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2020-08-31-accounts

NA FOUNTAIN OF PEACE ‘N A MINISTRIES

Fountain of Peace Ministries

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Annual Report and Financial Statements

31 August 2020

A registered Charity; Charity Number 1108499 (England and Wales)

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Contents

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Reports
Reference andAdministrative Details 1
Trustees’ Report incorporating Strategic
. Report 2-6
Independent Examiners’ Report 7-8
Financial Statements
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Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Principal accounting policies 12-13
Notestothefinancialstatements 14-17

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Reference and adrainistrative information

Trustees Taiwo Olugbode (Chair)
FolashadeAjiboye
—— Abiodun Atanda
Folabomi Lambo
As at date offinancial Kwabena Bremang
mS, PE Th statements approval MarkAmadi
Church Pastor MarkAmadi
4 Registered office Fountain ofPeace Ministries
3 Staffa Road
“
Leyton
London. E10 7PY
Charity number 1108499 (England and Wales)
Bankers HSBC Bank
190 Deptford High Street
London
SE84RQA

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Trustees’ report 31 August 2020

Trustees

wT he re followingshown. trustees are Currently in office and served throughout the year, except

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Trustee Changes in the year
oo Appointed Resigned
Taiwo ppointed Resigned
Olugbode 8" July 2020
Folashade Ajiboye
(Chair)
Abiodun Atanda
Folabomi Lambo
Kwabena Bremang
Mark Amadi
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No trustee received any remuneration in respect of their duties as a trustee from the Church during the year (2019 — none).

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trustees’ report 31 August 2020

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACITIVITES

The pipet of FOP are: ) eredeee en religion for the public benefit in holding of prayer rr eee | of our Lord Jesus Christ, through the literature and tract = Ings, lectures, evangelism, distributing of oR ard . S, broadcasting, education, community social nd ppropriate. such charitable means as the trustees consider

Activities and Achievements in the period The charity ministers and renders services to the needs of various social and cultural groups within and outside the church. FOP holds it services and most of its social supports works at a leased premise at 3 Staffa Road, Leyton, London, E10 7PY.

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  1. FOP provides forum for empowerment and development for members to be equipped educationally, socially and spiritually Fountain of Peace Ministries

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trustees’ report 31 August 2020

through its centre of excellence. FOP offers various counselling and Prayer sessions to the needy, unemployed and educational and makes referral whenever the need arises.

  1. Fountain of Peace Ministries has continued to introduce programs geared towards the development of the whole man and the community,

  2. FOP is able to reach members of the community using different methods of empowerment, such as leafleting (Gun and Knife crime flyers, Crime Prevention) programmes (Leadership, Team- Playing and Career Development Programmes) Concerts and events (such as “Atmosphere for Empowerment” “ Kingdom Joy Conference”, AlphaFest” etc.). During the year in review, the ministry was also able to carry out empowerment programmes using the different leadership lectures covering issues that are core to the development and advancement of members and the community at large

  3. During the year under review, legal/immigrations lectures in conjunction with solicitors from the community were organised, which contributed immensely to people understanding the Law and the environs

We are happy to say these programmes have been 100% successful. These have created positive impact in social, spiritual, economic, career and character development to break the stronghold of poverty and unemployment amongst members and the public.

Achievement:

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y pustees" report 31 August 2020

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The Fountain Day Centre has since j : influence in Hackney as Since its existence created positive I. and Waltham Forest Borough The centre offers social services such as reh bilitati i emotional, counselling services, vocational si ria social and developmental legal, nurse services and life eka ucational, programmes. support Il. | The Centre provides co : Ill. services and Showeraeeame lunch, Laundry | The Centre also serve as a sign post for other cri i such as the Waltham Forest D 2eg lt oa Palit, afc: rug and Alcohol Team, Turning Review of financial position Please refer to the annexed accounts for det7i ie Sei i Statements for the year ended 31% August 2020.

Statement of Trustees’ Responsibilities

Thestatementstrustees:in accordanceare responsiblewith: forapplicablepreparinlawg theandtrustees’United, Kingdomreport andAccountingfinanciali Standards (United Kingdom Generally Accepted Accounting Practice).

