OVERSEAS FELLOWSHIP OF NIGERIAN CHIUSTIANS LIMITED (a company limited by guarantee) FINANCIAL STATEMENTS 31 DECEMBER 2024 Registered Company Number . 06534207 Registered Charity Number . 1126774 HAILWOOD & CO CHARTERED ACCOUNTAIYTS Moreton, Wirral
OVERSEAS FELLOWSHIP OF NIGERIAN CHIUSTIANS LIMITED (a company limited by guarantee) FINANCIAL STATEMENTS for the year ended 31 December 2024 CONTENTS Page Company information Trusiees, annual and strategic report 2tolO Independeni audiior's report 11 to 13 Summary income and expenditure account 14 Siaiemeni of financial activities (including income and expeiidilure account) 15 Balance sheei 16 Notes to the financial statements 17to24
OVERSEAS FELLOWSHIP OF NIGEIUAN CHRISTIANS LIMITED (a company limited by guarantee) for the year ended 31 December 2024 Incorporated in England and Wales on 13 March 2008 Registered Company Number .' 06534207 Registered Charity Number . 1126774 CHAIR Dr A Oluwatudimu DIRECTORsrrRUSTEES Dr A Adegoke Dr B Adeogun Mr K Adisa Mr T Aguana Dr l O Akinlunde Dr A Akomolafe Dr J Ameobi Miss O Bafuwa Prof, J Durodola Mr O Faromika Mr P ll(uobase Mrs Y Adebisi Mrs K Ajayi Dr O Awosemo Miss T Daramola Mrs C Erharuyi Mr M Hamza Dr A Lawan Mr C Mere Mr A Mustapha Mr A Nwakunor Mr F Oboloje IL Mrs M Inyang Dr D Nkantah Dr N Nwokoma Mr P Oboh Pastor O Olusola Mrs T Oluwdludimu Dr A Oluwatudimu Mr A Rotibi Mr A Tembo Mrs G Vincent-Hejirika Mr O Ologan Mr E Onyebuenyi Dr G Popoola Mrs D Sokoya Mrs M Ugwueze Mr J Ushie Mrs A Williams Dr Joel Faronbi (Appoiiiled 13 April 2024) Pastor C Akiiiola (Resigned 13 April 2024) SFCRETARY Mr K Adisd REGISTERED OFFICE Top House Shawheath Close Manchester M15 4BQ AUDITORS Hailwood & Co, Chartered Accountants 392-394 Hoylake Road Moreton, WArral CH46 6DF BANKERS Lloyds B8J]k pl¢
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities, issued in October 2019. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 06534207 (England and Wales) Registered Charity Number 1126774 Registered Office TOP House Shawheath Close Hulme Manchester M154BQ Trustees Dr Akin Oluwatudirnu - Chairrnan Mr K Adisa- Secretary Dr A Adegoke Dr B Adeogun Mr T Aguana Dr I O Akintunde Dr A Akomolafe Dr J Ameobi Miss O Bafuwa 10 Prof. J Durodola I l Mr O Faromika 12 Mr P ll(uobase 13 Mrs M Inyang 14 Dr D Nkantah 15 Dr N Nwokoma 16 MrPOboh 17 Pastor O Olusola 18 Mrs T Oluwatudimu 19 Mr A Rotibi 20 Mr A Tembo 21 Mrs G Vincent-Hejirika 22 Mrs Y Adebisi
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees (continued) 23 Mrs K Ajayi 24 Dr O Awosemo 25 Miss T Daramola 26 Mrs C Erharuyi 27 Mr M Hamza 28 Dr A Lawan 29 Mr C Mere 30 Mr A Mustapha 31 Mr A Nwakunor 32 Mr F Oboloje 33 Mr O Ologan 34 Mr E Onyebuenyi 35 Dr G Popoola 36 Mrs D Sokoya 37 Mr8 M Ugwueze 38 Mr J Ushie 39 Mrs A Williams 40 Dr Joel FaronbA 41 Pastor C Akinola Appointed 13 April 2024 Resigned 13 April 2024 Auditors Hailwood & Co Chartered Accountants 392-394 Hoyldke Road Moreton Wirral CH46 6DF EVENTS SINCE THE END OF THE YEAR Inforniation relating to events since the end of the year is given in the notes to the financial statements. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Overseas Fellowship of Nigerian Christians is controlled by its governing document, a constitution. It is a Company Limited by Guarantee registered in England and Wales (company number 06534207) and is registered with the Charity Commission under the Charity number 1126774. Recruitment and appointment of neiv trustees Recruitment of National Officers is the responsibility of all members while that of the Branch Officers is the responsibility of the mernbers of the local branch. All officers thus elected are presented at the Annual General Meeting (AGM) to the General Assembly (GA) for approval. The National Executive Council (NEC) members which comprises of National Officers and Area Secretaries are appointed as trustees of the organisation.
