Charity Number 1202984
UNUSUAL PRAISE UK
TRUSTEES’ REPORT AND ACCOUNTS
31 DECEMBER 2023
UNUSUAL PRAISE UK Financial statement
For the year ended 31 December 2023
| Contents | Page |
|---|---|
| Charity information and professional advisers | 3 |
| Trustees’ report | 4 |
| Income statement | 6 |
| Balance Sheet | 7 |
| Notes to the financial statements | 8 |
2
UNUSUAL PRAISE UK Reference and administrative details For the year ended 31 December 2023
| Registered charity name | UNUSUAL PRAISE UK |
|---|---|
| Charity number | 1202984 |
| Registered address | 4 SCOTLAND STREET |
| MANCHESTER | |
| M40 1LJ | |
| Trustees | Bernard Nwaiwu –Chair of Trustees |
| Ifeoma Igbokwe | |
| Stella-Maris Nwaiwu | |
| Bankers | Lloyds Bank Plc |
3
UNUSUAL PRAISE UK Report of the trustees For the year ended 31 December 2023
The Trustees, present their annual report with the unaudited financial statements of the charity for the year ended 31st December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2022 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019).
Reference and administrative details
The Charity is a charitable incorporated organisation and was formed on May 9, 2023 as Unusual Praise UK.
About us
Unusual Praise UK is a registered charity in England and Wales.
The objects of Unusual Praise UK are to the advancement of the Christian religion throughout the United Kingdom for the public benefit, primarily but not exclusively through the performing of musical concerts carrying the Christian message.
Public Benefit
The board of trustees have given due consideration to Charity Commission published guidance on the operation of the public benefit requirement and confirm that these requirements are met by the charity.
Going concern
The trustees have reviewed the charity's forecasts and projections, taking into consideration the cost-of-living crisis. The trustees are confident that the charity can also fulfil its commitments to its beneficiaries for the period ending 31 December 2024.
4
UNUSUAL PRAISE UK Report of the trustees For the year ended 31 December 2023
Statement of responsibilities of the trustees
The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
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 operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022.
Bernard Nwaiwu
Chair of Trustees
5
UNUSUAL PRAISE UK Income Statement For the year ended 31 December 2023
| Income from: Note Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Expenditure on charitable activities 4 Finance costs 5 Total expenditure Net income/(expenditure) for the year 6 Transfer between funds Net movement in funds for the year Reconciliation of funds Total funds brought forward Restricted funds Unrestricted funds Total funds carried forward |
2023 15 - |
|---|---|
| 15 | |
| - - |
|
| - | |
| 15 - |
|
| 15 8 7 |
|
| 15 |
The notes on pages 8 to 13 form part of these financial statements
6
UNUSUAL PRAISE UK Balance Sheet As at 31 December 2023
| Balance Sheet Note Fixed assets Tangible assets 7 Current assets Cash at bank and in hand 8 Short-term investments Accounts receivable Creditors:amounts falling due within one year 9 Net current assets Total assets less current liabilities Creditors:amounts falling due after one year 10 Net assets The funds of the charity: Restricted funds Unrestricted funds Total funds carried forward |
15 - - |
2023 - 15 |
|---|---|---|
| 15 - |
||
| 15 - |
||
| 15 | ||
| 8 7 |
||
| 15 |
Bernard Nwaiwu Chair of Trustees 31 October 2024
The notes on pages 8 to 13 form part of these financial statements
7
UNUSUAL PRAISE UK Notes to the financial statements For the year ended 31 December 2023
1. Accounting policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Unusual Praise UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b. Judgments and estimates
The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
c. Going concern
The trustees have reviewed the charity's forecasts and projections, taking into consideration the cost-of-living crisis. The trustees are confident that the charity can also fulfil its commitments to its beneficiaries for the period ending 31 December 2024.
d. Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
8
UNUSUAL PRAISE UK Notes to the financial statements For the year ended 31 December 2023
e. Income
The Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
f. Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP(FRS102), general volunteer time is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
g. Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are those incurred in seeking voluntary income and do not include the costs of disseminating information in support of the charitable activities.
Governance costs relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. Included within this category are costs associated with internal audit and risk, as well as external audit costs, as opposed to day-to-day management of the charity’s activities.
9
UNUSUAL PRAISE UK Notes to the financial statements For the year ended 31 December 2023
h. Tangible fixed assets
All expenditure of a capital nature on development work overseas is expensed as incurred, while tangible fixed assets in the UK costing more than £100 are capitalized and included at cost, including any incidental expenses of acquisition. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost by equal annual instalments over their expected useful economic lives as follows:
| Freehold land and buildings | Nil |
|---|---|
| Computer infrastructure | 5 years |
| Computer equipment | 4 years |
| Furniture, fixtures and equipment | 4 years |
Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.
i. 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.
j. Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
k. Creditors and provisions
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.
l. Gift aid
Gift Aid tax reclaims is recognised for any Gift Aid certificates received up to two months after the year-end, in relation to donations made prior to the year-end, where the Gift Aid tax reclaim application was filled to HMRC prior to the year-end.
10
UNUSUAL PRAISE UK Notes to the financial statements For the year ended 31 December 2023
| 2 Donations and legacies Donation Regular offering Leadership programme offering Pentecost offering Annual retreat Other income 3 Charitable activities Grants Other government grants Charitable trading Charity sales 4 Expenditure on charitable activities Accommodation and venue hire Annual retreat Leadership development Transportation Advert and promotion Printing and stationery Honorarium Support costs 5 Finance costs |
2023 £ 15 - - - - - |
|---|---|
| 15 | |
| 2023 £ - - |
|
| - | |
| - | |
| - | |
| - | |
| 2023 £ - - - - - - - - |
|
| - | |
| 2023 £ - |
|
| - |
11
UNUSUAL PRAISE UK Notes to the financial statements For the year ended 31 December 2023
| 6 Net income/(expenditure) for the year This is stated after charging/(crediting): Depreciation 7 Tangible fixed assets Cost Balance B/F Additions Disposals Revaluations Transfers Depreciation Charge for the year On disposals Net book value 8 Cash at bank and in hand Bank Cash 9 Creditors: amounts falling due within one year Trade creditors Other creditors Prepayments 10 Creditors: amounts falling due after one year Trade creditors |
£ - |
|---|---|
| 2023 £ - - - - - |
|
| - | |
| - - |
|
| - | |
| - | |
| 2023 £ 15 - |
|
| 15 | |
| 2023 £ - - - |
|
| - | |
| 2023 £ - |
|
| - |
12
UNUSUAL PRAISE UK Notes to the financial statements For the year ended 31 December 2023
| 11 Fund movements Restricted funds Unrestricted funds The funds of the charity |
Balance at 9 May 2023 £ - - - - - |
Income £ 8 8 7 7 15 |
Expenditure £ 0 - 0 - - |
Transfers £ - - - - - |
As at 31 December 2023 £ 8 |
|---|---|---|---|---|---|
| 8 7 |
|||||
| 7 | |||||
| 15 |
13