Charity registration No.: 1171235
GOLDEN VALE ADVICE NETWORK
Financial Statements For the year ended 31 March 2024
GOLDEN VALE ADVICE NETWORK
Account year ended 31 March 2024
Legal and administrative details
Chairman: Mr Israel Oyebamiji Secretary: Mr Dennis Ekagha Trustees Mr Glenn Washington
Bankers: METRO 72-76 High St Bromley BR1 1EG Registered Office: Goldsmith Community Centre Castillon Road London SE6 1QD Charity Number: 1171235
GOLDEN VALE ADVICE NETWORK
Notes to the Financial Statements For the year ended 31 March 2023
1. Accounting Policies
1.1) Accounting Convention
The Financial Statements has been prepared under the historical cost convention, in accordance with applicable UK Accounting Standards and also with the recommendations in the Statement of Recommended Accounting Practice (SORP) Accounting and Reporting by Charities - issued in October 2000.
The Charity has taken advantage of the exemption of Financial Reporting Standard No. 1 from the requirements to produce a Cash Flow Statement on the ground that it qualifies as a small charity.
1.2) Fund Accounting
General unrestricted funds represent unrestricted income, which is expendable at the discretion of the Trustees in the furtherance of the objects of the charity
1.3) Tangible fixed assets
At the moment the charity does not have tangible fixed assests.
Depreciation is calculated on the fixed assets to write off the cost of the assets less their residual values, in equal instalments over their expected useful economic lives. The annual rate in use is 25% per annum.
1.4) Incoming Resources
Income is mainly from donation and fundraising are included in the financial statements when received.
1.5) Resources Expended
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category.
1.6) Taxation
As a charity, the charitable funds are exempt from corporation tax but not from VAT. Irrecoverable VAT is, in accordance with standard accounting practice, included in the cost of those items to which it relates.
GOLDEN VALE NETWORK
Trustees Report for year ended 31 March 2024
The Trustees of Golden Vale Advice Network present their report and the financial statements of the Charity for the year ended 31 March 2024. The trustees have adopted the provisions of the October 2000 in preparing the annual report and financial statements of the charity.
Charity Details
A list of names and addresses of the charity principal officers and bankers is set out on page 2.
Objectives
and the community of Whitefoot lane and the country as a whole.
Organisation
Golden Vale Advice Network is governed by a board of Trustees who are elected to serve the Church and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure that gaps are filled.
Risk and Internal Control
The Trustees review the main operational risks and take actions to manage or mitigate them accordingly.
Review of transactions and financial position
During the year, donations and gifts received totalled £2000.00. The donations and gifts received have been made available without restriction as to its usage.
available and adequate to enable it to fulfill its obligations.
Reserve Policy
Freely available reserves are a pool of unapplied resources available to meet future demands on the the charity.
Reserves are required to ensure the charity can meet its general business commitments.
Statement of trustees responsibilities for the preparation of financial statements
Charity law requires the Trustees to prepare financial statements which show a true and fair view of the state of the charity affairs as at the year end and of the resources received and expended by the charity for the year then ended.
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In order to meet this requirement, the Trustees must be satisfied that:
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Suitable accounting policies are selected and then consistently applied;
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Judgments and estimates that are made are reasonable and prudent;
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Applicable accounting standards and statements of recommended practice have been followed;
· Financial statements are prepared on a going concern basis unless its inappropriate to assume that the charity will continue its activities.
The Trustees are responsible for ensuring that proper books are maintained, for safeguarding the assets of the charity, and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Board has reviewed the effectiveness of the system of internal control for the period to 31 March 2021 and for the period to the date of signing these accounts. There are no material weaknesses that would have resulted in losses, contingencies and uncertainties that require a separate disclosure in these accounts.
Israel Oyebamiji (For the Trustees)
21/01/2024 Date
GOLDEN VALE ADVICE NETWORK
Income Statement
For the Years Ending Mar, 2024
| Income Bank Interest Brought over from 2019 Fundraising Other Income Grant Donations Total Revenues [42]Expenses Stationary/publicity material Bad debt Commissions African charity donations Depreciation Employee benefits Furniture and equipment Insurance Interest expense Maintenance and repairs Office supplies Payroll taxes Rent Training and development Salaries, wages and allownaces Software Travel Utilities Web hosting and domains Welfare and Entertainment (christmas hampers for Total Expenses Net Income Before Taxes Income tax expense Income from Continuing Operations {42} Below-the-Line Items Income from discontinued operations Effect of accounting changes Extraordinary items Net Income |
2024 2023 |
2024 2023 |
|---|---|---|
| - | - | |
| - | 400.00 - |
|
| - | - | |
| - | ||
| 2,000.00 | ||
| 2,000.00 400.00 - |
||
| [42] | ||
| 50.00 | - | |
| - | - | |
| - | - | |
| 30.00 | ||
| - | ||
| - | ||
| 370.00 | ||
| 250.00 | ||
| - | - | |
| 50.00 | ||
| 60.00 | ||
| 80.00 | ||
| 300.00 | ||
280.00 |
||
| 1,470.00 - |
||
| 530 (400) |
||
| - | - | |
| 530 (400) |
||
| [42] | ||
| 530 (400) |