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Induction and training of Dew trustees Once appointed, new trustees are trained as to their duties and responsibilities. The trustees are also encouraged to attend other training courses organised by the charity and to seek advice from outgoing trustees to ensure continuiiy at branch and NEC levels. Help is always available from the current and past Chairmen in support of trustees. Organisational structure The Fellowship is organised into local branches with each branch having subgroups The over 60s also known as the 'Revived', Men's, Women's, Children's, Youths and 18-30s groups. Members meet regularly at branch level for Christian fellowship, prayers, and Bible studies, discussions on relevant matters and talks on the agreed theme for the year. They also plan and prepare for outreaches, missions, conferences, and other charitable activities which are in line with the objects of the Organisation. There are various conferences organised during the year to bring members together nationally as well as provide a platforni for collaborative working with other Christian and charitable organisations. The management of the Fellowship is vested in the NEC. The NEC members are the charity trustees. Appointment as a charity trustee is therefore automatic upon election into National Executive Council as a National Officer or Area Secretary. The NEC comprises of no fewer than forty-two members, including the Chairman who is the head of the organisation; National Secretary, Assistant National Secretary, National Financial Secretary, National Treasurer, National Publicity Secretary, National Youth Co-ordinator, two 18-30s Representatives, the National Men's Co-ordin(Itor, the National Women's Co-ordinator, the National Children's Co-ordindtor, Ex-officio members and all Area Secretiwies. Two 18-30s's co-ordinator roles are currently vaLant. This means we cUentlY have 40 trustees. Branches are managed by the Branch Executive Committee (BEC), which comprises of no fewer than five memberi* including the Area Secretary who is ihe heiid of the local branch, Financial Secretary, Treasurer, Prayer Secretary and Bible Study Secretary. During the year, there were twenty-three branches of the Fellowship in the UK. Branches in the same geographical location are also organised into a Region, associating together for the further(Ince of the objects, vision and aims of the Fellowship. There were five of such regions in the UK during the year. The general day to day administrative tasks of the Charity is the responsibility of the National Secretary as directed by the National Chairn]an. Wider network As part of its wider network efforts, the OFNC carries out Missions, Evangelism and collaborative works with other organisations in and outside the UK.
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC} LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Wider network (continued) Based on our giving in past years and our turnover we still challenge ourselves to contribute a minimum charitable giving of £25,000 per annum. This amount was proposed and agreed at the Annual General Meeting (AGM) of 2020. The recommendations of the National Executive Council (NEC) for recurrent support for Sickle Cell Anaemia remained in place for the 2024 year. This year we exceeded the £25,000 target. As agreed at the AGM of 2020, the support of the Persecuted Church will be on recutrent yearly bases until a review becomes necessary. We thank God that this year we raised £26,457 for these causes. Collaborative work with other organisations remained a strong commitment of the NEC and we are intending to cany on with this approach to maximise the output from our efforts and spending. This approach is at the core of the ideals of the fellowship and can only serve to increase our sphere of influence in the wider communily. We have aimed to continue to work closely with the following UK-based organisaiions: The Bible Socieiy. PAIDEA, Nigeria Prays UK (actively participating at this evenl and supporting it financially). Christian Concern UK and Christians Against Poverty (providing financial training and budgeting skills for individuals in communities). We have maintained links with the Nigerian Chaplaincy and with the Nigerian Fellowship of Evangelical Students (NIFES). We collaborated with Peace and Social Justice and International Organisation for Peace Building both with strong advocacy focus on Nigeria to reduce persecution of Christians. We are also consolidating relationships with Open Doors and other groups active in supporting this cause. Risk management The trustees have a duty to identify and review the risks to which the L.harity is exposed and to ensure appropriiate controls are in place io provide reasonable assurtinLe against fraud and error dnd any such risks as may be identified. Having reg<wd to the scale and nature of its operations, the current system of controls is effective, taking into consideration the following: Volunteers are required to undergo a Disclosure and Barring Screening (DBS) to ensure protection of vulnerable members. The Child Protection Policy which was made available to all volunteers working children and any interested party within the organisation has been of benefit to the users and ensures PTOtection and safety of both the children and workers. The Accessibility Policy is available to all volunteers on how to relate to disabled members and interested party within the organisation. Complaints Handling Procedure Conflict of Interest Policy Risk Management Policy Volunteer Management Policy Vulnerable Adults and Children Policy Privacy Policy (Approved 2018) Data Collection and Storage Policy (Approved 2018) GDPR Policy (Approved 2018) with 10.
OVERSEAS FELLOWSHIP OF NIGERIAN CHIUSTIANS {OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Risk management (continued) These and other policies are available on the OFNC website www.ofnc.or .uk/ofnc- olicies Arrangements are in progress to ensure all policies are reviewed and updated in a timely manner. The system of Internal Financial Control is designed to provide reasonable assurance against material missiatement or loss of funds. They include: Annual Budget approved by the NEC. Annual publication of financial reports by trustees and presentation of annual reports io membership at the AGM. Delegation of authority and segregation of duties. Annual independent review of financial records by registered external auditors. Working to strict financial control policy and procedures. Budgel updates and review for each quarter are presented at each NEC meeting. OBJECTIVES AND ACTIVITIES Objectives and aims The objective of the charity in the year under review was the advancement of the Christian faith and relief for persons in conditions of need, hardship or distress by demonstrating the love and power of Jesus Christ through outreaLh, relevant practical helps, bible teaching, worship and fellowship. Significant activities The fellowship Londucts a lot of activities thri)ugh meetings, events or conferences. Meetings and events are held in pers011 and also in online forn] or hybrid. Sume meetings are held face-to-face, some online and some in mixed forn), that is, with both in person and online participants involved. Significant activities included the National Family Conference, the Men's Conference, the Bereavement Support Group Conference, Youth Conference, Women's Conference and Women in Business and Leadership Conferences. We held the annual Nigerian Civil War remernbrance service in January 2024, a Singles Conference in February 2024 and a National Children's Outing in the summer. For the first time, we held a National Children's Bible Quiz event in 2024. Attendance at our conferences was very good, with focus on spiritual and social development of members as well as outreach to those in need. National events are complemented by a rich programme of activities in the 23 branches. Many of these are now held online to encourage participation by members from other branches and the public at large. These include fund-raising events which are a great incentive for family fun and networkn'ng. In each of these events, careful attempts were made to ensure that talks and seminars delivered were relevant to delegates and related activities enjoyed by all.
