Reglstered Charity Number 1171235 GOLDEN VALE ADVICE NEfwoRK Report and Accounts 31 March 2021
GOLDEN VALE ADVICE NETWORK Report and Accounts Contents Pag• Legal and Admlnlstratlve Irfft*rn)atlon Trustees, Report Statement of Finanoal Artivrtfies Balance Sheet Notes to the nandal Statements (Incluslve of detalled Income & expendlture)
GOLDEN VALE ADVICE NETWORK Accounts for the ywr ended 31 Marth 2021 Legal •nd admlnlstrauve detslls Ch•lrm•n: Mr Dennls Ekagha Trusteu: Mr Israel Oyebamiji Mr Glen Washlngton Bank•r•: METRO BANK One Southampton Row London WCIB SHA Reglstsred Offlce: 292A Sangley Road London e16 2AA SE6 2JT Charlty Numbor. 1171235
GOLDEN VALE ADVICE NEfwoRK Report of Th¢ Trustees for the ywr ended 31 Marth 2021 The Trustees present their report and the financial statements for the year ended 31 March 2021. The financial statements have been prepared In accordance with the Statement of Recommended Practi (SORP 2005) and applicable law. srRUCTURE. GOVERf4ANCE AND MANAGEMEKr Qovemlng document Golden Vale Advlce Network Is governed by 4n Approved Govemlng Document whl¢h st•tes that the principal purpose of the charity is stated as follows.. l. The prevention or relief of poverty in 0mleY and the surrounding Jrea, by provlding Items and seNl¢es tts Indlviduals in need. 2.To further or benefit the residents of Bromley and the neighl)ourhood, without distinction of sex, sexual orientation, race or of political, ligIOuS or other opinions by associating together the said resldents and the local authorities. volurttary and other organlsations In a common effort to dvance education and to provide facilities in the interests of sodal welfare for CreatIOn and leisure time ¢xcupation wrth the objective of improving the conditions of life for the residents. 3. Such other charitable purposes for the publlc benefft. of persons Ilving In 8romley and the surroLbndlng area, as are excluslvely charftable accordlng to the laws of England and Wales as the trustees may from tlme to time detennlne. Orqanlutlonal structur• The charity Is oryanised such that the day to day runnlng of the charfty has been delegated to the pastor. The Trustees are consulted on all materlal Issues and determlne the 5trateglc dlrectlon of the charlty. Trustees meet four tlmes In a year and as and when requlred to revlew the operatlons of the charlty. R•crultm•nt •nd •ppolntm¢nt ot new truAt••• The management of the charity 15 the resp)nslbllity of the trustees who are elected and co-opted under the terms of the trust deed. Pollcles adopted for the Inductlon and tralnlng of trustees The induction process for any newly appointed rnember of the trustees ujmprfses an Inltlal meetlng wlth the chairman and other trustees. followed by a series of short meetSngs wlth the chairman on the powers and re5ponybiltties of the tnjstees. New Trustees are given an understanding of the charity's objertlves and the requlrements of the Chartty Commlsslon. They are also encouraged to attend appropriate extemal training events where these wlll facllltste the understandlng of thelr role. Charfty Comm155ion bulletinsl updates Is also forwarded to Trustees as and when issued. Ri•k management The trustees have a duty to Identify and review the risks to whlch the charfty Is exposed and to ensure appropriate control. The trnstees have assessed the major rtsks to whlch the chartty Is exposed. In particular those related to the operations and finances of the thadty, and are satisfied that systems are in place to mltfigate our exposure to the major rlsks and to provide reasonable assurance against fraud and error.
GOLDEN VALE ADVICE NEfwoRK Report of The Trustees for the year ended 31 March 2021 OBJEcfivES AND ACTIVITIES To ensure that the charltable objects as detailed in the governing document are carrled out to the letter wlthout distinction of sex, ra¢e. age and polltlcal and rellglous opinion. Each year our trustees revlew our objertives and artlvities to ensure they contlnue to reflect our aims. In carrying out thls review the trustees have considered the Charity Commlssion'5 general guidance on public. The trustees are responsible for preparing the Report of the Trustees and the flnanclal ststements In accordance wlth applicable law and United Kingdom Accountlng Standards Iunlted Klngdom Genernlly Accepted Accounting Practice). The law appllcable to char5tles In England and Wales. the Charities Art 2011, Charlty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requlre5 the trLtstees to prepare financlal statements for each financlal year which glve a true and falr vlew of the state of affalrs of the charity and of the incomlng resources and appllcation of resources, Includlng the Income and expendlture, of the charity for that period. In preparlng those flnanclal statements. the trustees are requlred to Select suStable actountlng policies and then apply them conslstently: Observe the methods and prlnclples In the Charfty SORP: Make Judgements and estlmates that are reasonable and prudent. Prepa the tlnanclal statements on the golng concern basls unless It Is Inapproprfate to presume