**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:**
- a) To advance the Christian religion for the public benefit in accordance with the doctrines of our Lord Jesus Christ, through the holding of prayer meetings, lectures, evangelism, distributing of literature and tracts, broadcasting, education, community social work and such charitable means as the trustees consider appropriate.
- b) The relief of poverty by such charitable means as the trustees consider appropriate. The principal activities of the church are Christian worship; Christian outreach program is to increase Christian awareness and to spread the Gospel of our Lord Jesus Christ and the development of the whole man, spiritually, mentally, healthily and physically. The Ministry has quite a number of ministries and host of volunteers who assist in helping us achieve our objectives.
- c) The charitable and fund raising activities in the organisation are borne out of the mission statement. The mission which inter alia is to “empower all nation, all creed, and all race and changing lives for Gods kingdom”. The strategy for realizing these objectives is stated in “term of giving to the different core ministries of the church.
Among these ministries are the:
- 1) Administrative College (Church administrative management)
- 2) Believers’ College ( New Entrants and Welfare )
- 3) Children Ministry
- 4) Faculty of Nehemiah
- 5) Faculty of Research and Development
- 6) Fountain Financial College
- 7) Fountain Pastoral Leadership Academy
- 8) Gabriel Chancery
- 9) Men Ministry
- 10) Royal college of Ministers ( Academic College)
- 11) Royal Fountain Choir
- 12) School of Apologetics (Bible Study)
- 13) School of Retreat
- 14) Women Ministry
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.
3. Fountain of Peace Ministries has continued to introduce programs geared towards the development of the whole man and the community.
4. 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
5. 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
6. 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.
7. Spiritual & evangelical Achievement
- 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
- b. FOP has one of the highest levels of innovation and translational prophecy substratum within the Christendom
- 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
- d. FOP serves as satellite Prayer line station of United Christian Broadcasting (UCB)
8. Ecumenical Achievements
9. Visited hospitals and care homes where gifts were presented.
10. 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.
11. 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.
- I. The center offers social services such as rehabilitation, social and emotional, counselling services, vocational and educational, developmental legal, nurse services and life skill support programmes.
- II. The Centre provides cooked meal; breakfast and lunch, Laundry services and Shower services and supply clothes.
- III. The Centre also serve as a sign post for other service providers such as the Waltham Forest Drug and Alcohol Team, Turning Point, etc.
## **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:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- 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 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
2. 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:
- Furniture and fittings 20% p.a. ICT Equipment 33% p.a.
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