OVF.RSEAS FELLOWSHIP OTr NIGERIAN CHIUSI'IANS LIMITED (* company limFted by Euirantee) FINANCIAL STATEMENTS 31 DECEMBER 2023 Re8lStered Company Number . U6£34207 Registered Charity Number . 1126774 HAII.M'OOD & CO CHARTERED AcCOUTrANTs Moreton, Wirral
OVERSEAS FELLOWSHIP OF MGbRIAL% CHRISTIANS LIMITED (x eompany limited by guarantee) FINANCIAL STATEMENTS for the year ended 31 December 2023 COP4TEiYrs PaRe Company infornialion Trustees, annual ld stratew¢ rcport 2¢010 liid¢pLThd¢nl auditor's rep 11 Lo 13 Summary income and expcrtditure a¢c(xinl 14 Siatem¢n( orrinai)cial acliiilics {including iiicoii)¢ cNpeiidiLure accouni) 15 Balwice slieei 16 Notcs lo the fiiiancial %iaicments 17to23
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (s company limited by guarantee) for the yeor ended 31 December 2023 In¢orpoTatcd in En8la])d and Wal&s on 13 March 20U¥ R¢xistered Coinpans Number ., 065".?4207 Rebrystcrcd Charity Number .' 1126774 CFIAIR Dr A Oluii'atudimu DIREcfoRsftRUSTEES Appointed Mrs Y Adebisi 2710812023 Mrs K Ajayi 2710812023 Pastor C Akinola 27101Q12n23 Dr O Awosemo 2710812023 .Miss T Darainola 2710%12023 ,Mrs C. ErhaTLLyI 2710812023 Mr M HamLa 2710812023 Dr A Law'an 27108121123 Mr C. Mcrc 27101112112.3 Mr A Mustaplia 2710812U23 MJ. A NaknOr 2710812023 Mr F Oboloje 271n812023 Mr O OloLian 27108121123 MI. E ()IllLbuLnyi 271011121123 Dr G Popoola 27101112n23 Mrs D Sok., 2710X12n23 Mrs M Ugwwze 2710g12()23 Mr J Ushi¢ 2710812023 Mrs A Williams 2710812023 Rcsigned Prof B Adebi5l 2710812023 Dr K Adebove 2710812023 Dr K Adenekan ?71n812Q23 Mr A Ad¢8 2710¥12023 Dr F Agbon/.ikilo 2710812023 Mr n Akaji 2710812023 Dr W Ayeb1 2710812023 Dr M ChukwujCk1 2710812023 Mr C Elumogo 2710812023 Dr P Eseonu 2710¥12023 Dr G Kui.LYin 27101412023 Dr S Ochogm'u 2710812U23 Dr G Ogiu)modimu 2710x121121 Mi El Omod¢iii(k 2710Y121123 Di O l)upoola 2710%12028 Mrs T Raji ?7[%/?.1)23 Dr N ulball1Cl7 271Lb8121I23 Dt V Lzoniah 27111812023 Dr A AdeBok¢ Dr B Adeogun Mr K Adi%a Mr T Aguana Dr l O Akinlundc Dr A Akomolaf¢ Dr J Ameobi Miss O Elafuwa Prof. J DuTodol Mr O Faromika Mr P Ikwbab¢ Mr5 M Inyang Dr D Nk"antah Dr N Nmukoii? Mr 1> Oboh Pasioi. O QILLsola Mrs'f OluH'ntudiiiiu Dr A Oliii¥aludiinu Mr A Roiibi Mr A 'l'cn)bo Mrs G Viiiccnl-Flcjii'iku SECRF.TARY Mr K Adisa Dt. B Adcogun Api?ointcd 2710812023 R¢signed 27108121123 REGISTERED OFficE Top Housc Shaiilieatl) c.lose Mamchesler M154BQ AUDITORS Hailwood & Co, Chartered Accountants 392-394 Hoi'lake Road Moreton. Winal CH46 6DF BAliKERS Llol'ds Bank pl¢
OVERSEAS FELLOWSHtP OF NIGERL4J CHRISTIANS (OFNC) LI'D REPORT OF THE TRIISTF.ES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financi&l statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommcnded Practice (SORP) 'Accounting and Reporting by Chatilies. issued in October 2019 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 06534207 (EnglRnd And Wales) Registered Charity Number 1126774 Regisltred orrice TOI) I Iousc Shawheall) Close Hulme Manchester 1154BQ 1'ru5tees Dr Akin Oluwaludimu . Chairnian Mr K Adisa - Secretary Dr A Adegoke Dr B Adeogun MT T Auana Dr I O Akinlundc Dr A Akomolafe Dr J Ameobi Miss O Bafvwa 10 Prof. J Durodola I l Mr O Faromika 12 Mr P Ikuobase 13 Mrs M Inyang 14 Dr D Nkantah IS Dr N Nwokoma 16 MrPOboh 17 Pastor O Olusola 18 Mrs T Oluwaludimu 19 Mr A Rotibi 20 Mr A Tefftbo 21 Mrs G Vinccnt-Hejirika 22 Mrs Y Adebisi Appointed 27 Au¥ust 2023
OVERSEAS FEI,LOWSHtP OF NIGERIAIN, CHRJSTIANS (OFNC) LTD RFPORT OF THE TRIISTF.F.S FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees (continued) 23 Iktrs K Ajayi 24 Pastor C Akinola 25 Dr O Awosemo 26 Miss T Daramola 27 Mrs C Erharuyi 28 Mr M Hamza 29 Dr A Lawan 30 Mr C Mere 31 Mr A Mustapha 32 Mr A Nwakunor 33 Mr F Oboloje 34 Mr O 0108ai) 35 Mr E Onycbuenyi 36 Dr G Popoola 37 Mrs D Sokoya 38 .Mi's M ljbiwueze 39 Mr J us¢ 4n Mrs A Williains 41 Pr()f B Adebisi 42 Dr K Adeboy¢ 43 Dr K Adenckan 44 Mr A Adeniran 45 Dr F Agbunzikilo 46 Mr O Akaji 47 Dr W Atoycbi 48 1)r M Chukmijekwu 49 ,Mi' C Elumogo 50 Dr P Eseonu 