2024-10-31-accounts - Word Fountain Christian Ministries Limited

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Trustees' Report for Word Fountain Christian Ministries For the Year 01/11/2023 to 31/10/2024

Introduction

The Trustees of Word Fountain Christian Ministries (WFCM) present their report and financial statements for the year ending 31st October 2024. This report provides an overview of the ministry’s activities, achievements, financial health, and future plans, in alignment with our mission to serve the community through faith-based initiatives.

Objectives and Activities

Word Fountain Christian Ministries is committed to spreading the Gospel of Jesus Christ and serving the spiritual and practical needs of individuals and families. Our objectives include:

Promoting Christian faith through worship services, discipleship programs, and outreach activities.
Providing pastoral care, counselling, and support for individuals and families.
Engaging in charitable activities, including food distribution, community welfare projects, and educational initiatives.
Supporting youth development programs to nurture the next generation in faith and leadership.

Achievements and Performance

During the financial year, the ministry undertook various programs to fulfill its mission:

Worship and Discipleship

Held regular Sunday services and mid-week Bible study sessions, with an increase in attendance and online engagement at our three assemblies in Swindon, North Oxford and Cowley.
Conducted prayer retreats, fasting programs, and discipleship training sessions to deepen spiritual growth.

Community Outreach and Social Impact

Organised food distribution initiatives benefiting over 500 individuals in need.
Engaged with local and national organisations like Oxford food hub and His Church to provide assistance to the homeless and vulnerable groups.
Facilitated month long teaching and empowerment in the areas of family, finance and fitness in addition to offering guidance and support program to struggling individuals and families.

Youth and Children’s Ministry

Expanded the youth fellowship, with mentoring and skill-building sessions.
Hosted spring and summer youth events and educational workshops to empower young people spiritually and academically through its Family Arena Community Link Project.
Delivered holiday activities in spring and summer for over 120 children and youths and serves as a member of East Oxford Youth Partnership and Oxfordshire Youth Organisation.
Worked with Aylesbury Youth Club, London Metropolitan Forum and other ministries to provide mentorship to youths.

Missions and Evangelism

Conducted local and international mission trips to spread the Gospel and support underprivileged communities.
Supports national organisations such as Care for the Family and International Ministers Fellowship to reach families and nations beyond our reach.

Financial Review

The ministry maintained financial stability during the year, supported by tithes, offerings, and donations. Key financial highlights include:

Total Income: £94,198
Total Expenditure: £82,550
Reserves at Year-End: £12,368

Funds were allocated efficiently to ministry programs, community outreach, and operational costs.

Reserves Policy

The Trustees have agreed that it is prudent to maintain reserves at a level sufficient to cover at least six months of operational costs to ensure the ministry can continue its activities in the event of unforeseen circumstances. The reserves are reviewed annually to reflect the changing needs and commitments of the ministry. Surplus funds are designated for future projects, community outreach, and infrastructure improvements.

Structure, Governance, and Management

WFCM operates under a Board of Trustees responsible for strategic oversight, governance, and compliance with charitable regulations. The Board meets regularly to ensure effective management of resources and alignment with the ministry’s mission.

Changes to the Board of Trustees

During the year, the following changes occurred within the Board of Trustees:

Resignations: Mrs Ronke Hastrup-Adekoya and Mr Ademola Adekoya stepped down from their roles due to end of tenure.
Appointments: Professor John Durodola and Dr (Mrs) Catherine Rae Ross were welcomed onto the Board to bring fresh insight and leadership to the ministry effective 27th April 2024.

Plans for the Future

Looking ahead, Word Fountain Christian Ministries aims to:

Expand outreach programs to reach more individuals in need.
Develop new digital evangelism strategies to enhance online ministry presence.
Strengthen partnerships with local, national and international organisations for greater community impact.
Enhance youth programs and leadership training to equip future Christian leaders.

