Registered Charity Number 1186941 HOURS OF PRAISE Trustees Report and Financial Statements For The Year Ended 31 December 2023
HOURS OF PRAISE Report and accounts Contents Pago Charity inforMatn TTUStees' Report Statement of TTUStees' responsibilities Independent Examinerfs report Statement of Financial ActNities Balance sheet Noteslschedule to the financial ststements
HOURS OF PRAISE Charity Infomiation Truslees Esther Foluke Tolulope Farinde Oluseyi Latifu Jinadu Oluremi Olufemi Akinpelu Daniel Olasoji Idowu Agnes Mary Bamidele Indfrpondenl Examiner Daniel Dele~Ojo FCCA Timi and Co. Unil One Kings Estate Broadway Parade Hornchurch RM12 4RS Bankers Natwesl 250 Bishopsgate Londtsn EC2M 4AA Principal address 5 Papenburg Road Canvey Island SS8 9PW Registgrgd number 1186941
HOURS OF PRAISE Report of tho Trustees The trustees present their annual pOrt together with the financial statsments of Hours of Praise (the charity) for the year ended 31 December 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the statement of ReC0mnded practi {SORPI 'Accounting and Reporting by Charities" issued in March 2005. Hours of Praise is a charity and the Trustees of the charty exercise control. The organisation's Prinapal obj.ects continue to be: 1. To advance Christian religion by propagating the gospel of Jegus Christ and proclaiming the Kingdom of God through preaching the word of God 2. To advance such other charrtable purposes as the Trustees shall determine particylarly, but without pjUdICe to the generality of the foregoing, by relieving distress caused by disaster, poverty and sickness 3. The advancement of Christian religion by the worship of God, the proclamation of the Holy Spirit and the Fellowship of Mankind
HOURS OF PRAISE ststement of Trustses. Responsibilities The Charities Acl requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity a5 at the end of the financial year and of the surplus or deficit of the charity. In preparing those fi'nancial statements the Board is required to.. - select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. state whether applicable accounting standards and statemenls of recommended practice have been followed. subject to any material departures disclosed and explained in the financial slatemenls", The Truslees are also pOnSIble for maintaining adequate accounting records which disclose with reasonable accuracy at any lime the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them lo ensure that the financial statements comply with regulations made Under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iThegularities. The trustees are also responsible for the contents of the trustees. report, and the responsibilty of the independent examiner in relation lo the trustees. report is limited to examining the report and ensuring that, on the fa of the report, there are no inconsistencies with the figures disclosed in the financial statements. This report was approved by the board of trustees on 15 October 2024 and signed on its half by.. Agnes Mary Bamidele Trustee
HOURS OF PRAISE Independent Examinerfs Report to the twstees of the charlty Report of the Independent Examiner to the trustees on the flnancial ststgmonts of tho charity for the year onded 31 Docomber 2023 I report on the financial statements of the Charity on for the year ended 31 DeGember 2023 which have been prepared in accordan with the Charities Act 2011 and with the Financial Reporting Stsndard for Smaller Entities IFRSSEI, effective April 2008, adapted to meet Ihe needs of unincorporated organisations, as modified by the Statement of Recommended Practice for Accounting and Reportin9 issued by the Charity Commissioners for England & Vvales, effective April 2005 as revised in June 2008. (The SORPI, under the historical cost convention and the accounting policies set out Respe¢tlve responsibllttlo6 of trust0è6 and examiner The Charity's trustees are responsible for the preparation of the financial slatemenls. The trustees are satisfied that the audit requirement of Section 144{11 of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a Consequence, the trustses have elected that the financial statements be subject to independent examination. Having satisfied myself that the charity is not subject