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Social or programme related investments The Fellowship maintains a commitment to invest in Children and Youth development with the aim to make them successful and responsible citizens and enh<mce their spiritual growths. Various activities targeted at the children of age 4 - 10, youth of age I1- 17 and those in age 18 - 30 group were supported by the Fellowship during the year. There were no restrictions on the charity's powers to invest. The investment strategy is set by the NEC. with consideration for the current financial position of the charity. The NEC implements a low-risk investment strategy. Volunteers Throughout the year, the elected officers, and all trustees of the organisation both at the branch and national levels have given their services on a voluntary basis towards achieving the objectives of the Fellowship. The Fellowship is grateful for the sacrificial contribution of time and effort from all its trustees as well as other unelected officers and volunteers in the organisation. There was no forn]al paid position within the period under consideration. Public Benefit The trustees have had regard to the Charity Commission, s guidance on public benefit, and the charity, s main activities are undertaken to further the charity's pUoseS for the public benefit. The trustees consider the UK Nigerian Christian community a "sufficient section of the public" by reference to their "protected characteristics. of race, nationality and religion. ACHIEVEMENT AND PERFORMANCE Charitable activities achieving the objective of the charity, the main charitable activities undertaken by the fellowship on an annual basis and at the national level are as slated under significant activities above. In addilion, individual branches made contributions aimed al meeting the ch¢Witable <iims of the Fellowship, the needs of its menibers and the local community where it operates, or in response to urgent needs elsewhere in this country or abroad. Fundraising activities Members have continued to provide very enthusiastic support for designated charities. A sum of £26,457 was raised in total. The includes funds raised at the national family conference and local branches, as well as direct contributions by some branches. Some initiatives, such as sickle cell anaemia research by SCORE remain as long-lern] commitments. While others are one-off interventions to emergency situations (or chiwitable support to organisations that align with the objectives of OFNC) in which urgent assistance is required. During 2024, the sum of £500 was donated to International Organisation for Peace, Nigeria Prays (£1,000), Ns (£770), and Open Doors (£430). Investment perforniance The chaTity had no direct investment during the year.
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Internal and external factors The existence and operations of the Fellowship are internally derived and are non-dependent on external factors. The Youth and Children, s activities are the main projects where external funding in fonn of grants may be sought. During the year under review however, no grant was received on any of these projects. The trustees are confident that the Fellowship will continue to resource its operations and do not envisage reliance on external funding of its programmes. FINANCIAL REVIEW Reserves policy The Charities Commission recommends that all Charities should maintain reserves to meet potential liabilities and to cover fluctuations in income. In complying with this recommendation, the trustees have set up reserve fund as shown in the accounts. The fund represents money held on behalf of branches to meet future financial requirements. Reserves of the organisation are largely unrestricted, although there were sinall balances canied forward in 2024 on two restricted funds totalling £6,082. Unrestricted funds of £594,000 make up the remainder of reserve,s totalling £600,082. It is the policy of the charity to retain unrestricted fund,s at a level which equates to approximately 3 months of its committed expenditure. This provides sufficient funds to cover the organisation's regular overheads in its various brancheb, and to meet other committed ministry gifts. The trustees are also committed to putting funds aside for the proposed capital redevelopment of the Head Office. The remainder of the reserves is expended on the objectives of the organisation. Unrestricted reserves currently amount to approximately 21 months of expenditure, Funds in surplusldeficit The trustees confirm that the fellowship has recorded a generous sUlUS of £58,732 for the period under review. The fellowship is making good progress in encouraging members to give online <ind regularly. This has improved giving to the organi8ation and consequently improved financial planning. Principal funding sources The principal funding source remains the general offerings and donations of our members to whom the trustees are very grateful for their generosity. Many of these donors are on the gift aid scheme and the fellowship regularly processes gift aid claims. Additional income is derived from rents received from the use of our headquarters, TOP House, by third parties. Income received from our conferences are nornially designed to cover the costs of each conference. Registration fees were charged for attendance at in person conferences. Offerings and collections were also collected at adult and youth conferences.
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE DEVELOPMENTS The charity is considering the redevelopment the TOP House, Manchester. The premises are quite dated and in need of refurbishment. A redevelopment of the site could enable the charity to realise the potential of the premises, including the generation of significant rental revenue. This is a major capital undertaking for which external funding will be required, however the timescales and budgetary requirements remain in abeyance. A draft proposal for the new development was shared with members during the 2024 AGM and further works to esiablish the feasibility of the initiative is currently being carried out by a sub-committee. FUNDS HELD AS CUSTODIAN FOR OTHERS The sum of £727.80 is held on behalf of Nigeria Prays, one of the organisations we collaborate with. FUND RAISING STANDARDS The charity does not cany out significant fundraising outside of its membership. AUDITORS Hailwood & Co, the charity's auditors have agreed to offer themselves for reappointment at the Annual General Meeting. STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the Tnt, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. CompaJ]y law requires the tNsiees to prepare fin1cIal statements for each financial yetw. Under Lompdny law the tru%tees must not (ipprove the financial statements unless they are Siitisfied that they give a Inje ld fair view of the state of dffairs of the charitable company id of the incoming resources and application of resources, including the income and expenditure, lif the charithble LOmpY for that peri(xl. In prepilling these finanLial sialements, the trustees £e required to: select suitable accounting wlicies and then apply them consistently; observe the methods principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are re&sonable and prudent. state whether applicable UK Accounting Standards have been followed; prepare the financial statements on the going concern basis unless it is inappmpriate to pSurne that the Ch1(ab]e company will continue in operation. The trustees are responsible for kwing adequate accounting records that disclose with reasonable accuracy at any time the fmancial w)sition of the charitable company and enable them to ensure that the fmancial statements comply with the CoMpeS Act 2(X)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other inEgUl7ties. At the time of approval, the trustees have taken steps to establish all infomiation relevant to the audiL and confimj that there is no such information of which the auih'tors unaware.
