CHARITY REGISTERED NUMBER : 1088157
FOUNTAIN OF LIFE CHURCH, LONDON
ANNUAL REPORT AND
STATEMENT OF ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2022
Tove Accountancy Ltd Office 6, Town Hall 86 Watling Street East Towcester Northants NN12 6BS
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FOUNTAIN OF LIFE CHURCH, LONDON
LEGAL AND ADMINISTRATIVE INFORMATION
Registered Charity No. 1088157 Trustees Pastor Taiwo Odukoya Pastor Alfred Ohiani Pastor Rotimi Okpaise Pastor Ugochi Agbasimelo Mr Abel Olagunju Mr Dotun Fasanya Pastor Akin Osinbajo The existing trustees appoint any new trustees following the provision laid out in the charity's governing instrument Correspondence Address Basement 234 Trafalgar Road London SE10 9ER Governing Instrument Association's Constitution adopted 13th February 2001 Charity Registration 22nd August 2001 Objects To advance religion in accordance with the tenets of the Pentecostal denomination in England and Wales, and to promote other charitable work of the denomination, in particular by holding services of worship, Bible classes and Sunday Schools.
Statement of Financial The attached statement of financial activities with accompanying notes Activities set out a true and fair view of the finances of the charity for the period. Primary Bankers Barclays Bank Independent Examiner Tove Accountancy Ltd Office 6, Town Hall 86 Watling Street East Towcester Northants NN12 6BS
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FOUNTAIN OF LIFE CHURCH, LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2022
Description of the Charity
Pentecostal Christian Church
Objects
To advance religion in accordance with the tenets of the Pentecostal denomination in England and Wales, and to promote other charitable work of the denomination, in particular by holding services of worship, Bible classes and Sunday Schools.
Areas of benefit
London and elsewhere
Report Structure, Governance and Management Senior Pastor Pastor Taiwo Odukoya Chairman, Missions Council Pastor Fred Ohiani Pastor - FOLC, London Pastor Ugochi Agbasimelo Pastor Charles Agbasimelo Ministers / Elders Pastor Abel Olagunju Pastor Femi Olatunji Mrs Gbemi Olagunju
We started our worship services in March 2010. There has been a small growth in congregation numbers and we still receive a measure of support (financial and otherwise) from our Head Quarters Church – The Fountain of Life Church, Ilupeju, Lagos, Nigeria.
Risk Management
The trustees have assessed the major risks to which the charity is exposed. They are satisfied that systems are being put in place to mitigate exposure to the major risks of the charity's continuing role within the church and community. We are members of CCPAS and get a lot of guidance from them for policies and systems.
Objectives and activities
We became a registered charity in 2001. We had our first programme in 2008 tagged London Showers, and started meeting occasionally for prayers. The church was inaugurated in March 2010. This was when we commenced regular activities/ worship services on Sundays and Thursdays.
Believing that God is perfect and all powerful, The Fountain of Life Church exists to teach men and women the art of building successful relationships and the principles of leadership so they can be all they are created to be. To this end, we continue to offer spiritual support and counsel to our members and the community.
We work closely with the Churches Child Protection Advisory Service to ensure that all volunteers working with the Sunday School have Criminal Record Bureau Checks.
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FOUNTAIN OF LIFE CHURCH, LONDON REPORT OF THE TRUSTEES - CONTINUED
The trustees are aware of the requirements of the Charities Act 2011 regarding the reporting of the public benefit of the charity. The trustees recognise that, for the accounting year ending 31 December 2022, the trustees report is required to include such a report. In setting the charity’s objectives and planning activities, the trustees and management have given consideration to the Charity Commission’s general guidance on public benefit and believe that the charity meets the public benefit requirement.
Grant Making Policy
The church is willing to help those in need and will assess each case individually.
Achievements and Performance
Since September 2021, we have met in person once a week on Sundays and online on Thursdays for Bible Study and Prayer meetings.
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Through our website and social media platforms, we have been able to reach members of the public with portions of scripture to strengthen their faith and give them hope.
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We send weekly texts to our members and those within the community who have given us their details and indicated interest in hearing from us.
Financial Review
Since the start of Worship services in January 2021 both online and on-site, our income has been tolerable, costs have been closely monitored so as not to exceed income. These will continue to be monitored closely and the giving of voluntary services will be encouraged.
Reserves & Investment Policy
When we are financially buoyant, we will develop a robust policy to guide our use and management of reserves.
Plans for the Future
To continue to disciple the church members, to build up their faith and encourage all members of the church to serve the wider community. To continue with the Sunday and Thursday worship and prayer services.
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the Trustees:
SIGNED
Date:
25 October, 2023
Pastor Ugochi Agbasimelo, Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOUNTAIN OF LIFE CHURCH, LONDON
I report to the trustees on my examination of the accounts of the above charity for the year ended 31/12/2022
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”)
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
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the accounts did not comply with the applicable requirements concerning the form and content
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of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part
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of an independent examination.
Donna Rowan Gold 12th October 2023 Dated Donna Rowan Gold For and on behalf of: Tove Accountancy Ltd Office 6, Town Hall, 86 Watling Street East, Towcester, Northants, NN12 6BS
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FOUNTAIN OF LIFE CHURCH, LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDING 31ST DECEMBER 2022
| Notes INCOME Donations and Legacies 3a Charitable Activities 3b Investments 3c Asset and investment sales Loan repayments received TOTAL INCOMING RESOURCES EXPENDITURE Raising Funds 4a Charitable Activites 4b Other 4c Asset and investment purchases Loans made TOTAL RESOURCES EXPENDED Net Incoming Resources Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
2022 2022 2022 2021 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 41,039 3,925 44,964 61,185 0 0 0 0 0 0 0 0 41,039 3,925 44,964 61,185 0 0 0 0 41,039 3,925 44,964 61,185 17 0 17 317 43,325 36,893 80,219 75,865 0 0 0 0 43,343 36,893 80,236 76,182 0 0 0 0 43,343 36,893 80,236 76,182 (2,304 ) (32,968 ) (35,272 ) (14,997 ) 11,151 50,401 61,552 76,549 8,847 17,433 26,280 61,552 |
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The notes on pages 7 to 11 form part of these financial statements.
