## **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** 1. 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 Inde￿nd￿nI 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 a￿l¢ats￿ requirements conceming the fomi and conlent of accounts sel out in the Charities IA¢¢ounts and Report81 Regulations 2008 olher Ihan any reqU1￿ment 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. Bened￿t Falegan FCCA Flg•t & Smith Chart•rgd C•rtifi•d Accountants ACCA