2023-12-31-accounts - International Prayer Ministry

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INTERNATIONAL PRAYER MINISTRY

Report and Financial Statements For the Year ended 31 December 2023

INTERNATIONAL PRAYER MINISTRY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023

Contents	Page
Legal and Administrative Information	2
Report of the Trustees	3-7
Independent Examiner's report	8
Statement of Financial Activities	9
Balance sheet	10
Notes forming part of the Financial statements	11-13

INTERNATIONAL PRAYER MINISTRY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023

LEGAL AND ADMINISTRATIVE INFORMATION

Officers and Professional advisers

TRUSTEES

RICHARD OKYERE DOREEN AMANKWAH ABENA BRAGO

REGISTERED OFFICE

Watling Community Association 145 Orange Hill Road EDGWARE Middlesex HA8 0TR.

BANKERS

xxxxxxxxxxxxxxxxx

EXAMINER

SQUAD ACCOUNTING AND TAX SERVICES LTD 9 Dunster Court, Borehamwood Hertfordshire United Kingdom, WD6 1LF.

CHARITY COMMISSION REGISTERED NUMBER 1194818

INTERNATIONAL PRAYER MINISTRY REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 December 2023

The Trustees, for the purposes of the Charities Act 1993 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the Charity. The Charity is governed by a Memorandum and Articles of Association.

PRINCIPAL ACTIVITIES, AIMS AND ORGANISATION OF THE CHARITY

The principal activities of the organisation during the past year continue to be to provide spiritual services that enables the people in the community to grow towards the knowledge of God and towards community togetherness and to offer financial and emotional support through home visitations and regular phone calls.

THE MAIN ACHIEVEMENTS OF THE ORGANISATION DURING THE PERIOD WERE:

IPM church was established for the sharing of the good news of Jesus Christ with people from different cultures and backgrounds through a weekly congregational meeting or small group meetings

To create a space or place where the hurting, the hopeless, the discouraged, the depressed the frustrated and the confused can find love, acceptance, help, hope, forgiveness, guidance and encouragement and to offer financial support those indeed. .

INTERNATIONAL PRAYER MINISTRY

REPORT OF THE TRUSTEES (Continued)

FOR THE YEAR ENDED 31 December 2023

PLANS FOR THE FUTURE

IPM's Plan for the future is to continue and maintain supporting those who are struggling in our community.

To continue to help to put food on the tables and to offer support with household bills for those who have been hit the hardest in this economic crisis.

To help those who have been hospitalised, undergone operations and are unable to return to work immediately

To purchase and do food shopping for those who are unable to get to the shops themselves

This is what we have done over the past year. We have had many testimonies of how our support has been invaluable to many families and we plan to continue this in the coming years.

INCOME GENERATION

The Charity has generated £14,083 in donations and received grant of £0 during the year. This includes both direct transfers into charity’s account and cash donations.

RISKS

The factors that may affect the Charity’s delivery of its objectives include:

a) Reputation of Charity and the relationship with the community.

b) Ability to generate enough funds to successfully complete the identified projects for the charity.

The risk factors that may affect the delivery of our objectives is the inability to generate sufficient funding to meet the needs of our growing community and their families.

RESERVES POLICY

The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds are held to meet the above policy of the Charity going forward.

INTERNATIONAL PRAYER MINISTRY

REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

GOVERNANCE AND INTERNAL CONTROL

A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At 31 December 2023, the Board had a membership of Three (2) people.

The Board meets three times a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day to day activities of the charity. None of the committee members is being remunerated.

All Trustees receive the handbook for Trustees’ provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this the Charity follows the code of practice for governance produced by the Governance Hub.

Company law requires the Trustees to prepare financial statements for each financial year, which comply with the Charities Act 1993 as amended

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

They include:

A strategic plan and annual budget approved by the Trustees;
regular consideration by the Trustees of financial results, in particular variance from budget; and
Delegation of authority and segregation of duties.

STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in its activities.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Act 1993 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

INTERNATIONAL PRAYER MINISTRY REPORT OF THE TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2023

DISCLOSURE OF INFORMATION TO EXAMINER

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the Charity’s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity’s examiner is aware of that information.

EXAMINER

In line with the provision exemption in the Charities Act 1993 as amended, the trust decided to appoint an examiner, which will review the accounts for the year ended 31 December 2023. In accordance with this appointment, SQUAD ACCOUNTING AND TAX SERVICES LTD was appointed as examiner.

Approved by the Board of Trustees and signed on behalf of the Board by:

RICHARD OKYERE on behalf of the trust. Trustee 2nd October 2024

Independent Examiner’s Report to the Trustees of

We report on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages 9 to 13.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is needed.

It is our responsibility to:

examine the accounts (under section 43(3)(a) of the 1993 Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
To state whether particular matters have come to our attention.

Basis of independent examiner’s report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 we do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In connection with our examination, no matter has come to our attention:

(1) Which gives us reasonable cause to believe that in any material respect the requirements,

to keep accounting records in accordance with section 41 of the 1993 Act; and
To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act as amended.

Have not been met; or

(2) To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

SQUAD ACCOUNTING AND TAX SERVICES LTD 9 Dunster Court, Borehamwood Hertfordshire United Kingdom, WD6 1LF.

