Charity Number: 1190037 HIGH PRAISE CHAPEL TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 HIGH PRAISE CHAPEL Reports and Accounts Contents Page Administrative Details Trustees Report Ind&pendent Exarninerfs report Slalemenl of Financ4al Act￿114e$ Statement of finan¢ial position Notes to Ihg Accounts 9-11 HIGH PRAISE CHAPEL ADMINISTRATIVE DETAILS OF THE CHARITY AND ITS TRUSTEES Board of Trustees Simèon Vamtsah-owusu Stephen Okyerè Preethika De Athis Principal office addr8SS 91 Fryont Grova London United Kingdom NW9 7HE Accountants Nuama & Co Chartered Certified Accountants 102 Mitcham Lane London SW16 6NR Bankers National Westminister Bank PIC 250 Bishopgal8 London EC2M 4AA HIGH PRAISE CHAPEL Report of Trustees The tru$lee$ present their report and account8 for the year ended 31 December 2023 The Trustees have adopted thè provisions of the Statement of Recomm6nd•d Practice ISORPI "Accounting and Reporting by Charrtles IRevised 20051 in preparing the annual report and finanaal ststements of the charity. Oblectlve of the charfty as lald dovm by thè Trust Deed The Core objects of the charity continue to be.. To establish churches, ministries and corDmunty events To organise conventions, conferences and seminars To catry out missionary activities anrl To promole f&stivals. calèbrations and 8xhibitions. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS The st8t9mgnl of financial activit￿$ is set out on page 7 of the financial statements. A 5nOP8hot of the financial ie8utt8 Y6 set out below.. Incorne Gen&rdtlon The main source of Incom• is from tithe8. offerings and donations from members. Investment Policy At presènt the Trustees have decided to leave all surplus fvnds in the account with their principal bankers. Fundralslng kntivities The charity relies solety on contributDns from bts members. The charty does not employ any professional fundralslng bodiè$. Restrlctsd Funds There are no restricted fvnds oper8led by the charity. All funds are av8ilable lor use at tho discretion of the Trusleeg. HIGH PRAISE CHAPEL Reservos Policy The Trustees have decided to spend as much morley as possible on furthering the core objects of the charity whilst maintsining 8uffic￿ent cash fund5 to ensure the sustainability of the charity. Review of charity activit1•8 The charity has continued to undertake activilles In line vAth ils objectives and has seen growth in giving to its work. Gowmanco and Intemal Control Appointment of Trustees are done by the existing Trustees with consultation of the view of the church members as to trusfv40rthiness of each person. Rlsk Assessment The Trustees consider the key operational, financial and stalegic risk8 that may have 8 bèèrtng on the activies of the charity. Suitable management information is available lo the Trustees on a re9ular basis to monthr these risks and allow any mitigab'no action to be taken to address them. Trust••s' R•sponslbllStle$ Charity law requires the Trustees to prepare flnandal statements for each financial year which give and fair VI￿ of the state of affairs of the charity and of its gfinanci81 activ￿.8$ for the yaer. In prepararlng those financlal ststgmgnts. thè Trust￿$ arn raqulrè to: 1 select suitable accounting policies and apply them consistsnlly.. 2 make judgements and esb"males that are reasonable and prudent., 3 stste whather applicable accounting standards and slements of reo)mmened practice have been followed, subject to any departures disclo￿d and explained in the financAal statements.. 4 prepar& the financial statements on the going COn￿M ba81$ unles8 It 18 inappropriate lo assume that the charity will continue in operation. The Trustees are reponsible for keeping accounting and financial re￿rdS which disclose with reasonable accuracy at any lime the financial position of the d)arity and to en3blÈ them lo ensure that the financial ststements comply with the Charities Acts 1993. They are also responsible for safeguading the assests of the charity and hence for tsking reasonable steps for the pravèntion and detection of fruad or other irregularities. The report was approved by the Board on tha 20 Sèpt&mbar 2024 and signed on its bèhave by Mr Slmèon Y8mo8h-Owu$u Trustee Chairperson INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGH PRAISE CHAPEL I report on the accounts of High Prais8 Chapel for the year ended 31 De￿mbar 2023, which are set out below.. Respectlve r&swn$lbllltles of trnstees and 9￿mIner AS the charill5 Iruslees you are responslble for the p￿paratiOn of thè accounts. you consider that the audit requirement of section 439121 of the charitles Aet 1993 (the Actl does not apply. 