Conclusion

The Trustees express gratitude to our members, donors, volunteers, and partners for their unwavering support. With faith and commitment, we continue to work towards fulfilling our mission of sharing the love of Christ and serving our community effectively.

Signed on behalf of the Board of Trustees:

modupeadefala

PASTOR MODUPE ADEFALA

Chair of Trustees Date: 01 May 2025

Charity registration No. 1102347

WORD FOUNTAIN CHRISTIAN MINISTRIES

Report and Accounts

31 October 2024

WORD FOUNTAIN CHRISTIAN MINISTRIES Report and accounts Contents

	Page
Administrative information	1
Statement of Financial Activities	2
Balance sheet	3
Notes to the Financial Statements	4 - 6
(inclusive of detailed Income & Expenditure)

WORD FOUNTAIN CHRISTIAN MINISTRIES Charity Information

Trustees

PASTOR DUPE ADEFALA MRS MARY ADEPEGBA MR OLABODE ADEFALA PROFESSOR JOHN DURODOLA DR (MRS) CATHERINE RAE ROSS

Accountants

DELANI AWE & CO. CHARTERED CERTIFIED ACCOIUNTANTS 14 BRIGHT ROAD CHATHAM KENT

Bankers

LLOYDS

Registered office

73 HOLLOW WAY COWLEY OXFORD OX4 2ND

Registered Charity number

1102347

WORD FOUNTAIN CHRISTIAN MINISTRIES Profit and Loss Account for the year ended 31 October 2024

Notes Income (Tithes, Offering & donations) Cost of sales Gross profit Administrative expenses Operating profit 2 Interest receivable Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit for the financial year	2024 2023 £ £ 94,198 89,488 (6,350) (4,766) 87,848 84,722 76,200 74612 11,648 10,110 11,648 10,110 720 225 12,368 10,335 - 12,368 10,335

WORD FOUNTAIN CHRISTIAN MINISTRIES

Statement of Financial Activities for the year ended 31 October 2024

Notes Income Resources Tithes, offerings and thanksgiving 6.1 Building Fund Grants & donations Others Bank interest Total Income Resources Resources Expended Support costs of activities in furtherance of the charity's objects 6.2 Management & Administration of Charity 6.3 Total Income Expended Net incoming/(outgoing) resources Net Movements in Funds Fund balances b/fwd Funds balances c/fwd	Notes	Unrestricted £ 64,007 6,979 23,212 720 94,918 25,494 57,056 82,550 12,368 12,368 75,628 87,996	Restricted £ 0 - - - - - - 92,755 92,755	2024 Total Fund £ 64,007 - 6,979 23,212 720	2023 Total Fund £ 62,221 773 10,435 16,059 225
				94,918	89,713
				25,494 57,056 82,550 12,368 12,368 168,383 180,751	28,007 51,371
					79,378
					10,335
					10,335 158,048
					168,383

WORD FOUNTAIN CHRISTIAN MINISTRIES Balance Sheet as at 31 October 2024

Notes £ Tangible fixed assets Current assets Debtors 898 Cash at bank and in hand 174,298 175,196 Creditors: amounts falling due within one year 5 400 Net current assets Total assets less current liabilities Net assets Unrestricted Funds Restricted Funds 5 Unrestricted Funds 5 Restricted and Unrestricted Funds c/fwd. modupeadefala Pastor Modupe Adefala Chairman Board of Trustees	£ 898 174,298	2024 2023 £ £ £ 5,955 8,926 5,955 8,926 898 158,959 159,857 400 174,796 159,457 180,751 168,383 180,751 168,383 92,755 92,755 87,996 75,628 180,751 168,383 - maryadepegba Mary Adepegba Trustee Date 1 May 2025
	175,196 400

WORD FOUNTAIN CHRISTIAN MINISTRIES Notes to the Accounts for the year ended 31 October 2024

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Incoming Resources

Income is mainly from Tithes, offering & building pledges and bank interest received are included in the financial statements when received.

Resources Expended

All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category.

