Charity Accounts Intelreading the accounts so you don’t have to

PRAISE TABERNACLE

Registered charity 1085725 · accounts filings on the Charity Commission register

Latest income
£447k
Latest spending
£490k
Registered
2001
Accounts read
FY2024

Financial health, per its FY2024 accounts

The accounts state that the charity reported a net deficit of £43,412 for the year, resulting in unrestricted net assets falling to £27,840 from £71,252 the previous year. The trustees have established a reserves policy target of three months of annual expenditure, which the current free reserves of £27,840 appear to be below given the annual expenditure of £490,095. The charity is dependent on voluntary tithes and offerings for funding and has no stated reserves policy target other than the three-month expenditure benchmark.

What the accounts disclose

Reserves policy: 3 months of annual expenditure (held: £28k)
“The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the church should be 3 months of annual expenditure.” — page 6
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: The church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need.
“The church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need.” — page 3
Per its FY2024 accounts as filed with the Charity Commission.

Accounts independently examined (not a full audit).

Trustees

Trustee list from the Charity Commission register (current, not historical).

Operates in: Barnet · Brent · Ealing · Nigeria

Income and spending

Financial year endIncomeSpending
31/12/2024£447k£490k
31/12/2023£398k£347k
31/12/2022£305k£312k
31/12/2021£281k£262k
31/12/2020£222k£223k

Common questions

Is PRAISE TABERNACLE financially healthy?

The accounts state that the charity reported a net deficit of £43,412 for the year, resulting in unrestricted net assets falling to £27,840 from £71,252 the previous year. The trustees have established a reserves policy target of three months of annual expenditure, which the current free reserves of £27,840 appear to be below given the annual expenditure of £490,095. The charity is dependent on voluntary tithes and offerings for funding and has no stated reserves policy target other than the three-month expenditure benchmark. Its FY2024 accounts were independently examined.

Funders of similar charities

Funders whose accounts show grants to charities similar to this one (and no recorded grant to this charity) — a starting list for fundraisers.

FunderSimilar charities fundedAmount to them
SANTANDER UK FOUNDATION LIMITED1£41k
THE FYRISH FOUNDATION1£10k

Charities like this

Semantically similar by activities and financial character, from our analysed corpus. Compare with THE REDEEMED CHRISTIAN CHURCH OF GOD ARK OF GOD PARISH.