## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** _**Charity Registration Number 1168242**_ ## _**Financial Report for the period to 31 December 2024**_ 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 2024** |**_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 2024** |**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 2024 Trustees Report Eternal Glorious Fountain Ministry registered as a Charity In￿l￿rated Organisation on the 15 July 2016. The main objectives of the Charity are lo= advance the christian faith for the benefit of the public through the holdings of meetings, lectures, producing and dislribuling christian literature lo 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 wll ￿ntInUe to achieve more of those objectives in the future. The achievement of our objectives depend greatly on the (x)rrtributions of our diligent volunteer5 for which we are ever so grateful. The following served as the trustees during the year under report: EIiz8belh Maina Olukayode Afolabi Rev Kayode Oyegoke Dr Kaidian Baird Signed on behalf of the Tnjstees.. Name: Olukayode Afolabi Signature- Dale= 24-Mar-24 Page 2 Accounts- Etemal Glorious Fountain Ministry **Charity No. 1168242** ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Financial Report for the period to 31 December 2024** ## **Income and Expenditure Account** |**Income**
**Expenditure**
**Cost of Sales**
Honorarium
Gross Surplus
**Administrative Expenses**
Travel & Subsistence
Telephone/Broadband
Expensed Equipment
Administrative Costs
Pastoral Care
Retreat & Convention
Rent & Hire
Staff Salaries
Employer's NI
Professional Fees
**Total Administrative Expenses**
**-**
Net Surplus Before Tax
Corporation Tax Payable
**Net Surplus After Tax**
Funds Brought Forward
**Funds Carried Forward**|**2024**
**£**
**£153,146**
1,233
**1,233**
151,913
3,633
780
2,532
1,856
9,796
70,018
24,314
24,000
2,057
1,570
**140,558**
11,354
-
**11,354**
(8,595)
**2,759**|**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**
(28,151)| |||**(8,595)**| Accounts - Eternal Glorious Fountain Ministry Page 3 **ETERNAL GLORIOUS FOUNTAIN MINISTRY** **Charity No. 1168242** ## **Financial Report for the period to 31 December 2024** |**Statement of Financial Activities**
**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
**Incoming Resources**
Donations
89,126
64,020
153,145
Total Incoming Resources
89,126
64,020
153,145
**Outgoing Resources**
Charitable Activities
55,084
70,019
125,103
Governance
16,687
-
16,687
Total Outgoing Resources
71,772
70,019
141,791
**Net Incoming/(Outgoing) Resources**
17,353
(5,999)
11,354
Transfer between funds
-
-
-
Funds Brought Forward
(18,323)
9,728
(8,595)
**Funds Carried Forward**
**(970)**
**3,729**
**2,759**|**Total Funds**
**2023**
**£**| |---|---| ||165,581| ||165,581| ||139,580
6,444| ||146,025| ||| ||19,556
-
(28,151)| ||**(8,595)**| Accounts - Eternal Glorious Fountain Ministry Page 3-A ETERNAL GLORIOUS FOUNTAIN MINISTRY Charity No. 1168242 Financial Report for the period to 31 December 2024 Balance Sheet as at 31 December 2024 Note 2024 2023 ASSETS CURRENT ASSETS Debtors Cash al bank and in hand Totsl Current Assets 9,670 9.670 {3.6871 (3,6871 CREDITORS.. Amounts falling due wrthin one year 6.911 4.W8 NET CURRENT ASSETS 2,759 {8.5951 NET ASSETS 2.759 18,5951 Reserves Reserves represented by: Unrestricted Funds Restricted Funds {970} (18.3231 3,729 9.728 2,759 8,595 The financial statements were approved by the trustees on 24 March 2025 and signed on their behalf by- Olukayode Afolabi Signature.. The notes to these 8c¢ounts fomi part of these financial ststements Accounts compiled. basedon representalions of the frvstees by." Valiant Waters ASSO￿ateS Accountants & Man3gement Cons(Jtt8nts Unit 7. 16-18 Pampisford Road Croydon CR8 2NE Date: 2441ar-25 Page 4 Ac(x)unt5- Etem81 Glorious Fountain Ministry ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Charity No. 1168242** ## **Financial Report for the period to 31 December 2024** ## **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 2024** **----- Start of picture text -----**
2 INVESTMENT INCOME
Total Total
2024 2023
£ £
Bank interest receivable - -
- -
3 OPERATING SURPLUS
2024 2023
£ £
Surplus is stated after charging:
Auditor's remuneration
Audit services - -
Non-audit services - accountancy 950 950
950 950
**----- 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 2024** ## **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|**2024**
**£**
-
-
-
-
-
year.|**2023**
**£**
-
-
-
-| |---|---|---| |||-| |||| |**5**
**TANGIBLE FIXED ASSETS**
Improvements
to Leasehold
£
**Cost**
At 31st Dec 2024
-
**Depreciation**
At 31st Dec 2024
-
**Net Book Amounts**
At 31st Dec 2024
-
**6**
**DEBTORS**
Debtors and prepayments|Computer
Equipments
£
-
-
-
**2024**
**£**
-
-|Fixtures &
Fittings
£
-
-
-
**2023**
**£**
-
-|Total
£
-| |---|---|---|---| ||||-| ||||-| ||||| Accounts - Eternal Glorious Fountain Ministry Page 7 **Charity No. 1168242** ## **ETERNAL GLORIOUS FOUNTAIN MINISTRY** ## **Financial Report for the period to 31 December 2024** |**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|**2024**
**£**
1,570
5,341
-
-
6,911|**2023**
**£**
1,570
3,338
-
-| |---|---|---| |||4,908| ## **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**
**2024**
**£**
17,353
(5,999)
11,354
(18,323)
9,728
(8,595)
(970)
3,729
2,759|**Total**
**2023**
**£**
19,556
(28,151)| |---|---|---| |||(8,595)| ## **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 2024** ## **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 31/12/2024 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:** 24 Mar 2025 **Address:** Valiant Waters Associates Unit 7, 16-18 Pampisford Road Croydon CR8 2NE Accounts - Eternal Glorious Fountain Ministry Page 9