OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Fountain Of Wisdom Ministries

2023-12-31-accounts

CHARITY REGISTERED NUMBER : 1169984

FOUNTAIN OF WISDOM MINISTRIES

(Charitable Incorporated Organisation)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

Tove Accountancy Ltd

Office 6, Town Hall, 86 Watling Street East, Towcester, Northants NN12 6BS

FOUNTAIN OF WISDOM MINISTRIES

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Charity No. 1169984
Trustees O Ewuosho
J Kudakwashe
R Thanaraj
Correspondence Address The Old Church Hall
Rear of Station Parade
Virginia Water
Surrey
GU25 4AB
Constitution C.I.O Fountain of Wisdom Ministries, registered on 2nd November 2016
2nd November 2016
Objects To further the Christian Religion
Area of Benefit National and Overseas (Area prescribed by Governing Document)

FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

The board of Trustees present their report with the financial statements of the charity for the period 1st January 2023 to 31st December 2023.

Structure, governance and management

FOWM is registered with the Charity Commission in the UK as a 'Charitable Incorporated Organisation' (CIO).

Rev. Mr Michael Kola Ewuosho is the director

FOWM is governed by the trustees board made up of:

Leadership, teaching and day to day management of the charity is provided by one full time and one part time pastor (also a trustee):

They are supported by an office team, (comprised of two full time staff, one term-time staff and one part time office administrator), church leaders and a team of nearly 60 volunteers.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular, those relating to the operations and finance of the charity. They are satisfied that systems are in place to mitigate exposure to the major risks. This assessment has been performed by both in house skills and professional advice.

Objectives and Activities

The objectives of the charity are:

The vision of the charity:

To raise people of creativity and wisdom walking by faith and in victory, seeing to the advancement of God's Kingdom in every sphere of human existence. A people of integrity and transparent honesty, walking in God's love and radiating His glory, reaching out to others for reconciliation and reaching up to God to be carriers of His will on earth.

The specific activities that are undertaken to achieve these objectives are: Ministry -

FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023

Outreach -

· Support for other charity works

Achievements and Performance

Charity Partners & Church Members

In January 2023, we had our Annual General Meeting (AGM) in the church premises which was well attended by circa 35 members. Each participant received a booklet comprising reports from the various department leaders presenting their achievements from the past year and plans for 2024.

23 DBS-checked volunteers serve in different departments and cell groups of the church.

2 Wisdom Digest magazines published (2,500 copies in total).

2 Foundation classes conducted (7 members graduated).

Average Sunday attendance: 91 in person (62 adults and 29 children) + 13 joining the livestream. Average Wednesday attendance: 21 in person (20 adults and 1 child) + 15 joining the livestream.

Governance

We maintain our operations in accordance with the General Data Protection Regulation (GDPR) policies we laid out in previous years. For example:

We have 880 subscribers (circa 807 in 2022).

FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023

Financial Review

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's trust deed, applicable law and the requirements of the Statement of Recommended Practice, "Accounting and Reporting by Charities".

Key takeaways for 2023:

Below is a comparison of the income and expenses for the past 10 years:

==> picture [415 x 209] intentionally omitted <==

The Trustees are confident that they can fulfil all financial commitments in the forthcoming years.

FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023

Investment policy and performance

We have retained surplus funds in the savings bank account in order to support any required building improvements or other charity programmes. The performance of the interest bearing bank account has improved since interest rates have risen.

Reserves Policy

It is the policy of the charity to hold contingency funds which represent 4 months of the charity’s annual expenditure. Whilst this policy is still in place, contingency funds have fallen below this threshold.

Grant Making Policy

The charity issues grants for the following purposes:

Proposals for grants are assessed by the Missions Board which is made up of church leaders and church members. The board presents its recommendations to the Trustees who agree to the release of funds.

Plans for the future

FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023

Trustees Responsibilities

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:

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 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees declare that they have approved the trustees' report for the year ending 31st December 2023. Signed on behalf of the charity's trustees:

==> picture [146 x 34] intentionally omitted <==

Signature

Name Mr Robert Thanaraj Position Trustee Date

==> picture [115 x 33] intentionally omitted <==

==> picture [131 x 39] intentionally omitted <==

Mrs Kudakwashe Zireva Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOUNTAIN OF WISDOM MINISTRIES FOR THE YEAR ENDED 31ST DECEMBER 2023

I report to the trustees of Fountain of Wisdom Ministries (charity number 1169984) on the accounts for the year ended 31 December 2023 set out on the following pages.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('The Act').

