2023-12-31-accounts - Evangelical Global Outreach

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EVANGELICAL GLOBAL OUTREACH (EVAGLO) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

CHARITY REGISTRATION NO: 1174112

EVANGELICAL GLOBAL OUTREACH (EVAGLO) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

CONTENTS:	PAGES
Legal and Administrative Information	2
Report of Trustees	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Financial Statements	6-8
Income and Expenditure Statement	9

EVANGELICAL GLOBAL OUTREACH (EVAGLO) ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2023

Committee Members: Charity Registration Number:

Registered Office:

Bankers:

Mrs Omowumi Bakare (Chairperson) Stella Jaiyesimi (Treasurer) Peter Irojah (Secretary) Florence Akanmu (Trustee) Sarah Adeyemo (Trustee)

1174112 137, Hooper Road London E16 3QD HSBC Plc Sort Code: 400630 Account Number: 53811212

EVANGELICAL GLOBAL OUTREACH (EVAGLO) MANAGEMENT COMMITTEE REPORT YEAR ENDED 31 DECEMBER 2023

The Management Committee present their annual report and the financial statements of the charity for the year ended 31st December 2023. The committee have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and reporting by Charities’ issued in March 2005.

STRUCTURE, GOVERNANCE & MANAGEMENT:

Governing Document:

The charity is controlled by its governing document, the charity constitution, and constitutes an unincorporated charity.

RISK MANAGEMENT:

The management committee has a duty to identify and review the risk to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

PRINCIPAL ACTIVITIES : The principal activities of the organisation are

Advancement of charitable faith
The advancement of Christian living and lifestyle
Education and training, and p overty alleviation locally and overseas
Promotion of Christian living and lifestyle
Supporting and collaborating with other charities
Facilitating community cohesion and provision of social and community services
• Promotion of community and family projects.

STATEMENT OF MANAGEMENT COMMITTEE RESPONSIBILITIES

The Management Committee is required to prepare financial statements which give a true and fair view of the state of affairs of the project and of the income and expenditure of the project for that period. In preparing those statements the Management Committee are required to:

select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable standards and statement of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in operation.

The Management Committee are responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the project. They are also responsible for safeguarding the assets of the project and hence for taking reasonable steps to prevent and detect fraud and other irregularities.

…………… O.F. Bakare …………

Omowumi Bakare (Chairperson)

EVANGELICAL GLOBAL OUTREACH (EVAGLO) STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

INCOMING RESOURCES	Notes Unrestricted Funds: 2023	Notes Unrestricted Funds: 2023
Incoming resources from generated funds		£
Voluntary income (Donations)	2	7555
		7555
RESOURCES EXPENDED
Resources Expended on Charitable Activities		3027
Management Cost		4354
Finance Charges		747
Total resources expended	3	8028
Net Income/Expenditure for the Year		(473)
Reconciliation Of Funds:
Total funds brought forward		3460
Total funds for the year		(473)
Total funds Carried Forward		2987

None of the charity’s activities were acquired or discounted during the year under review and there were no recognised gains or losses for 2023 and 2022 other than those included in the statement of financial activities.

EVANGELICAL GLOBAL OUTREACH (EVAGLO) BALANCE SHEET AT 31 DECEMBER 2023

Notes Fixed Assets: Tangible assets 7 Current Assets: Cash/ Bank balances 323 Current Liabilities: Creditors falling due within one year (0) NET CURRENT ASSETS: CREDITORS: Falling due after more than one year 8 NET ASSETS/(LIABILITIES) Funds: 9 Unrestricted funds for the year TOTAL FUNDS	Unrestricted Funds 2023 £ 2664 131 (0) 323 2987 0 2987 2987 2987	Unrestricted Funds 2022 £ 3329 131
		3460 0
		3460
		3460
		3460

The financial statements were approved by the Board of Trustees on ………28[th] January 2024………… And were signed on its behalf.

Omowumi Bakare (Chairperson) …………… O.F. Bakare ………………

Stella Jaiyesimi (Treasurer) ……………… Yemi Jaiyesimi……………………………

EVANGELICAL GLOBAL OUTREACH (EVAGLO) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES:

Basis of preparation of Financial Statements:

The financial statements are prepared under the historic cost convention and include the results of the charity’s operations which are described in the Management Committees Report and all of which are continuing.

