2022-12-31-accounts - Fountain Of Life Pentecostal Holiness Church

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Report and

Financial Statements

For the year ended 31 December 2022

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

Charity No: 1040574

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

Report of the Trustees for the Year Ended 31 December 2022
Contents	page
Legal and Administrative Information	1
Report of the Trustees	2 to 8
Statement of Financial Activities	9
Balance Sheet	10
Notes forming part of the financial statements	11 to 14
The following page does not form part of the Statutory Accounts

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

Reference and Administrative	information
Charity Name:	Fountain of Life Pentecostal Holiness Church
Charity Registration Number:	1040574
Registered Office and	139 Ashville Road, Leytonstone, London
Operational Address:	E11 4DX

Trustees	Reverend Harold Presley (Chair person)
	Mr Clement Julien
	Mr John Amosu
Independent Examiner:	Samuel Durojaiye FCPA
	Samuelson & Co UK Ltd
	Certified Public Accountants & Tax Consultants
	596 Kingsland Road
	Hackney, London
	E8 4AH
Bankers :	Barclays Bank Plc
	Holloway and Kingsland Branch

Report of the Trustees for the Year Ended 31 December 2022

The trustees present their report along with the financial statements of the charity for

the year ended 31st December 2022.

The financial Statement has been prepared in accordance with the accounting policies set

out on page 4 and comply with the charity's trust deed and applicable below.

Constitution, Objects and Principal Activities of the Charity together with the Organisation

of our work

Our Charity's purposes as set out in the objects contained in the Declaration of Trust are:

A. Advance of the Christian faith
B. Relief of people who are in conditions of hardship or distress or who are aged, sick or disabled
C. Promotion of fulfilment of such other charitable purposes beneficial to the community.The trust was involved in Christian Outreach programmes designed to increase Christianity awareness and spread the gospel of our Lord Jesus Christ.

Ensuring Our Work Delivers Our Aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help.

The review also helps us ensure our aim , objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Development Activities and Achievements in the Year

The Trustees are pleased to report that the Church has continued to be successful spiritually by ministering to many people. The Church has improved in membership strength and reaching out through partnerships and to the community. In the years, the church has continued with widening her participation collaborative work with the Waltham Forest Homeless project.

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

The church members and the Pastor conduct a monthly outreach bringing food the homeless within our community every first Friday of the month.

In line with our mission statement “Loving Jesus, Lifting People, Launching Ministries”, we worked in partnership with The London School of Ministry, and Pentecostal Holiness British Conference. We also supported other ministries, namely: His Majesty’s Happy Home School & Orphanage in Odumasse-Krobo, Ghana and Mission Catalyst in India and Kenya. We worked with families and children around Leytonstone, London (Ashville Road area) in sharing the gospel and putting on different activities on Saturdays and during the holidays for the children.

Who used and benefited from our Services?

Our Church Services are presented with both the regular congregants and the visitors or seekers in mind. We minister to the physical, mental and spiritual needs of people in our services giving specific consideration to the seekers or new-comers in our midst who may not necessarily have a church background and as such may not understand the processes and procedures of Christianity. We have also helped relieve poverty and hardship amongst both regular and infrequent congregants who are suffering from a period of financial hardship due to unemployment and lack of financial resources.

Financial Review

The total Incoming resources for the year amounted to £102,619. The net incoming resources was (£8,778)

Principal Funding Sources

The principal funding sources for the charity are currently by way of Donations and Gifts from congregants through the offering basket passed during Church services and through bank standing orders.

Investment Policy

The Charity have cash that are set out in the Charity balance sheets. The objective of the investment policy is to invest in cash at banks where the capital is protected. No bank interest was achieved in the period . The Charity currently has a policy of keeping any surplus liquid funds in cash at banks where immediate access and security of funds is guaranteed.

Reserves Policy

The Board of Trustees has examined the Charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure.

The expenditure for 2022 was £111,397 and therefore the targeted reserves should be between £27,849 and £55,698 in general funds. The reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would be able to continue the current activities of the Charity in the event of a significant drop in funding. This general reserve policy was met and exceeded as in earlier years.

Plans for Future Periods

The Charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.

Structure, Governance and Management

Governing Document

The Organisation is a charitable organisation constituted under a Constitution dated 21th July 1994 and registered as a charity on 2nd September 1994. The charity was established under a Constitution which established the objects and powers of the charity and is governed under its terms. In the event of the Charity wound up members are required to so decide by three-quarters majority.

Trustees Induction and Training

Most trustees are already familiar with the practical work of the charity having been friends of the Church for a number of years. Additionally, new trustees are invited and encouraged to function in the capacity as friends of the Church in order to understand the offerings of the Church and its market. Additionally new trustees would be invited as required and encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates.

