FOUNTAIN GATE CHAPEL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 COMPANY NUMBER . 05756205 CHARITY NUMBER . 1114211
FOUNTAIN GATE CHAPEL TRUSTEES: REV GRANT BULMUO MS SABINA BINEY MR JOSEPH BEDIAKO CHARITY REG NO.: 1114211 BANKERS: HSBC 46 OLD CHURCH ROAD, CHINGFORD LONDON ACCOUNTANTS: ETERNAL EXCELLENCY LIMITED (CHARTERED CERTIFIED ACCOUNTANTS ) 20 ELMBOURNE DRIVE KENT DA17 6JF
FOUNTAIN GATE CHAPEL TABLE OF CONTENTS I) TRUSTEES REPORT 2) EXAMINERS REPORT 3) INCOME AND EXPENDITURE ACCOUNT 4) BALANCE SHEET 5) NOTES TO THE ACCOUNT
FOUNTAIN GATE CHAPEL TRUSTEES, REPORT The Trustees present their report together with the accounts for the period ended 31 March 2025. The accounts have been prepared in accordance with the Statement of Recommended Practice and applicable law. Ob ectives of the Chari Princi al Activities and Or anisation of our work Fountain Gate Chapel (FGC) is a company limited by guarantee and not having a share capital. The objectives of FGC 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 and such charitable means as the trustees consider appropriate; and 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 to increase Christian awareness and to spread the gospel of our Lord Jesus Christ and the development of the whole man, spiritually, mentally and physically. We have a number of volunteers who assist in helping us achieve our objectives. Develo ment Activities and Achievements in the eriod Fountain Gate Chapel was incorporated as a company limited by guarantee on 24 of March th 2006 and became a registered charity on the 16, of May 2006. The charity ministers to the needs of various social groups within and outside the church. The charity provides forum for manpower development for its members to be equipped, educationally, socially and spiritually. It offers various counselling sessions to the needy, unemployed, and educational and makes referral when ever the need arises. FGC'S services are held at a leased premise in Excel House, 312 High Road, Tottenham, London Nl 5 4BN and has continued to introduce programs geared towards the development of the whole man. Review of financial osition Please refer to the annexed account for the details of the Financial Statements for the year ended 31" March 2025.
FOUNTAIN GATE CHAPEL TRUSTEES, REPORT (CONTINUED) Statement of Trustees, Res onsibilities The Charities Act requires the Trustees to prepare fmancial statenients foi" each financial N'ear Vl*hiiieh (Tjl'e a true and fair view: of the state of affairs of the cliarity and of the surplus or - deficit of the charity for that period. In preparin<J these financial statements: tlie trustees are requested to: Select suitable accounting policies and then apply theni consistentl}': Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been followed, subj ect to any depaitures disclosed and explaiiied in the tinancial stateinents: 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 accountin(y records. vihich disclose Niith reasonable accurac},- at any time tlie financial position of the charity and to enable theni to ensure that the fmancial statements complj. with the Charities Act. The! are also responsible for ,8ateguarding the assets of the charity ]d Iience for taking reasonable steps for the . prevention and detection of fraud and othei" irreoularities. Trustees The niembers of the trustees during the yeai" were Reverend Grant Bulmuo Ms Sabina Biney and Mr Joseph Bediako roi'al This report was approved by the board of trustees on the ................and signed on its behalf by: MR JOSEPH BEDIAKO DATE
FOUNTAIN GATE CHAPEL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 i Oral Funds 2025 Unrestricted Restricted Funds Funds i 01a1 Funds 2024 Notes Incoming Resources Incoming Resources From Donors 44,549 44,549 60,121 Other Voluntary Income 70 70 1,768 Total Incoming Resources 44,619 44,619 61,889 Resources Expended Church Administration and Ministry 34,545 34,545 50,787 Church Management 1,800 1,800 1,800 Total Resources Expended 36,345 36,345 52,587 Net Income (Outgoing) For The Year 8,275 8,275 9,302 Net Movement In Funds Total Funds As At 1st April 27,853 27,853 18,551 Total Funds As At 31st March 36,128 36,128 27,853
FOUNTAIN GATE CHAPEL BALANCE SHEET AS AT 31ST MARCH 2025 NOTES 2025 2024 Fixed Assets Tanglble Assets Current Assets Bank 37,928 29,653 Other Debtors Current Liabilities Creditors & Accruals 1,800 1,800 Long Tenn Liabilities Debt due after 1 year Net Assets 36,128 27,853 Reserves 36,128 27,853 For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477(2 of the Companies Act 2006 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for: i) ensuring the company keeps accounting records which comply with Section 386; and ii) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as is applicable to the company. The financial statements were approved by the Board on On Behalf Of Board Of Trustees Joseph Bediako
FOUNTAIN GATE CHAPEL NOTES TO THE ACCOUNT FOR THE FOR THE YEAR ENDED 31ST MARCH 2025 1) Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards, the Charities SORP (Statement of Recommended Practice. Accounting and Reporting by Charities (revised February 2005) )and the Financial Reporting Standard for Smaller Entities (effective April 2008). 1.2 Fund Accounting Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the church and which have not been designed for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for particular PiifposrJ. 1.3 Incoming Resources All incoming resources are included in the Statement of Financial Activities when the church is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Therefore Tithes, Offerings, Donations and similar Incoming Resources are included in the year they are receivable, which is when the Charity becomes entitled to the resources. 1.4 Resources Expended All expenditure is accounted for on an accruals basis and have been included under expense categories that aggregate all costs for allocation to activities. Where costs annot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. The Charity is not registered for VAT and expenditure are are accordingly reflected gross of irrecoverable VAT. Governance costs are those incurred in connection with administration of the church and compliance with constitutional and statutory requirements. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Gi-ants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 1.5 Tangible Fixed Assets and Depreciation angible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated value, over their expected useful lives on the following bases.. Church and Office equipment - 25 % straight line
FOUNTAIN GATE CHAPEL NOTES TO THE ACCOUNT FOR THE FOR THE YEAR ENDED 31ST MARCH 2025 2025 2024 2) Income From Donors Tithes & Offerings Thanksgiving 44,549 60,121 44,549 60,121 3) Other Voluntary Income Other Income 70 1,768 70 1,768 4) Church Administration & Ministry Church Outreach Transportation Expenses Insurance Training Music Expenses Donations & Welfare Other Church Running Expenses Rent and Rates 4,074 353 3,307 767 3,341 1,900 500 5,347 24,271 350 9,071 32,051 34,545 50,787 5) Church Management Professional fees 1,800 1,800 1,800 1,800 10
FOUNTAIN GATE CHAPEL NOTES TO THE ACCOUNT FOR THE FOR THE YEAR ENDED 31ST MARCH 2025 6) Tangible Fixed Assets At cost Motor Vehicles Total Gross Book Value Additions at cost Disposals at cost At 1 Apr 2024 18,956 18,956 Gross Book Value At 31 Mar 2025 18,956 18,956 Depreciation Depreciation At 1 Apr 2024 Depreciation Charge for the year Depreciation on Disposal 18,956 18,956 Total Depreciaton At 31 Mar 2025 18,956 18,956 Net Book Value Net Book Value Net Book Value At 31 Mar 2025 At 31 Mar 2024 7) Creditors & Accruals 2025 2024 Other Creditors Accruals 1,800 1,800 1,800 1,800 8) Long Term Liability 2025 2024 Mortgage Account 9) Reserves 2025 2024 Balance b/f Surplus for the year 27,853 8,275 18,551 9,302 Balance c/f 36,128 27,853