Report and Financial Statements For the year ended 31 December 2024 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 2024 Contents-" page Legal and Administrative Information Report of the Trustees 2to8 Statement of Financial Activities Balance Sheet Notes forming part of the financial statements 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 Pentecost31 Holiness Church Charity Registration Number 1040574 Registered Office and Operational Address: 139 Ashville Road, Leytonstone, London E114DX 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 Consultsnts 596 Kingsland Road Hackney, London E8 4AH Bankers . Barclays Bank PIC Holloway and Kingsland Branch
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH ort of the Trustees for the Year Ended 31 December 2024 The trustees presenc their report along with the financial statements of the charity for the year ended 31 st December 2024. 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 Ob'ects and Princi al Activities of the Chari to ether with the Or anisation of our work Our Charity'5 purposes as set out in the objects contained in the Dec12rntion of Trust are- A. Advance of the Christian faith B. Relief of people who are in condicions of hardship or distress or who are aged, sick or disabled C. Promotion of fulfilment of such other charitable purposes beneficial to che community. The trust was involved in Christian Outreach programmes designed to increase Christianity awareness and spread che gospel of our Lord Jesus ChrisL Ensurin Our Work Delivers Our Aims We review our aims. objectives and activities each year. This review looks at what we achieved 2nd the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and rhe benefits they have brought to those groups of people we are sec 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 sec. 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 ha5 improved in membership 5trengch and reaching out through partnerships and to the community. In Ihe years, the church has continued with widening her parcicipation collaborative work with the Waltham Forest Homeless project.
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH The church members and the Pastor fed the homeless every first Friday of the month. In line with our mission statement ' LovingJe5us. Lifting People, Launching Ministries, we worked in partnership with The London School of Ministry. Pentecostal Holiness British Conference. We also supported supported two ministries namely GHACOE Ministry in Ghana 2nd Mission Catslyst in India and Kenya. We worked with families and children around Leytonstone (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 co 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 relief poverty and hardship amongst both regular and irregular congregants who are suffering from a period of financial hardship due to unemployment and lack of financial resources. Financial Review The totsl Incoming resources for the year amounted to £103.955. The net incoming resources was£591. Princi al Fundin 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 vias 2chieved in the period The Chariry currently has a policy of keeping any Surplus liquid fund5 in cash at bank5 where imtnediaie access and security of funds is guaTrnieed.
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 risks to the organisation. It has established a policy whereby the unrestritted 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 2024 was £103,364 and therefore the targeted reserves should be between £25,841 and £51,682 in general funds. The reserves are needed co meet the working capital requirements of the chariry 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 2nd exceeded as in earlier years. Plans for Future Periods The Charity plans continuing the activities outlined above in rhe forthcoming years subject to satisfactory funding arrangements. Structure Governance and Mana ement Governing Document The Organisation is 2 charitable organisation constituted under a Constitution dated 2 Ith July 1994 and registered as a charity on 2nd September 1994. The charity was established under a Constitution which established the objetts and powers of the charity and is governed under its terms. In the event of the Charity wound up member5 are required to so decide by three-quarters majority. Trustees Induction and Training'%*j. Most trustees are already familiar with the practical work of the charity hiving 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 5horc 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 l ) The Obligations of Truscees 2> The Main documents which set out the operational frnmework for rhe chariry 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. E2ch year, risk assessments take place at our office and are subject to continual review and monitoring. The Trustees take 2112ppropriate steps to modernte 2nd manage the inevitable operational risks to which volunteers staff and assets of Fountain of Life Pentecosral Holiness Church are exposed. Comperence based training. Volunteers employers liability insurnnce, monitoring of new legislative requirements are for examples of steps Liken. In particular there are policies and procedures for children and vulnerable adults protettion and for health and safety risks. Organisation Founuin of Life Pentecosral 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 ensure5 that a number of other criteria are met. The B02rd are assisEed 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 responsibiliry for the provision of the serrfices rest with the trustees. Responsibilities of the Trustees Charity law requires the Truscees to prepare financial statements for each financial year which give a true and fair view of the sote 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 staiemenr5 the Trustses should follow best practice and: l ) Selett Suitable accounting policies and then apply them consistently." 2} Make judgements and esttmates thac are reasonable and prudeni 3) Prepare the financial 5L3temenEs on the going concern basis unless it is inappropri2te to presume that the charity will coniinue on Ihat basis. The Trustees are responsible for maintsining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that che financial Statements comply with Chariry Att of 201 l. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detecrion of fr7ud and other irregularities. Members of the Board of Trustees Member5 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 l. In accordance with charity law. as trustees, we ceify rhaL" So far as we are aware, there is no relevant infonnation of which the companls 2ccount2nts are unaware" and as the trustees of the chariry we have tsken all Steps thar 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 2nd signed on their behalf by. Rev. H2rold Presley Signed: Date:
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH Inde endent Examiners Re ort to the Trustees of Fountain of life Pentecostal holiness ear ended 31 December 2024 church for the I report on the accounts of the chariry for the year ended 31 December 2024, which are set out on Pages Ioto 16. Res ective res onsibilities of trustees and examinÉr The trustees (who are also the directors of the organisation are responsible for the preparation of financial statemenL The trustees consider that an 2udit is not required for this year under settion 144 (2) of the Charities Att 2011 (201 l Act) and chat an independent examination is needed. The charity's gros5 income did not exceed £250,000 and l am qualified to undercake the examination by being a Certified Public AccountanL Having satisfied myself that the charity is not subjett to audit under company law and is eligible for independent examination. it is my responsibility to". l) examine the accounts under section 145 of the 201 I Ac 2) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 201 l Ac( and 3) to state whether particular matters have come to my attention. Basis of inde endent examinerfs re ort 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 matcers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequendy no opinion is given as to whether the accounts present a 'true and fair view, and the reporc is limited to those matters set out in the Statement below.
