2023-12-31-accounts - Fountain Of Life Church London

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CHARITY REGISTERED NUMBER : 1088157

FOUNTAIN OF LIFE CHURCH, LONDON

ANNUAL REPORT AND

STATEMENT OF ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2023

Tove Accountancy Ltd Office 6, Town Hall 86 Watling Street East Towcester Northants NN12 6BS

FOUNTAIN OF LIFE CHURCH, LONDON

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Charity No.	1088157
Trustees	Pastor Taiwo Odukoya (deceased 7th August 2023)
	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

FOUNTAIN OF LIFE CHURCH, LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2023

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 Jimmy 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.

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.

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.
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:

Pastor Ugochi Agbasimelo, Trustee

07 February 2024

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOUNTAIN OF LIFE CHURCH, LONDON

I present my report to the trustees on my examination of the accounts of the above charity for the year ended 31st December 2023.

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:

accounting records were not kept in accordance with section 130 of the Act or
the accounts do not accord with the accounting records
the accounts did not comply with the applicable requirements concerning the form and content
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
of an independent examination.

Donna Rowan Gold

5th February 2024

Dated

Donna Rowan Gold For and on behalf of: Tove Accountancy Ltd

Office 6, Town Hall, 86 Watling Street East, Towcester, Northants, NN12 6BS

FOUNTAIN OF LIFE CHURCH, LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDING 31ST DECEMBER 2023

		2023	2023	2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
	Notes	£	£	£	£
INCOME
Donations and Legacies	3a	32,607	19,946	52,553	44,964
Charitable Activities	3b	0	0	0	0
Investments	3c	0	0	0	0
		32,607	19,946	52,553	44,964
Asset and investment sales
Loan repayments received		0	0	0	0
TOTAL INCOMING RESOURCES		32,607	19,946	52,553	44,964
EXPENDITURE
Raising Funds	4a	118	0	118	17
Charitable Activites	4b	34,092	30,000	64,092	80,219
Other	4c	(1,792)	1,792	0	0
		32,418	31,792	64,210	80,236
Asset and investment purchases
Loans made		0	0	0	0
TOTAL RESOURCES EXPENDED		32,418	31,792	64,210	80,236
Net Incoming Resources		189	(11,846 )	(11,657 )	(35,272 )
Total Funds Brought Forward		11,204	15,076	26,280	61,552
TOTAL FUNDS CARRIED FORWARD		11,393	3,230	14,623	26,280

The notes on pages 7 to 11 form part of these financial statements.

FOUNTAIN OF LIFE CHURCH, LONDON

BALANCE SHEET

AS AT 31ST DECEMBER 2023

		2023	2022
		£	£
ASSETS
Cash Funds:
Prepayments		-	-
Rent Deposit		9,962	9,962
Bank	7	5,674	16,418
Cash		95	-
		15,732	26,380
LIABILITIES		98	100
		15,634	26,280
Represented by:
General Fund		11,393	8,847
Restricted Funds		3,230	17,433
		14,623	26,280
Assets retained for the Charity's own use:
Equipment	6	17,714	17,714
LIABILITIES
Accountants Examination Fees outstanding		739	738
Cash		-	2
HMRC PAYE		98	98
Wages creditor		978	-
Nest Pension		33	-
		1,848	838

Trustees responsibilities in relation to financial statements

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

07 February 2024

and signed on their behalf by Pastor Ugochi Agbasimelo, Trustee

FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2023

1. BASIS OF PREPARATION

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

The Church is pausing its activities from 1st January 2024 until decisions are made about its future.

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.

FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2023

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 reasonable certainty.

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	2023	2023	2023	2022
	Unrestricted	Restricted	Total	Total
	Funds	Funds	Funds	Funds
	£	£	£	£
a) Donations and Legacies
Tithes & Offerings	26,073	19,946	46,019	37,586
Gift Aid reclaimed	6,534	0	6,534	7,378
Fountain of Life Church, Lagos - Support	0	0	0	0
	32,607	19,946	52,553	44,964
b) Charitable Activities
Sale of Goods	0	0	0	0
Sale of Tickets	0	0	0	0
	0	0	0	0
c) Investments
Bank Interest	0	0	0	0
	0	0	0	0

Total Income	32,607	19,946	52,553	44,964

FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS FOR YEAR ENDING 31ST DECEMBER 2023

	2023	2023	2023	2022
4. EXPENDITURE	Unrestricted	Restricted	Total	Total
	Funds	Funds	Funds	Funds
	£	£	£	£
a) Raising Funds
Cd's & Publications	0	0	0	0
Printing of brochure and fliers	118	0	118	17
	118	0	118	17
b) Charitable Activities
Donations	0	0	0	0
Honorarium	0	0	0	700
Musicians	14,390	0	14,390	15,550
Room Hire	0	0	0	0
Event Costs	0	0	0	731
Welfare & Hospitality	64	0	64	396
Wages	11,960	0	11,960	15,061
Pension	172	0	172	630
Office & Storage Rent	0	30,000	30,000	36,000
Rates	892	0	892	893
Cleaning	1,997	0	1,997	2,174
Travel expenses	0	0	0	888
Training and Seminars	0	0	0	129
Office Telephone, postage and stationery	957	0	957	1,091
Repairs and renewals	0	0	0	0
Equipment Costs	0	0	0	610
Software Costs	825	0	825	0
Insurance	344	0	344	0
Subscriptions	1,202	0	1,202	3,985
Advertising and Promotion	194	0	194	291
Legal and Professional fees	0	0	0	0
Payroll & Examiners fees	1,095	0	1,095	1,090
HMRC Interest	0	0	0	0
Bank Charges	0	0	0	0
Bank Interest	0	0	0	0
	34,092	30,000	64,092	80,219
c) Other
Sundry expenses	0	0	0	0
Other	(1,792)	1,792	0	0
	(1,792)	1,792	0	0

FOUNTAIN OF LIFE CHURCH, LONDON NOTES TO THE ACCOUNTS (continued) FOR YEAR ENDING 31ST DECEMBER 2023

2023 £ 763 332 1,095 Computer Musical Fixtures & EquipmentEquipment Fittings 3,880 12,815 1,019 - - -	2023 £ 763 332 1,095 Computer Musical Fixtures & EquipmentEquipment Fittings 3,880 12,815 1,019 - - -	2022 £ 738 352
		1,090
		Total Assets 17,714 - -
3,880	12,815 1,019	17,714

3,880	12,815 1,019	17,714
Balance 01/01/23 £ 15,076	31/12/23 £ 2,442 2 3,230 5,674 Income Expenditure £ £ 24,746 36,592	31/12/22 £ 1,285 56 15,076
		16,417
		Balance 31/12/23 £ 3,230
15,076	24,746 36,592	3,230

9. PAYMENTS TO TRUSTEES

Trustees received no remuneration. During the year there were no expenses reimbursed to Trustees (2022 £452.66).