The accounts have been prepared in accordance with the Statements of Recommended Practice for charity accounts.

The charity has taken advantage of the exemption of Financial Reporting Standard No1 from the requirements to produce a cash flow statement on the grounds that it qualifies as a small charity.

Incoming Resources:

Revenue grants are credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are included on the Balance Sheet as deferred income to be recognised in the future accounting period.

Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities.

Resources Expended:

All expenditure is accounted for on accrual basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributable to a particular heading, they have been allocated to activities on the basis consistent with the use of resources.

Charitable Activities:

Cost of charitable activities are those costs relating to the activities carried out to meet the objectives of the charity. These include both direct attributable costs and apportioned support costs.

Restricted Funds:

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of management and support costs.

Unrestricted Funds:

Unrestricted funds are donations and other incomes received or generated for the objects of the organisation without further specified purpose and are available for general funds.

Designated Funds:

Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.

6 Capital Equipment – Depreciation:

Depreciation on fixed assets is provided for at 10% on cost in order to write off each asset over its estimated useful life. A register of equipment/furniture is kept by the charity.

EVANGELICAL GLOBAL OUTREACH (EVAGLO) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Incoming Resources: Voluntary income: Donations Total incoming resources RESOURCES EXPENDED: Trustees' remuneration 3. Charitable activities: Training & Counselling Expenses Welfare - annual food bank Mission Total charitable costs: 4. SUPPORT COSTS: MANAGEMENT: Insurance TMH Media (radio/media ministry) Accountancy/Professional fees BACP subscriptions Donations Family retreat/entertainment Printing. Stationeries & Postages Transport. Travelling & Subsistence Advert &publication 5. Support costs: Finance charges: Bank charges	2023 £ 7555 7555 0 1640 1743 493 3876 0 1100 0 590 490 646 254 150 175 3405 82	2022 £ 10000
		10000
		0
		3530 1530 949
		6009
		59 1200 120 164 400 250 403 936 427
		3959
		86

Depreciation cost Total resources expended Net Incoming Resources/Expenditure:	665 747 8028 (473)	665
		751
		10719
		(719)

6. Staff costs:

There were no trustee’s expenses paid for the year ended 31 December 2023 or for the prior year ended 31 December 2022.

EVANGELICAL GLOBAL OUTREACH (EVAGLO) NOTES TO THE FINANCILA STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)

7 . Fixed Assets:

TANGIBLE FIXED ASSETS: £ At 1 January 2023 Additions At 31 December 2023 DEPRECIATION: Opening balance 3324 Charge for the year 665 NET BOOK VALUE: At 31 December 2023 At 31 December 2022	£ 6654 0
	6654
	3990
	2664
	2664
	3329

CREDITORS: There were no creditors falling due for the year ended 31 December 2023.

.MOVEMENTS IN FUNDS:	Net movement in	Movement in fund
	fund	At 31/12/23
Unrestricted funds	£	£
General fund for the year	7555	10000
Total funds	7555	10000

9. MOVEMENTS IN FUNDS:

Net movement in funds, included in the above are as follows:

Unrestricted funds: General fund Total funds General fund for the year Total funds	Incoming Resources resources expended £ £ 7555 (8028)	Move't in funds £ (473)
	7555 (8028)	(473)
		(473)
		(473)

EVANGELICAL GLOBAL OUTREACH (EVAGLO) INCOME & EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Incoming Resources: Voluntary income: Donations Total incoming resources RESOURCES EXPENDED: Training & Counselling Expenses Welfare - annual food bank Mission Insurance TMH Media (radio/media ministry) Accountancy/Professional fees BACP subscriptions Donations Family retreat/entertainment Printing. Stationeries & Postages Transport. Travelling & Subsistence Advert &publication Bank charges Depreciation cost Total resources expended Net Incoming Resources/Expenditure:	2023 £ 7555 7555 1640 1743 493 0 1100 0 590 490 646 254 150 175 86 665 747 8028 (473)	2022 £ 10000
		10000
		3530 1530 949 59 1200 120 164 400 250 403 936 427 82 665
		751
		10719
		(719)