Report of the Trustees and Directors and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
THE NIGERIAN CHAPLAINCY
THE NIGERIAN CHAPLAINCY
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Company Information | 1 |
| Chairman's Report | 2 |
| Report of the Trustees and Directors | 3 |
| Income Statement | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 |
| Report of the Accountant | 9 |
| Detailed Income and Expenditure Account | 10 |
THE NIGERIAN CHAPLAINCY
Company Information FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES AND DIRECTORS: Revd A G Thom Ms F Odekeye Dr O S Kehinde O B Awotesu Revd H P Eggleston U V Onwere N Nwafor-Orizu
SECRETARY: Ms F Odekeye REGISTERED OFFICE: 104 New Cross Road New Cross London London SE14 5BA REGISTERED NUMBER: 02887521 (England and Wales) ACCOUNTANT: Newinton Accountancy LTD 83 Langbrook Road Blackheath London SE3 8QZ
Page 1
THE NIGERIAN CHAPLAINCY
Chairman's Report FOR THE YEAR ENDED 31 MARCH 2023
The year ended 31 March 2023 saw the Nigerian Chaplaincy in good heart as congregations returned to worshipping in person following the lifting of the Pandemic restrictions.
As well as our established churches in London, Birmingham, Manchester and Milton Keynes, new congregations continued to be developed in Glasgow, Sunderland, and Portsmouth. We also continued to reach out further afield through our Zoom broadcasts, connecting members in Nigeria, the USA and elsewhere to our Sunday worship. And Zoom continues to be the forum for our Mother’s Union, Youth Group, Sunday School, Men’s Fellowship and Prayer Meetings.
Our Chaplain, The Ven Dr Joe Ajaefobi, continues to do an excellent job holding all these activities together as well providing much needed pastoral support both to our own members and those beyond our walls, including at Queen Elizabeth Hospital in Woolwich where he serves as a volunteer chaplain one day a week. During the year it was a great joy to celebrate Ven Ajaefobi’s sixtieth birthday in the presence of his family.
Out Management Committee and Trustees continue to provide valuable oversight and support for the activities of the Chaplaincy. In particular, they have been carrying out a comprehensive review of the Chaplaincy’s constitution, the first stage of which was completed in November 2022.
The Chaplaincy@40 Appeal continued during the year with a major fundraising event in the summer. We are grateful to Mr Tony Sokan and the Chaplaincy@40 committee for all their hard work on this as they seek to raise £4m for a new centre for the Chaplaincy.
Sadly, The Revd Canon Olu Adam’s health meant that, despite making good progress in recovering from a stroke, he was unable to resume his duties as Chair during the year. As a result, the Revd Patrick Eggleston was appointed as Interim Chair in November 2022. We are very grateful to Canon Adams for all he did for the Chaplaincy during his time as Chair and as a Trustee and we wish him and his family well during his retirement.
We also said farewell during the year to The Revd Canon Dele Agbelusi who stood down as a Trustee in November 2022 and Chief Mrs Florence Adebayo who stood down on 15 August 2023. And in September 2023 we received the very sad news of the passing of our former Chair, the Rt Revd Dr Karowei Dorgu. Bishop Karowei had been hugely influential in the development of the Chaplaincy over a period of over twenty years and his passing was a great loss. His funeral took place at Southwark Cathedral in October 2023, officiated at by the Archbishop of Canterbury and in the presence of the Primate of All Nigeria.
Despite these losses, the Chaplaincy remains in good heart and continues its important work. We thank all those who support us financially and all our volunteers who give so generously of their time.
The Revd Patrick Eggleston (Chair of Trustees)
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THE NIGERIAN CHAPLAINCY
Report of the Directors FOR THE YEAR ENDED 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
TRUSTEES AND DIRECTORS
The trustees and directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.
The Revd D O Agbelusi (resigned 9 November 2022) Chief (Mrs) F A Adebayo (resigned 15 August 2023) The Rt Revd Dr W K Dorgu (resigned 8 September 2023) The Revd A G Thom Ms F Odekeye Dr O S Kehinde Dr O A Adams (resigned 2 July 2023) O B Awotesu The Revd H P Eggleston (appointed 9 November 2022) U V Onwere (appointed 9 November 2023) N Nwafor-Orizu (appointed 9 November 2023)
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
The Revd H P Eggleston
Trustee and Director
29 January 2024
Page 3
THE NIGERIAN CHAPLAINCY
Income Statement FOR THE YEAR ENDED 31 MARCH 2023
| Notes INCOMING RESOURCES Incoming resources from generated funds Voluntary income Investment income Total incoming resources RESOURCES EXPENDED Charitable activities Direct Charitable Expenditure Management and Administration Total resources expended NET INCOMING RESOURCES 4 |
Unrestricted funds £ 60,266 - 60,266 1,685 46,360 48,045 12,221 |
Restricted funds £ 14.269 - 14,269 - - 14,269 |
31.03.23 Total funds £ 74,535 - 74,535 1,685 46,360 48,045 26,490 |
31.03.22 Total funds £ 75,580 - 75,580 7,006 54,213 61,219 14,361 |
||
|---|---|---|---|---|---|---|
The notes form part of these financial statements
Page 4
THE NIGERIAN CHAPLAINCY (REGISTERED NUMBER: 02887521)
Statement of Financial Position 31 MARCH 2023
| Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES RESERVES General funds 7 Building fund 7 |
31.3.23 £ 78,181 3,906 |
£ 1,510 74,275 75,785 39,260 36,525 75,785 |
31.3.22 £ 48,686 1,637 |
31.3.22 £ 48,686 1,637 |
£ 2.246 47,049 49.295 27,039 22,256 |
|---|---|---|---|---|---|
49.295 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees and directors acknowledge their responsibilities for:
-
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board of Trustees and Directors and authorised for issue on 29 January 2024 and were signed on its behalf by:
The Revd H P Eggleston – Trustee and Director
The notes form part of these financial statements
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THE NIGERIAN CHAPLAINCY
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
1. STATUTORY INFORMATION
The Nigerian Chaplaincy is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
1.1 Basis of preparing the financial Statements
The Financial Statements have been prepared under the historical cost convention and in accordance with the Financial Statements for Smaller Entities (effective June 2002). In preparing the financial statements, the charity follows best practice as laid down in the Statement of Recommended Practice (SORA). Accounting and Reporting by Charities issued in October 2000.
