Report and Financial Statements For the year ended 31 December 2023 FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH Charity No: 1040574
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH ort of the Trustees for the Year Ended 31 December 2023 Contents page Legal and Administrative Information Report of the Trustees 2to8 Statement of Financial Activities Balance Sheet 10 Notes forming part of the financial statements The following page does not form part of the Statutory Account5
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 Operatlonal Address: 139 Ashville Road, Leytonstone, London E114DX Trustees Reverend Harold Presley (Chair person) Mr Clemenc 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 Banl<ers . Barclays Ban1< PIC Holloway and Kingsland Branch
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH ort of the Trustees for the Year Ended 31 December 2023 The trustees present their report along with the financial statements of the charity for the year ended 31 st December 2023. The ftnancial Statemenc has been prepai'ed in accordance with the accounting policies set out on page 4 and comply with the charity s trust deed and applicable below. Constitution Ob'ects and Princi al Activities of the Charit to ether with the Or anisation of our work Our Charity'5 purposes as set out in the objects contained in the Declaration of Trust are: A, Advance of the Christian faith B, Rellef of people who are in conditlons of hardshlp or distress or who are aged, sick or disabled C. Promoclon of fulfilment of such other charitsble purposes beneficial to the community, The trust was involved in Christian Outreach programmes designed to increase Christianity wareness and spread the gospel of our Lord Jesus Christ. Ensurin Our Worlc Delivers Our Aims We review our aims, objectives and activities each year. This review looks ac what we achieved and the outcomes of our work In the previous 12 months. The revlew looks at the success of each Icey activity and the benefits they have brought co those groups of people we are set up to help. The review also helps u5 ensure our alm , objectives and activities remained focused on our stated purposes. We have I'eferred to the guidance contained in the Charity Commisslon's general guldance on public benefit when revlewing our aim and objectives and in planning our future activitles. In particular, (he trustees consider how planned activicies will contribute to the aims and objectives they have set, Develo ment 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 Foresc Homeless project.
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH The church members 2nd the Pastor fed rhe homeless every first Friday of the month. In line wlth our misslon stacement ' Lovingjesus, Lifcing People, Launching Ministries, we worked in partnership with The London School of Ministry, Pentecostal Holiness British Conference. We also supported supported two mlnlstrles namely GHACOE Ministry in Ghana and Mission Catalyst in India and Kenya. We worked with families and children around Leytonstone (Ashville Road area) in sharing the gospel and putring on different activities on Saturdays and durlng the holidays for the children. Who used and benefited from our ServicesT Oui" Church Services are presented with both the regular congregants and the visitors or seekers in mind. We minister to the physical, mental and spiiitual needs of people in our seThices glving specific considerntlon to the seel<ers 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 ChristSanity. We have a150 helped relief poverty and hardship amongst both regular and irregular congregants who are suffering from a period of financ5al hardship due to unemployment and lack of ftnancial resources. Flnancial Revle The total Incomlng resources for the year amounted to £123,210. The net incoming resources was £43,757 Princl al Fundin Sources The prlncipal funding sources for the charlty are currently by vny of Donations and Gifts from congregants through the offering basket passed during Church services and through bank sranding oi"dei-s. Investment Policy The Charity have cash that are set out in the Charity balance sheets. The objecrive 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 curi-ently has a policy of keeping any surplus liquid funds in cash at banl<s where immediate access and security of fund5 is guaranteed.
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH Reserves Policy The Board of Trustees has examined the Charity's requirements for reserves in light of the main risl(s to the organisation. It has established 3 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 expendlture for 2023 was £79453 and therefore the targeted reserves should be between £19,863 and £39,726 in general funds. The reserves are needed to meet the working capita5 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 signific2nt drop in funding. This general reserve pollcy was met and exceeded as in earlier years. Plans for Future Periods The Charicy plans contlnuing che activitie5 ourlined above in the forthcoming years subject to satlsfactory funding arrangements. Structure Governance and Mana ement Governing Document The Organisation Is a charitable organisaiion constituted under a Constitution dated 21 ch July 1994 and reglstered a5 a charity on 2nd September 1994. The charity was established under a Constitution whlch established che objects and powers of the charity and is governed under its term5. 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 fami li2r 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 shorc training 5e55ions 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, secrerary and treasurer of the CharSty and cover: l ) The Obligations of Trustees 2) The Main documents which set out the operational framework for the charity including the Declaraiion of Trust 3) Resourclng and the current financial position as set out in the latest published accounts 4) Fucure plan5 and objectives Ris1< Management The Trustees have identified the major strategic rlsks to which Fountaln of Life Pentecostal Holiness Church Is exposed co and has established controls and actlons to mitigate them. Each year, risk assessments talce place at our office and are subject to continual review and monitoring. The Trustees talce 311 appropriate steps co Modera and manage the Inevitable ope17tional risks to which volunteers staff and assets of Founcain of Llfe Pentecostal Holiness Church are exposed. Coinpetence b2sed training. Volunteers employers Ilabllity insurnnce, monitoring of new legislative requirements are for examples of steps taken. In particular there are policles and procedures for children and vulnerable adults protectlon and for health and safety risks. Organisation Fountain of Life Pentecostal Holiness Church is governed by a aoard of Trustees to serve the charity and run Sts affairs. Annually the Board reviews the range of skills it has available and use5 its power of co-option to ensure that gaps are filled. The B02rd also ensure5 that a number of other criteria are met. The Board are assisted by ministry team. The Board of Trustees meet quarterly and are responslble for the strategic direction and policy of the Charity. A scheme of delegation Is in place and day co day responsibility for the provision of the services rest with the truscees. Responsibilities of the Trustees Charlty law requires che Trustees to prepare financial statements for each financial year which glve a true and fair view of the sfate of affairs of the charltable trust as at the balance sheet date and o( its incoming resources and 3pplica(ions of resources, including income and expenditure, for the flnancial year.