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FOUNTAIN OF LIFE CHURCH, LONDON
BALANCE SHEET
AS AT 31ST DECEMBER 2022
| ASSETS Cash Funds: Prepayments Rent Deposit Bank 7 Cash LIABILITIES Represented by: General Fund Restricted Funds Assets retained for the Charity's own use: Equipment 6 LIABILITIES Accountants Examination Fees outstanding Cash HMRC PAYE Nest Pension Trustees responsibilities in relation to financial statements |
2022 £ - 9,962 16,418 - 26,381 100 26,280 8,847 17,433 26,280 17,714 738 2 98 - 838 |
2021 £ - 9,962 51,583 6 61,551 - 61,551 24,666 36,885 61,551 17,714 738 - 134 - 872 |
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Charity Law requires the Trustees to prepare financial statements for each financial year which comply with the regulations set out in the Charities Act 2011.
Approved by the Trustees on
25 October, 2023
and signed on their behalf by Pastor Ugochi Agbasimelo, Trustee
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FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2022
1. BASIS OF PREPERATION
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
These accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
1.2 Going concern
There are no material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern.
1.3 Change of accounting policy
The accounts present a true and fair view and no changes have been made to the accounting policies adopted.
1.4 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period (3.46 FRS102 SORP).
1.5 Material prior year errors
No material prior year errors have been identified in the reporting period (3.47 FRS102 SORP).
2. ACCOUNTING POLICIES
2.1 Income
Recognition of income
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ it is more likely than not that the trustees will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS102 SORP or FRS102.
Grants and donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Income from interest
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
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FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2022
2.2 Expenditure and liabilities Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with
Grants with performance conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants payable without performance conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Redundancy cost
The charity made no redundancy payments during the reporting period.
Deferred Income
No material item of deferred income has been included in the accounts.
3. INCOME
| 3. INCOME a) Donations and Legacies Tithes & Offerings Gift Aid reclaimed Fountain of Life Church, Lagos - Support b) Charitable Activities Sale of Goods Sale of Tickets c) Investments Bank Interest Total Income |
2022 2022 2022 2021 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 33,660 3,925 37,585 74,295 7,378 0 7,378 12,027 0 0 0 0 41,039 3,925 44,964 86,322 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41,039 3,925 44,964 86,322 |
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FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2022
| 4. EXPENDITURE a) Raising Funds Cd's & Publications Printing of brochure and fliers b) Charitable Activities Donations Honorarium Musicians Room Hire Event Costs Welfare & Hospitality Wages Pension Office & Storage Rent Rates Cleaning Travel expenses Training and Seminars Office Telephone, postage and stationery Repairs and renewals Equipment Costs Software Costs Insurance Subscriptions Advertising and Promotion Legal and Professional fees Payroll & Examiners fees HMRC Interest Bank Charges Bank Interest c) Other Sundry expenses Other |
2022 2022 2022 2021 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 0 0 0 275 17 0 17 42 17 0 17 317 0 0 0 5,279 700 0 700 350 15,550 0 15,550 6,600 0 0 0 0 731 0 731 0 396 0 396 1,501 15,061 0 15,061 15,773 630 0 630 684 0 36,000 36,000 25,542 0 893 893 311 2,174 0 2,174 636 888 0 888 100 129 0 129 0 1,091 0 1,091 1,122 0 0 0 4,129 610 0 610 9,026 0 0 0 196 0 0 0 331 3,985 0 3,985 508 291 0 291 2,429 0 0 0 129 1,090 0 1,090 977 0 0 0 0 0 0 0 242 0 0 0 0 43,325 36,893 80,219 75,865 0 0 0 0 0 0 0 0 0 0 0 0 |
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FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS (continued) FOR YEAR ENDING 31ST DECEMBER 2022
5. DETAILS OF CERTAIN ITEMS OF EXPENDITURE
5.1 Fees for examination of the accounts
| 5.1 Fees for examination of the accounts Independent examiner’s fees Other fees paid to the independent examiner 6. FIXED ASSETS Cost as at 01/01/22 Additions Disposals Cost as at 31/12/22 Current Value 7. CASH AT BANK Current Account Savings Account Building Fund Account 8. RESTRICTED FUNDS Building Fund Total |
Computer Equipment 3,880 - 3,880 3,880 Balance 01/01/22 £ 50,401 50,401 |
2022 2021 £ £ 738 728 352 249 1,090 977 Musical Fixtures & Total Equipment Fittings Assets 12,815 1,019 17,714 - - - - 12,815 1,019 17,714 12,815 1,019 17,714 31/12/22 31/12/21 £ £ 1,285 1,126 56 56 15,076 50,401 16,417 51,583 Balance Income Expenditure 31/12/22 £ £ £ 3,925 39,250 15,076 3,925 39,250 15,076 |
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9. PAYMENTS TO TRUSTEES
Trustees received no remuneration. During the year expenses totalled £452.66. One Trustee was reimbursed travel £275 and sundry expenses £178 (2021 - nil)
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