CHARITY REGISTERED NUMBER : 1169984
FOUNTAIN OF WISDOM MINISTRIES
(Charitable Incorporated Organisation)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
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 |
| K Zireva | |
| 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 2024
The board of Trustees present their report with the financial statements of the charity for the period 1st January 2024 to 31st December 2024.
Structure, Governance and Management
FOWM is registered with the Charity Commission in the UK as a 'Charitable Incorporated Organisation' (CIO); where:
- Rev. Mr Michael Kola Ewuosho is the Director
FOWM is governed by the Trustees Board made up of:
-
Rev Mrs Olufunke Ewuosho
-
Mr Robert Thanaraj
-
Mrs Kudakwashe Zireva
Leadership, teaching and day to day management of the charity is provided by one full time and one part time pastor (also a trustee):
-
Rev Michael Kola Ewuosho (Full Time)
-
Rev Mrs Olufunke Ewuosho (Part Time)
They are supported by an office team, comprised of:
-
Two full time staff and one term-time staff
-
One part time accountant
-
Church leaders and a team of about 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:
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The advancement of the Christian religion within the UK and Worldwide
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Promoting the spiritual and moral development of its members and the community
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:
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Ministry
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Providing a forum where church members and visitors can fellowship, worship, study, receive pastoral guidance and take part in activities designed to help and assist people to experience a more fulfilling and effective life in Christ.
-
Providing counselling and prayer
FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2024
2. Outreach
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The dissemination of the Christian gospel via all types of media, online platforms, conferences and street evangelism
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Supporting initiatives in the UK, Africa the Philippines and Latin America
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Leadership Development
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Church Planting
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Support for other charity works
3. Community engagement
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Musical and drama productions to the community
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Our 'Young Adults Team' engage with students from the local university increasing student participation in church services and Bible study groups.
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Food bank for the community
Achievements and Performance
Charity Partners & Church Members
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In January 2024, we had our Annual General Meeting (AGM) in the church premises which was well-attended by 28 members. Each participant received a booklet comprising reports from the various department leaders presenting their achievements from the past year and plans for the next year.
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21 DBS-checked volunteers serve in different departments and cell groups of the church.
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10 people were baptised.
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1 Wisdom magazine published (1,000 copies in total).
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2 Foundation classes conducted (2 members graduated).
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Average Sunday attendance: 91 in-person (62 adults and 29 children) + 12 joining the livestream.
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Average Wednesday attendance: 20 in-person (19 adults and 1 child) + 15 joining the livestream/Zoom.
Governance
We maintain our operations in accordance with the General Data Protection Regulation (GDPR) policies we laid out in previous years. For example:
- We continue to use Church Suite platform for all our CRM processes: which is a cloud hosted, web-based church management system. We have about 928 subscribers (800 in 2023).
We use this platform for our members to register to the live services and the contact tracing consents we shared with the NHS towards Covid and social distancing guidelines.
-
Our staff are adequately trained to be compliant when handling personal data.
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We have published our privacy policy and consents forms on our websites.
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We send newsletters with ministry updates to 11,146 subscribers (8,361 in 2023) who are registered on our Mail Chimp system .
FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2024
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 2024:
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Throughout 2024, we maintained our financial commitments such as servicing church hall mortgage, vicarage mortgage and day-to-day operations like staff salaries, office costs, etc.
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We maintained a positive cash flow throughout 2024.
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Income increased by 9.8% when compared to 2023.
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The ministry appreciates 39 Tithers, 39 Partners and 56 Gift Aiders.
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Expenses increased by 0.7% when compared to 2023.
Here is a comparison of the income and expenses for the past 10 years:
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 2024
Investment policy and performance
We have retained surplus funds in the savings bank account as per our reserves policy to support any required building improvements or other charity programmes. The performance of the bank account has been poor on account of the interest rates being so low.
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, to fund new programmes and additional multimedia and IT equipment.
Grant Making Policy
The charity issues grants for the following purposes:
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Church planting
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Supporting the dissemination of the Christian Gospel
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Supporting the poor and disadvantaged
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
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The planning and running of online and in-person conferences in the UK, several African countries, North America, South America and Europe through existing relationships.
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Support local community activities
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Grow the partners and church membership
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Partner with other Christian charities across the UK
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Continue to build our livestream and social media presence
FOUNTAIN OF WISDOM MINISTRIES REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in existence.
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 2024. Signed on behalf of the charity's trustees:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOUNTAIN OF WISDOM MINISTRIES FOR THE YEAR ENDED 31ST DECEMBER 2024
I report to the trustees of Fountain of Wisdom Ministries (charity number 1169984) on the accounts for the year ended 31 December 2024 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:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement give a true and fair view which is not a matter considered as part of an independent examination.