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURI I n preparing those financial statements the Trustees should follow best practice and: l ) Select suitable accouncing policies and then apply chem consistently. 2) Mal<e judgements and estimates that are reasonable and prudenc 3) Prepare the financial statements on the going concern basis unless it is inappropriate co 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 Ihem to ensure that the financial statements comply with Charity Act of 201 l. The Trustees are also responsible for safeguai.dlng the assets of the Charlty and hence for tal<ing reasonable steps for Ihe prevenrion and detection of fraud and other irregularlties. Members of the Board of Trustees Members of the Board of Trustees, and trustees for the purpose of charity law, who serned during the year and up to the date of this report are set out on page l. In accordance wlth charlty law, as trustees, we certify thaL' So far as we are aware, there Is no relevant information of whlch the company's accountants are unaware; and as the trustees of the charity we have tal<en all steps that we ought to have taken In order to mal<e ourselves aware of any relevant information and to establish that the Charlty's accountants are aware of that information,. Thls report has been approved by the trustees 2nd signed on their behalf by.. Rev. Harold Presley Signed:
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH Inde endent Examiners Re ort to the Trustees of Fountain of life Pentecostal holiness ear ended 31 December 2023 church for the I report on the accounts of the charity for the year ended 31 December 2023, which are set out on page5 10 to 16. Res ective res onsibilities of trustees and examiner The trustees (who are also the directors of the organisation are responslble for the preparation of financial statement. The trustees consider thac an audit Is not required for this year under section 144 (2) of the Charities Acr 2011 (201 l Act) and that an independent examination is needed. The charity's gross Income did not exceed £250.000 and l am qualified to undertake the examlnatlon by be5ng a Certified Publlc Accountant. Having satlsfled myself that the Charlty Is not subject to audSt under company law 2nd Is eligible for Independenc examlnation, it is my responsibility to: l ) examlne ihe accounts under section 145 of the 2011 Act: 2) to follow the procedures lald down in the general Directions given by the Charity Commlsslon under section 145 (5)(b) of the 201 l Act; and 3) to state whether particul2r matters have come to my attention. Basis f inde endent examiner's re ort My examination was carried out In accordance wlth the general direccions glven by the Charity Comm1551on. An examination includes 2 review of the accounting records Icept by the charity and a comparison of the accoun(s with those records. It also includes conslderation of any unusual items or disclosures in the accounts, and seeklng explanations from you as trustees concerning any such matcers, The procedures undertalcen do noc provide all the evidence that would be required in an 3LJdit and consequently no opinion is given as to whether the accounts present a 'true and fair view. and the report is Ilmited to those macters set out in the 5tacement below.