1.2 Incoming resources
Voluntary income and donations are included in Incoming resources when they are receivable, except when donors' conditions have not been fulfilled, then the income is deferred. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs.
1.3 Resources expended
Resources expended are included in the Statement of Financial Activities on an accrual basis, inclusive of any VAT which cannot be recovered.
Expenditure which is directly attributable to specific activities has been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these resources.
1.4 Restricted Funds
Restricted funds are those which are used for the purposes specified by the donor. Expenditure, which meets the criteria, is charged to the fund.
1.5 Unrestricted Funds
Unrestricted funds are the income received or generated for the objectives of the charity without further specified purpose and are available as general fund.
1.6 Designated Funds
Designated funds are those amounts, which the management committee have allocated from unrestricted funds for a particular purpose.
1.7 Apportionment of Costs
Where costs could not be directly allocated to a particular activity heading in the Statement of Financial Activities, they have been apportioned on a fair and reasonable basis. Salaries are apportioned on a basis of time spent.
1.8 Fundraising Costs
Fundraising expenditure comprises costs incurred in inducing people and organizations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging for special fundraising events.
1.9 Management and Administration Expenditure
Administration expenditure includes all expenditure directly related to the charitable activity or fundraising ventures. This includes costs of renting and running office premises, staff salaries for administrative staff and audit fees.
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continued...
THE NIGERIAN CHAPLAINCY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
2. ACCOUNTING POLICIES - continued
TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to surplus or deficit in the period to which they relate.
3. EMPLOYEES, TRUSTEES AND DIRECTORS
The average number of employees during the year was 1 (2022 - 1).
4. OPERATING SURPLUS
The operating surplus is stated after charging:
| 31.3.23 | 31.3.22 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation - owned assets | 865 | 865 | |
| 5. | TANGIBLE FIXED ASSETS | ||
| Plant and | |||
| machinery | |||
| etc | |||
| £ | |||
| COST | |||
| At 1 April 2022 | 9,276 | ||
| Additions | |||
| At 31 March 2023 | 9,276 | ||
| DEPRECIATION | |||
| At 1 April 2022 | 7,030 | ||
| Charge for year | 736 | ||
| At 31 March 2023 | 7,766 | ||
| NET BOOK VALUE | |||
| At 31 March 2023 | 1,510 | ||
| At 31 March 2022 | 2,246 | ||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Taxation and social security | 1,265 | 1,205 | |
| Other creditors | 2,641 | 432 | |
| 3,906 | 1,637 |
5.
continued...
Page 7
THE NIGERIAN CHAPLAINCY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
7. RESERVES
| Unrestricted funds Restricted funds TOTAL FUNDS General fund Building |
At 1.4.22 £ 49,295 27,039 22,256 |
Net movement in funds £ 26,490 12,221 14,269 |
Transfers between funds £ - - - |
At 31.12.23 £ 75,785 39,260 36,525 |
|---|---|---|---|---|
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THE NIGERIAN CHAPLAINCY
Report of the Accountant to the Trustees and Directors of The Nigerian Chaplaincy
As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages four to eight and you consider that the company is exempt from an audit.
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
Newinton Accountancy LTD 83 Langbrook Road London SE3 8QZ
Date: 29 January 2023
This page does not form part of the statutory financial statements
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THE NIGERIAN CHAPLAINCY
Detailed Income and Expenditure Account FOR THE YEAR ENDED 31 MARCH 2023
| Turnover Income Building Fund Cost of sales Direct charitable expenses Honorarium GROSS SURPLUS Other income Sundry receipts Other income Government grants Expenditure Rates and water Insurance Charitable donation Wages Social security Pensions Telephone Post and stationery Travelling Hall rent Repairs and renewals Staff welfare & training Books, journals & periodicals Property repairs & maintenance Services expenses Legal fees Ministerial clothing Finance costs Bank charges Carried forward |
31.3.23 £ 60,266 14,269 1,685 1,600 - - - 1,055 572 - 29,618 2,982 828 1,113 87 3,148 2,600 354 - 34 - 1,620 13 - |
£ 3,285 71,250 - 71,250 27,226 - 27,226 74,535 44,024 |
31.3.22 £ 43,581 22.256 - 500 328 6,506 2,938 1,418 1.025 8,740 30,132 2,938 808 5,222 277 2,791 2,600 - 1,000 62 852 1,750 13 228 |
£ 500 65,337 9,772 75,109 15,256 30 15,236 66,837 59,853 |
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This page does not form part of the statutory financial statements
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THE NIGERIAN CHAPLAINCY
Detailed Income and Expenditure Account FOR THE YEAR ENDED 31 MARCH 2023
| Brought forward Depreciation Fixtures and fittings Computer equipment NET SURPLUS |
31.3.23 £ 344 392 |
£ 27,226 736 26,490 |
31.3.22 £ 344 521 |
£ 15,226 865 |
|---|---|---|---|---|
| 14,361 |
This page does not form part of the statutory financial statements
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