The Charities Act requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are requested to:

e Select suitable accounting policies and then apply them consistently; e Make judgements and estimates that are reasonable and prudent; e State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them’ to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hencees taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees’ report, incorporating a strategic report, = gace order of the board of Trustees on 30" June 2021 and signed on the board's benalt DySU Folashade Ajiboye Trustee APAVE

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qostees report 31 August 2020

The Purpose of the System of Internal Control

Thea of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of intemal control is based on an on-going process designed to identify and prioritise the risks to the achievement of charity's policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Fountain of Peace Ministries for the year ended 31 August 2020 and up to the date of approval of the annual report and financial statements.

Capacity to Handle Risk

The Trustees has reviewed the key risks to which the charity is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The trustees is of the view that there is a formal on-going process for identifying, evaluating and managing the charity's significant risks that has been in place for the year ending 31 August 2019 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the board of trustees.

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trustees’ report 31 August 2020

The Purpose of the System of Internal Control he syste i : ‘ _ ‘s elma rnal control is designed to manage risk; to a reasonable level rather Hereieah a risk of failure to achieve policies, aims and objectives: it can evstom oF “ Me e reasonable and not absolute assurance of effectiveness. The y " =. €rnal control is based On an on-going process designed to identify and in — = risks to the achievement of charity's policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Fountain of Peace Ministries for the year ended 31statements.August 2020 and up to the date of approval of the annual report and financial

Capacity to Handle Risk

The Trustees has reviewed the key risks to which the charity is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The trustees is of the view that there is a formal on-going process for identifying, evaluating and managing the charity's significant risks that has been in place for the year ending 31 August 2019 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the board of trustees.

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INDEPENDENT EXAMINER'S REPORT FOR THE YEAR EMDED 31 AUGUST 2029 ——————

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOUNTAIN OF PEACE MINISTRIES

I report on the financial statements of the dhurch for the year ended 31

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The church's Trustees are responsible for the preparation of the fnandal statements, and they consider that an audit is not required for this year under section 144{2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

© examine the financial statements under section 145 of the 2011 Act

section 145(5)(b) of the 2011 Act; and

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 church and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees conceming 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 financial statements present a ‘true and

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gustees’ report 31 August 2020

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 prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met: or

(2) to which, in my opinion, attention should be drawn in order to enhance a proper understanding of the financial statements.

Signed: Dated: 24 June 2021.

Festus Ededjo rcca, rca,

DMO Consultancy & Accounting Services

Unit 2 Riverside House

36 Preston Street

Faversham, Kent.

ME13 8PE

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statement of financial activities Year endeg 31 August 2020

————
S
rooming resourcesfrom
generatedfunds
Voluntaryincome
7
otherGovernmentGrants
‘investmentincome
‘coming resources from
charitableactivities		 —
2
3
4		 Unrestricted
funds
£'000
ia
.
53,822
-		 Restricted
general
funds
aES
24,449
«
=		 Restricted
fixed
assets
ES
-
is
Fs		 Total
funds
2020
Seae
24,449
53,822		 Total
—funds
2019
ae
84.992
34,834
34
TitheandOffering
Activities forGenerating Funds
Totalincomingresources		 5
5a		 148,908
85,807
988537or
288,537		 -
orS88
24,449		 -
148,908
85,807
S88807———
-
_312,986		 189,936
———
309,796
Resourcesexpended
Cost
of
generating
voluntary
income
bees
Charitable activities
Charity's operations
Governancecosts
Totalresourcesexpended		 6
7
8		 181,089
1,250
182,339		 -
-
-		 -
-
-		 181,089
1,250
182,339		 214.723
1,204
215.927
Net incoming
resources
beforeBattersandother
recognisedgains and losses		 106,198 24,449 - 130,647 93,869
Transfers
Gross transfersbetweenfunds (40,000) 40,000 - - -
Otherrecognisedgainsand
losses
jhesatied gain on endowment
nd
Actuarial(loss)gainondefined
benefitpensionscheme
Netmovementinfunds		 “
-
66,198		 -
.
64,449		 :
.
—
~		 =
.
130,647		 -
:
93,869		 ;
Fundbalancesbrought
forward
.
at September2049		 25,559 100,814 - 126,373 32,504
Fundbalances
carri
Carried
forwardat31 August2020		 a
165,263
-
iscsi		 ne
20
257,0		 ee
126,373
:
A eee