10 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS (OFNC) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ON BEHALF OF THE BOARD Dr Akintoye Oluwatudimu Chairn]an 23 August 2025
11 Independent Auditor's Report to the Members of the Overseas Fe]lowship of Nigerian Christians Limited Opinion We have audited the finan¢ial statements of the Ovet3e&s FellOhIp of Nigeri8n C]stIOnS Limited (the 'dJarithble cornpany,) for the year ended 31 December 2024 which comwise Sunuw Income and Expenditure Account, Ststement of Financi Activities, Balance Sheet and no the fllMnci81 statements, including $i)Ificant accounting w>licies. The financial rewrting framework that has Een applied in their prepardtion is applicable law and United Kingdom Accounting StsmdanL5, including Financial Reponing Standard 102 The Financ1 Reporttng SthAttlard appltcable in the uKapRepUbliC ofjreland (United Kingdom Generally Accepted Accounting Prnctice). In our opinion the financial sratements.. give a and fair view of the stste of the ch&itsble compamy's affai &s at 31 December 2024 and of its incoming reSoUeS and applIllOn of resowces, including its income and expendiluLE. for the year then ended. have been properly Fyepared in accordance with United Kingdom Generally Accepted Accounting Practice. ]d have been prepared in accordance with the requitcments of the Compani&s Act 2(K>6. Basis for oplnion We conducted our (iudit in accordance with Iniemational Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. ()Jr respoL8ibilities under those S)ddS are furtlier desCrild in the auditor responsibilities for the audit of the financial ststements section of our report. We indekxndeni of the Charlble ¢ompany in accordance with the ethical requirements thai are relevant lo our audil of the finan¢iaJ statements in the UK, including the FRC'S Ethical Slandard, and wc have fulfilled our otherethica] respornsibilities in ac¢ordanLe with these requirements. We believe that the audit evidence we have obtoincd is sufficieni and appropriate to provide a basis for our opinion. CondusioThs relating to going concern In auditing the finCial ststcments, we have concluded that the truses' use of the going concern b&sis of accouniing in the preparation of the fin1CIal sutcments is appropriate. Based on the work we have f0nned, we have noi identified any materidl uncertainties relating In events or conditions that, individually or collectively, may c&sl significant doubt on the charitable company's ability to continue a8 a going conccm for a Feriod of at least twelvc months from the financial slatements are authorised for issue. Our resFK)]Lsibilities and the respotLsibilities of the tNstees with reS&t to going concem are descriid in the relevant sections of this repo Other InforntiOn Thc c)ther infonnation comprises the inforniation includ¢d in the trusiees annuaj rep)rt, other than the finduJcia] statement5 and our auditor's report thereon. The truses rcswLsible for thc other infom]ation cnntsincd within thc annual rcwrt. Our opinion on thc financid] SL1MenL$ docs not cover the other infonnation and, ex¢epi 10 the extrnl othenvisc explicidy %tdted in our report, we do not express any fonn of &ssurdnce conclusion thereon. Our restM)nbibility is to read the nther information ¢)nd, in doing so, constder whether the other infonnation is rially inconsistent with the financial stA*ments or our knowledge obtained In the course of the audil or otheNise appears to be MalRIY mi55tsted. If we identify such material inconsi.%tencie% or apparent material m15StaMentS, we are required determine whether this gives rise to a materxal Mi55thmen1 in the financial statrmenLs thenelveS. If, based on the work have performed, we conclude that there is a material misstatement of thi5. other infornwtion, we are required to report that fact. We have nothing to report in this regard, Opinions on other ntterS pr&eribed by the Cornpanles Act 2006 In our Opinio based on the work undertaken An the colle of the audit.. the infornMtion given in the In)5tres' rqxTrrt (inco4)orating the directors, report) for the fanCIal year for which the financial Sf2temenL% &re prepa0 is colltent the fjnallcial J¢aien]ents' and the (lirectors. rep h&$ been prepared in acc(ytdance with applicable legal requirements.
12 Independent Auditor's Report to the Members of the Overseas Fellowship of Nigerian Christia8 Limited MatteTh on which we are required to report by exception In the light of the knowledge and understanding of the charitsble ¢ompany and its environmenl obtained in the couThe of the audiL we have not idernified material mibslakments in the direc[8, rewrt. We have nothing to reportin resttti of the following matters in relation to which the Conipanies Act 2(K16 requires us to report to you if, in ouropinion.. adequa accounting records have not been kept; or the financial statements are not in agreement with the accounling recor(Ls and returns. or certain disclosures of direcknts. muneratiOn S¢thed by law aR not made; or we have not e1Ved au the inf0mtion and explanations we require for our audit. or the tNstees were nol entided to prepe the financial stalements in accordance with the small ¢ompanies' regi and lake advanthge of the small con]panies' exemptions in prewing the directors, port and from the requiremenl to prepare stragi¢ rep)tL Respo51b1]ItIQS of tnLstees 8 explain mole fully in the trustees. responsibilities statement sel out on pagelo the trustees (who kuf also the direL'lors olthe charitable company for the purp)se8 of c1)mpY law) arc reSpo$1b]e for the preparauDn of the fincial statrments and for being satisfied thai they give a rThe and fair view. and for such inten1 contrvl as the ¢ntstee5 determine is necessary to enablc the preption of financial Stannts that are free from mateTia] misstdtemenL whether due to frdud or error. In preparing the financia] statements, the trustecs are spO[L81b1e for &ssessing thc ch¢Wi(dble company's ability to continue as d going concern, disclosing, as applicable, matters reldtsd to going concern and u.ging the going concern basis of acci)unting unless the trustees either intend lo ]iquidate the chitabIC company or to ce&sc 0rationS, or have nil a]IStiC aitCrnJfive but l() d() $0. Auditor rOlbilItls for the audit ofthe financial slatements Our objecuves dre io obtain eonable IsUranCe aiKlUt whcther the flnancial stafrments as a whole are free from mdterial misstaiem¢nL whether duc to fraud or etyor. and i.ssue an auditor'.