51 Dr G Ka7£cm 52 Dr S Ochogwj 53 Dr G 08unmodimu 54 Mr B Omodeinde 55 Dr O Popoola 56 Mrs I. Raji 57 Dr N Uwubamwen 58 Dr V U20mah Appointed 27 August 2023 Appointed 27 Aubyusi 2023 Appointed 27 August 2023 Appointed 27 AugJust 2023 Appointed 27 August 2023 Appointed 27 August 2023 Appninled 27 Augusi 2023 Appointed 27 August 2023 Appointed 27 August 2023 Appointed 27 Ausust 2023 Appointed 27 Au8USt 2023 Appoi¥Jled 27 All1$t 2023 Appointed 27 August 2023 Appointed 27 August 2023 Appoinl¢d 27 August 2023 Appointed 27 Augiist 2023 Appointed 27 Augusi 2023 Appt)iiited 27 Au8usI 2023 Re5iBncd 27 Aug'ust 20?3 R¢5ig1)ed 27 August 2U23 Rcsi8r)ed 27 August 2U23 Resigned 27 August 2023 Re.4i¥ned 27 Augus12023 Resigiied 27 Augusi 2023 Resi8n¢d 27 August 2023 Resigned 27 Au8USt 2023 Resigned 27 August 2Q23 Resigned 27 AuBU5t 2023 Resigned 27 Au8USt 2021 Resigned 27 Auwst 2023 Resigned 27 Ausust 2023 Resigned 27 August 2023 Resigned 27 Augusi 2023 Resigned 27 Augus12023 Rc5igned 27 August 2023 Resigned 27 August 2023 Auditors Hailwood & Co Chartered Accountants 392-394 Hoylake Road ,Moreton Wirral CH46 6DF
OVERSEAS FELLOWSHIP OF NIGERIAN CIIRISTIANS IOFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 EVENTS SINCE THE END OF THE YLAR Infonnation relating to evenis siiice the end of the year is siven in the notes to the financial Slatements. STRUCTURE, GOVERNANCE AND mANAGEIENT Govtrning document The Overseas Fellowship of Nigerian Christians 15 controlled by its 8overning document. a constitution. It is a Company Limited by Guarantee, r¢Stered with the Cliarity Commission under the C.hariiy number 1126774. Rtcrui¢ment and APPOITilment of new. trustees Rectuilmenl of N&tinnal Officcrs is the respon8ibility of all members while that of the Branch Officers is the resp()nsibility of the members of the local branch. Ail officers thus electcd are presented al the Annual G¢iieral Meclii?g (AGM) to the General Assembly (GA} for approval. The Naiional Executive Cnuncil (NF,C) members which comprises of Natii)nal OITicers and Area Secrclaries ale appointed as Iruslecs of (he organisdtii)n Indiiclioii find irAirbing of new Iriistees Oiice appoinieil. Iiew trustees ¢ire IraiIied as lo their duties and responsibilities. The iru51ces are a150 encour'aged to dtlend oiher Ii'aining ¢ours¢s oryanised by Ihc cliariiy aiid lo seek advice from outgoing truslees to en4ure contiiiuily al branch and NEC Icvels Help 1% always available from the curreni and past Chaimien iii supporl ol'irustees. OrgJ)ni$8tioiiAI Slructure Tl)c fellowship is organised inlo local braiiLhe¥ with each branch having sub8TOUPS- The over 60s also know) as the 'R¢vived', Mcn's. Wvmeii's, Children's, Youths and 18-30s 8roups. Membcrs meel regularly ilt branch level for Chri8tian fellowship, prayers, and Bible studies, discussions on relevant matter% and ia]ks on the agreed theine for Ihc year They also plan and prepare for outreaches, mission¥, conference4 and other charitable a¢iivilies which ar¢ in linc with thc objects of the Organisaiion. There are various conferenccs organised during the year to brin8 mcmbers logdher nationally as well as provide a platforin for collaborative working wiih other Christian and charitable organisalions. The management of the r,ellowship is vested in the Nf,c. The NEC members al'e thc charity trustccs. Appointment as a chRrity Irustee is therefore automatic upon election into Nationaj Executive Council as a Natioiial Officer or Arva Secretary. The NEC comprises of no fewer than frjrty-two members. including thc c.hairman who is the head of the OTganisation', Nationdl Secretary,, Assistani National Secretary, National Financial Se¢retary, National Treasurer, Nrational Publtcity Secretary, National Youth Co-ordinator, two 18-305 Representatives, the Naiional Mcn's Co-ordinalor, the National Women's Co-ordintttor. Ihe National Children's Co-oidinator, Ex-offiLiO members and all Atea Secretaries. Two 18-30s's co-ordinator roles are currently vacanl. This means we currcntly have 40 tTUSlees.
