2023-08-31-accounts

ZION PRAISE CHAPEL INTERNATIONAL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2023

CHARITY NUMBER: 1185234

ZION PRAISE CHAPEL INTERNATIONAL 50 SWALLOWDALE ROAD SINFIN DERBY DE24 9NT

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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ZION PRAISE CHAPEL INTERNATIONAL

TRUSTEES’ REPORT YEAR ENDED 31[ST] AUGUST 2023

The trustees are pleased to present their report for the year ended 31[ST] August 2023 for the charity, Zion Praise Chapel International with charity number 1185234.

The Trustees of the charity are: Bishop Samuel Buaku

Ms Josephine Kukua Bassah Arkorful Mr Benjamin Kingsley Hagan Ms Adwoa Anakwa

The principal address of the charity is : Sinfin Community Centre 50 Swallowdale road, Derby DE24 9NT

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a CIO – Foundation Constitution registered 9[th] September 2019.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 Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.

ACHIEVMENTS AND PERFORMANCE

The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation has returned to in person services and this has greatly improved the influence of the congregation. They also assisted many that lost their jobs and were in financial distress. They secured a lottery funding in the financial year to help promote their ethos in the community. This produced good results in reaching and helping members of the community.

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FINANCIAL REVIEW

The income of the charity is above £22,000. This is a smaller amount for this year of the charity, but 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 of its building that it uses for worship services and assisting those in financial distress due to the pandemic.

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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 have 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 10[th] January 2024 and signed on their behalf by:

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ZION PRAISE CHAPEL INTERNATIONAL

ACCOUNTS FOR THE YEAR ENDED 31st August 2023

1 Receipts & Payments Account (General Purpose Fund)

Income Receipts Tithes and Offerings Grants Total Receipts Direct Charitable Expenditure Hall Hire Hospitality Transport Speakers expenses Professional Services Welfare Charity Donation Conference costs Supplies Subscriptons Cleaning Printing and Stationery Vehicle expenses Telephone and Internet Repairs Other Expenditure Equipment Instruments Van Hire Fixtures & Fittings Total Payments Net Receipts/(Payments) for the year Cash Funds brought forward Cash Funds at the end of the year	£/ 2023 £/2022 12980 13812 9994 9991 22974 23803 3134 1997 1271 5084 992 536 205 2000 850 180 1951 2558 5315 5212 2738 3565 282 143 67 144 36 166 54 85 0 75 1550 795 0 0
	18445 22540 302 500 0 0 0 0 0 0
	302 500 18747 23040 4227 763 5026 4263
	9253 5026

ZION PRAISE CHAPEL INTERNATIONAL

**2 **	Statements of Assets and Liabilities at 31st August 2023	Statements of Assets and Liabilities at 31st August 2023	Statements of Assets and Liabilities at 31st August 2023
	Monetary Assets
	Cash Funds	Unrestricted Funds
		£/2023	£/2022
		£
	Bank	9253	5026
	Total Cash Funds	9253	5026
	Assets Retained for the
	Charity's Own use
	Non-monetary Assets and Liabilities
	Musical Instruments	310	387
	Equipments	2205	2454
	Fixtures & Fittings	216	270
		2731	3111
	Liabilities
	Bookkeeping	260	210

These accounts were approved by the trustees and signed on their behalf by: Bishop Samuel Buaku

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ZION PRAISE CHAPEL INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st August 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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