% retK)rt Ihat includes our opinion. Reasoniible assurCe is a high level of assurance, but is not a guafttee that an audit conductcd in dccordomcc with ISAS (UK) will alwa deiecl a mdtcrial misstatem¢nt when it exisLS. Misstatements can lse from fraud or em)r and arc considered material if, individually or in the aggg, they could rcasonably be expccled to influence the e¢onornic decisions of Sers takcn on the bas'is of these financial stdlcmcnts. JJr¢gulduities, including fraud, instance8 Of non•compliance with laws and regulations. We design procedures in line with our responsibilitie5. Outlined above, to dctccl mdtcrial misstaiemenLs in reSt of iff¢gUI]ties, including fraud. The exieni to which our procedures are capable of detecting irregularities, including fraud is detsiled lOw. Through research and discussions with rnan&tgcmenl we ascertained the laws and regulations that are significant to the charity. In addition io the accounting regulations disclosed in our audit opinion, we identified The Money IAundering. TeOriSt Financing and Transfer of Funds Regulations 2017 &5 pntiallY applying should funds transfeed to Nigeria. We completrd detailed checklisL% to esure proper dibclosure has been made in accordance with applicable law and accounting standard%. We were able 10 ascertain that Chilable dimatioTkS to NigeriaTt CaeS were llwgely routed through other UK Lhdritie%, ld that only one Nigeridn charity received donatiorLS direL'tly, and those donatio% were properly authled and evidenced, and in 131 not llHterial to the financial statrments. We &scertdined what financial contn)]s place to prevent lo or misappropriation of the Chatity's assets, teached condllsions on their adwuacy, and observed them in operdtion. B&sed on the above we &sse&8ed the iisk thai the accounts could IK misstad due to inrgularities. and eCted statistically appropriately si7£d sampl&s of transactions to veIify thu)ugh detailed tesling, Sample sizes were such thai VK would exErcl to have a re&sonable expectation of discoveIing matr¥ial mi&staiements.
13 Independent Auditor's Report to the Members of the Overseas Fellowship of Nigerian ChristiaLs Limited Auditor responsibilities for the audit of the financial slatements (continued) Because of the inherent limitstions of dn 2udiL there is a risk that we will not detect all IegUlarlties, including those leading to a maierial Jnisstatement in the financial stalements or non.compliance with gatiOn. This risk increaKs the more thai con]pJiance with law or regulation is removed from Ihe events and trallsactions reflected in the finallciaj stslemenLS, as we will be less likely to Iorne aware of instances of non-compliance. The risk is also ater regarding iegul1tieS (tcuniThg due to fraud rather than em)r. &$ fraud involves inntiongJ concea]menl lorgery, collusion, on$s1On or Mi5[epntstion. As part of an audit in accordance with ISAS (UK), we exercise professional judnent ond maintain professional scepticistn throughout the audiL We a]so: Identify and assess the risL8 of matrrial misstatement of the financial statements, whether due to fraud or error, desigm and perforni audit pr(thures responsive those risks, and obtsin audit evidence is sufficieni and iwpropriatr to prolryde a b&8is for our opinion. The risk of noi delecling a terial mi&statement ulling from fraud is higher than for one resu]ting from enDr, &8 frdud may involve collusion. forgery, inleniioTJal omissions, mistypsentations. or the OVaTide of internal control. ObLgin an understanding of intemal control leVant to the audit in order design audit procedures thal atr appropriate in the ciwumstances, but not for the puw of exp&$Ing an opinion on the effe¢uveness of the charitsble company's internal control. Evaluate the approp[]atrn of accounting poltcies used and the &sOnabl¢nesS of accounting estimates and related discloswes made by the trustees. Concludc on the appr()priateness of the tnJ.stees' use of the going concern basi8 of accounting and, b&sed on the audil evidenc¢ ()btained, whether a materiai uncertainty exists related to events. or ciindRti()ns thal may signific1 doubt on the chatitable company's ability to continuc as a going concern. If we conclude that a matcridl uncenainty exisLS, we requircd to draw attention in our auditor'.8 report to the related disclosu% in the financidl statements or, if such disclosures are inadequslte, to modify our opinion. Our con¢lusion5 b&ged ()n the audit cvtdencc ob¢ained up lo the date of our iiudilor's tEport. However, future events or condttionb rnay cause the charilable Conwany to cease to continue a going conccrn. Evaluate the overa]I presentdtion, Structure and content of the financial staiements, including the disclosures, and Mthether the financial statements represent the undcrlying trdnsactiorL8 and ev¢nlS in a mann¢r thai achieves fair presentation (ie. gives a tsuc and fair view). We comrnunicao with thosc charged with govcman¢c regarding. dmong other matters, the plJnned scope and timing of the audit and signthcant audit findings, including any significit deficicncies in internal control thdl we identity during our audit. Use of our report This r¢w)rt is made solely to the charitablc company's mcmbcrs, &s a body, in accordance with Chapter 3 of Pdrt 16 of the Cornpanies Act 2(K)6. Our audit work been und¢rtaken so that we might stste io the chari¢able compdny's Memr5 those marters we are r4uired to state to them in an auditor's report and for no other purrA)se. To the fullest exfrnt rKmiitted by law, we do not accept or assLllne respon%ibility to anyone other than the chdriiable company and the charitable cornpany'.s members. as a body, for our audit worK for this repoo or for the opinions we have fornd. Adam Freh B.Eng FCA (Senior Statory Auditor) For and on l)ehalf of.. Hailwwd & Co Chartered Accounranrs Stal0ry Auditor Date: 392-394 Hoylake Road Moreton wi81, CH46 6DF 13 AvJv 2025 Hailw(K)d & Co is eligible to act as an auditor in tern of seaion 1212 of the Conyanies Aci 2(K)6.