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH Inde endent Examinerfs Statement In conneccion with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respett the requirements: l a) to keep accounting records in accordance with 5ecrion 386 of the Companies Act 2006: and I b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Att 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Fieporting by Charities have not been mec: or (2) to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts co 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 ACCOUN FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Endowment Total Funds Fund$ Funds Funds 2024 2023 Notes INCOME Incoming resources 103,955 103,955 123,210 Other incoming resources Total incoming resources 103,955 103.955 123,210 RESOURCES EXPENDEI Costs of generating funds Missionary and Charitable giving Activities direcdy relating to the work of the church 26,838 26,838 8,940 3b 73,824 73,824 67,811 Church management and administration 2,702 2,702 2,702 TOTAL RESOURCES EXPENDED 103,364 103.364 79.453 Net Incomingl(Outgoing) Resources Gains and Losses on Investments 591 591 43,757 NET MOVEMENT IN FUNDS 591 591 43,757 ACCUMULATED FUNDS BIF AT 0110112024 208,937 208,937 165,180 ACCUMULATED FUNDS CIF AT 3111212024 209,528 209.528 208,937
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NCE SHEET AS AT 31ST DECEMBER 024 Notes 2024 2023 FIXED ASSETS T2ngible Assets Long-term Invegtment 650.948 653.100 675.948 678.100 CURRENT ASSETS l Debrors1Pledge&lPreYTheDcs i Bankjcash Balances 184.130 181,387 184,130 181.387 CURRENT LIABILITIES AJnount falling due within one year 550 550 550 550 Net Assetsl{Liabilities) 859.528 858.937 Revaluarioft accounr 650.000 650.000 Accurnulated Funds BIF 208.937 208.937 Excess Incomel ( Deficits) 591 43.757 AcCumulad Funds CIF 209,528 859,S28 252,694 Tot21 902,694 APPROVED BY THE BOARD OF TRUSTEE5 ON: AND SIGNED ON THEIR BEHALF BY: 06 October 2025 Rev. Harold Presl Sisned: The notes on pages I1- 14 form part of these financial statements 10
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 ACCOUNTING POLICIES The 2ccounts 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 unrestrirted funds available to the church for its general purposes and include funds desi8n2ted 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 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 re50urce5 e. Investments are stated at market value. It is the Church's policy to keep valuations up to d2te 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 Musical Equipment EquipmenL Fixtures and Fitrings NIL I OY. Straight line l 0% Straight line 2) INCOMING RESOURCES Unrestricted Restrirted Endowment Total Funds Funds Funds Funds 2024 2023 Tirhes and Offerings TOTAL INCOMING 103.955 103,955 123.210 RESOURCES 103.955 103.955 123.210 IM
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDING 31 DECEMBER 2024 Unrestricted Re5trirted Endowment Total Funds Fund5 Funds Funds 2024 2023 3) RESOURCES EXPENDED 3a Missionary and charitsble givings: 3b. Activities directly relating to the work of the church: 26,838 26.838 8,940 Church Running Expenses Church Maintenance 68.687 68.687 60.499 2.394 2.394 1,584 Children Ministry Youth Ministry Evangelism Welfare 1,383 1,383 1,360 100,662 4,140 1,360 1,588 67,811 100,662 3c. Church management and administration- Administration 2,702 2.702 2.702 TOTAL RESOURCES EXPENDED 103,364 103,364 79,453 12
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDING 31 DECEMBER 2024 4) FIXED ASSETS ui ment Freehold Furnitures & Buildin Total Cost At O l Jan 2024 Additions: 650,000 21,522 671,522 Cost at 31 st Dec 2024 650.000 21.522 671,522 re ate De reciation BIF 18,422 2.152 20,574 18,422 Charge for the year At 3 Isc Dec 2024 2,152 20,574 Net Book Value At 31 Dec 2024 650,000 650,000 948 650,948 653.100 At 31 Dec 2023 3,100 5 ACCUMULATED FUNDS Accumu12ted Fund BIF 208.937 Net Movement of Fund 591 Accumulated Fund CIF 209,528 6 DEBTORS AND PREPAYMENTS Other Debtors Prepayment 2nd Accrued Income 7 CREDITORS AND ACCRUALS Accountancy and Bookkeeping BIF CharEe for the Year 550 13
FOUNTAIN OF LIFE PENTECOSTAL HOLINESS CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TOTAL INCOMING RESOURCES CONTINUED 2024 2023 Tithes. Offering 2nd Appe21 EXPENDITURES 102.9SS 123210 . A. MISSIONARYICHARITABLE GIVING Mission support 16,838 i 0,000 11,215 Tithes ¢0 IPHC ( British Conference) 26.838 11,215 CHURCH RUNNING ACTIVITIES Events 9,105 6,524 10,519 5,658 Light & Heating Fire & Alarm Water rate5 360 350 Honorarium 500 6,000 798 Telephone expenses Worship Ministry Travel 742 42,950 2,122 4,950 1.434 31,473 4,300 Benevolent Insurance 1,401 68.687 2,394 60,499 1,584 C. CHURCH MAINTENANCE D. CHILDREN MINISTRY E. YOUTH MINISTRY F EVANGELISM 1,383 1,865 G WELFAREICOMMUNITY EXPENSES Welfare & Love Offering 1,360 1,588 H ADMINISTRATION Accountancy fee Depreciation 550 550 2,152 2,152 2702 2,702 103,364 591 79,453 43.757 NET INCOMING (OUTGOING) RESOURCES 14