to audrt, and is eligible for independent examination, it is my responsibility to.. al examine the accounts under section 145 of the Act,. bl to follow the procedures laid down in the General Directions given by the Charity Commission under section 14515}Ib) of the Act., and-, cl to state whether particular matters have Gome to ry attention. Basis of oplnlon and 8¢ope of work undertaken I conducted my examination in accordan with the Generdl Directions given by the Charity Commissioners for England & Wales in relation lo the conduGting of an independent examination, referred to above An independent examination includes a review of the accounting records kept by the Charty and of the accounting systems employed by the Chanty and a comparison of the financial statements presented with those records. It also includes consideration of any unusual rtems or disclosures in the financial statements and seeking explanatsons from you as trustees conceming such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charlties legislation and that the financial statements comply with the SORP. on a test basis, of evidence relevar¢t to the amounts and disclosures in the financial statements. The pr(Kedures undertakèn do not provide all the evidence that would be required in an audit, and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequenlty I do not express an audit opinion on the view given by the financial statements, and in particular, l express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity. and my report is limited to the matters set out in the statement bel¢)W. I planned and pérfomied my ex¥min8tion so as to yatisfy myself that the objectives of the independent examination are achieved and before finalising the repor( l obtain written assurances from the trustees of all material matters. Independent Examiner'8 Statement, report and opinlon Subject to the limitations upon the scope of my work as detailed above, in connection wth my examination, I can confirm that this is a report in respect of an examination carried out under section 145 of the Aet and in accordance with any direcb'ons given by the Commission under subsectson15llbl of that section which a applicable,
HOURS OF PRAISE and that, no matter has come to ry attention in connection with my examination which gives me reasonable cause to believe that in any material Spect the requirements (il to keep accounts'ng records in accordance with section 130 of the Act,, {iil to prepare financial stslements which accord with the accounting records and comply with the accounting quirementS of the Act and., liiil that the financial statements be prepared in accordants with the methods and principles sel out in the Statement of Recommended Practice - AccoL¢nting and Reporting by Charities have not been met., or to which, in my opinion, attent'on should be drawn in my report in order to enable a proper un(lerstanding of the accounts to be reached. Daniel Dele-ojo FCCA For and on behalf of Timi and Co. Charted Certified Accountants Unil One Kings Estsle Broadway Parade Hornchurch RM12 4RS The date upon which my opinion is expressed is on 15 October 2024.
HOURS OF PRAISE Ststsment of Flnanclal AGtlvtties for the year ended 31 December 2023 Unrestrhct•d R•strlcted Totsl Last Year Funds Fund¥ Funds Totsl Funds 2023 2023 2023 2022 In¢oming resources Incomlng resources from generatsd funds Voluntsry Income 20,896 20.898 29.788 Total in¢oming resources 20.896 20,896 29.788 Costs of charitablè activitles 19,446 19.446 28,2(K) Total resources expended 19.446 19,446 28,2(K) Net incomlng resources before transfers between funds 1,450 t,450 1,588 5,079 5,079 18,2231 Net incoming resour¢esllnet outgoing resour¢es} before Other recognised gains and loss 6,529 6,529 16,6351 Net movement in funds 6,529 6,529 16,6351 Total funds bmught fonvard 350 350 6.985 Total Funds carried forward 6,B79 6,879 350
HOURS OF PRAISE Balance Sheet as ot 31 December 2023 2023 2022 rhe assets al11*bIlitIeS of Ihe ¢harlty.' Current assets Cash al bank and in hand 7,179 650 Amounts due within one year {3001 {300} Net ¢4rnt assets 6.879 350 Total assets less current Ilabllltles 6.879 350 Net assets The fvnds of the ¢harity." Unw4trl¢tsd Income funds Unieslricted revenue accumulated funds 6,879 350 Total unrestricted funds 6,879 Tolal charity funds 6,879 350 Agnes Mary 8amidèle Trustsè Approved by the board OftteeS on 15 October 2024