OVERSEAS FELLOWSHIP OF NIGERIAN CHIUSTIAliS (OFNC) LTD RFPORT OF THE TRiISTEES FOR THE YEAR ENDED 31 DLCEMBER 2023 OrgAlli8ationAI slruclure (continued} Branches ar¢ managed by Ihe BranLh Executive Commtttee (BEC), which comprises of no fewer than five members including the Area Secretary who is the head of the local branch, Financial Secretary, Trcasurer, Prayer Secretary and Bible Study Se¢relary, During the year, there were twent}'.Ihree bianchcs of ihe Fellowship in the UK. Blanches in the same geographical location are also organised into a Region, associating together for the rtlierance of the object5, vision and aims of the Fellowship. There were five of such r¢gion8 in ihe IJK during the year, The general day to day adminisli'alive tasks of the Chariiy is the responsibility of rhe National Secretary 4$ direct by Ihe National Chairman. Wider nelwork A5 pail of its wider network elTorts, the ObNC. carri¢s out Mis5ion5, Fvangelism and oIIRboraiive work5 With other or8anisations in ttnd outside the UK. Based on our giving iii PL%t years and our lurnover we 51111 challen8e OUTselves to coi)tribute a miniiiiun) charitable STiving of £25.000 per anniim This amount waq proposcd and agrced al the Annual Generul Meeliny {AGM} of2020. The recoinineiidaii()TlS uf Il)e Nalional r:.xecuiive Council (NEC.) for reciirrent suppoi'l for Sickle c.ell Anacinia remained in pldce foi the 2023 year, and ss agreed at the ACTM of 2020. Ihe .%uppnrt of rhc Pcrsccuied c.hurch will be on recurrenl ycarly bases until a review becoines ne¢essary. We ihank God IhAI this year we raised £28,779 for Iliese causes. Colldborative work with oilier organi5alions remained a strong conimiim¢nt of the NEC and we are intending to carry on with this apprva¢h 10 maxiniise Ihe oulpul from our ctTorts and 5pei)din8. This apprnach is ai thc core of the ideals of the telloH'ship &nd can only scrvc lo iiici'ease our sphei'e ot. influence in the wider community. Wc have aimed to coiiiinue to work closely with ihe following UK-based organisations.. The Bible So¢iety' PAtDE& Nigeria Prays IJK (actively participating at this event and supporting li tinanciallyj. Christian Concern UK and Christians Againsl Poverty (prowdin8 financial training and budgeliiig skills for individuals in communities). We have maintained links with the Nigcrian Chaplaincy and with the Ni8erian fellowship of Evangelical Students (NIFES). We ¢ollaborated with Peace and Social Justice and Inlemalion&l Organisation for Peace Building both with sironu? advocacy focus on Nigeria to Tedu¢c persecution of Christians. We are also consolidating relationships w&th Open Doors and other groups acitve in supporting this cause.
OVF,RSKAS FELLOWSHIP OF NIGLRIAN CHIUSTIANS (OFNQ LTD REPORT OF THF. TRUSTEES FOR THE I'EAR ENDED 31 DECEMBER 2023 Risk mAnagement The trustees have a duty lo identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in plaLe lo provide reasonable assurance againsi fraud and error and an>, such risks as may be identified HRvAn8 regard to the scale and naiure of ils operations, the current system of controls is effective, taking into consideration ihe following. Volunteer5 &rc required 10 undergo a t)Tsclosure and Barrin8 Screening (DBS) to ensure protection of vulnerable members. The Child Protection Policy which was made ai'ailable lo ail vi)lunteers working wlth children and any interested party within the orgai)isation has been of benefit to the users and ensures protection and saLet)' of b()th the children and workers. The Accessibility Policy is available lo all volunieers on how to relate io disabled member.8 and iniere%led party within ihe organi.4ation, C.omplainis Handling Procedurc Conflicl ol. Inleresi P<)licy Risk Managenlent Policy Volui)leer Maiiagenient Policy Vulnerable Adult% and Children Policy Pi'ivacy Policy (Api)rDved 2018) Data Lollcclion and Sioraye Policy (Approved 2018) GDI?R Policy (Appi'oved 2018) 10. These and other policies are available on the OFNC web511c ww In Arrangcmenis are ill progre5S to ensure all policies are reviewed and updated in a timely mani)er. Thc system of internal Financial Control is designed to provide reasonable assurance a¥ainst material misstaiement or loys of funds. Th¢y include.. Annual Lludgel approved by the NEC. Annual publication of fiiiancia] reports by trustees and presentalion of annual reports 10 membership ai thc AGM Delegiltion uf authority and s¢8regaiion of duties. Annual independent review of financial records by registered external auditors, Working to Strict financial control i)olicy and procedures. Budget updates and I'eview for each quarter arc presented at each NEC meeting.
OVF.RSEAS FELLOWSHIP OF NIGERIAN C"HRISTIANS {OFNC) LTD REPORT OF TEIE TRUSTEES FOR THE YEAR EN'DFD 31 DECEMBER 2023 OBJECTIVES AND ACTNITIES Objectives and airus The objective of tbe charity in the year under review was the advancement of the Christian faith and relief for persons in conditions of tieed, hardship or distress by dcmoIislrating the love and power of Jc5us Christ through outreach, relevant practical helps, bible leaching, worship and fellowship. Significnnl attivities Our meetin8 activitie8 are held in person and also in on]ine fomi or hybrid. Some meetings are held fa¢e-to-face, some online tLnd sonie in mixed fornj, thai is, with both in person and online participants involved. Si8nifi¢ant activiiies included the Nalional Famil J, C.onferencc, the Men's Conference, the Bercavemenl Support Group Conference, Youth Conference, Womeii's Conference and Women in Business and Leadership Conferences. Wc held the annual Nigerian c.ivil War remembrance $eTh'icc in JanuAry 2023, a C.ouplc's Weekend away in February and a Nalioiial Children's Outing in Ihe summer Attendancc at our coiifcr¢n¢es were Yreat with focus on spiritual aiJd social devclopment ot. meinbers as well as outr¢a¢h Nalioiial event% are Coinplcincnled by a ri¢l) piiisjraniine uf aclivilie>i in Ihe 23 hranclies Many of Ihesc are now held onliiie to cncourase partiLiP<itioii by mciiibei's Irom Iiiher brai)ches and Ilie public ai large. These include fiind-l'aisins events which are a 'eat inceiiti¥e f(Ir rtLn)ily and nclwoi'king. li) eaLh of ihese evcnls, carefiil attempts were made to ensure Iliat talks and seininars delivcred were relevant to delesales and related a¢iivilie5 enjoyed by all. Socilll or progrAmme relmled investments The Fellowship Inaintiiins a coinmiim¢ni to inve51 in C.hildrcn and Youth development with the aim 10 make them success] and respon.sible citi7en5 and enhance their spirilual growths. Various actilI]eS iargeted at the children of age 4 - 10, youili of age I1- 17 and ihose in ase 18 - 30 8roup were supportcd by the Fellowship durin8 thc year. There were no restrictions on the charity's puwers to invest. The investment sirategy is sct by Ihc NEC, with consideration for the current finaiicial position ol. the charily. I'he NE.'C illlplemcnis a low-risk investment Slratcgy. Volunteers Throughout the year. the elected officers, and all Iruslees of the organisation both ai ihe branch and national levels have given tlieir services on a voluntary basis lowaFd5 achieving the objectives of the Fellowship. The Fellowship is grateft)I for the sacrifictal contribution of time and ¢ffoit from all its tnjstees a5 wcll as other un¥leGted Dfficers and volunteers in the organisalion There was no fomlal paid position within the peiiod under consideraiion. Piiblie Benefit The trustees have had regard to the Charity Commission's guidance on public benefit, and the chaTity's main activities are undertak¢n to further the charity's purposes for the public benefit. The trustees consider the UK Nigerian Chrislian communtty a'sufficieni section of thc public" by reference lo their'protcctcd chaTacteristics" of ra¢e, nationality and religion.