14 OVERSEAS FELLOWSHIP OF NIGERIAN CHIUSTIANS LIMITED (a company limited by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2024 2024 2023 As reststed Income Interest and investment income 381,450 8,605 376,067 10.200 Gross income 390,055 386.267 Expenditure Interest payable Depreciaiion and impairn]ent charges 325,829 364,210 5,494 5,237 Total expenditure 331.323 369.447 Net income 58,732 16,820 None of the company's activitie5 were acquired or diiCOnt1nUed during the above Iwo financial years. The summary income and expenditure account 1% derived from the .statement of financial activities on page 15 which together with ihe notes to the accounis on pages 17 to 24, provides full inforniaiion oli (he movement of funds during the year. There were no gain5 or losses during either year other than those disclosed above.
15 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) for the year ended 31 December 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 As restated Note Income and endowments from: Donations Charitable activities Investments 195.467 1,171 8,605 16.367 168,445 211.834 169.616 8,605 194.056 182.011 10,200 Total Income and endowments 14 205,243 184,812 390,055 386,267 Expenditure on: Charitable activities Governance cosls 76,645 17,254 237,424 314,069 17,254 352,665 16,782 Total expenditure 14 93,899 237,424 331,323 369,447 Net Ineomel(expendfiture) 111.344 (52,612) 58,732 16,820 Transfer between funds 14 (51,814) 51,814 Net movement in funds 59,530 (798) 58,732 16,820 Reconciliation of funds: Funds brought forward 14 534,470 6,880 541,350 524,530 Funds carried forward 14 594,000 6,082 600,082 541,350 None of the company's activities were acquired or discontinued during ihe above two financial years, The statement of financial activities includes all gains and losses recognised during the year.
16 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) BALANCE SHEET As at 31 December 2024 Note 2024 2023 As restated Fixed assets Tatlgible assets 10 145.479 147.851 145,479 147,851 Current assets Debtors Cash at bank and in hand 79,141 429,634 43.064 384,482 508,775 427,546 Credfitors: Amounts falling due within one year 12 (54.172) (34,047) Net current assets 454,603 393,499 Total assets less current liablllties 600,082 541,350 Credltors: Amounts falling due after more than one year Net assets 600,082 541,350 Charity Funds Ui)reslricted reserves Restricted reserves 14 14 594,000 6,082 534,470 6,880 600,082 541,350 The notes on pag¢s 17 to 24 lorm part of these financial statements. The financial slatements on pages 14 to 24 were approved by ihe board of directors on 23 August 2025 and signed OD ils behalf by: Director A Nwakunor Director K Adisa Reglstered Company Number . 06534207
17 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 l Accounting policies General inforniation and basis of accounting The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wilh Accounting and Reporting by Charilies: Siatement of Recommended Practice (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland (FRS 102), the Charities Act 2011. Ihe Companies Acl 2006 and UK Generally Accepted Practic The charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section 11 The Overseas Fellowship of Nigerian Christians is a private charitable company incorporated in England the event of the chariiy bcing wound up, thc liability in respcci of the guarantee is limited io £1 O per membcr of the charity. The address of the registered office is given in the chariiy infomation on page I of these financial statements. The nature of the charity's operations and principal activitics arc disclosed within the TTuslees Report. The financial statements have been prepared on a going concern basis under Ihe historical cost accounting rules as modified to include certain ilems at tair value. The financial slatemenis are presented in sterling which is the funciional cuencY of the charity and rounded io ihe nearest £. The significant accounting policies applied in the preparation of these financial statements are set oul below. Going Concern As noied above, the financial statements have been prepared on a going concern basis which assumes thai the charity is able to meet its financial obligations as they fall due for a period of at least 12 months. There are no material uncertainties that would cast doubt over the charity's ability to continue as a going concern. Funds UnrestriLted funds are available for use at the discretion of the Iruslees in furtherance of the general objectives of ihe ChtY and which have noi been desAgndled for other purposes. Restricted funds are funds which are used in accordance with specific re.slriclions imposed by donors or which have been raised by the charity for partiLular pu]po.8es. The us¢ of each re5lricted fund is set out in the notes to the fjnancial sLatements. Income recognition All incoming resources are recognised in the Statement of Financial Activilies (SOFA) when the charily has entitlemenl to ihe funds, any perforn]ance Londitions attached to the item(s) of income have been met. it is probable that the income will be received and the amount can be measured reliably. Expenditure Expenditure is recognised once there is a legal or constNLtive obligation to make a payment to a third party. that is probable that settlement will be required and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Where funds are raised from members to support a specific group of causes, there immediately exists a constructive obligation on the trustees to make onward donations. Th¢sc donations are accrued until such time as the onward donations are made, enabling corresponding inward and outward donations to be matched.