HOURS OF PRAISE Notes to the Financial Statem nts for th ear ended 31 December 2023 1. ACCOUNTING POLICIES Accounting conventlon The finanaal statements have been prepared in accordance with the Finanaal Reporting Standard for Smaller EnlS1ies IFRSSEI, effectNe April 2tX)8, and all other appli¢abk accot5nting stsndards, as modified by the Statement of Recommended Pract for A(untIng and Reporting issued by the Chartty Commi55ioners for England & Wales, {rev&%ed June 2Crt)81. Incoming resources All incoming resources arè included on the Statement of Finan(xal ActivitS when tha charity is legalty entitled lo the income and the amount can be quantffied aSonabl& atxuracy. ReBour¢os expgnd Expenditu is accounted for on an 8¢¢ruais b8$is and has been cla55ffied undeT headings that aggregate all cost related lo ihe category. Where Gosts cannol be directly attributed to particulaf headings they have been allocated lo activities on a baS consistent with the use of resources. Taxation The tharity is exempt from tax on its charItae tIvIties. Fund accounting Unreslricled funds can be used in accordance with the charitable objeclves al the discretion of the trustees. Restricted funds ¢an only be used for parti18r restricted purposes wthin the objects of the charity. Restrictions arise when speofRd by the dor1 orwhen fuThJs are raised for paClar restricted puses. Further explanation of the natu and purpose of each fvnd is induded in the notes lo the financial statements. Hire purchase and l•asing commltments Rentals paid under operating lea8¢$ a charged to the statements of financi818CtNities on a straight line basis over the period of the lease. 2. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. MneratI or other benefits for the year erKled 31 December 2023. Trustee$, Expense¥ Therè were no Iruslees, expenses paid rbtherfor the year ersded 31 December 2023.
HOURS OF PRAISE sChule to thg Ststgmont of Flnan¢lal ActivlOes for the year ended 31 Dwmbor 2023 Status of thi5 sclkedule to the statement of Financial Activities The schedules on the following page5 are required by the disclosure requiremènts of thè Sla19rnent of Rrnended practi for Accounting and Reporting ISSU by the Charty Commissioners for England & Wales. 8ffectwe April 2005 and reisad in June 2008. As such, Ihey fomi a part of IhÈ cOunt8 requwed by th8 Chariti88 IAccount5 and Reporbl Unrestrlcted Restri¢tsd Totsl Fund5 Funds Funds 2023 2023 Prlor P•rlod Totsl Funds 2022 Incomlng Rg$ourcg$ Voluntary Incorn Donations Total Total t)onatlon8 Re1ve 20,898 20,896 20,896 20,896 20,896 20,896 29,788 29,788 29,788 Total Voluntary Income 20096 20,896 29,788 Total Incomlng R)ur¢0$ 20.896 20,898 29.788 Charltabl8 oxpondlturo Supportcosts ofohatknble a¢Uvftles Directsupport costs Marketing of servi$ 521 521 716 621 521 716 ManageMentantVadmlnlst1On costs in supportof Charitable activities Slaff c05tsin support of ¢h•ntable actrvili Training and weffare 376 376 376 512 378 612 Indirect 8mployee costs Travel and $ubsistence 379 379 Premlses Costs R8tes, water and seTr1 charge5 Ckanlng 360 297 662 297 328 t3ener•l•dmlnlslr•trvo axpenses." Telephone and fax Postage Staonery and printing Subsoiptions Equipmen¢ expenses Software 785 197 274 91 995 153 153 76 712 712 636 1,002 2.750 6,094 Everts 3.879 3,879
HOURS OF PRAISE SChule to the Statsmgnt of Financial Activiti08 for the year ended 31 Decgmbgr 2023 Statug of th18 8eh•dulo to tho Statom•nt of Financial Activitie¥ The scheduLe5 on th8 following page5 are requifEd by the disdosure requirements of the statement of Recommended Practice for Accounting and Reportir@ IS5usd by the Charity Commissionèrs for England & Walèg. èffadiva April 25 and resed in Jung 21M)8. As such, they fomi a part of the accounts required by the Charrties (A¢Unts and Reportsl Unr88tricted Restricted Totsl Fund$ Funds Fund8 2023 2023 2023 Prfor rIOd Totsl Fund$ 2022 Profos5ional foe5 in 5UPPOrtof ch¥rit¥blo•¢1ivib•s Accountancy fees other than eXamineI8ud1tors Artist Paymenl ConsullanGy fee5 300 3,342 10,062 13,704 3,342 lo,2 13,704 4,160 15,351 19,811 Total Support Costs 19.446 19,446 28.200 10