OVERSEAS FELLOWSHIP OF NIGERIAN CIIIUSTIANS (OFTr*'C) LTD REPORT OF THF TRUSTEES TrOR THE YEAR ENDED 31 DECEMBER 2023 ACHIF,VEMENT AND PERFORMANCE Charitable Rctivities In achieving the obje¢tiv¢ of the Ch'11Y, the main charitable activities undertaken by the fellowship on an annual basis and at the nationd] level are as stated under significant a¢livilics abovc. In addition. individual branches made contributions aimed ai meeting the Charitable aims of the Fellowship, the needs of ils members and the local community where it operates, or in response to ur8enl needs elsewhere in this country or abroad. FuDdraising aetivities Members have continued to provide very enthusiastic support for designated charities. A sum of £28.779 was raised iii loial. The includes ndS raised al the nalion&l family ¢()nference and local branches. as well as direct coniribulions by 8ome branches. Some initiatives, 4ueh as sickle cell anaen)ia research by SCORE remain as lon¥-ierm commilmenis. Wkn'le other.8 are one-off intcrventions to emer8en¢y situations (or chariiable 4uppoff to organisations that align with the objcctives of OFNC.) in which urbJCI)l assistance is required. J)uiing 2023. the sum of £4,693 was donalcd 10 Christians Against Povcrty {£1.107), c.hrisiiaii Conccrn (£1.107), Open Doors (£1,107). St. Clemenis Family Centre (£1,107) and CJTF Orphaiia8e1£265) This was in addition to disiribuling the fijnds rftised in 2022 to the designaicd causes. lilvestnieiii performance The Charity had no direci invesiment during the ycar. Internal and tAternAI factors The exisience and uperalioi)s of Ihc Fellowship are iniemall>' deiived and are non-dependent on cxleinal tactors. The Youtli and Childi'en's activities are the niain projects where exteri)al fiindin8 iii forin of graiity may be 50ughi. Duriiig tlie year under review howcver, no grant was received on any ot these projects. The tru51CCS are confident that the Trellowship will coniinue to resource ils operations and do not envisage reliance Dii external fuiiding ofits programmes. FINANCIAL REVIEW Reserves policy The Charilics Commission recommends that all Charities should maintain rcscrves io meet poten11 liabilities and to cover fluctuaiions in income. In complying with this recommendalion, the trustees have set up reserve nd as shown in the accounts. Th¢ fi]nd represents money held on bchalf of branches to iy]eel tUre financial requiremey]ts. Reservcs of the organisation are largely unrestricted, although th¢re were SMAII balances carri¢d forward in 2023 on two restricted ndS lotailing £6.880. Unrestricted ndS of £517,009 make up the remainder of reserves totalling £523,889. 11 is the policy of tlie charily to retain unreslricted ndS ai a level which equates to approximately 3 months of its committed cxpcnditure. This provides sutyicient funds to cover the organisation's regular ov¢rh¢ads in its various bl'anches, and to meet other commitied ministry gifis. The trustees al'e a150 committed lo pullin8 ndS aside for the propos¢d capilal redevelopment of the FIcad Office. The remainder of the reserves As expended on the obj¢¢iives ofihe organisation. Unrestrict¢d reserves currently amount to approximately 15 month5 of expenditure.
