OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-08-31-accounts

Annual Report and Financial Statements 31 August 2022

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

Contents

Reports

Reports
Reference and Administrative
Details 3
Trustees' Report incorporating
Strategic Report 4
Independent Examiners' Report 9
Financial Statements
Statement of Financial Activities 10
Balance Sheet 11
Notes to Financial Statements 12

2

Reference and administrative information

Trustees

As at date of financial statements approval

Folashade Ajiboye (Chair) Yemi Atanda Mark Amadi

Church Pastor

Mark Amadi

Registered office Fountain of Peace Ministries

3 Staffa Road, London, E10 7PY

Charity number 1108499 (England and Wales)

Bankers: HSBC Bank

190 Deptford High Street, London SE8 4RQA

3

Trustees’ report 31 August 2022

Trustees

The following trustees are currently in office and served throughout the year, except where shown.

Changes in the year

Trustee

Resigned: Kolawole Lambo

Mark Amadi is the only trustee that received any remuneration in respect of their duties as a full-time pastor and head of the church from the Church during the year (2021 – 2022). He is the Church Pastor.

4

Trustees’ report 31 August 2022

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACITIVITES

The objectives of FOP are:

Among these ministries are the:

See our Website: www.fountainofpeace.org for more details

5

Trustees’ report 31 August 2022

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. 

  1. FOP provides forum for empowerment and development for members to be equipped educationally, socially and spiritually through its centre of excellence.

  2. 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

  4. 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.

  5. Spiritual & evangelical Achievement

  6. a. Fountain of Peace under the year in review has produced and is still producing great ministers of God who are impacting the community in social works

  7. b. FOP has one of the highest levels of innovation and translational prophecy substratum within the Christendom

  8. c. FOP witnessed a high level of converting spirituality into strategic entrepreneurial development thereby empowering all to live a fulfilled life as stated by God

  9. d. FOP serves as satellite Prayer line station of United Christian Broadcasting (UCB)

  10. Ecumenical Achievements

  11. Visited hospitals and care homes where gifts were presented.

  12. The Family Day event was a huge success as it also attracted members of the public and formed a source of revenue to small businesses.

  13. Social and Community Outreach Programme Achievements.

6

Trustees’ report 31 August 2022

The Fountain Day Centre has since its existence created positive influence in Hackney and Waltham Forest Borough.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting 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:

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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Folashade Ajiboye Trustee

7

Trustees’ report 31 August 2022

The Purpose of the System of Internal Control

The system 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 internal 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 is in place in Fountain of Peace Ministries for the year ended 31 August 2022 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 2022 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the board of trustees.

8

Independent Examiners’ report 31 August 2022

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF FOUNTAIN OF PEACE MINISTRIES

I report on the financial statements of the Church for the year ended 31 August 2022 and the accompanying notes which are set out on pages 10 to 15.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER

The Church Trustees are responsible for the preparation of the financial 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 examiner is needed.

It is my responsibility to:

  1. Examine the financial statements under section 145 of the 2011 Act;

  2. Follow the procedures laid down in the general directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and

  3. State whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINERS’ 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 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required as to whether the financial statement present a true and fair view and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINERS’ 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 2011 Act; and

• 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

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

Olajide Obarotimi AFA, FCCA (Principal Partner)

for and on behalf of SIDIC Accountants Limited

1 Plumstead Road London SE18 7BZ 25 September 2023

9

Statement of financial activities Year ended 31 August 2021

Notes
Incoming resources
Incoming resources from
generated funds
. Voluntary income
2
. Other Government
Grants
3
. Investment income
Incoming resources from
charitable activities
.
Tithe and Offering
Activities for Generating
Funds
4
Total incoming
resources
Resources expended
Cost of generating
voluntary
Income
Charity operations
Governance costs
Net Incoming Resources
before Transfers and
other recognised gains
and losses
Net movement in funds
5
6
Fund balances brought forward
As at 1 September 2021
Fund balances carried forward
At 31stAugust 2022		 Unrestric
ted
funds
£
34,529
188,831
81,596
304,956
240,019
4,200		 Restrict
ed
general
funds £
31,819
-
-
-
31,819		 Re
stri
cte
d
fix
ed
as
set
s
Total
funds
2022
£
-
31,819
-
34,529
-
-
-
188,831
81,596
-
336,775
240,019
4,200
244,219
92,556
92,556
347,217
439,773
 Total
funds
2021
£
40,736
46,437
190,140
59,472
-
336,785
242,868
3,900
-
246,768
90,0171
90,017
257,200
347,217



