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.
- In order to meet this requirement, the Trustees must be satisfied that:
- Suitable accounting policies are selected and then consistently applied;
- Judgments and estimates that are made are reasonable and prudent;
- 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)**||