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

These sessions would be led by the chair person, secretary and treasurer of the Charity and cover:

1) The Obligations of Trustees
2) The Main documents which set out the operational framework for the charity including the Declaration of

Trust

3) Resourcing and the current financial position as set out in the latest published accounts
4) Future plans and objectives

Risk Management

The Trustees have identified the major strategic risks to which Fountain of Life Pentecostal Holiness Church is exposed to and has established controls and actions to mitigate them. Each year, risk assessments take place at our office and are subject to continual review and monitoring. The Trustees take all appropriate steps to moderate and manage the inevitable operational risks to which volunteers staff and assets of Fountain of Life Pentecostal Holiness Church are exposed. Competence based training. Volunteers employers liability insurance, monitoring of new legislative requirements are for examples of steps taken. In particular there are policies and procedures for children and vulnerable adults protection and for health and safety risks.

Organisation

Fountain of Life Pentecostal Holiness Church is governed by a Board of Trustees to serve the charity and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure that gaps are filled. The Board also ensures that a number of other criteria are met. The Board are assisted by ministry team. The Board of Trustees meet quarterly and are responsible for the strategic direction and policy of the Charity. A scheme of delegation is in place and day to day responsibility for the provision of the services rest with the trustees.

Responsibilities of the Trustees

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable trust as at the balance sheet date and of its incoming resources and applications of resources, including income and expenditure, for the financial year.

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

In preparing those financial statements the Trustees should follow best practice and:

1) Select suitable accounting policies and then apply them consistently;
2) Make judgements and estimates that are reasonable and prudent
3) Prepare the financial statements on the going concern basis unless it is inappropriateto presume that the charity will continue on that basis.

The Trustees are responsible for maintaining proper accounting records which disclose with

reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with Charity Act of 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Members of the Board of Trustees

Members of the Board of Trustees, and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.

In accordance with charity law, as trustees, we certify that:

So far as we are aware, there is no relevant information of which the company's accountants are unaware; and as the trustees of the charity we have taken all steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity's accountants are aware of that information'.

This report has been approved by the trustees and signed on their behalf by:

Signed:

Rev. Harold Presley

Date: 28/10/2023

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

Independent Examiners Report to the Trustees of Fountain of life Pentecostal holiness

church for the year ended 31 December 2022

I report on the accounts of the charity for the year ended 31 December 2022, which are set out on pages 10 to 16.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the organisation are responsible for the preparation of financial statement.

The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (2011 Act) and that an independent examination is needed.

The charity’s gross income did not exceed £250,000 and I am qualified to undertake the examination by being a Certified Public Accountant.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

1) examine the accounts under section 145 of the 2011 Act;
2) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and
3) to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts 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 no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

Independent Examiner’s Statement

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

(1) which gives me reasonable cause to believe that in any material respect the requirements:

1a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and

1b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met: or

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

Samuel Durojaiye FCPA

Samuelson & Co UK Ltd

Certified Public Accountants & Tax Consultants

596 Kingsland Road

Hackney, London

E8 4AH

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2022 2021

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH


£ £ £	£	£
102,619 - - - - -	102,619	117,849
102,619 - -	102,619	117,849
- - - 9,386 - - 99,309 - - 2,702 - -	- 9,386 99,309 2,702	- 12,900 105,264 2,392
111,397 -	111,397	120,556
- 8,778 - - - - -	- 8,778 -	- 2,707 -
- 8,778 -	- 8,778	- 2,707

173,958 - -	173,958	176,665

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

----- Start of picture text -----
Notes
- -
165,180
165,180 173,958
----- End of picture text -----

INCOME

Incoming resources 2

Other incoming resources

Total incoming resources

RESOURCES EXPENDED 3

Costs of generating funds Missionary and Charitable

giving 3a Activities directly relating to the work of the church 3b

Church management and administration 3c

TOTAL RESOURCES EXPENDED

Net Incoming/(Outgoing) Resources

Gains and Losses on Investments

NET MOVEMENT IN FUNDS

ACCUMULATED FUNDS

B/F AT 01/01/2022

ACCUMULATED FUNDS C/F AT 31/12/2022

BALANCE SHEET AS AT 31ST DECEMBER 2022

Notes

2022

2021

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH


FIXED ASSETS Tangible Assets 4 Longtime Investment CURRENT ASSETS Debtors/Pledges/Prepayments 6 Bank/Cash Balances CURRENT LIABILITIES Amount falling due within 7 one year Net Assets/(Liabilities) Revaluation account Accumulated Funds B/F 5 Excess Income/ ( Deficits) Accumulated Funds C/FTotal APPROVED BY THE BOARD OF TRUSTEES ON: AND SIGNED ON THEIR BEHALF BY: Rev. Harold Presley Signed: The notes on pages 11- 14 form part of these financial statements 10	£	£	£	£
	655,252 25,000	680,252 135,478 550	657,404 25,000	682,404 142,104 550
	- 135,478		- 142,104
	550		550
	173,958 - 8,778		176,665 - 2,707
		815,180		823,958
		650,000 165,180		650,000 173,958

