HOUSE OF PRAISE TRUST
Latest income
£1.7m
Latest spending
£2.0m
Registered
2017
Accounts read
FY2024
Financial health, per its FY2024 accounts
The accounts state that unrestricted free reserves stood at £201,492, which is below the trustees' stated policy target of three months of annual expenditure. The charity reported a net movement in funds of £(244,737) for the year, resulting in total net assets of £6,116,474, with significant tangible fixed assets held.
What the accounts disclose
Reserves position: below the charity's own stated reserves policy
“The charity's free reserve has increased to £201,492 (2023 - £NIL), however the trustees recognise that the current level of free reserve does not reach the above target” — page 7
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Pastor Andrew Adeleke, spouse of Chief Executive and trustee, received £60,000 for use of his home as vicarage.
“During the period, the charity paid Pastor Andrew Adeleke (Senior Pastor), who is the spouse of the Chief Executive and trustee (Pastor Olayemi Adeleke) £60,000 (2023 - £60,000) for use of his home as vicarage.” — page 39
“During the year Eden Group, a business owned by the son of one of the directors (Pastor Olayemi Mojibola Adeleke), charged the company £99,627 (2023 - £98,762) in commission for managing the hall hiring process.” — page 39
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Eden Group, owned by the son of director Pastor Olayemi Mojibola Adeleke, charged £99,627 in commission for managing hall hiring.
“During the period, the charity paid Pastor Andrew Adeleke (Senior Pastor), who is the spouse of the Chief Executive and trustee (Pastor Olayemi Adeleke) £60,000 (2023 - £60,000) for use of his home as vicarage.” — page 39
“During the year Eden Group, a business owned by the son of one of the directors (Pastor Olayemi Mojibola Adeleke), charged the company £99,627 (2023 - £98,762) in commission for managing the hall hiring process.” — page 39
Per its FY2024 accounts as filed with the Charity Commission.
Structured financials (annual return, FY ending 31/12/2024)
Total income
£1.7m
Total spending
£2.0m
Cost of raising funds
£122k
Reserves (reported)
£201k
Employees
9
Register events
- Received assets from another charity (29/01/2018)
Trustees
- SOLOMON ADEBOWALE ADEGOKEchair
- BABATUNDE SOFOWORA
- DAVID MAKOYAWO
- Folake Kehinde Ogunmekan
- OLAKUNLE EMMANUEL FALODUN
- OLUKAYODE OLAWODE
- Odunitan Oluranti Orioke
- Olayemi Mojibola Adeleke
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £1.7m | £2.0m |
| 31/12/2023 | £1.7m | £1.5m |
| 31/12/2022 | £1.6m | £1.3m |
| 31/12/2021 | £1.1m | £1.2m |
| 31/12/2020 | £950k | £1.1m |
Common questions
Is HOUSE OF PRAISE TRUST financially healthy?
The accounts state that unrestricted free reserves stood at £201,492, which is below the trustees' stated policy target of three months of annual expenditure. The charity reported a net movement in funds of £(244,737) for the year, resulting in total net assets of £6,116,474, with significant tangible fixed assets held. Its FY2024 accounts were audited by Stephen Michael Associates.