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH Inde endent Examiner's Statement In connection with my examination, no matter has come to my attention: ( l ) whlch gives me reasonable cause to believe that in any material respecc che requirements: l a) to Iceep accounting records in actordance with section 386 of the Companies Act 2006. and I b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of secrion 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Chai"icies have not been met.. or (2) to which, in my oplnion, attentlon Should be drawn In order to enable a proper understandlng of the accounts co be reached. Samuel Durojaiye FCPA Samuelson & Co UK Ltd Cercified Public Accountants & Tax Consultants 596 Kingsland Road Haclcrley, London E8 4AH
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 INCLUDING INCOME AND EXPENDITURE ACCOUNT Unrestricted Restrlcted Endowment Total Funds Funds Funds Funds 2023 2022 Notes INCOME Incoming resources 123,210 123,210 102,619 Other incoming resources Total incomlng resources 123,210 123,210 102,619 RESOURCES EXPENDE Costs of generatlng funds Missionary and Charitable givlng Activities dlrectly relating to the work of che church 8,940 8,940 9,386 3b 67,811 67,811 99,309 Church management and administration 2,702 2,702 2,702 TOTAL RESOURCES EXPENDED 79,453 79,453 111,397 Net Incomlngl<Outgoing) Resources Gains and Losses on Investmenc5 43,757 43,757 8,778 NET MOVEMENT IN FUNDS 43,757 43,757 8,778 ACCUMULATED FUNDS BIF AT 0110112023 165,180 165,180 173,958 ACCUMULATED FUNDS CIF AT 3111212023 208,937 208,937 165,180
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH BALANCE SHEET AS AT 31ST DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Tanglble Assets Longtime I nvestment 653,100 25,000 655,252 25,000 678,100 680,252 CURRENT ASSETS DebcorslPledgeslPrepayments BanldCa5h Balances 181,387 135,478 181,387 135,478 CURRENT LIABILITIES Amount falllng due wlthln one year 550 550 550 550 Net Assetsl(Liabilities) 858,937 815,180 Revaluation account 650,000 650,000 Accumulated Funds 81F 165.180 165,180 Excess Incomel ( Deficits) 43,757 8,778 Accumulated Funds CIF 208,937 858,937 156,402 806,402 Total APPROVED BY THE BOARD OF TRUSTEES ON.. AND SIGNED ON THEIR BEHALF BY: Rev. Harold Presley Signed: The notes on pages I1- 14 form part of these financial statements io
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 ACCOUNTING POLICIES The account5 are prepared under the historical cost convention with che exception of investments which are stated at market value. They comply with the requirements of Statement of Recommended Practlce 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 ènd 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. . There is no Restrlcted Fund ac the moment d. The governance, management and administration expenses reported in note 3 relate to the whole of che Church's activities and a proportion of these charges are allocated to expenditure headings on a basls conslstent wlth the use of the resources Investments are stated at market value. It Is the Church's policy to l<eep valuations up to date such that when Investments are sold there is no gain or loss arising to previous years. f. Tang5ble asse¢$ are included at cost and depreciation is provided on a straight line basis, in order to wrlte off the assets over their useful Ilves. g. All expenditures Is accounted for on an Accrual Basis. The depreciation rates are as follows: Freehold BuSldings Musical Equipment Equipment, Flxtures and Fittlngs NIL IO% Straight line IO% Straight line 2) INCOMING RESOURCES Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2023 2022 Tlthes and Offerings 123,210 123,210 102,619 TOTAL INCOMING RESOURCES 123,210 123,210 102,619
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 CONTINUED Unrestricted Restrlcted Endowment Total Funds Funds Funds Funds 2023 2022 3) RESOURCES EXPENDED 3a. Missionary and charitable glvings; 3b. Activities directly relating to the worl< of the church: 8,940 8,940 9,386 Church Runnlng Expenses Church Malntenance 60,499 1,584 60,499 1,584 63,104 23,452 662 Children Minlstry Youth Mlnistry Evange115mlOverseas Mission Welfare 805 4,140 1,588 67,811 4,140 1,588 67,811 1,359 9,927 99,309 3c. Church management and administration,, Administratlon 2,702 2,702 2,702 TOTAL RESOURCES EXPENDED 79,453 79,453 11,397
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 CONTINUED 4) FIXED ASSETS ui ment Freehold Furnitures & Buildin Fittin Total Cost At 01 Jan 2023 Additlons: 650,000 21,522 671,522 Cost at 31 st Dec 2023 650,000 21,522 671,522 re ate De reciation BIF 16,270 2,152 18,422 16,270 2,152 18,422 Charge for the year At 31 st Dec 2023 Net Bool< Value At 31 Dec 2023 650,000 650,000 3,100 5,252 653,100 655,252 At 31 Dec 2022 5 ACCUMULATED FUNDS Accumulated Fund BIF 165,180 43,757 Net Movement of Fund Accumulated Fund CIF 208,937 6 DEBTORS AND PREPAYMENTS Other Debtors Prepayment and Accrued Income 7 CREDITORS AND ACCRUALS Accountancy and Boolclceeping BIF Ch3rge for the Year 550
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TOTAL INCOMING RESOURCES CONTINUED 2023 2022 Tithes, Offering and Appeal EXPENDITURES 123,210 102,619 SSIONARYICHARITABLE GIV NG Mission support Tlthe5 to IPHC ( Brltlsh Conference) 11,215 8,583 803 11,215 9,386 CHURCH RUNNING ACTIVITIES Events 10,519 5,658 8,823 3,453 1,272 134 Light & Heating Fire & Alarm Water rates 350 Honorarium 6,000 798 13,550 843 Telephone expenses Woi'ship Ministry Travel 31,473 4,300 25,363 Benevolenc 8,371 1,295 Insurance 1,401 60.499 1,584 63,104 23,452 662 C. CHURCH MAINTENANCE D. CHILDREN MINISTRY YOUTH MINISTRY 805 F EVANGELISM G WELFAREICOMMUNITY EXPENSES 1,865 1,359 Welfare & Love Offering 1,588 9,927 H ADMINISTRATION Accountancy fee Depreciatlon 550 550 2.152 2,152 2702 2,702 111,397 8,778 79,453 43.757 NET INCOMING (OUTGOING) RESOURCES