OVERSEAS FEI.LOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD RF,PORT OF THE TRIISTF.F,S FOR THE YLAR ENDED 31 DECEMBER 2023 Funds in surplu51deficit Tlie Iruslees confirm that the fellowship has recorded a small deficit of £641 foi. the period under review. The fellowsh5P 15 tnaking good progress in cncoiiraging members lo give online and re8ul&rly. This has enabled the fellowship to cover the increased Losls of hosiing the nalional conference and expai)d its youth and children's prOgrnme5. Prin¢ipAI funding sources The principal fundin8 source remains the general offeriiigs and di)nations of our mcmbers to whom the truslee5 arc Very 8ratefiJl for their generosity Many of these donors are on the gift aid scheme und the fellowship regularly proc¥sses gift aid claims. Additional income is dcrived from rents received froin the use of our headquarters, 'I'OP Ilouse, by third parties. Incomc received from our conferences arc normally designed to covcr the costs of each Lonference. Rebjistration fees were charged for attendance al in person conferences. nfferings and collections were also collected ai adult and youth coiifereiices. FUTURE DEVELOPMENTS The charity is considcring the redev¢lopnienl the TOP House, Man¢hesler. The prcmises are quite dated and in i)¢¢d nf relurbishment. A redevelopmcnl of Ihc site could eiiahle ihe charity tiTr reali5c Ihe poleiilial uf Ihe pren)ises, includiiig tlie ¥eneiation of sinIfiCaT)I I'enlal reenue. Tl)i.q is a major capital undert¢iking IDr wliich cxlcrnal fuiidiny will be I'cquii'cd, howev¢r the limesLales and bud&ieiary requirements are in discussions. A draft proposal for the new devel()pmenl was sharcd willi IneInb¢rs during Ihe A(iM 2023 and rther works lo ¢abliSh Ihe feasibility of the inilialivc is currently being carried out by a sub-cumniillee. FUNDS HELD AS CUSTODIAN FOR OTHERS I'he sum ot £727.48 is held on behalf of Nigeria Prays FUND RAISING STANDARDS The charity does not carry oul Si8Dificant fjJndraisin8 out5idc of its membership. AUDITORS Flailwood & Co, the charity's auditors have agreed to offer thcmselves for reappointment at the Annual General Meeting
io OVERSEAS FELLOWSUtP OF NIGERtAN CHRISTL4YS (OFNC) LTD RF.PORT OF THE TRUSTEES FOR THE YEAR EfiDED 31 DECEt*lBER 2023 STA TEMENT OF TRUSTEES RESPONSIBILITIES The trustees are ret>ponsible for preparing the Trustees, Annu81 Report arnl the financiai statements in accordance with applicable law Unl Kid0M Generally Accept Accountinbj Practice. Company law requires the trustees to prepare finanaai statements for each financial year. Under Lxympany law trustees must not approve the finanaal statements they are Satisfi thar they give a ¢nJ¢ fair leW of the state of affairs ofihe chRTilablc comptffty ond of the incomin8 raCeS )d applicauon of resourcq indudin8 the income and expenditur< of the charitable wmpany fix IE poiiyj. In prq)aring these financ1 statement& the twsttt5 are requir to. se1[ sulb]e acci)unting and I1 apply them con%stently, observe die meth(xls and inCipleS in the Charitiw SORP 2019 (FRS 102). makc judganents and estimates that are reasonable and ptudent.
are whether applicable IJK Accwnting standd8 have been lollowej.
prepaTC the financial statement8 on the goirs concLnll b&8is unless it is ii)appropriate to WC5ume that the ctwitable cnmpany will continuc in operntion The Iiusiee4 Éire r¢sponsible for kccpii)g ad¢(IUktl¥ a¢Li)unlii)g rtyords th81 disLlose Nrytli re¢lSI)ndble accui'acy at wisp time Ilie financial position ol'il)e charitable comi)dn)i and ¢naLle IlKni to lsure IKii the finw)cial slaiements complv with the Companics Aa 2006 Thcy are als() responsiblc foi" safcguarding the at5 of the Chthb1e LUMp¢Y ld hence for tskinuF reasondble for the prevention aThJ ddecliort of fraud and other irregulkuiti&s. Ai the lime of approval, the ITUSlees havLi taken steps to establish all information Televant to the audit, a1 coifu]n that Ihere is n() 5uth infornidtion of whicli the auditois are unaware. ON BF.HALF OF THE BOARD Dr Akintoye Oluwatudimu Chainnan 14 July 2024
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14 OVEK8EAS FELLOWSIIIP OF NIGERIAN CHRISTIANS LIMITED (A compAny limited by guarantee) silmlARY INCOME AND EXPENDITURE ACCOUP for tht year eDdtd 31 December 2023 2023 2022 Incumc Interest and investsnenl incom¢ 40i,488 10.200 3.$6,694 6,147 Gross intome 415,688 362.841 Exp¢nth'ture Inl¢rest pa5'abl¢ Ikpre¢iaiion and iryainnent charges 411,092 308.879 5.237 5,915 Total expenditure 416,329 314,794 Net income 16411 48.047 Noi)c of ¢h¢ coinpan%'s Klii'ili¢s ,¢ acqiiired OT discoiiliiiud durinLJ tlic obove two financial >'curs 'I'lie SLimn)ary' inwme wid eNTK'n(lilurL uLcounl is d¢rii'¢d fi'offl ihc 5lal¢m¢nt of finoiicial activitics on pagc l.) wliicli IoRCth¢r i%'itl) Ihc Iiotcs Lo Ili¥ J¢wiints oil pages 17 to 23. 1)I'owidL¥ full infvrination ) the mol'enient of fiu]ds duriii8 t1 )'ear. Th¢rc w¢re no gains or losses duriiig eiihcr J'¢ar other Ihaii tliose thsclosed above.
15 OVERSEAS FELLOWSHIP OF NIGERtAf CHIUSTIANS LIMITED la tompany limited by gu8rante£l STATEMENf OF TrINANCIAL AcrivtTIES (including inton And pendIture ac¢ount) for the year eded 31 Derember 2023 Unrestricted Restricted Total Funds TotRI Funds Fund$ unds 2023 2(b22 Note Income and endtswments from: Donations Charitable acliviiies Invesimciils 155.045 34,702 10,200 39.01 176.710 194,056 211,432 10.200 205.726 15Q.968 6.147 Total income and endowments 14 199.947 215,741 415088 362841 Eipenditure on: ChoTilobl¢ aclii'itses Goi'ernance costs 103,414 290.809 394,22.3 22,106 296.41fj 1¥.359 Tolal expenditure 14 J2%.520 290,1309 416,329 314,7()4 Nel intoniellvxpe4ditiiir 74.427 (75,068) (6411 48.047 I'rAnsfer beiwten funds 14 {81.94¥1 81.948 Net movement in funds {7.521 } 6.880 1641) 48,047 Reconcili4tion of funds: Fujids broubhi fOrul.d 14 524,130 524,.53U 476,483 Funds ¢llrried forward 14 6,880 523089 $24.$30 Nonc ofihc company's aclii'iiics wcrc acquircd OT discthtirtual durit]g Ihc abovc two financial JcaTS. Tlic statcmeiit of fmanrial aclivitics includes all gains and I&SeS r0&MIsed during thc )'car.