Taxation

As a charity, the charitable funds are exempt from corporation tax but not from VAT. Irrecoverable VAT is, in accordance with standard accounting practice, included in the cost of those items to which it relates.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets on the redusing balance of each asset.

Land & building 2% Plant and machinery 10% Furniture & fittings 20% Musical equipment 20% 2 Net funds for the year This is stated after charging: Depreciation of owned fixed assets	£ £ 2,971 3,071

3 Tangible fixed assets

Cost At 1 November 2023 Additions At 31 October 2024 Depreciation At 1 November 2023 Charge for the year At 31 October 2024 Net book value At 31 October 2024	Computers & equipment £ 1,192 0 1,192 1,102 50 1,152 40	Musical equipments £ 26,783 - 26,783 22,757 989 23,746 3,037	Furniture & fittings Total £ £ 19,325 47,300 - - 19,325 47,300 14,515 38,374 1,932 2,971 16,447 41,345 2,878 5,955

WORD FOUNTAIN CHRISTIAN MINISTRIES Notes to the Accounts for the year ended 31 October 2024

At 31 October 2023 90 4 Debtors Trade debtors Other debtors 5 Creditors: amounts falling due within one year Other creditors 6 Funds Unrestricted £ At 1 November 2023 75,628 Net Movements in Funds 12,368 At 31 October 2024 87,996	4,026 Restricted £ 92,755 - 92,755	4,810 8,926 £ £ 515 515 383 383 898 898 £ £ 400 400 400 400 2024 2023 £ £ 168,383 158,048 12,368 10,335 180,751 168,383

WORD FOUNTAIN CHRISTIAN MINISTRIES

Notes to the accounts (continued)

6 Detailed Income and Expenditure Account for the year ended 31 October 2024

6.1 INCOMING RESOURCES Tithes, offering and thanksgiving Building Gift Aid Other Income Bank interest received Total Incoming Resources OUTGOING RESOURCES 6.2 Support costs of activities in furtherance of the Charity's objects: Honorarium Donations & Welfare Purchases Children, youth Harvest, Events Printing, postage & stationery Other direct costs Charity & donations Evangelical/outreach materials Books, DVD etc Members' welfare and training 6.3 Management and Administration of Charity: Rent of Church hall Bank charges Subscription & Dues Training & seminar Insurance Light & heat Hall hire Repairs & maintenance Advertising & publicity Sundry expenses Accountancy fees Depreciation charge	2024 2023 Unrestricted Restricted Total fund Total fund £ £ £ £ 64,007 64,007 62,221 - 773 6,979 6,979 10,435 23,212 23,212 16,059 720 720 225
	94,918 - 94,918 89,713
	- - - - - 6,350 6,350 4,766 2,357 2,357 7,574 7,396 7,396 5,706 701 701 2,032 - - - 3,018 3,018 1,565 5,672 5,672 4,732 - - - - - 1,632
	25,494 - 25,494 28,007
	41,072 41,072 40,296 550 550 60 169 169 1,326 - 0 - 486 486 468 4,224 4,224 2,555 1,326 1,326 - 1,136 1,136 922 1,217 1,217 - 3,405 3,405 2,273 500 500 400 2,971 2,971 3,071
	57,056 - 57,056 51,371

awe DELANI AWE & CO

Chartered Certified Accountants

14 Bright Road, Chatham, Kent, ME4 5HH, Tel/Mob.07588758492 Email;adelani@delaniawe.com Independent Examiner’s report to the trustees of Word Fountain Christian Ministries

I report on the accounts of the Trust for the year ended 31 October 2024, which are set out on pages 6 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
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 presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the 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.

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:

to keep accounting records in accordance with section 130 of the Charities Act;
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 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.

adelaniawe 01/05/2025

Adelani Awe (FCCA, Msc) For and on behalf of Delani Awe & Co

ACCA Delani Awe & co is regulated for a range of accountancy services by the Association of Chartered Certified Accountants Mr. Adelani O.Awe ACCA, Msc (Accounting) 4