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 all 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:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michael Cooke

…………………………………………. Dated 03.07.24 For and on behalf of: Tove Accountancy Ltd

Office 6, Town Hall, 86 Watling Street East, Towcester, Northants, NN12 6BS

FOUNTAIN OF WISDOM MINISTRIES (1169984) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
Incoming resources
3
Donations and Legacies
Charitable Activities
Other trading activities
Investment Income
Grants
Total incoming resources
Resources expended
4
Raising funds
Charitable activities
Other
Total resources expended
Net Incoming Resources
Total funds brought forward
Total funds carried forward
11		 Unrestricted
Restricted
Total
Total
Funds
Funds
2023
2022
£
£
£
£
225,647
12,075
237,722
241,822
15,481
2,235
17,716
6,299
13,933
0
13,933
11,972
65
0
65
13
0
0
0
0
255,126
14,310
269,436
260,106
5,728
1,041
6,769
4,268
239,542
16,142
255,684
226,925
0
0
0
0
245,270
17,183
262,453
231,193
9,856
(2,873)
6,983
28,913
249,500
9,037
258,537
229,624
259,356
6,164
265,520
258,537

FOUNTAIN OF WISDOM MINISTRIES (1169984) BALANCE SHEET AS AT 31ST DECEMBER 2023

Notes
Tangible fixed assets
7
Freehold property
Equipment, fixtures and fittings
Current assets
Bank accounts
10
Gift aid debtors
8
Other debtors
8
Deposits
8
Creditors: amounts falling due within one year
9
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after one year
9
Total net assets
Funds of the Charity
Unrestricted funds
11
Restricted funds
11
Property revaluation reserves
Total funds		 £
20,358
7,682
0
0		 £
1,015,200
3,184
2023
1,018,384
28,040
54,712
384,947

Signed by Mr R Thanaraj (trustee) on behalf of all the trustees

R Thanaraj

Signature

==> picture [156 x 36] intentionally omitted <==

Date of approval

04.07.24

FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. Basis of Preparation

1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

The accounts have been prepared under the going concern basis. There are no material uncertainties related to events or conditions that cast significant doubt on this.

1.3 Change of accounting policy

The accounts present a true and fair view and the accounting policies have not been altered.

2. Accounting policies

2.1 Income

Recogntion of income

Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources and the monetary value can be measured with sufficient reliability.

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS 102 SORP or FRS 102.

Grants and donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

Government grants

The charity has not received any government grants (2022 £0) for the job retention scheme.

Tax reclaims on donations and gifts

Gift aid receivable is included in income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Income from interest

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

2.2 Expenditure and liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Redundancy cost

The charity made no redundancy payments during the reporting period.

Deferred income

No material item of deferred income has been included in the accounts.

2.3 Assets

Tangible fixed assets for use by the charity

These are capitalised if they can be used for more than one year. They are valued at cost and depreciated at 25% per year on the straight line basis. Property is depreciated over 50 years at 2% per year on the straight line basis.

3. Analysis of income
Voluntary Income
Donations and gifts
Gift aid
Mission Fund - restricted
Building Fund - restricted
Vicarage Fund - restricted
Drama Fund - restricted
India Outreach - restricted
Phillipines Outreach - restricted
Choir fund - restricted
Broadcasting Fund - restricted
Charitable activities
Merchandise Sales
Other trading activities
Bible School
Events
Collections for speakers - restricted
Other trading activities
Car Park Hire
Hall Hire
Other
Grants
Income from investments
Interest
Total Income		 2023
2023
2023
2022
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
£
£
£
£
190,253
0
190,253
197,860
35,394
0
35,394
35,727
0
3,035
3,035
4,541
0
600
600
600
0
0
0
0
0
0
0
481
0
926
926
1,967
0
3,292
3,292
0
0
3,922
3,922
346
0
300
300
300
225,647
12,075
237,722
241,822
3,460
0
3,460
1,664
3,135
0
3,135
1,590
0
0
0
0
8,886
0
8,886
1,220
0
2,235
2,235
1,825
15,481
2,235
17,716
6,299
13,532
0
13,532
11,457
400
0
400
515
13,932
0
13,932
11,972
0
0
0
0
65
0
65
13
255,125
14,310
269,435
260,106

FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

4. Anaysis of expenditure
Raising funds
Printing of brochure and fliers
Event Costs
Breakfasts
Building Fund - restricted
Advertising and Promotion
Charitable activities
Welfare & Hospitality
Retreat
Events
Broadcasting Fund - restricted
Choir - restricted
Mission Fund -Unrestricted FOWM
-Restricted HT
India Outreach - restricted
Phillipines Outreach - restricted
Wages
Honorarium
Rent
Rates
Water Rates
Light and heat
Accommodation/Manse
Repairs and renewals
Vicarage - restricted
Cleaning
Insurance
Merchandise Purchases
Evangelism
Drama production -restricted
School of ministry
Computer Costs
Printing, postage and stationery
Telephone & Internet
Motor and travelling expenses
Bank Charges
Bank Interest
Photocopier
Sundry expenses
Legal and Professional fees
Accountancy fees
Depreciation
Profit/Loss on Asset Disposal
Total resources expended		 2023
2023
2023
2022
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
£
£
£
£
2,768
0
2,768
1,121
0
0
0
0
1,861
0
1,861
785
0
1,041
1,041
1,199
1,099
0
1,099
1,163
5,728
1,041
6,769
4,268
2,570
0
2,570
1,163
0
0
0
650
11,526
0
11,526
0
0
1,866
1,866
0
0
3,779
3,779
0
2,005
0
2,005
2,005
0
2,819
2,819
3,742
0
1,958
1,958
0
0
3,292
3,292
0
112,596
0
112,596
108,008
0
2,235
2,235
1,825
598
0
598
834
171
0
171
323
383
0
383
324
4,215
0
4,215
3,377
4,447
0
4,447
4,210
5,707
0
5,707
4,506
0
0
0
0
1,344
0
1,344
1,439
2,316
0
2,316
2,058
2,577
0
2,577
1,189
1,021
0
1,021
1,050
0
193
193
181
0
0
0
0
6,988
0
6,988
6,480
3,091
0
3,091
3,005
2,060
0
2,060
4,435
0
0
0
0
1,817
0
1,817
8,179
34,259
0
34,259
20,768
1,073
0
1,073
1,164
0
0
0
0
4,548
0
4,548
35,968
10,295
0
10,295
10,043
23,935
0
23,935
0
0
0
0
0
239,542
16,142
255,684
226,925
245,270
17,183
262,453
231,193

FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

5. Fees for examination of the accounts

Independent examiner's fee
Other fees paid to the examiner
6. Paid employees
6.1 Staff costs
Salaries and wages
Social security costs
Pension costs
Other employee benefits
Total staff costs
Average headcount		 2023
2022
£
£
1,680
1,680
815
994
2023
2022
£
£
105,120
100,550
3,435
3,468
4,041
3,990
0
0
112,596
108,008
5
5

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

7. Tangible fixed assets

Deemed Cost
01-Jan-23
Additions
Disposals
Cost at
31-Dec-23
Depreciation
01-Jan-23
Charge
Disposal
Depreciation at
31-Dec-23
Net Book Value
31-Dec-23
Net Book Value
31-Dec-22
8. Debtors and prepayments
Rent deposit
Gift aid
Other debtors
Total		 Freehold
Fixtures and
Property
Fittings
£
£
1,080,000
102,252
0
362
0
0		 Total
£

1,182,252

362

0
1,080,000
102,614
1,182,614
43,200
97,095
21,600
2,335
0
0
140,295

23,935

0
64,800
99,430
164,230
1,015,200
3,184
1,018,384
1,036,800
5,157
1,041,957
2023
£
0
7,682
0
7,682		 2022
£
0
2,291
2,080
4,371

FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

9. Creditors and accruals
Mortgage for hall
Accruals
Other
Total		 2023
2022
2023
2022
£
£
£
£
14,957
13,697
61,912
72,645
5,720
7,800
0
0
34,035
29,603
323,035
352,728
Within one year
More than one year
54,712
51,100
384,947
425,373

10. Cash at bank and in hand

10. Cash at bank and in hand
Bank
Total		 2023
£
20,358
20,358		 2022
£
29,927
29,927

11. Charity funds

Mission Fund
Building Fund
Broadcasting Fund
India Outreach fund
Drama Fund
Choir fund
Phillipines Outreach Fund
Collections for speakers
Unrestricted funds
Total		 Balance
Balance
b/f
Income
Expenditure
c/f
£
£
£
£
3,626
3,035
2,819
3,842
441
600
1,041
0
2,275
300
1,866
709
1,967
926
1,958
935
382
0
193
189
346
3,922
3,779
489
0
3,292
3,292
0
0
2,235
2,235
0
249,500
255,126
245,270
259,356
258,537
269,436
262,453
265,520

12. Transactions with trustees and related parties

12.1 Trustee remuneration and benefits

One trustee has been paid remuneration or has received other benefits from employment with the charity.

O Ewuosho has been paid for employed services as the pastor. Salary £17,274 (2022 £17,596)

Pension contributions £883 (2022 £917)

Payments totalling £4,447 (2022: £4,210) were made for accommodation for O Ewuosho.

12.2 Trustees' expenses

There were no expenses claimed by trustees.

12.3 Transactions with related parties

There were no related party transactions during the reported period.