## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** _**Charity Registration Number 1168242**_ ## _**Financial Report for the period to 31 December 2021**_ Registered Address: Ithaca House, 27 Romford Road, London E15 4LJ ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** **Financial Report for the period to 31 December 2021** |**_Contents_**|| |---|---| ||**Page**| |Charity Information|1| |Trustees Report|2| |Income & Expenditure - SOFA|3| |Balance Sheet|4| |Notes to the accounts|5 - 8| |Independent Examiner's Report|9| Accounts - Eternal Glorious Fountain Ministry ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** **Charity Information** Trustees Elizabeth Maina Olukayode Afolabi Rev Kayode Oyegoke Dr Kaidian Baird Registered Address: Ithaca House 27 Romford Road London E15 4LJ Registered Charity Number: 1168242 Accountants: Valiant Waters Associates 16-18 Pampisford Road Croydon CR8 2NE Accounts - Eternal Glorious Fountain Ministry Page 1 ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** **Financial Report for the period to 31 December 2021** ## **Trustees Report** Eternal Glorious Fountain Ministry registered as a Charity Incorporated Organisation on the 15 July 2016. The main objectives of the charity are to: advance the christian faith for the benefit of the public through the holdings of meetings, lectures, producing and distributing christian literature to enlighten others about christianity and through broadcasting evangelistic and teaching messages; establish and run churches. We continued to advance our objectives in the course of the year, and will continue to achieve more of those objectives in the future. The achievement of our objectives depend greatly on the contributions of our diligent volunteers for which we are ever so grateful. The following served as the trustees during the year under report: Elizabeth Maina Olukayode Afolabi Rev Kayode Oyegoke Dr Kaidian Baird Signed on behalf of the Trustees: Name: Olukayode Afolabi Signature: Date: 21-Mar-22 Accounts - Eternal Glorious Fountain Ministry Page 2 **Charity No. 1168242** ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Financial Report for the period to 31 December 2021** ## **Income and Expenditure Account** |**Income and Expenditure Account**||| |---|---|---| |**Income**
**Expenditure**
**Cost of Sales**
Preaching Charges
Gross Surplus
**Administrative Expenses**
Travel & Subsistence
Telephone/Broadband
Utilities
Administrative Costs
Bank Charges
Retreat & Convention
Rent & Hire
Volunteers
Printing
Professional Fees
**Total Administrative Expenses**
Net Surplus Before Tax
Corporation Tax Payable
**Net Surplus After Tax**
Funds Brought Forward
**Funds Carried Forward**|**2021**
**£**
**£43,901**
22,479
**22,479**
21,421
351
249
171
922
-
8,574
9,057
-
-
1,436
**20,760**
661
-
**661**
9,754
**10,415**|**2020**
**£**| |||**17,419**| |||1,135| |||**1,135**| |||| |||16,284| |||397
-
-
603
-
4,000
3,820
540
-
600| |||**£9,960**| |||6,325| |||-| |||**6,325**
3429| |||**9,754**| Page 3 Accounts - Eternal Glorious Fountain Ministry **ETERNAL GLORIOUS FOUNTAIN MINISTRY** **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** |**Statement of Financial Activities**
**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2021**
**£**
**£**
**£**
**Incoming Resources**
Donations
35,327
8,574
43,901
Total Incoming Resources
35,327
8,574
43,901
**Outgoing Resources**
Charitable Activities
30,982
8,574
39,556
Governance
3,684
-
3,684
Total Outgoing Resources
34,666
8,574
43,240
**Net Incoming/(Outgoing) Resources**
661
-
661
Transfer between funds
-
-
-
Funds Brought Forward
9,754
-
9,754
**Funds Carried Forward**
**10,415**
**-**
**10,415**|**Total Funds**
**2020**
**£**| |---|---| ||17,419| ||17,419| ||8,970
2,125| ||11,094| ||| ||6,325
-
3,429| ||**9,754**| Accounts - Eternal Glorious Fountain Ministry Page 3-A **ETERNAL GLORIOUS FOUNTAIN MINISTRY** **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** |**Balance Sheet as at 31 December 2021**
**Note**
**ASSETS**
CURRENT ASSETS
Debtors
**6**
Cash at bank and in hand
Total Current Assets
CREDITORS: Amounts falling due within
one year
**7**
**NET CURRENT ASSETS**
**NET ASSETS**
**Reserves**
Reserves represented by:
Unrestricted Funds
**8**
Restricted Funds|**2021**
**£**
**£**|**2021**
**£**
**£**|**2020**
**£**| |---|---|---|---| ||-
-
11,687
10,354
11,687
10,354
1,272
600
10,415
9,754
**10,415**
**9,754**
10,415
9,754
-
-
**10,415**
**9,754**||-
10,354| ||||10,354
600| ||||| ||||| |||**10,415**
**9,754**|| |||10,415
9,754
-
-|| |||**10,415**