10

Balance sheet 31 August 2022 Charity Number 1108499

Fixed assets
Tangible assets
Investments
Current assets
Debtors
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
Net current assets
Net assets excluding
pension liability
Pension scheme asset/(liability)
Net assets including
pension liability
Represented by:
Funds and reserves
Endowment funds
Restricted funds
. Fixed assets
. General
Unrestricted funds
. General fund
Total Reserves		 -
439,773
-		 2022
-
-
439,773
439,773
439,773
-
220,000
220,000
219,773
439,773
439,773		 -
347,217
-		 2021
-
-
347,217
347,217
347,217
-
206,000
206,000
141,217
347,217
347,217

The financial statements on pages 10 to 15 were approved by the Trustees and signed on their behalf by:

Folashade Ajiboye Trustee

Approved on: 25 September 2023.

11

Principal accounting policies and Notes to the Financial Statements 31 August 2022

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with the requirements of the Companies Act 2006. Applicable accounting standards and SORP 2005 have been followed in these financial statements.

Incoming resources

Grants receivable

Grants are included in the statement of financial activities on an accruals basis. The balance of income received for specific purposes but not matched to relevant expenditure during the period is shown in the restricted income fund on the balance sheet. For grants provided to fund fixed assets, this includes the net book 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.

Governance costs

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

12

Principal accounting policies and Notes to the Financial Statements 31 August 2022

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Depreciation is charged on a straight-line basis beginning in the year in which the asset is brought into use at the following annual rates:

Where fixed assets have been acquired with the aid of specific grants, they are included in the balance sheet at cost and are depreciated over their expected useful 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.

2. Voluntary Income

Unrestricted
funds
£
31,819		 Restricted
funds
£
-
-		 2022
Total
funds
£
31,819
31,819		 2021
Total
funds
£
Donations 40,736
40,736

13

Principal accounting policies and Notes to the Financial Statements 31 August 2022

3. Other Government Grants

3.Other Government Grants
2022 2021
Unrestrict Restricted Total Total
ed
funds funds funds funds
HMRC – Gift Aid 34,529 34,529 31,952
HMRC JRS 14,485
TOTAL 34,529 46,437

4.Tithe and Offering

2022 2021
Unrestricted Restricted Total Total
funds funds funds funds
TITHE & OFFERING 188,831 190,140
TOTAL 188,831 190,140
5.Charitable activities – Church’s operations
2022 2021
Direct costs
Audio visual, Equipment & IT expenses 3,017 6,121
General administration 13,992 12,688
Insurance 3,222 3,093
Leadership training and development 3,600 2,200
Legal fees 3,500 3,200
Missionary activities 10,657 12,987
Power and light 6,308 6,701
Printing & communications 2,100 2,255
Programmes & events 39,914 39,599
Rent 90,256 97,058
Repair & maintenance 5,320 5,000
Salaries & wages 34,750 28,200
Transportation 6,503 2,900
Water & Waste Management 3,700 3,066
Welfare 7,060 8,800
Social, Community Integration & Other Charitable Expenses 6,120 5,000
240,019 242,868

14

Principal accounting policies and Notes to the Financial Statements 31 August 2022

6.Governance Cost

Legal fees
Auditor’s Remuneration
-
Independent Examination of financial statements		 2022
3,500
700
4,200		 2021
3,200
700
3,900

7.

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

(Deficit)/surplus on continuing operations after depreciation of
assets at valuation
Depreciation
Interest receivable (note 4)
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash inflow from operating activities		 2022
92,556
92,556		 2021
90,017
-
-
90,017

15