11 is my responsibility to state, on the basis of prctedurès spsafièd Of th8 G8n8ral Direction5 given by the Charty Commlssionars glvèn undèr 88Ction 43171 Ibl of the Acts, whether particular matter8 have come to my attention. Ba•1¥ of Independent examlnerfs report My examination was carrled out in accordance with the General Direclions given by the Charity cornrni88ioners. An examination includes the revièw of acKounling records kept by the charity and a compari$¢n ol the accounts presented wth hose records. It also includes consideratson of any unu$u81 it8ms or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the avidènca that will be required in an audit, and consequently I do not express an audit Opin￿rn on the vpw given by the accounts. Independent examinerfs statement In connection with my examinatk)n, no matter has come to my attention.. 11 Which gives me ￿&sonable cause lo believe that in any material r8spè¢t the requirements of 'To keep accounllng records In accordance with section 41 of the Acts, and 'To prepare a¢counts which accord with th8 accounting records and to ¢ompty with thè 8¢¢ounting r8quirement$ of the A¢t. Have not been met.. 21 To Wh￿h, In my opinion. attent￿rn should diawn in order to enable a proper uniJerstandlng of the accounts to be reached. DATE.. 20 Sept¢mb8r 2024 Nuama & Co Chartered Certified Account5 102 Mil¢ham Lane London SW18 6NR HIGH PRAISE CHAPEL STATEMENT OF FINANCIAL ACTIVITIES IINCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 DECEMBER 2023 UNRESTRICTED FUNDS 2023 2022 NOTE INCOMING RESOURCES Tithes, offerings and similar income resources 45,686 33hS8 Gift Aids 7,214 41 6N02 Interest recivable Other direct income 272 2.111 TOTAL INCOMING RESOUCES 53,213 41.973 RESOURCES EXPENDED Charitable adivilies 48,590 1,400 40.347 Govemance costs 1,400 TOTAL RESOURCES EXPENDED 49,990 41,747 MOVEMENT IN TOTAL FUNDS FOR THE YEAR- NET INCOMEIEXPENDITUREI FOR THE YEAR 3,223 228 TOTAL FUNDS AS AT 1 JANUARY 2023 6,282 TOTAL FUNDS AS AT 31 DEGEMBER 20rJ 9,505 HIGH PRAISE CHAPEL STATEMENT OF FINANCIAL POSITION AS AT 31 DeCem￿r 2023 Nots8 202Y 2021 FIXED ASSETS TANGIBLE FIXED ASSETS 1.923 2.543 URRENT ASSETS Depo¥it3 and Cash at Bank 7582 7,562 8,739 3,739 LIA8ILrriES Cr￿lIf￿8 knwunts f&lliw due one year N•tGurrent assets 1.582 3.ns TOTAL ASSET8 LESS CURRENT LIABILITIES 9.505 6.2a2 CHARITY FVNOS Unrestricta funds 9.5 6.282 TOTAL FUNDSIIDEFI¢JTSI 6.282 We approve Ihese a¢coJnts whKh ccmprist thè Rèceip15 & Payments, Statements of Asse￿ & L￿At￿lI11# and [da1￿ ni>te$ We a¢*rK)wledge our rosponsibiltyforthfr accounts, includiw app￿￿late￿$S of the 8¢(￿ntIng b88is as 8et OLrt in nots 1, lor prowding èm the infomation and explanations ￿￿$Sary forih$ir (vrt￿￿tIQ￿. -&7-2è fL* Simton Yamoah.Trwu$u (TrLtyteel Oate On behalf of thg Charlty HIGH PRAISE CHAPEL Notes to the Accounts for the year ended 31 December 2023 1 ACCOUNTING POLICIES Basls of accountlng The financial statet8m8nls are Pr9par￿ in 8ceordanc8 wlh applicable a¢countino stsndards Using the Historical Cost Convention. The financial statet8m8nts refi8cl the requirements of the revised Slaternent of R8comm&nded Pr8ctir*"Ac￿Unt1￿g for Chari1185" ISORPI. Th8 Charity cornpli8d with best practice at the lime of preparing thèse accounts. Tanglble Flxed Assets All fiyed assets are capitalised The charge for depreeialion i8 calculated tD Write off the eost of the fixed a55ets over their useful lives on the following bases. Equynent 20% on the reducing balance GENERAL These Accoun15 have been prepared on the reTripts and payrnents basis and in acG0rdan￿ with applicable Accounts"ng Standards and the Charitable SORP. (Statement ol Recommended Practi￿ on Income Income is accounted for on gcerual$ basis. except for donations. which a￿ credit8d whèn reteived These ￿p￿sents grfts, donations, tithes. offerings. pledges. Glft Aid and bank Inte￿$t given to tho Charltable Donatlons & Glfts to Mlsslons These repr889nt amounts given to various Indiv￿Ual8. organisations and oth8r Char￿ble tftJ$ls. Honorarfum to visitlng $peakern and remittance$ for missionary viort. Exp6ndltur8 All expenditur8 18 8ccount8d for on an 8ccruals b8818. Resources expended on charrtab￿ activities cornprise all Ihe reapu￿8 applied by the ¢hanty In undert