**9,754**|| ## **The financial statements were approved by the trustees on 21 Mar 2022 and signed on their behalf by:** Olukayode Afolabi Signature: The notes to these accounts form part of these financial statements ## _**Accounts compiled, based on representations of the trustees by:**_ _Valiant Waters Associates Accountants & Management Consultants Unit 7, 16-18 Pampisford Road Croydon CR8 2NE_ **Date: 21-Mar-22** Accounts - Eternal Glorious Fountain Ministry Page 4 ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** ## **1 ACCOUNTING POLICIES** ## **1a Basis of accounting** The accounts have been prepared under the historical cost convention in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and comply with the with the Companies Act 2006, and on accrual basis. The principal accounting policies adopted in the preparation of the financial statements are as follows: ## **1b Tangible fixed assets** Fixed assets costing in excess of £2,000 are capitalised and are shown at historical cost. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its estimated useful life, by the straight line method, over the following periods:- Leasehold improvements over 3 years Computers over 3 years Fixtures, fittings and equipment over 4 years No fixed asset above the £2,000 was purchased in the year, therefore no depreciation charge was due. ## **1c Taxation** The charity is liabile to meet its statutory obligations on Corporation Taxes Act 1988. ## **1d Pensions** No pension contribution is payable by the charity during the year. ## **1e Incoming resources** All incoming resources are included in the financial statement when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy, inclusive of VAT. ## **1f Outgoing Resources** All resources expended are included in the financial statement on an accrual basis inclusive of VAT. ## **1g Cash flow statement** The charity has taken advantage of the exemption in Financial Reporting Standard No 1 from producing a cash flow statement on the grounds that it is a small charity. Accounts - Eternal Glorious Fountain Ministry Page 5 **ETERNAL GLORIOUS FOUNTAIN MINISTRY** **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** **----- Start of picture text -----**
2 INVESTMENT INCOME
Total Total
2021 2020
£ £
Bank interest receivable - -
- -
3 OPERATING SURPLUS
2021 2020
£ £
Surplus is stated after charging:
Auditor's remuneration
Audit services - -
Non-audit services - accountancy 850 720
850 720
**----- End of picture text -----**
Accounts - Eternal Glorious Fountain Ministry Page 6 **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** ## **4 STAFF COSTS** |Employee costs during the year amounted to:
Wages and salaries
Redundancy costs
Social security costs
Pension costs
No employee engaged during the financial|**2021**
**£**
-
-
-
-
-
year.|**2020**
**£**
-
-
-
-| |---|---|---| |||-| |||| ## **5 TANGIBLE FIXED ASSETS** |Improvements
to Leasehold
£
**Cost**
At 31st Dec 2021
-
**Depreciation**
At 31st Dec 2021
-
**Net Book Amounts**
At 31st Dec 2021
-
**DEBTORS**
Debtors and prepayments|Computer
Equipments
£
-
-
-
**2021**
**£**
-
-|Fixtures &
Fittings
£
-
-
-
**2020**
**£**
-
-|Total
£
-| |---|---|---|---| ||||-| ||||-| ||||| ## **6 DEBTORS** Accounts - Eternal Glorious Fountain Ministry Page 7 **Charity No. 1168242** ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Financial Report for the period to 31 December 2021** |**7**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors including taxation and social security for period
Trade creditors - B/fwd from previous year
Accruals and Deferred income|**2021**
**£**
1,272
-
-
-
1,272|**2020**
**£**
720
-
-
-| |---|---|---| |||720| ## **8 ANALYSIS OF NET ASSETS BETWEEN FUNDS** |**Fund Balances at 31st Dec 2021**
**are represented by**
Net Incoming (Outgoing) Resources for the period
Accumulated Funds Brought Forward
Funds Carried Forward|**Unrestricted Restricted**
**Total**
**Fund**
**Fund**
**Fund**
**2021**
**£**
661
-
661
9,754
-
9,754
10,415
-
10,415|**Total**
**2020**
**£**
6,325
3,429| |---|---|---| |||9,754| ## **9 CONTINGENT/OUTSTANDING LIABILITIES** No contingent or oustanding liabilities at the end of the year ## **10 COMMITMENTS AND GUARANTEES** No commitment or guarantee was given in the year Accounts - Eternal Glorious Fountain Ministry Page 8 **ETERNAL GLORIOUS FOUNTAIN MINISTRY** **Charity No. 1168242** ## **Financial Report for the period to 31 December 2021** ## **Independent Examiner's Report** I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2021 as set out on pages 1 to 8. As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). ## **Responsibilities and basis of report** I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent Examiner's Statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with - section 130 of the Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. **Signature:** _AdeOmis-Adeyela_ **Name:** A Omisakin-Adeyela **Designation:** FAIA, MSc **Date:** 21 Mar 2022 **Address:** Valiant Waters Associates Unit 7, 16-18 Pampisford Road Croydon CR8 2NE Accounts - Eternal Glorious Fountain Ministry Page 9