THE NARROW GATE PROJECT TRUSTEES ANNUAL REPORT – 31.03.2023
The directors present their report and financial statements for the year ending 31 March 2023.
In preparing the financial statements, the directors have complied in:
- Preparing the financial statements on the going concern basis.
Principal Activities
The principal activities of the project are community outreach through Christian religious services and community programmes focused on faith sharing and spiritual building. The Charity’s other activities include provision of basic needs for the homeless and other philanthropic activities.
Year under review
The Charity gradually picked up from the adverse effects of Covid -19 in 2020/21 resuming normal operations but however hindered by the geo-political environment enhanced by the RussiaUkraine conflict, and general excessive costs of living that ensued. These unprecedented developments impacted operations such as community outreach. That said, the Charity maintained its group of volunteers who committed to ensuring that projects were implemented albeit at lower levels.
Physical Christian services resumed fully, following restrictions brought about by the pandemic.
In the financial year 2023/24, the Charity will continue to move ahead in executing its mission at levels parallel to donations and contributions received. This will be enhanced through collaboration with other Christian missions for better optimization.
The Charity maintained reasonable levels of income in the form of regular contributions during the year. Total cash as at the end of the reporting period stood at £19,163 (2022: £12,264).
Finances
Income for the financial year is stated at £71k , (2022 - £41k) while expenses are stated at £69k , (2022 - £39k).
The Charity recorded contribution to reserves of £2,155 (2022 - £2,163) representing a slight decrease of 0.37% from 2022.
Governance
The Charity continued to be governed by its four Trustees during the reporting period. There were no changes to the Board during the year.
Fundraising
The Charity does not raise funds from the public and is not in receipt of government funding. All income from the Charity is in the form of personal donations from religious services held primarily on Sundays.
The report was approved by the board on 31 January 2024 and signed on its behalf by:
Isaac Tolu Mogaji
1
THE NARROW GATE PROJECT
FINANCIAL STATEMENTS
AS AT 31.03.2023
Charity number: 1115530
THE NARROW GATE PROJECT
CHARITY INFORMATION
| Trustees | Mr Isaac T Mogaji |
|---|---|
| Mr Ademola Adebayo | |
| Mr Ebenezer O Mogaji | |
| Mrs Foluke O Mogaji | |
| Registered number | 1115530 |
| Registered Office | 32 CAPEL ROAD |
| ENFIELD | |
| EN1 4SP | |
| Independent Examiner | Fleet & Smith |
| Charterted, Certified Accountants | |
| Ambition Broxbourne Centre | |
| Pindar Road, Hoddesdon | |
| EN11 0FJ |
THE NARROW GATE PROJECT
Statement of Financial Activities
As at 31 March, 2023
| NOTES INCOME Tithes and Offerings Donations TOTAL CHARITABLE INCOME EXPENDITURE Charitable activities 1 Other Expense 2 TOTAL EXPENDITURE NET Balance b/fwd Balance c/fwd |
UnrestrictedRestricted £ £ 29,796 40,960 70,756 8,357 60,244 68,601 2,155 17,214 19,369 2023 |
TOTAL £ 29,796 40,960 70,756 8,357 60,244 68,601 2,155 17,214 19,369 |
Unrestricted Restricted TOTAL £ £ £ 17,157 17,157 24,417 24,417 41,574 41,574 6,635 6,635 32,776 32,776 0 39,411 39,411 2,163 2,163 0 15,051 15,051 0 17,214 17,214 2022 |
|---|---|---|---|
THE NARROW GATE PROJECT
Balance Sheet
| As at 31 March, 2023 Notes Fixed Assets 5 Current Assets Cash/Bank Current Liabilities Deferred Income Other creditors 6 Net Current Assets Total Net Assets General Funds Designated Funds |