16 OVERSEAS FELLOWSHIP OF NIGEIUAf+4 CHRISTIANS LIMITED (a tompany limited by Ruar&n¢ee) BALANCE SHEF.T 8t 31 De¢ember 2023 Nole 2023 2022 Fixed assets Tanuibl¢ assets io 147,851 152,053 147,851 152,053 Current assets Dcbiors Cash al bank and in hand li 27.0 3114.482 53.779 ISO,691) 411.482 404,469 Credilors: Amounts falbng diie M'ithin one y¢ar 12 (35.444) (31,992) let Current assets 376.038 372,477 TolAI Assets le55 current liabilities 523,xay 524.530 Creditors: noiu]t5 (alling due after murc thali one Jrar Net assets f 23,889 524,530 Charity +'unds Unr¢stri¢ied rcseThes Re8Lri¢wd rcscrvcs 14 14 .517,009 6,880 524,$30 523,889 524,530 The notes ¢)n pages 17 23 forni part of these ritwL&l statcmcnls, Th¢ fiiiancial slatcments on pag¢s 14 to 23 M'¢r¢ approvcxl by. thc board of dirc¢lors on 14 July 2024 and sigiia on il$ b¢haI(.: Dtrcctor A Nwakunor K Adisa Registeyed Compahy Trlumber . 06534207
17 OVF.RSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (# eomp&ny limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 De¢ember 2023 Accounting policies c.neral inlormation and ba$i$ o14ecounting 'I'lic charits constiluics a public benefit cniity as dcfiTwI bv FRS 102. The financial statements hai'e been prcpurcd in a(xordance iiitli Accounling al Reportins by Chariii£s.' Statemeiil of ReGommendc(I Practice {bRS 102), the financial Reporting Standard applicable in Ihc United Kingdom gnd Rcpublic of Ircland IFRS 102), the Charities Act 201 I, thc Companies Aci 2006 artd UK GcJ)crally Accepted Practice. Thr charity do¢s not includ¢ J cush flow 8tatcm¢nl on the grUS that it is applyius FIiS 102 Section IA. Th¢ Overws FelloH'ship of Ni8Lrian Christians is a privatc Charitable company Incorporat in England. I the eN¢nl of the charity bcing ii'ound up. Ihc liabilit). in respcct or the guaranltt is lujiitcd lo £IU per m¢ynbir ul die cl)arily. The addr¥ss uf thc iegisleicd oifi¢¢ is giTren in Ihc chariLy iiiformation on pagc I of these financial slat¢mertLS. Th¢ llatur¢ of the ¢hari(y'9 opcrations and principal activities ar¢ disclosed t}n the Trnsie¢s R¢port. The fii)ancial statemcnis hui'c b¢¢n prepared C a going concern basis under th¢ hjslorical cost accounling rules as modified ts) include certain item.% at fair %'alu¢. 'I'he flliancial $tementS arc pres¢Liled 111 sterlLll8 11,hich i¥ Ihc fwiclional currencj. olihc ¢hanty' and ToundeAI ro ihe n¢arcst £. Thc sigiiif1¢2nl ac¢ounling policies applied in IhL prLparaiioii ol. th¢sc fin&i¢ia] sl¥l¢menls are sei OUL b¢loM', CAOjJIA c.oncern As Iiolcd uboN'e. Ihe financidl Siatemeiits haie bccn pr¢paiid oli a boingi wi)¢crn basis 14,hiLh assiiines tliat tlie ¢liaril!' is ablc to n)eel ils finan¢ial obligations as tho. foll due for a p¢riod of 8t leosl 12 u)onth8. There are no i)iaterial unc¢rl4inli¢$ that woiild cast doiibi ov¢r Ihc charity's abilil}' lo Lunliniic as a gou)8 concerti. Funds Unrcstricled funds gr¢ available for use al Éhe discrclion of ihe tnistees in fUrtherl¢C of the g¢ncial objLLLi%'cs of Lhe charity and i)hich halc nut been designatcd fvr vih¥r purpL)5¢S. R¢srri¢t¢d fiinds arc funds whi¢h ur¢ iiscd in aecordane¢ sp¢cific rc5trictions impo8¢d b). donors or m.luch havr bccii rai5cd by the ¢hari¢v for particular purposcs. T1 usc ol eac]? re5tricicd fund ts s¢t out in the notes to ihe finoncial slatcmcnts. lTrcome recognition All incoming iesources ar¢ rccogniscd in tlie Stalemenl of Financial ActiNities (SOFA) whcn tlic charifv has ¢niiilcmcnl to tile fimds. ali). perfornianc¢ ¢ondilion5 attached to lh¢ il¢m(s) of IT]n¢ haie bwi mct, it is probable thai ilK income b¢ receii'ed thc amount ¢an bc mc85LLTed rcliabl),. Eipenditure Expenditure is recognised once there is o legal or conslruciiv¢ obligation to niake a pakmenl (o a third parlv: Iliot is probabl¢ that settlcinenl will b¢ rwuir¢d and the atnounl of thc obli&>ation can be measured r¢liabl!.. Whcre cosLs cannoL be dir¢cil} auribufrd i)artiCLilar hcadings hai'e bKn allocaLed I ac17.]ll¢S on a basis consisteni with the use of r¢wurc¢s. Where fimds are raised from mcnibcrs to support a specific groLiP of causes, th¢ unmediatclN' ¢xisls a cOnStnliC obligation on the trllstees io Inake onivard donations. These donalions arc accru¢d until $u¢h lime as ihe onward donations ar¢ made. enabling corresponding inward and outward donation5 to b¢ matched.