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satane sheet 31 August 2020

Charity. Number 1408499

SS
Fixed assets		 ecac
20¢2¢2@2COC*C- =		 ecac
20¢2¢2@2COC*C- =		 ecac
20¢2¢2@2COC*C- =		 ecac
20¢2¢2@2COC*C- =		 2019
Tangible assets 40
Investments ° s
es
Currentassets : —s!
Debtors
Cash atbank and in hand
paints
Current liabilities		 .
25
oe
257,020		 .
126,373
aa
126,373
Creditors: amounts fallingdue
within one year .
Netcurrentassets a —— 257,020 pee all 126,373
Netassets excluding pension
liability
Pension scheme asset/(liability)		 257,020 126,373
Netassets including pension ———= fey
———
Represented by:
Funds and reserves
Endowment funds
Restricted funds
. Fixed assets a .
. General ; 165,264 100,814
Unrestricted funds 165,264 100,814
. General fund 91,756
91,756		 25,559
25,559
TotalReserves 257,020 126,373

The financial statements on pages 10 to 17 were approved by the Trustees and signed on their behalf by:

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Folashade Ajiboye 26% Q
Trustee
Approved on:
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30" June 2020

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Fountain of Peace Ministries

cosh flow statement 31 August 2020

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||||||| |---|---|---|---|---|---| |2020| |Cash|inflow from|operating|activities|Notes|2019| |ee| |Net cash|inflow from|operating|activities| |9__ 130,647|93,835| |Returns on investments and servicing of finance|—| |Interest received|4|a| |—————_ —__4| |Capital|expenditure,|and|financial|investment| |Capital expenditure| |Financial|investment|of endowment|monies|s|*| |Increase/(decrease)|in|cash| |S10,647|93,869| |2020|2019| |i|Sagi|tha|in|£7000|£000| |Reconciliation|of net cash|flow to|movement|in|net funds| |Increase/(decrease)|in|cash|130,647|93,869| |Net funds|at|1|September 2019|126,373|32,504|

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ncial Statements unting[P®] licies and Notes to the Fina 31 August 2020

4 Accounting policies

Basis of accounting theand[financial] in accordanceial[S] statements with thehaverequirementsbeen preparedof theunderwaythe histori Cost convention accounting standards and SORP 2005 have been ae |in2006.theseApplicablefinancial statements.

incoming resources

Grants receivable Grants are included in the statement of financial activitiies on an accruals basis.‘ The balancece of income receiveded forfor specifispecific purposes but not matched to rel anes expenditure during the period is shown in the restricted income fund on the b ~~ sheet. For grants provided to fund fixed assets, this includes the net bookok value of assets acquired.

Gifts in kind Gifts in kind provided to the Church are recognised in the statement of financial activities at their value to the Church, as determined by the trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.

Interest receivable Interest receivable is included within the statement of financial activities on an accruals basis.

Resources expended and the basis of apportioning costs Resources expended are recognised in the period in which they are incurred and include irrecoverable VAT. They have been classified under headings that aggregate all costs relating to that activity.

Allocation of costs

In accordance with the SORP 2005, expenditure has been analysed between the Church's charitable activities and governance. Items of expenditure which involve more than one cost category have been apportioned on a reasonable, justifiable and consistent basis for the cost category concerned.

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Govemance costs

Governance costs include the costs attributable to the Church's nie constitutional and statutory requirements, including audit, strategic management an trustee’s meetings and reimbursed expenses.

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princlPal accounting policies and Notes to the Financial Statement$ 31 August 2020

Tangible fixed assets All assets costing more than £1,000 and with an year are capitalised. xpected useful life €xceeding one Depreciation is charged on a straight-line basis beginning ; asset is' brought into. use at the following annual onale ning in the year in' which the ¢ Furniture and fittings 20% p.a ¢ ICT Equipment 33% p.a. 4 Buildings 4% p.a.