31.03.23 £ 19,163 - 1,100 |
31.03.23 31.03.22 31.03.22 £ £ £ 10,524 9,750 12,264 4,000 800 18,063 7,464 28,587 17,214 19,369 17,214 9,218 0 28,587 17,214 |
|---|---|---|
THE NARROW GATE PROJECT
NOTES
- Expenditure on Charitable activities
| 1. Expenditure on Charitable activities | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| £ | £ | £ | |
| Outreach Activities | |||
| Donation | 6,979 | 2,469 | |
| ER Social Contribution | 1,378 | 4,166 | |
| 8,357 | 6,635 | ||
| 2. Other expenditure | |||
| Unrestricted | Total | Total | |
| £ | £ | £ | |
| Employee Costs | 41,479.00 | 24,449 | |
| Motor and travel costs | 1,873.00 | 1,105 | |
| Premised costs | 8,900.00 | 3,196 | |
| Amortisation, depreciation, impairment | 3,962.00 | 3,000 | |
| General Administrative costs | 2,944.00 | 376 | |
| Professional costs | 1,086.00 | 650 | |
| 60,244 | 32,776 | ||
| 3. Net income before transfers | 2023 | 2022 | |
| £ | £ | ||
| This is stated after charging: | |||
| Depreciation of owned fixed assets | 3,962 | 3,000 | |
| 4. Staff costs | |||
| Salaries and wages | 34,738 | 20,299 | |
| Social security costs | 6,547 | 3,725 | |
| Pension costs | 194 | 425 | |
| 41,479 | 24,449 | ||
| 5. Fixed Assets |
| Cost as at 1.4.22 Additions Total as at 31.3.23 Aggregate Depreciation as at 1.4.22 Depreciation for the year Total depreciation Net as at 31 March 2023 6. Creditors: amounts falling due within one year Other loans Other creditors |
Vehicle £ 15,000 |
Computer Equipment Other Equipment Total £ £ £ 15,000 1,943 2,793 4,736 |
|---|---|---|
| 15,000 5,250 3,000 |
1,943 2,793 19,736 5,250 378 584 3,962 |
|
| 8,250 | 378 584 9,212 |
|
| 6,750 | 1,565 2,209 10,524 |
|
| 2023 2022 £ £ - 4,000 1,100 800 1,100 4,800 |
ee smi Chartered Certified Qccountants Ambition Broxbourne Centre Pindar Road, Hoddesdon EN11 OFJ Phone.. 01992874397 Mob.. 07887648541 fleetandsmith.co.uk IndendnI Exaffllner's Report to the trUtyte of the NARROW GATE PROJECT for tho year ènd 31¥1 March 2023 I report to the trustees on my examination of the accounts of the NARROW GATE PROJECT for the year ended 31 March 2023. Responslbilitier• and ba3ir• of report As thé eharty'g trustees, you are resFonslb for tho pr•parstion of tho 8ccounts in accordance ryth the requirerrEnts of the Charitses Act 20111lhe Act"). The trustees Consider Ihal an audtt is not required for this year under the Charities Act 2011, $144(2) (the 2011 Act) and that an independent examinatson is needed. I report in respect of my examination of Ihe Trust's accounts carried out under sedion 145 of the 2011 Act and in carrying out my examination, I have followed all the applicablg Dire¢tion$ given by the Charity Commission undor soction 145{5){bl of th• Act. Independent examIne& ststèment I have completed ry examination. I confirn that material matters have come to my attention in connection with the examination which gives me cause to believe that in. any material respect: Ilie aLLvuiiliiig i¥(xxd¥ wefe not kept in COrdanCe wlth sectlon 130 of the Charities Act,. or the accounts dKI not accord with the accounting records; or Ihe accounts did not ccthpty with the al¢ats requirements conceming the fomi and conlent of accounts sel out in the Charities IA¢¢ounts and Report81 Regulations 2008 olher Ihan any reqU1ment thal Ihe countS give a 'lrue and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no Olher mallers in conneaion with me gxamination to which attgntion Should be drawn in this r0[ in order to enable a proper understanding of the accounts to t* r&%hed. Benedt Falegan FCCA Flg•t & Smith Chart•rgd C•rtifi•d Accountants ACCA