18 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED {a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2023 l A¢¢ounting policies (continued) Fixed assets 2nd depreciAtion Filed assets arc stalcd at cosi1¢ss acLumulatcd dcpreciatii)n. ttprcciaiion of tang]blc fixed assets Is calcialed io iNTite off co$i or valuatson less anv resith¢al 'alue o&er their estimated useful lives as follows". Freehold prop¢r¢i' Plant & macliiner Fixtwcs and firtiiigs Compiiter equipment l]Mi)airn)ent An inipairment rel)5, is cTied OLlt by the dircciors if cvcnts. chang¢s in ¢iT¢umstwicrs, indicaie that th¢ corry>in8 amouni of the funeiional propert5J may iiot bc rcco%'erabl¢ Taxation Th¢ company has charitable stalus and is exempi fr(xn lax undcr Corporation TllX Act 1988. Debiors, creditors, liabilitie$ 9nd provisions Tradc and oilicr d¢btOTS ¥T¢ rc¢ognis¢d at d)c scttlcmcnt amount duc. Crcdilors and proirisions arc re¢owiiscd whctc churity. Ilas a present obligalsth resulting from a past cic])t that Th'ill probablv resiili in il)e transfcT of fund& Its u third parl!. aiid th¢ an)owit to 5¢111e the obligaliun Lan bL ii)easured or estiinated reliabl),. Ci¢di(ors and proiisiDns are recognised Jl ilieii- s¢¢¢lein¢Di amount. 20/0 straight linc 10°1'0 5LraiuFhi line 6.67010 Straisht lin¢ 25 /D straight line Unreslriiled Resli'icled Funds TolAI 2023 Tol&l 2022 2 Income from donAlions Dosialioiis tiift aid Bcnci.'olent fid 12.S.404 29,641 28,579 153.983 29,641 10.432 140,5X4 10.432 31.761 155,045 194.056 205.726 In 2022 £155,863 ofineanL fr¢)m donations r¢latcd to unrostrictcd funds Bnd £49,863 LO r¢s(ri¢t¢d funds. Unrestricted Resiri¢ted Funds Funds Totil 2023 3 ChAritAhle 8Ctivilies 2022 Youth and ¢hildr¢n's programmes Other incom¢ National confcrcnc¢ Wonwi) coiilereiicelininistry EiJangelislic acliirlties Mcn confcrcnctln)inistry Couples iittkend aa, Chari(able gi&ing 22,049 2.893 126,989 8.386 130 6.288 9.995 22.049 8,816 1211,989 8.386 13Q 6,288 9,995 28,779 1.222 2,367 120,640 2.679 5,923 4,198 28,779 19,812 34,702 176,?30 2ll.432 150,968 In 2022 £20,990 of inconic Irom charilabl¢ actii'itscs related to unre5trict¢d fid$ and £129.978 resLrici¢d fwids.
19 OVERSEAS FF.LLOWSHIP OF NJGERJAP* CIIIUSTIANS LIMITED (a company limited by guar8ntee) NOTES ON FINANCIAL STATEMKNTS for the year ended 31 Deeember 2023 Unrestricted Reslri¢ted Funds Funds Total 2023 1-otal 2022 4 Investment income Rents r<ceived Bank interest Other intercsi r¢ceived .020 1,301 879 ¥.020 1,301 879 6,094 53 10,200 10.200 6,147 All inv¢5tnient incoine in 2a22 was unrcslricted. Unrestricted Reilricted Funds Funds Total 2023 Total 2022 S Tharitftble Rctivilies ChariLable gii'ing Bei)eNolencc and wcifare R&icy, M'AtCT and insuranc¢ Ligl)t and l)eat PoslubNC and stationery Rci)aiT5 and ren¢iTrals SuftM'ar¢ and coi)Ipiiter consum4bl¢s Reni Suiidrics Chlerillg and enlerlaiiiniait Transport and iTavel D¢prlatIO1) Loss on 881¢ of tanwblc fixcd 4ss¢ts Bank Lhargcs Nalioiial coiif¢ren¢¢ ¥XPLns¢s Y<wth and childrcn's progrwnmas Womcn felloMshJ"p Mlssions atid ei'anB¢lism Men felloShIp Coiipl¢s Mwkcnd awa), Othcr COi]ference 7.561 7.30.$ 2,707 111.521 8,182 8.143 28.579 6,645 36.140 13.9.fj0 2.707 111,521 8.182 8.143 19,901 42,103 2,487 iu,o¥y 9.291 3,3nC) 2,C)37 7.008 4.139 ¥.243 2.534 5.91.$ Y50 40? 156,331 3.688 7.69 266 4.842 In.6.$1 2.960 1.92( 4.835 5,237 10,G.S I 2.96Q 12.38C? 4,1133 5.237 460 278 299 9,811 2711 181.329 57.014 7.485 1.258 7,119 11,088 1.271 181,U30 47,203 7.48.$ 1,2QO 7.119 11.088 58 1,271 103,414 290,809 394.223 296,435 In 2022 £70,274 of ¢xpeDth"ture on charilabl¢ activities related to unrestri¢icd funds WKI £226.161 10 Icstricled fund5.