that the charity wlll contlnue In bUne$S. The trustees are responslble for keeplng proper accountlng records whlch dlsclose wlth asonable accuracy at any tlme the financial positlon of the charity and to enable them to ensure that the flnanclal statements comply with the Charities Art 2011, the Chadty (Accounts and Reports) Regulatlons 2008 and the provlslons of the trust deed. They are also responsible for safeguardlng the assets of the charity and hence for tsking reasonable steps for the preventlon and detectlon of fraud and other Irregularities. The trustees are responsible for the malntenance and Integrfty of the chadty and flnanclal informjtion Included on the charfty'5 webslte. Leglslatlon In the United Klngdom govemlng the pparatIon and dissemlnation of financlal statements may dlffer from leglslatlon In other Jurlsdlcdons Thls report w4s approved by the trustees on 8 December 2022 and signed on Its behalf. Mr Dennis kagha Chalman {For The Trustee)
GOLDEN VALE ADVICE NETWORK statement of Flnancial Activities for the ear ended 31 March 2021 2021 Totsl Unre5trlrted Re5trftted Pund Income RoUrC mthes, offerings and thanksglving Glft Ald Bulldln9 fund other Income 12.912 7,025 12.912 7,025 Tot•1 Income Ruourc R••ourceg Expended Support costs of actlvltles In furtherance of the chadty's objects 3,671 3,671 Management & Admlnlstratlon of Charlty Total Incom• Exp•nd•d N•t Incomlngl{outgolng) r•sourc N•t Mov•m•nt• In Fund• 10,399 10,399 Pund b•l•nc•• b/fwd Pund• balancu clfwd
GOLDEN VALE ADVICE NETWORK Balance Sheet as at 31 March 2021 2021 Current ets Debtors Cash at bank and In hand 10,240 11,513 Net Curr•nt A•Mts 11,513 Unre5trlcted Funds 11,513 R•Jtrlcted and Unre•trlrt•d Funds clfwd. Approved by the Board of Trustees and signed on 31 Ortober 2025. Mr Dennls Ekagha
GOLDEN VALE ADVICE NETWORK Note% to the Flnandal St•tements for the ye•r ended 31 March 2021 l. Accountlng Pollcles l.l) Accountlng Conventlon The Financial Statements has been prepared under the historical cost conventlon, In accordance with applicable UK Accounting Standards and also with the recommendatSons in the Statement of Recommended Accountln9 Practice (SORP 2005) Accounting and Reportlng by Chorftles - Issued in March 2005. The Charity has taken advantage of the exemption of Financial ReporUng Standard No. I from the requlrements to produce a Cash Flow Ststement on the ground that It quallfies as a small charity. 1.2) Fund Accountlng General unrestrfcted funds represent unrestrlcted Sncome, whlch Is expendable at the discretion of the Trustees In the furthernnce of the obJerts of the th•rity 1.3) Tanglbl¢ flxed Sets Tanglble flxed assets costlng more than £500 are capitalized and induded at cost Indudlng any IncldentJl cost Depreciation is calculated on the flxed Jssets to wrfte off the cost of the assets less thelr resldual values, In equal Instalments over thelr expected useful economlc Ilves. The annual rate In use Is 25% per annum. 1.4) Incomlng R••ourc•• Income Is malnly from Tlthes and Offering, 8ulldlng fvnds. Glft Ald, grant and bank Interest recelved are Included In the finandal ststements when reIved. 1.5) Resource• Expended All expendlture Is accounted for on an accrual bas15 and has been dasslfied under headlngs that aggregate all costs related to the category. 1.0) Taxatlon As a eharlty, the charltable fijnds are exempt from corporation tax but not from VAT. Irrecoverable VAT is. in accordan with standard accounting prdctlce. Induded In the cost of those items to which rt relates.
GOLDEN VALE ADVICE NETWORK Notes to the Accounts for the year ended 31 Mar¢h 2021 l Debtors 2021 Other debtors 6 Restrlct¢d Funds 2021 At l Aprfl 2020 Net Incoming Fund 10,399 10,399 Transfer to caplt•l redemptlon reserye At 31 Narth 2021
GOLDEN VALE ADVICE NETWORK Notes to th• accounts (¢ontlnu¢d) 6 Income and Expenditure ArUnt for th• y••r •nd•d 31 March 2021 2021 Unt••trlcted ReJtrirt¢d Total Pund 6.1 INCOMING RESOURCES Thithes, offering and thènksglvlng Glft Ald 12,912 7.025 12.912 7,025 Tot•1 lftcomlng ReurCeS OUTGOING RESOURCES 6.2 Support ¢o•ts of •rtlVltI In furth•ranc• of th• Charlty'• obJa¢t•: Honorjrfuml Donattons Volunteer Tralning expenses Project activities pntIng• Postage, ststlonery & glft cards Church expenses 757 998 757 998 1.916 1.916 6.3 Man•g•m•nt and Admlnl#tr•tlon of Ch•rlty: Hall hlrlng costs Ught & heat Pastors èxpenses Insur)nces Telephone & fax A¢countan¢y fees Charity Admin expenses Profe5slonal charge5 Web De51gn & Publiclty Central offlce fundSng Repair5 & Maintenance Motor Vthlde Expenses Depreclatlon charge 231 231 1.169 1,169 897 764 i.iii 764 i.iii 1.695 1.695
GOLDEN VALE ADVICE NETWORK S¢hedul• to the Profit and Loss Account for the yoar ended 31 March 2021 2021 Sales Tlthes, offedngs & thanksglvlng Administrative expenms Employee costs: Training expenses 757 757 Premlses costs: Hall hlrlng c05ts Insurances 231 General admlnlstrative expense5: Central office fundln9 Church Expenses Project actlvltles expenses Web Deslgn & Publldty Motor Vehlcle Expenses I,iii 1,916 998 764 Legal and professlonal costs: Accountancy fees 897 897