## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** _**Charity Registration Number 1168242**_ ## _**Financial Report for the period to 31 December 2023**_ 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 2023** |**_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 2023** |**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 Ch•rlty NO. 11U242 Financial Report for the period to 31 D?c•mbor 2023 Trustees Report E￿rnal GIon0￿¥ Fountain Minislry rtsJisl•f•J a8 a Ch•rty IncOrpW￿ ￿ar￿9•10n on tha 15 July 2016 Tha rn•in ¢tyedJv•s oftha chanty ar• to. advanc• thè thnstsan farth for th• ténafit ofthe public Ihrough Ihè h•klings ofrthDrys. knclur•$, produung and di%tnbuting chn¥lian Iilerature to enlighten others a￿ut chnstyanity and through broadcaS￿n9 evangélistic 3nd leaLThing mo55aoes establish and run churche5 We conlinued lo advance our obiecbves In th* ￿U[s8 olthe year, and conbnu8 lo achiev8 mor8 01 thos& obiacbves In the fuluie The achievement ol our objectives depend greatly on the contrbubons of our diligent volunleers foi we aro ever so grateful The lollowing setve¢J as the trustees dunng the year under report. Elizabeth Maina Olukayode Afolabi Rev Kayode OyeGoké Or Kaiolian Baird Signed on behalf of thè Trustee$ N3rne' Olukayode Alolabi Signalur*' Dale 01-Mar-24 Page 2 Accounts- Elernal Glorious Fountain Minislry **ETERNAL GLORIOUS FOUNTAIN MINISTRY Charity No. 1168242** ## **Financial Report for the period to 31 December 2023** ## **Income and Expenditure Account** |**Income**
**Expenditure**
**Cost of Sales**
Preaching Charges & Pastoral Care
Gross Surplus
**Administrative Expenses**
Travel & Subsistence
Telephone/Broadband
Expensed Equipment
Administrative Costs
Bank Charges
Retreat & Convention
Rent & Hire
Staff Salaries
HMRC Paid
Professional Fees
**Total Administrative Expenses**
Net Surplus Before Tax
Corporation Tax Payable
**Net Surplus After Tax**
Funds Brought Forward
**Funds Carried Forward**|**2023**
**£**
**£165,581**
45,502
**45,502**
120,079
2,944
585
5,227
2,151
-
41,262
16,159
21,715
8,910
1,570
**100,523**
19,556
-
**19,556**
(1,131)
**18,425**|**2022**
**£**| |---|---|---| |||**116,980**| |||11,709| |||**11,709**| |||| |||105,271| |||3,555
367
4,886
4,856
372
43,920
21,980
21,215
6,082
1,311| |||**£108,545**| |||(3,274)| |||-| |||**(3,274)**
2,143| |||**(1,131)**| Accounts - Eternal Glorious Fountain Ministry Page 3 **ETERNAL GLORIOUS FOUNTAIN MINISTRY** **Charity No. 1168242** ## **Financial Report for the period to 31 December 2023** |**Statement of Financial Activities**
**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2023**
**£**
**£**
**£**
**Incoming Resources**
Donations
114,591
50,990
165,581
Total Incoming Resources
114,591
50,990
165,581
**Outgoing Resources**
Charitable Activities
98,318
41,262
139,580
Governance
6,444
-
6,444
Total Outgoing Resources
104,762
41,262
146,025
**Net Incoming/(Outgoing) Resources**
9,829
9,727
19,556
Transfer between funds
-
-
-
Funds Brought Forward
(1,131)
-
(1,131)
**Funds Carried Forward**
**8,698**
**9,727**
**18,425**|**Total Funds**
**2022**
**£**| |---|---| ||116,980| ||116,980| ||110,661
9,593| ||120,254| ||| ||(3,274)
-
2,143| ||**(1,131)**| Accounts - Eternal Glorious Fountain Ministry Page 3-A ETERNAL GLORIOUS FOUNTAIN MINISTRY Iwlty N•. 111•341 Financial Report forthe period to 31 December 2023 B•l•ne• Sh••¢ •s It J1 D•o•mb•r 2023 Not• 2023 2022 ASSETS CURRENT AssErs Oeblors Cash ol bank and In h4nd Tolal Current Asset$ 23,333 23.333 4,749 4.749 CREDITORS Amounts falling due %*tthln on? year 4,908 S.880 NET CURRENT AsS￿s 18.425 NET ASSETS 18 26 R•s•ry•5 Reserye5 iepresenled by Unrestricted Fundi Restn¢ted Fund5 8.697 9,728 18A25 1.131 Th• Ilrt•nei*l st*t•rn•nts w•r• •pprov•d tyth• tru5t••s on 01 M•r¢h 2024 *nd $tgn•d •n th￿r b•half by: Olukayode AfoLqbl Stsjnature. The notes lo these accounts forn part ofthe5e finandal slaternents 7. f&fBP•ft¥ILth¥R￿ CR6211E Dat•.. 014l*r-24 Pag• 4 ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** ## **Financial Report for the period to 31 December 2023** ## **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 2023** **----- Start of picture text -----**
2 INVESTMENT INCOME
Total Total
2023 2022
£ £
Bank interest receivable - -
- -
3 OPERATING SURPLUS
2023 2022
£ £
Surplus is stated after charging:
Auditor's remuneration
Audit services - -
Non-audit services - accountancy 950 850
950 850
**----- 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 2023** ## **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|**2023**
**£**
-
-
-
-
-
year.|**2022**
**£**
-
-
-
-| |---|---|---| |||-| |||| |**5**
**TANGIBLE FIXED ASSETS**
Improvements
to Leasehold
£
**Cost**
At 31st Dec 2023
-
**Depreciation**
At 31st Dec 2023
-
**Net Book Amounts**
At 31st Dec 2023
-
**6**
**DEBTORS**
Debtors and prepayments|Computer
Equipments
£
-
-
-
**2023**
**£**
-
-|Fixtures &
Fittings
£
-
-
-
**2022**
**£**
-
-|Total
£
-| |---|---|---|---| ||||-| ||||-| ||||| Accounts - Eternal Glorious Fountain Ministry Page 7 **Charity No. 1168242** ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Financial Report for the period to 31 December 2023** |**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|**2023**
**£**
1,570
3,338
-
-
4,908|**2022**
**£**
1,311
4,569
-
-| |---|---|---| |||5,880| ## **8 ANALYSIS OF NET ASSETS BETWEEN FUNDS** |**Fund Balances at 31st Dec**
**are represented by**
Net Incoming (Outgoing) Resources for the period
Accumulated Funds Brought Forward
Funds Carried Forward|**Unrestricted Restricted**
**Total**
**Fund**
**Fund**
**Fund**
**2023**
**£**
9,828
9,728
19,556
(1,131)
-
(1,131)
8,697
9,728
18,425|**Total**
**2022**
**£**
(3,274)
2,143| |---|---|---| |||(1,131)| ## **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 2023** ## **Independent Examiner's Report** I report to the trustees on my examination of the accounts of the 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 ## **Responsibilities and basis of report** 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:** 01 Mar 2024 **Address:** Valiant Waters Associates Unit 7, 16-18 Pampisford Road Croydon CR8 2NE Accounts - Eternal Glorious Fountain Ministry Page 9