2[nd] October 2024

INTERNATIONAL PRAYER MINISTRY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 DECEMBER 2023

Un-restricted Funds 2023 £ 9,879 -	Restricted Funds 2023 £ - -	Total Funds 2022 £ 14,083 -
9,879	-	14,083
- 12,994 480	- - -	- 13,267 480
13,474	-	13,747
(3,595) 4,284	- -	336 3,948
688	-	4,284

All incoming resources are derived from continuing operations. The charity has no other gains or losses other than those recognised in the Statement of Financial Activities.

INTERNATIONAL PRAYER MINISTRY BALANCE SHEET AS AT 31 DECEMBER 2023

2023 Total Notes £ £ FIXED ASSETS Tangible Assets 6 - CURRENT ASSETS Debtors 7 - Cash at bank and in hand 8 2,428 2,428 Current Liabilities Creditors: amounts falling due within one year 9 1,740 Net Current assets/(Liabilities) 688 TOTAL ASSETS LESS CURRENT LIABILITIES 688 FINANCED BY: Unrestricted funds 10 688 Restricted Funds 10 - TOTAL FUNDS 11 688	2023 Total Notes £ £ FIXED ASSETS Tangible Assets 6 - CURRENT ASSETS Debtors 7 - Cash at bank and in hand 8 2,428 2,428 Current Liabilities Creditors: amounts falling due within one year 9 1,740 Net Current assets/(Liabilities) 688 TOTAL ASSETS LESS CURRENT LIABILITIES 688 FINANCED BY: Unrestricted funds 10 688 Restricted Funds 10 - TOTAL FUNDS 11 688	2022 Total £ - - 6,024
	2,428 1,740 688	6,024 1,660
		4,364

	688	4,364
	688 - 688	4,364 -
		4,364

For the year ending 31 December 2023, the Charity was entitled to exemption from audit under section 477(2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Accounts was approved by the Board of Trustees and signed on behalf of the Board by:

RICHARD OKYERE on behalf of the trust. Trustee 2[nd] October 2024

INTERNATIONAL PRAYER MINISTRY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” (2005), the Charity Act 1993 and applicable UK accounting standards.

Cash flow statement

Under FRS 1 the Charity is exempt from the requirement to prepare a cash flow statement on the grounds that the charity is below the threshold specified in Appendix 2 of the FRS1.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in Note 2.

Investment income and gains are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The grant income where related to performance and specific deliverables are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Premises overheads have been allocated on a floor basis and other overheads have been allocated on the basis of the head count.

Community project costs are those costs incurred directly in support of the objects of the Charity. The community project cost includes other support costs incurred in support of the objects of the Charity. Governance costs are those incurred in connection with governance arrangement of the Charity, which relate to the general running of the Charity and compliance with constitutional and statutory requirements. The basis of allocation for support costs and governance costs has been explained in Note 3.

INTERNATIONAL PRAYER MINISTRY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Note 2. Incoming Resources - General Donations

General Donations Note 4. Resources Expended - Activities Bank charges Charity Depreciation Equipment Events & Other related costs Insurance Member's Welfare Subscription Printing & stationery Instrumentalist Refreshment Rent Repairs Software Subscription Telephone, internet & postage Travels Utilities Note 5. Resources Expended – Governance Accountancy Other professional fees Note 8. Cash at bank and in hand Cash at bank Cash at hand Note 9. Creditors: amounts falling due within one This is made up as follows: Accountancy Fees Other creditors (Loan)	Unrestricted Funds £ 9,879 9,879 Unrestricted Funds £ - 240 - 611 1,096 - 1,021 - 120 - 1,055 6,700 - 185 - 1,967 - 12,994 Unrestricted Funds £ 480 - 480 2023 £ 2,428 - 2,428 year 2023 £ 400 1,340 1,740	Restricted Funds £ -	2023 2022 Total Total Funds Funds £ £ 9,879 14,083 9,879 14,083 2023 2022 Total Total Funds Funds £ £ - - 240 - - - 611 527 1,096 5,606 - - 1,021 - - - 120 310 - - 1,055 113 6,700 6,508 - - 185 173 - - 1,967 30 - - 12,994 13,267 2023 2022 Total Total Funds Funds £ £ 480 480 - - 480 480
		-
		Restricted Funds £ - - - - - - - - - - - - - - - - -
		-
		Restricted Funds £ - -
		-
		2022 £ 6,024 -
		6,024
		2022 £ 320 1,340
		1,660

INTERNATIONAL PRAYER MINISTRY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Note 10. Movement in funds

Unrestricted funds Charity's fund Restricted funds Grants	Opening balance £ 4,284 4,284 - -	Incoming Resources resources expended £ £ 9,879 (13,474) 9,879 (13,474) - - - -

Note 10.1 Analysis of net assets by fund


Analysis of net assets by fund Cash at bank and in hand Other net assets (liabilities)	Unrestricted Funds £ 2,428 (1,740) 688	Restricted Funds £ - -	2023 2022 Total Total Funds Funds £ £ 2,428 6,024 (1,740) (1,660) 688 4,364
		-

Note 11. TRUSTEES REMUNERATION

The Trustees did not receive any emoluments and no out of pocket expenses were paid during the year (2023: £nil)

Note 12. As a company, INTERNATIONAL PRAYER MINISTRY is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its objects. No tax charges have arisen in the Company.

Note 13. Control

The ultimate controlling parties are the directors’ as stated on page 2.