,731 - -
			7,731
			1,557
			1,557
			9,288 5,922 2,719
			8,641
			-
			-
			11,646 130
			11,776
			244 221 329
			794
			300
			300

			21,511
			30,799

Page 14

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Detailed Statement of Financial Activities

PEOPLE OF PRAISE MINISTRIES INTERNATIONAL Detailed Statement of Financial Activities
Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	- 6,071 (3,627) 2,444 - 2,444 3,627 6,071	- 6,071 (3,627) 2,444 - 2,444 3,627 6,071	-
			3,627 -
			3,627 -
			3,627
			-
			3,627

Page 15