Report of the Trustees and Directors and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
THE NIGERIAN CHAPLAINCY
THE NIGERIAN CHAPLAINCY
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
| 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 2024
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 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 2024
The year ended 31 March 2024 saw the Nigerian Chaplaincy remaining in good heart with its congregations making good progress.
Our established churches in London, Birmingham and Manchester continued to grow as did our newer congregations 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.
The Chaplain also plays an increasingly important role in providing advice and support to Church of Nigeria clergy coming to the UK and looking to apply for posts in the Church of England or obtain Permission to Officiate (PTO).
Our Management Committee and Trustees continue to provide valuable oversight and support for the activities of the Chaplaincy. In November 2023, The Revd Patrick Eggleston was made substantive Chair of the Management Committee, having hitherto been Interim Chair.
On 5 November 2023, the Management Committee met with His Grace, the Most Reverend Henry Ndukuba, Primate of the Church of Nigeria and a Parton of the Chaplaincy. As a result of the meeting, a joint working group was established to look at how the Chaplaincy and the Church of Nigeria could work together more harmoniously. The work of this group continues.
On 30 September, the Revd Canon Chigor Chike, a member of our Management Committee, was made Archdeacon of Lewisham and Greenwich in the Diocese of Southwark. It was a great joy to see this recognition of Canon Chigor’s talents.
The Revd Canon Patrick Eggleston (Chair of Trustees)
Page 2
THE NIGERIAN CHAPLAINCY
Report of the Directors FOR THE YEAR ENDED 31 MARCH 2024
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 2024. 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 2023 to the date of this report.
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 Canon H P Eggleston 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 Canon H P Eggleston
Trustee and Director
31 December 2024
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THE NIGERIAN CHAPLAINCY
Income Statement FOR THE YEAR ENDED 31 MARCH 2024
| 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 £ 57,180 314 57,494 1,474 50,330 51,804 5,690 |
Restricted funds £ 408 - 408 - - 408 |
31.03.24 Total Funds £ 57,588 314 57,902 1,474 50,330 51,804 6,098 |
31.03.23 Total funds £ 74,535 - 74,535 1,685 46,360 48,045 26,490 |
|||
|---|---|---|---|---|---|---|---|
The notes form part of these financial statements
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THE NIGERIAN CHAPLAINCY (REGISTERED NUMBER: 02887521)
Statement of Financial Position 31 MARCH 2024
| 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 |
31.3.24 £ 88,378 7,229 |
£ 734 81,149 81,883 44,950 36,933 81,883 |
31.3.23 £ 78,181 3,906 |
31.3.23 £ 78,181 3,906 |
£ 1,510 74,275 75,785 39,260 36.525 |
|
|---|---|---|---|---|---|---|
| 75,785 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
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 31 December 2024 and were signed on its behalf by:
The Revd Canon 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 2024
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 (SORP). 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.
Page 6
continued...
THE NIGERIAN CHAPLAINCY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
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 (2023 - 1).
4. OPERATING SURPLUS
The operating surplus is stated after charging:
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation - owned assets | 776 | 736 | |
| 5. | TANGIBLE FIXED ASSETS | ||
| Plant and | |||
| machinery | |||
| etc | |||
| £ | |||
| COST | |||
| At 1 April 2023 | 9,276 | ||
| Additions | |||
| At 31 March 2024 | 9,276 | ||
| DEPRECIATION | |||
| At 1 April 2023 | 7,766 | ||
| Charge for year | 776 | ||
| At 31 March 2024 | 8,542 | ||
| NET BOOK VALUE | |||
| At 31 March 2024 | 734 | ||
| At 31 March 2023 | 1,510 | ||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Taxation and social security | 1,265 | 1,265 | |
| Other creditors and accruals | 5,964 | 2,641 | |
| 7,229 | 3,906 |
5.
continued...
Page 7
THE NIGERIAN CHAPLAINCY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
7. RESERVES
| Unrestricted funds Restricted funds TOTAL FUNDS General fund Building |
At 1.4.23 £ 75,785 39,260 36,525 |
Net movement in funds £ 6,098 5,690 408 |
Transfers between funds £ - - - |
At 31.3.24 £ 81,883 44,950 36,933 |
|---|---|---|---|---|
Page 8
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 2024 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: 31 December 2024
This page does not form part of the statutory financial statements
Page 9
THE NIGERIAN CHAPLAINCY
Detailed Income and Expenditure Account FOR THE YEAR ENDED 31 MARCH 2024
| 31.3.24 | 31.3.23 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Turnover | |||||
| Income | 57,180 | 60,266 | |||
| Building Fund | 408 | 14,269 | |||
| 57,588 | 74,535 | ||||
| Cost of sales | |||||
| Direct charitable expenses | 1,474 | 1,685 | |||
| GROSS SURPLUS | 56,114 | 72,850 | |||
| Other income | |||||
| Bank interest | 314 | - | |||
| 56,428 | 72,850 | ||||
| Expenditure | |||||
| Rates and water | 1,862 | 1,055 | |||
| Insurance | 1,021 | 572 | |||
| Wages | 29,618 | 29,618 | |||
| Social security | 3,444 | 2,982 | |||
| Pensions | 1,889 | 828 | |||
| Telephone | 1,420 | 1,113 | |||
| Post and stationery, books and periodicals | 1,319 | 121 | |||
| Travelling | 2,177 | 3,148 | |||
| Hall rent | 3.300 | 2,600 | |||
| Repairs and renewals | 144 | 354 | |||
| Services expenses | 2,230 | 1,620 | |||
| Legal and professional fees | 780 | 13 | |||
| Honorarium | - | 1,600 | |||
| Entertainment | 350 | - | |||
| Depreciation | 776 | 736 | |||
| Total Operating Expenses | 50,330 | 46,360 | |||
| NET SURPLUS | 6,098 | 26,490 |
This page does not form part of the statutory financial statements
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