18 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 l Accounting policies (continued) Fixed assets and depreciation Fixed assets are stated at cost less accumulated depreciation. Depreciation of tangible fJx¢d assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as foEIows: Freehold property Plani & machinery Fixtures and fittings Computer equipment Impairnient An impairnient review is carried out by the directors if events. or changes in circumstances, indicate that the carrying amount of the functional property may noi be recoverable. Taxation The company has charitable status and is exempt from tax under Cory)oration Taxes Act 1988. Debtors, credltors, liabilities and provlsions Trade and other debtor.s are recognised at the settlement amouni due, Creditors and provisions are recogni.sed where Lhe Charity has a present obligation resulting from a past event ihat will probably result in the transfer of funds lo a third party and the amount due to 5eltle the obligation can be measured or e5tAmated reliably. Creditor5 and provisions are recognised at their settlement amount. 2% straight line l Olo Straight line 6.67<Yo Straight line 250/0 Straight line Unrestricted Restrlcted Funds Funds Total 2024 Total 2023 2 Income from donatffions Donatiuns Gilt aid Beiievolent fund 162.437 33,030 162,437 33,030 16,367 153.983 29,641 10,432 16.367 195,467 16,367 211,834 194,056 In 2023 £155,045 of income from donalions related to unrestricted funds and £39,01 I to restricted funds
19 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED {a company limited by guarantee} NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 Unrestricted Restricted Funds Funds Total 2024 Total 2023 As restated 3 Income from charitable activities Youth and children's programmes Other income National conference Women conferencelministry Evangelislic activities Men conferencelministry Couples weekend away Charitable giving 23,710 1,994 91,940 12,008 2,742 6,374 3,220 26,457 23,710 3,165 91,940 12,008 2.742 6,374 3,220 26,457 18.980 8,415 105.554 7,217 130 4,643 8.293 28,779 1,171 168,445 169.616 182,011 In 2023 a.s restated net of VAT. £34,301 of income from charilable activities related to unrestricted fijnds and £147,710 to restricted funds. Including VAT, as orAginally stated unreslricted income was £34,702 and £176,730 was restricted. Unrestrficted Restrleted Funds Funds Totsl 2024 Total 2023 4 Investment income Rents received Bank interest Other interest received 6,771 1,834 6,771 1,834 8,020 1,301 879 8,605 8,605 10,200 All investment income in 2023 was unrestricled. There being no VAT elemenl to inve.stn]¢nl income, no prior period adjusmenl was nece55ary.
20 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 Unrestricted Restricted Funds Funds Total 2024 Total 2023 As restated 5 Charltable activities Charitable giving Bencvolence and welfare Rates, water and insurance Lighi and heat Postage and stationery Repairs and renewals Software and computer consumables Rent Sundries Calering and entertainment Transport and travel Depreciation Loss on sale of iangible fixed assels Bank charges National corfftference expenses Youth and children'.% programmes Women fellowship Missions and evangelism Men fellowship Couples weekend away Oiher LonferenLe 26,457 15.732 26,457 20,917 3,271 6,630 9.968 6,916 2,217 10,403 2,198 16,620 5,580 5,494 36.140 13,950 2,707 15.763 8.182 7.576 1,119 10,651 2.960 12,386 4,835 5,237 5,185 3.271 6,630 9,968 6,916 2,217 10,403 2,198 14,545 5,580 5.494 2,075 707 707 107,985 60,500 15,415 3,231 5,455 1,540 450 278 154,046 50,474 6,113 1,258 5,783 9,429 ,228 107,985 59,084 15,415 3,231 5,455 1,540 450 1,416 76,645 237,424 314,069 352,665 111 2023 as rebtdted net of VAT, £100,151 of expenditure on charitable activities related to unreslricted lunds and £252,514 to reslricled funds. Including VAT. as originally 5laled unrestricled expenditure was £103,414 and £290,809 was restricted. Unrestricted Restricted Funds Funds Total 2024 Total 2023 As restated 6 Governance costs Auditors remuneration Accountancy fees VAT recovered on 2022 audit fees Ixgal and professional fees Training and development 5.650 5,157 5.650 5.157 5,424 1,564 (2.040) 6,447 6,447 8,834 17,254 17,254 16.782 All the above expenditure was unrestricted in 2023. The amount originally stated was £22,106.
21 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED {a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 7 Volunteers The charity is enlirely run by volunteers, without whom none of the charitable work carried out in the year would be possible. 8 Salary costs The average number of persons employed by the charity during the year amounted to Nil {2023: Nil). Trustees do not receive remuneration for ihe Work thai they do. Trustees are enlitled to claim travel expenses at tnLand Revenue approved rates. The total claimed in the year was £2.858 (2023: £3,399). 9 Net incomellexpenditure) for the year 2024 2023 As restated This is stated after charging: Depreciation 5,494 5,237 Auditors remuneration statutory audii other fjnancial services 5,650 5,157 5,424 (476) 10,807 4.948 Freehold Plant and Fixtures and Computer Property Machinery Fittings Equipment Total 10 Tangible fixed assets Cost or valuation l January 2024 Additi()ns Revdluation Disposals 201,661 3,414 832 3,225 3,122 209,132 3,122 31 December 2024 201,661 3,414 832 6.347 212,254 Depreciation l January 2024 Eliminated on revaluation Charge for year Disposals 55,748 2,624 333 2,576 61,281 4,033 334 55 1,072 5,494 31 December 2024 59.781 2.958 388 3,648 66.775 Net book an]ount 31 December 2024 141.880 456 2,699 145.479 31 December 2023 145,913 790 499 649 147,851
22 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 11 Debtors 2024 2023 As restated Other debtors 79,141 43,064 79.141 43.064 12 Creditors: amounts falling due 2024 2023 As restated wlthln one year Bank overdrafts Trade creditors Other creditors and accruals 54,172 34,047 54,172 34,047 13 Called up share capltal The company is limited by guarantee and does noi have a share capilal. 14 Reserves Opening Balance Incoming resources Outgoing resources Fund Transfers Closlng Balance Unrestricted reserves General fund 534,470 205,243 (93,899) {51,814) 594,000 534,470 205,243 (93,899) (51,814) 594,000 Opening Balance Incoming resources Outgoing resources Fund TraferS Closing Balance Restricted reserves Youth and children Building fund National conferences Missions Benevolence and welfare Outreach and fellowship Sundries 23,710 (59,084) 35,374 91.940 26.457 16.367 23,118 3,220 (107,985) (26,457) {15,732) {24,551) (3.615) 16.045 3.787 3.093 4,422 1,660 395 6.880 184,812 (237.424) 51,814 6.082
