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 cU￿entlY 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 reglicies. The financial rewrting framework that has E*en applied in their prepardtion is applicable law and United Kingdom Accounting StsmdanL5, including Financial Reponing Standard 102 The Financ￿1 Reporttng SthAttlard appltcable in the uKap￿RepUbliC 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 reSoU￿eS and applI￿llOn 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￿￿)d￿dS are furtlier desCril￿d in the auditor responsibilities for the audit of the financial ststements section of our report. We indekxndeni of the Charl￿ble ¢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 fin￿Cial ststcments, we have concluded that the trus*es' use of the going concern b&sis of accouniing in the preparation of the fin1￿CIal 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 descrii*d in the relevant sections of this repo Other Inforn￿tiOn 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 trus*es rcswLsible for thc other infom]ation cnntsincd within thc annual rcwrt. Our opinion on thc financid] SL1￿MenL$ 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 Ma￿l￿RIY mi55tsted. If we identify such material inconsi.%tencie% or apparent material m15Sta￿MentS, we are required ￿ determine whether this gives rise to a materxal Mi55th￿men1 in the financial statrmenLs then￿elveS. 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 n￿tterS pr&eribed by the Cornpanles Act 2006 In our Opinio￿ based on the work undertaken An the coll￿e of the audit.. the infornMtion given in the In)5tres' rqxTrrt (inco4)orating the directors, report) for the f￿anCIal year for which the financial Sf2temenL% &re prepa￿0 is coll￿￿tent 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 Christia￿8 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 inf0m￿tion and explanations we require for our audit. or the tNstees were nol entided to prep￿e 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 stra￿gi¢ rep)tL Respo￿51b1]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)mp￿Y law) arc reSpo￿$1b]e for the preparauDn of the fin￿cial statrments and for being satisfied thai they give a rThe and fair view. and for such inten￿1 contrvl as the ¢ntstee5 determine is necessary to enablc the prep￿tion of financial Sta￿n￿nts 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 ch￿itabIC company or to ce&sc 0￿rationS, or have nil ￿a]IStiC aitCrnJfive but l() d() $0. Auditor r￿O￿lbilItl￿s for the audit ofthe financial slatements Our objecuves dre io obtain ￿e￿onable I￿sUranCe 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 assur￿Ce is a high level of assurance, but is not a gu￿afttee 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 agg￿g￿, 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 reS￿t 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. Te￿OriSt Financing and Transfer of Funds Regulations 2017 &5 p￿ntiallY applying should funds ￿ transfe￿ed to Nigeria. We completrd detailed checklisL% to e￿sure proper dibclosure has been made in accordance with applicable law and accounting standard%. We were able 10 ascertain that Ch￿ilable dimatioTkS to NigeriaTt Ca￿￿eS were llwgely routed through other UK Lhdritie%, l￿d that only one Nigeridn charity received donatiorLS direL'tly, and those donatio￿% were properly auth￿l￿ed 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 missta*d 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 I￿egUlarlties, including those leading to a maierial Jnisstatement in the financial stalements or non.compliance with ￿g￿atiOn. 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 I￿orne aware of instances of non-compliance. The risk is also ￿ater regarding i￿egul￿1tieS (tcuniThg due to fraud rather than em)r. &$ fraud involves in*ntiongJ concea]menl lorgery, collusion, on￿$s1On or Mi5[ep￿ntstion. As part of an audit in accordance with ISAS (UK), we exercise professional jud￿nent ond maintain professional scepticistn throughout the audiL We a]so: Identify and assess the risL8 of matrrial misstatement of the financial statements, whether due to fraud or error, desigm and perforni audit pr(thures responsive ￿ those risks, and obtsin audit evidence is sufficieni and iwpropriatr to prolryde a b&8is for our opinion. The risk of noi delecling a ￿terial mi&statement ￿ulling from fraud is higher than for one resu]ting from enDr, &8 frdud may involve collusion. forgery, inleniioTJal omissions, mistyp￿sentations. or the OVaTide of internal control. ObLgin an understanding of intemal control ￿leVant to the audit in order ￿ design audit procedures thal atr appropriate in the ciwumstances, but not for the puw of exp￿&$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 signific￿1 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 significi￿t 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 Mem￿r5 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 forn￿d. Adam Fre￿h B.Eng FCA (Senior Sta￿tory Auditor) For and on l)ehalf of.. Hailwwd & Co Chartered Accounranrs Sta￿l0ry Auditor Date: 392-394 Hoylake Road Moreton wi￿81, 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 di￿iCOnt1nUed 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 cu￿encY 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 Ch￿tY 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