		815,180		823,958

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER

2022

FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH

1) ACCOUNTING POLICIES

a. The accounts are prepared under the historical cost convention with the exception of investments

which are stated at market value. They comply with the requirements of Statement of Recommended Practice Accounting Charities ('SORP') and are in accordance with applicable accounting standards.

b. General accumulated funds are unrestricted funds available to the church for its general purposes and include funds designated by the Church for a particular purpose; the use of such designated funds remain at the discretion of the Church's Trustees.
c. There is no Restricted Fund at the moment
d. The governance, management and administration expenses reported in note 3 relate to the whole of the Church's activities and a proportion of these charges are allocated to expenditure headings on a basis consistent with the use of the resources
e. Investments are stated at market value. It is the Church's policy to keep valuations up to date such that when investments are sold there is no gain or loss arising to previous years.
f. Tangible assets are included at cost and depreciation is provided on a straight line basis, in order to write off the assets over their useful lives.
g. All expenditures is accounted for on an Accrual Basis.

The depreciation rates are as follows:

Freehold Buildings NIL

Musical Equipment 10% Straight line

Equipment, Fixtures and Fittings 10% Straight line 2) INCOMING Unrestricted Endowment Total Funds RESOURCES Restricted Funds 2022 2021 Funds Funds

FOUNTA
	~~IN OF LIFE PENTECOSTAL HO~~			~~LINESS CHU~~	~~CH~~ £
11	£	£	£	£
	102,619 102,619	- -	- -	102,619 102,619	117,849 117,849

FOR THE YEAR ENDING 31 DECEMBER 2022

Unrestricted Restricted Endowment Funds Funds Funds 2021	Total Funds 2022
£ £ £	£	£
9,386 - - 63,104 - - 23,452 - - 662 - - 805 - - 1,359 - - 9,927 - -	9,386 63,104 23,452 662 805 1,359 9,927	12,900 66,970 24,036 2,700 2,472 3,000 6,086
99,309 - -	99,309	105,264
- -
2,702 - -	2,702	2,392

111,397 - -	111,397	120,556

FOR THE YEAR ENDING 31 DECEMBER 2022

FIXED ASSETS	FIXED ASSETS	FIXED ASSETS	FIXED ASSETS		Equipment, Freehold Furnitures & Building Fittings Total

Cost At 01 Jan 2022 Additions: Cost at 31st Dec 2022 Aggregate Depreciation B/F Charge for the year At 31st Dec 2022 Net Book Value At 31 Dec 2022 At 31 Dec 2021 ACCUMULATED FUNDS Accumulated Fund B/F Net Movement of Fund Accumulated Fund C/F DEBTORS AND Other Debtors Prepayment and Accrued Income CREDITORS AND ACCRUALS Accountancy and Bookkeeping B/F Charge for the Year £ 173,958 - 8,778 £ 8,583					£ £	£
					650,000 21,522 - -	671,522 -
					650,000 21,522	671,522
					- 14,118 - 2,152	14,118 2,152
					- 16,270	16,270
		£		£


		173,958 - 8,778
					650,000 5,252	655,252
					650,000 7,404	657,404
				165,180
					PREPAYMENTS £ £ 12,900 117,849
						£
				13

						- -
						-

						£
	Accountancy and Bookkeeping B/F Charge for the Year
						-
						550
			£	£	£
			8,583	102,619	12,900


803	9,386 63,104 23,452 662 805 1,359 9,927 2702	-	12,900 66,970 24,036 2700 2,472 3,000 6,086 2,392
8,823 3,453 1,272 134 13,550 843 25,363 8,371 1,295		5,758 3,106 845 167 24,000 781 23,500 7,802 1,011
550 2,152		550 1,842

FOR THE YEAR ENDED 31


FOR THE YEAR ENDED 31 DECEMBER 20222022 2021 TOTAL INCOMING RESOURCES Tithes, Offering and Appeal EXPENDITRES
	111,397	120,556
	- 8,778	- 2,707

Tithes, Offering and Appeal

EXPENDITURES

A. MISSIONARY/CHARITABLE GIVING

Mission support

Tithes to IPHC ( British Conference)

B. CHURCH RUNNING ACTIVITIES

Events

Light & Heating

Fire & Alarm

Water rates

Honorarium

Telephone expenses

Worship Ministry Benevolent Insurance

C. CHURCH MAINTENANCE D. CHILDREN MINISTRY E. YOUTH MINISTRY FEVANGELISM G WELFARE/COMMUNITY EXPENSES

Welfare & Love Offering

H ADMINISTRATION

Accountancy fee Depreciation

NET INCOMING (OUTGOING) RESOURCES