23 OVERSEAS FELLOWSHIP OF NIGERIAN CHIUSTIANS LIMITED (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 14 Reserves {continued) National conferences The chthty runs a number of conferences each year. It sets fees so as to cover the costs of each conference (with the exception of the discounted Children's Conference). It then offers subsidies to those who would have difficulty in affording those fecs and makes a transfer from unreslricted funds to cover the shortfall. Missions The National Executive Council (NEC) each year choose a number of charitable causes to support, and use the branch meeiings and national conferences as forums lo raise funds for these causes. Once fundraising is complete, Ihe NEC will distribule the funds raised, usually to other UK charities, sn furtherance of thosc causcs. The TSteeS Report conlains more details of the causcs supported, Benevolence and Welfare Where branches become aware of somebody in the community who is in need or distress, collections are made in order lo provide those people wilh the support they need. This support could lake a number of forn]s, from help with funeral expenses to provision of professional support services. 15 Commltments There were no capiial commitments at either year end, 16 Related parties Control The charitable company is controlled by its directors whose names are shown on the inforniation page on page l. 17 Prior period adjustment The charity applied io be registered for VAT An April 2024 and backdated its regislration to l October 2022. Conference fees and relaled &idvert15ing revenue are the charily's only taxable supplies. Given ihat the Charity makes a deficil on its conferenLe activilies each year, it would expect to receive annual V AT repaymenls. These repayments were not accrued in the 2023 accounts, as there was a chance that HM Revenue & Customs would disallow the registration once the V AT reclaims were submitted. HM Revenue & Customs has not disallowed the registration, with reclaims for 2022, 2023 and 2024 noy having been made and received. The Trustees have therefore in accordance with FRS 102 made a prior period 8dju.stment, with the 2023 financial statements restated to show incom¢ and expenditure net of V AT. and to includ¢ a VAT debtor in the balance sheet. The impact of the prior year adjustment on the affected primary financial statements is shown below:
24 OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2024 17 Prior period adjustment (continued) BALANCE SHEET As previously stated Adjustment As restated Fixed assets Tangible asseis 147,851 147.851 Current assets DebtOTS Cash at bank and in hand 27,000 384,482 (16,064) 43,064 384.482 Creditors amounts falllng due withln one year (35.444) (1,397) (34,047) Net current assets 376,038 {17,461) 393,499 Net assets 523,889 (17.461) 541.350 Charlty Funds Unresiricled reserves Restricled reserves 517,009 6,880 (17,461) 534,470 6,880 523,889 (17,461) 541,350 SUMMARY INCOME AND EXPENDITURE ACCOUNT and STATEMENT OF FINANCIAL ACTIVITIES As previously stated Adjustment As restated Income Donations Charilable activities Interest and invesiment income 194,056 211,432 10,200 194,056 182,011 10.200 (29,421) Gross Income 415.688 (29,421) 386,267 Expenditure Charitable activities Governance cosis Interest payable Depreciation and impairnient charges 388,986 22,106 (41,558) (5.324) 347,428 16.782 5,237 5,237 Total expenditure 416.329 (46,882) 369,447 Iyet income (641) 17,461 16,820 Reconciliation of funds: Funds brought forward 524,530 524.530 Funds carried forward 523,889 17.461 541.350
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a companv limited by guarantee) DETAILED PROFIT AND LOSS ACCOUNT for the year ended 31 December 20 2024 2023 As reslated INCOME Donations Donations Gift aid Benevolent fund 162,437 33,030 16.367 211,834 153,983 29,641 10,432 194,056 Income from charitable activitles Youth and children's programmes Other income National conference Women conferencelministry EvangelistiL activities Men conferencelministry Couples weekend aw&y Charitable giving 23,710 3,165 91,940 12,008 2,742 6,374 3,220 26,457 169,616 18,980 8,415 105,554 7,217 130 4,643 8,293 28,779 182,011 Investment income Rents rcceived Bdnk intcrcsl Other interest received 6,771 1,834 8,020 ,301 879 10,200 8,605 TOTAL INCOMING RESOURCES 390,055 386,267 EXPENDITURE Direel eharltable expenditure Charitable giving Bcnevolence and wclfarc National conference expenses Youth and children's programmes Women fellow8hip Missions and evangelism Men fellowship Couples weekend away Other conference 26,457 20,917 107,985 60,500 15,415 3,231 5,455 1,540 450 1.3,950 154,046 50,474 6,113 1,2.58 5,783 9,429 1,228 241,950 278,421 Support Costs 72,119 74,244 Governance costs 17,254 16,782 TOTAL RESOURCES EXPENDED 331 J23 369,447 NET INCOMFJ(EXPENDITURE)
OVERSEAS FELLOWSHIP OF NIGERIAN CHRISTIANS LIMITED (a company limited by guarantee) DETAILED PROFIT AND LOSS ACCOUNT for the year ended 31 Deeember 2024 2024 2023 As restated Support Costs Rate5, water and insurance Light and heat Repairs and renewals Software and computer consumables Rent Postage and stationery Sundries Cat¢ring and entertainment 3,271 6.630 6.916 2,217 10,403 9,968 2,198 16,620 2,707 15,763 7.576 10,651 8,182 2,960 12,386 EIJ Honorariums Transport and travel Bank Charges Depreciation- Freehold property Depreciation - Plant and machinery Depreciation Fixlures and fittings Depreciation Computer equipinent L05s on sale of iangible fixed assets 2,115 5,580 707 4,033 334 55 1,072 2,550 4,835 278 4,033 342 55 807 72,119 74,244 Governanee costs Auditors remuneration Accountancy fees VAT recovered on 2022 audit and accountancy Legal and professioiial fees Traiiiing and development 5,650 5,157 5,424 1,564 (2,040) 3,000 8,834 6,447 17,254 16,782