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 14.09.25 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 2024
| 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 2024 2023 £ £ £ £ 242,837 20,085 262,921 237,722 15,993 0 15,993 17,716 16,549 0 16,549 13,933 416 0 416 65 0 0 0 0 275,795 20,085 295,880 269,436 5,843 0 5,843 6,769 242,008 16,525 258,533 255,684 0 0 0 0 247,851 16,525 264,376 262,453 27,944 3,560 31,503 6,983 259,356 6,164 265,520 258,537 287,300 9,724 297,023 265,520 |
|---|---|
FOUNTAIN OF WISDOM MINISTRIES (1169984) BALANCE SHEET AS AT 31ST DECEMBER 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Tangible fixed assets | 7 | ||||
| Freehold property | 993,600 | 1,015,200 | |||
| Equipment, fixtures and fittings | 6,323 | 3,184 | |||
| Current assets | 999,923 | 1,018,384 | |||
| Bank accounts | 10 | 43,345 | 43,345 | 20,358 | |
| Gift aid debtors | 8 | 8,831 | 8,831 | 7,682 | |
| Other debtors | 8 | 0 | 0 | 0 | |
| Deposits | 8 | 0 | 0 | 0 | |
| Creditors: amounts falling due within one year | 9 | 52,176 57,130 |
52,176 57,130 |
28,040 54,712 |
|
| Net current assets | (4,954 ) | (26,672 ) | |||
| Total assets less current liabilities | 994,969 | 991,712 | |||
| Creditors: amounts falling due after one year | 9 | 356,702 | 356,702 | 384,947 | |
| Total net assets | 638,267 | 606,765 | |||
| Funds of the Charity | |||||
| Unrestricted funds | 11 | 287,300 | 259,356 | ||
| Restricted funds | 11 | 9,723 | 6,164 | ||
| Property revaluation reserves | 341,245 | 341,245 | |||
| Total funds | 638,267 | 606,765 |
Signed by Mr R Thanaraj (trustee) on behalf of all the trustees
R Thanaraj
Signature
Date of approval
14.09.25
FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
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 (2023 £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 2024
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
| 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 Apostolic Outreach - restricted Philippines 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 |
2024 2024 2024 2023 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 200,622 0 200,622 190,253 42,216 0 42,216 35,394 0 2,723 2,723 3,035 0 0 0 600 0 0 0 0 0 0 0 0 0 260 260 926 0 13,708 13,708 0 0 0 0 3,292 0 3,094 3,094 3,922 0 300 300 300 242,838 20,085 262,922 237,722 2,892 0 2,892 3,460 4,935 0 4,935 3,135 0 0 0 0 8,166 0 8,166 8,886 0 0 0 2,235 15,993 0 15,993 17,716 14,739 0 14,739 13,532 1,809 0 1,809 400 16,548 0 16,548 13,932 0 0 0 0 416 0 416 65 275,795 20,085 295,880 269,435 |
|---|---|
FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
| 4. Analysis 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 Philippines 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 |
2024 2024 2024 2023 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 2,260 0 2,260 2,768 0 0 0 0 2,166 0 2,166 1,861 0 0 0 1,041 1,418 0 1,418 1,099 5,843 0 5,843 6,769 3,203 0 3,203 2,570 0 0 0 0 8,968 0 8,968 11,526 0 903 903 1,866 0 2,810 2,810 3,779 2,005 0 2,005 2,005 0 5,430 5,430 2,819 0 0 0 1,958 0 7,382 7,382 3,292 100,767 0 100,767 112,596 2,000 0 2,000 2,235 880 0 880 598 182 0 182 171 717 0 717 383 4,610 0 4,610 4,215 3,853 0 3,853 4,447 14,755 0 14,755 5,707 0 0 0 0 2,483 0 2,483 1,344 2,366 0 2,366 2,316 1,636 0 1,636 2,577 1,278 0 1,278 1,021 0 0 0 193 0 0 0 0 7,417 0 7,417 6,988 4,980 0 4,980 3,091 1,497 0 1,497 2,060 0 0 0 0 1,346 0 1,346 1,817 35,583 0 35,583 34,259 1,296 0 1,296 1,073 0 0 0 0 4,429 0 4,429 4,548 10,924 0 10,924 10,295 24,833 0 24,833 23,935 0 0 0 0 242,008 16,525 258,533 255,684 247,851 16,525 264,376 262,453 |
|---|---|
FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
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 |
2024 2023 £ £ 1,680 1,680 844 815 2024 2023 £ £ 88,286 105,120 8,366 3,435 4,115 4,041 0 0 100,767 112,596 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-24 Additions Disposals Cost at 31-Dec-24 Depreciation 01-Jan-24 Charge Disposal Depreciation at 31-Dec-24 Net Book Value 31-Dec-24 Net Book Value 31-Dec-23 8. Debtors and prepayments Rent deposit Gift aid Other debtors Total |
Freehold Fixtures and Property Fittings Total £ £ £ 1,080,000 102,614 1,182,614 0 6,374 6,374 0 (996 ) (996 ) 1,080,000 107,992 1,187,992 64,800 99,430 164,230 21,600 2,239 23,839 0 0 0 86,400 101,669 188,069 993,600 6,323 999,923 1,015,200 3,184 1,018,384 2024 2023 £ £ 0 0 8,831 7,682 0 0 8,831 7,682 |
|---|---|
FOUNTAIN OF WISDOM MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
| 9. Creditors and accruals Mortgage for hall Accruals Other Total |
2024 2023 2024 2023 £ £ £ £ 16,055 14,957 49,959 61,912 5,720 5,720 0 0 35,355 34,035 306,743 323,035 57,130 54,712 356,702 384,947 Within one year More than one year |
|---|---|
10. Cash at bank and in hand
| Bank Total |
2024 £ 43,345 43,345 |
2023 £ 20,358 20,358 |
|---|---|---|
11. Charity funds
| Mission Fund Building Fund Broadcasting Fund India Outreach fund Drama Fund Choir fund Apostolic Outreach Fund Collections for speakers Unrestricted funds Total |
Balance Balance b/f Income Expenditure c/f £ £ £ £ 3,842 2,723 5,430 1,135 0 0 0 709 300 903 106 935 260 1,195 189 0 189 489 3,094 2,810 773 0 13,708 7,382 6,326 0 0 0 259,356 275,795 247,851 287,300 265,520 295,880 264,376 297,023 |
|---|---|
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 £17,044 (2023 £17,274)
Pension contributions £864 (2023 £883)
Payments totalling £3,853 (2023: £4,447) 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.