20 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED {* company limited by guarantee) NOTES OIY FINANCIAL STATEMENTS for the year ended 31 Dvember 2023 Unrestricted Reslricted Funds Funds Total 2023 To141 2022 6 Governance ¢o$t$ Auditors remunLralion Ac¢ounlancv fees Legal and profc5sional f Trainin8 and dm'elwment 6.509 1,877 3,000 10.720 6.509 1,877 3.0(K) 10.720 10.44n 1,800 6.119 22,106 22,1 (K) 18,359 All ¢xp¢nditw¢ on gov¢rnance costs in 2022 was unr¢stridcd. 7 Volunteers Th¢ ¢horily is entirel>, run by i'olwi¢¢ers. H'ithoLIt whom nc¢ of thc charitabl¢ work carried (t in tho year wou]d be possiblc 8 Salary costs The ovcrage nunibcr Of1$011$ eiiiplo)ed bv dle LhiSrili. duTing> Lhe year amoiLrtled tu Nil12O22.. Nill, TruylLL5 do iiot r¢L¢iie remiiJJeriJlioi) foT Ilie iiork. Iliat (he do. Trustees are entitl¢d to claim Irai'el eipeiises ai Iiiland R¢elluc approNoJ 1'as. Thc toLal claiiii¢d in the I'car was £l.3Y9 {2022., LI.283). 9 Ntt incomel(expenditUi'el for the yeAr This is sttst¢d iftcr charging.. 2023 2022 DL'pi¢cia¢ion 5,237 5.915 Auditors reMrai10n . staLut()rN' lluth't . other financial sen'ic¢s 6,509 1,877 10,440 8,386 12,240
21 OVERSEAS FELLOWSHIP OF MGERIAN CHRISTIANS LIMITED la company limited by guarantee) NOTES ON FINANCIAL STATEMF.Nrs for the year ended 31 De¢ethber 2023 Freehold Plani and Fixture5 and Compvter Property Machinery ittings Equipmenl Total 10 T8ngible fixed &$sets ost or valualion l Janliary 2(123 Additions Rcvaliiation Disposals 201.661 2,978 436 832 2,626 599 208,097 1.035 31 D¢cembcr 2n23 3,414 832 3,225 2119,132 Deprecia¢ion l January 2023 F.liininatcd on r¢i'aluation Charbwe for s'car Disposals 51,715 2,282 276 1,771 56,044 4.033 342 .$7 805 5.237 31 De¢cmb¢r 2023 55.748 2.624 333 2.576 61.2111 Net t>ook amoiint 31 LkLeinbci 2023 145.913 790 499 649 147.1151 31 Dcccmbcr 2022 14().946 (?9fi 55 8.$5 152,n53 I l Debtors 2023 2022 Oih¥Y debtors 27,000 53.779 27.00 .5.3,779 12 Creditors: amount5 fllllini due wi¢hiii one year 2023 2022 Bamk. oi'.erdrttfts Trad¢ crcdstors Other cr¢ditors and ac¢ruals 35.444 31,992 31,992 35.444 13 Called up sh*re capilal Th¢ companv Is lirnit¢d by guarantee and does nol have a share pItal.
22 OVF.RSF.AS FELLOWSHIP OF NIGERIAN CHRtSTIANS LIMITED (a company limited by guar&Dtee) NOTES UN FIliANCIAL ST ATEl¥tENrs for the year ended 31 Dttember 2023 14 Reserves Opening Incoming B#lAnee resoui'ce5 Outgoing resources Fund Tr*nsfers aosing BAlancc Unre5tritted reserv¢s General fw 524.530 199.947 {125,520} 181,948) SI7,9 524,530 199.947 (125,520} 181.9481 517,009 Opening Incoming Balance resources Outgoing resources Fund Transfers Closing B4l&nce Restricted reserves Youth and ch11dr) Building fund National n1¢r¢nS 22.049 (47,203) 25.154 126.981J 2¥,579 10,432 17,697 9,995 1181.0301 (28..f 79) (6.64.S) (14,(104) 112.7411) 54,041 Benekalencc and M'clfare OulrLAch aiid f10$1p Sundries 3,787 3,093 2.7$3 215,741 1290,IIQ9) 81,948 6,88U ational eonfcrencc The Cliaril run.% o numbcT of C]EeTl$ ¢ach )'ear, li s¢ts' f¢¢s so as to ¢oveT (he cosls oc ¢och confcrcncL Iii'iih Ili¢ ¢xc¢ption of t1 th'scouiiled Childreii's ConfereiKel. IL then oif¢rs subsidi¢s to tliose ,lio ii'oiild liai"e diifi¢uliJ in affordll)g those f¢es and makcg a iTonsfer frrnn unrestricted funds lo CA)i'er the shortfall. Missions The National Executive Council INECI ¢ach year ¢hoose a number ol charithble causes to support. and iise th¢ brancli ni¢ct]ngs and iiational Corif¢r¢cS as forLllns io raise fund% (or thcsc ¢aus¢s, Onc rundraisinkT is coinpl¢i¢, the NEC. will dislribuie the fwids raised, usually lo otli¢r UK Charities, in furthcronc¢ of Ihose caus¢g. Th¢'fru5tees Repon contsins more delads of ihe causes suppor(cd. Benevolence ond Welfare Whcrc bTan¢h¢s b¢¢orllc am'are of somebodill iii th¢ comrnunity. who is in need or disiress. collections are made in ordcT to proiidc those people M'iih thc support ihci nccd This support could tskc a niimbcr of forn, help with funeral cxp¢ns¢s to provisi(m of prof¢ssional supp)rt scrvices. IS Commitfflents Thcrc M'eie no capital commitnKnls at cithcr year end
23 OVERSEAS FELLOWSFIIP OF NIGERIAN CHIUSTIANS LIMITED (# company limited by guarAnteel IOTES ON FINANCtAL STATEMENTS for the year ended 31 December 2023 16 Relited parties Control The charitable conipany is ¢onlrolled by ils d¢¢torS whose names are showD Oil tbe inforn]ation pag?e on pagie l. 17 Corttingent GAiDS The charity applied to b¢ re$tered for VAT in April 2024. 1Tr7th registration io bc backdated lo l OclobcT 2022 Thc confcrencc feoq and a small amount of rela(cd adijcrtlsing rei'ciiuc arc thc chaniy's onty taxable suppli, bul arc comfortably oi'¢r the re8i$tration tlwesbold. The charity.. lwever, plans to makc a deficit on ils cimfcrcnec oclivities each year, so lh¢ input thx on th¢ hotel and asswialed costs exceeds any output tax wllecled. As the aciii'ilies are not ¢9rried on with a iiew to making a profil, d¢spile being issued wilh a V A'r r¢gistrati(Jn niiiJibcr. HM Revenue & C.usiom5 may disallow the Tegisiraiion 0¢ t])e first return 1.9 submiLl¢d showstig e repa)'InenL claim. Once thc authori5aliI proc¢ss lor Inakiii¥ on.liiiL subniissions is complete, Ihc Charit can eXpt io make returns r¥cluiniiii& £1 l.i80 iii V A T. hoiiLI'cT. g>jN'en Ihc iuicertaintv surroundiiig thc application. Ihis Inconw lias iiot bccn a¢crii¥d in thc 2(Tr23 accouiits.