2024-12-31-accounts - Evangelical Global Outreach

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EVANGELICAL GLOBAL OUTREACH (EVAGLO) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

CHARITY REGISTRATION NO: 1174112

EVANGELICAL GLOBAL OUTREACH (EVAGLO) FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

CONTENTS:	PAGES:
Legal & administratve informaton	2
Report of Trustees	3
Statement of fnancial actvites	4
Balance sheet statement	5
Notes to the fnancial statement	6-9
Income & expenditure statement	10

EVANGELICAL GLOBAL OUTREACH (EVAGLO) ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2024

Committee members: Dr Gideon Bakare (chairperson) Stella Jaiyesimi (Treasurer) Peter Irojah (Secretary) Florence Akanmu (Trustee) Sarah Adeyemo (Trustee) Charity registration number: 1174112 Registered office: 137, Hooper Road London E16 3QD Bankers: HSBC Plc Sort code: 400630 Account number: 53811212

EVANGELICAL GLOBAL OUTREACH (EVAGLO) MANAGEMENT COMMITTEE REPORT YEAR ENDED 31 DECEMBER 2024

The Management Committee present their annual report and the financial statements of the charity for the year ended 31st December 2024. 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 poverty 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.

……………… Gideon Bakare ……………………………

Dr Gideon Bakare (Chairperson)

EVANGELICAL GLOBAL OUTREACH (EVAGLO) STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

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Amended figs 2023
Unrestricted Restricted 2024 2023
INCOMING RESOURCES: funds funds Total Total
£ £ £ £
Tithes 9402 0 9402 7555
Other offerings 0
Total incoming resources 9402 0 9402 7555
RESOURCES EXPENDED
Resources expended on Charitable activities 3732 0 3732 3876
Management cost 5537 5537 3405
Finance charge 743 0 743 747
Total resources expended 10012 0 10012 8028
Net incoming resources -610 0 -610 -473
Fund balance brought forward 2987 0 2987 3460
Total fund balance carried forward 2377 0 2377 2987
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None of the charity’s activities are acquired or discounted during the year under review, and there were no recognised gains or losses for 2024 and 2023 other than those included in the statement of financial activities.

EVANGELICAL GLOBAL OUTREACH (EVAGLO) BALANCE SHEET YEAR ENDED 31 DECEMBER 2024

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Unrestricted Unrestricted
funds funds
2024 2023
Fixed Assets: £ £
Tangible assets 1999 2664
Current Assets:
Cash/Bank balances 378 323
Debtors
Current Liabilities:
Creditors falling due within one year
378 323
NET CURRENT ASSETS 2377 2987
Funds:
Unrestricted funds brought forward 2987 3460
Urestricted funds for the year -610 -473
TOTAL FUNDS 2377 2987
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The financial statements were approved by the Board of Trustees on …28[th] February 2025………….. And were signed on its behalf,

Dr Gideon Bakare (Chairperson)

………… Gideon Bakare …………..

Stella Jaiyesimi (Treasurer)

……… …………….. Yemi Jaiyesimi

EVANGELICAL GLOBAL OUTREACH (EVAGLO) NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024

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.

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 2024

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Total Total
2. INCOMING RESOURCES 2024 2023
Voluntary income: £ £
Donations 9402 7555
Total incoming resources 9402 7555
RESOURCES EXPENDED
Trustees' renumeration 0 0
3. Charitable activities:
Training, conferences & seminars 2411 1640
Welfare & annual food bank 2330 1743
Mission support 796 493
Total charitable cost 5537 3876
Support cost: Management:
Donations 220 490
Media (Tel, broad band & radio ministry) 1300 1100
Insurance 173 0
DBS 52 0
BACP subscription 262 590
Printing & stationery 1401 254
Family retreat/entertainment 0 646
Transport, travelling & subsistence 50 150
Website subscription 275 0
Advert & publication 0 175
Total support cost-management 3733 3405
Support costs: Finance charge:
Bank charges 77 86
Depreciation charge 665 665
Total finance cost 742 751
Total resources expended 10012 8032
Net Incoming Resources/Expenditure -610 -473
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6 . Staff cost:

There were no trustee’s expenses paid for the year ended 31 December 2024 or for the prior year ended 31 December 2023.

EVANGELICAL GLOBAL OUTREACH (EVAGLO) NOTES TO THE FINANCILA STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONT’D)

7.

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Fixed Assets
Tandible fixed assets: £ £
At January 2024 6654
Additions 0
At December 2024 6654
Depreciation:
Opening balance 3990
Charge for the year 665
At 31 December 2024 4655
Net book value:
At 31 December 2024 1999
At 31 December 2023 2664
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8 . CREDITORS:

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

9.

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Net movement in funds:
Movement in funds: 2024 Total
Unrestricted funds £ £
General funds: 9402 9402
Total funds 9402 9402
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
Unrestricted funds: £ £ £
General funds 9402 -10012 -610
Total funds for the year 9402 -10012 -610
General funds for the year -610
Total funds -610
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EVANGELICAL GLOBAL OUTREACH (EVAGLO) INCOME & EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

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Total Total
INCOMING RESOURCES 2024 2023
Voluntary income: £ £
Donations 9402 7555
Total incoming resources 9402 7555
RESOURCES EXPENDED
Training, conferences & seminars 2411 1640
Welfare & annual food bank 2330 1743
Mission support 796 493
Donations 220 490
Media (Tel, broad band & radio ministry) 1300 1100
Insurance 173 0
DBS 52 0
BACP subscription 262 590
Printing & stationery 1401 254
Family retreat/entertainment 0 646
Transport, travelling & subsistence 50 150
Website subscription 275 0
Advert & publication 0 175
Bank charges 77 86
Depreciation charge 665 665
Total resources expended 10012 8032
Net Incoming Resources/Expenditure -610 -473
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