Where fixed assets have been acquired with the aid ; included in the balance sheet at cost and are depreciated overOf specific ticeronpertgr bindHe economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Fund accounting

The unrestricted general fund represents those monies which are freely available for application towards achieving any charitable purpose that falls within the Church's charitable objects.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

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Fountain of Peace Ministries

incipo! cies and Notes P accounting poli to the Financial Statements 37 August 2020

2, Voluntary Income

_ ;
Unrestricted
funds
£000		 2020
2019
Restricted
Total
Total
funds
funds
funds
£000
£000
£000
ions
Donatio
=
.		 24,449
24,449
84,992
24,449
24,449
84,992
3. OtherGovernmentGrants
i
i		 cg 2020
2019
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
ee
HMRC-GiftAid
HMRC-JRS
a
ee		 46,910
46,910
34,834
6,912
—69120
53,822
-
53,822
34,834
34,834

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princoa[Pp] _ounting policies and Notes to the Financial Statements 31 August 2020

4. Investment Income

4. Investment Income
;
Unrestricted
funds		 Restricted
funds		 2020
Total
funds		 2019
Total
funds
interestreceived 44
Ts
5, Titheand Offering
en Unrestricted
funds
ee.ae		 Restricted
funds
aeOL		 2020
Total
funds
OL		 2019
Total
funds
Titheand Offering 148 908 - 148,908 189,936
148 908
-
se I		 148,908 189,936
TS

5a Activities for Generating Funds

2020 2019
Unrestricted
funds		 Restricted
funds		 Total
funds		 Total
funds
Lettingsincome 85,807 - 85807
85,807 - 85,807 sd

6. Charitable activities — Church’s operations

2020__—-2019 __—-2019
Direct costs
Audiovisual& ITexpenses 1,482 1,828
General administration as 4,602
Insurance “es mynd
Leadershiptraininganddevelopment 925 1,180
Legalfees
Missionaryactivities
Power and light
Printing&communications
Programm
aehaan		 —
=a
nuay
2788
'
107,764		 ie
i0.542
4.910
9939
121,147
Repair&maintenance
Salaries&wages
Tr
i		 172
k500
+04
,		 5,324
32.500
9471
Welfare al =
ocial
andCommunity Integration		 2,138
6,600
481,089
214,723
__281,089ee

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princlPglacounting policies and Notes to the Financial Statements

31 August 2020

7. Governance costs

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|||||||| |---|---|---|---|---|---|---| |seLegal and professional|fees|ee|—2020|—__2019| |Auditors’|remuneration| |.|Independent|examination|of financial|statements| |eea.1,250|700| |g.|Resources|Expended| |Staff Costs|Non pay expenditure|Total| |Premises|Other costs|2020| |Church's|operations| |Cost|of generating|voluntary income|.| |Direct costs|28,500|124,804|27,785|181,089| |___ 28,500|__124,804|27,785|181,089| |Governance|costs|including|allocated|support|1.250%|4.250’| |costs| |28,500|124,804|29,035|182,339|

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  1. Reconciliation of consolidated operating (deficit)/surplus to net cash inflow from operating activities

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||||| |---|---|---|---| |2020|2019| |se| |(Deficit)/surplus on continuing operations after depreciation of assets|130,647|93,869| |at|valuation|.|7| |Depreciation| |.|(34)| |Interest|receivable|(note|4)| |(Increase)/decrease|in|debtors| |(Decrease)/increase|in|creditors|> ea| |Net cash inflow from operating|activities|__ 130,647 __93,835|

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Fountain of Peace Ministries

‘ncipal accounting policies and Notes to the Financ princip

ial Statements 31 August 2020

10. Tangible fixed assets

Computer
equipment Furniture
-
Buildings		 &
software		 fittings &
equipment		 Total
Cost
At1September 2019
Additions		 - 8 am =
.
Transfers 7 . . .
Disposals “ Fi =
At31 August2020 - ps 54 387 54,387
Depreciation
At 1 September 2019 = 5 54,387 54,387
Charge for period . - - “
Disposals z 3 = -
At31 August2020 - - 54,387 54,387
Netbook values
At 31 August 2020 < SREeet eet
At31August2019 - s z :

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Fountain of Peace Ministries