Goodnews Aid
Charity No. 1180060
Trustees' Report and Unaudited Accounts
31 March 2023
Goodnews Aid Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
Page 1
Goodnews Aid Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1180060
Charity Address
Life Church 1A Old Chester Road Bebington Wirral CH63 7LA
Trustees
The following Trustees served during the year:
E. Aryee G. Danam B. Kunjukutty J. Master A. Partington
Accountants
Daniel Sam Limited 61 Plodder Lane Farnworth Bolton BL4 0BX
OBJECTIVES AND ACTIVITIES
The objects of the charity as set out in its governing document are the advancement of the Christian faith and the relief of persons in need.
The charity has not undertaken any activities due to low income, however it did provide a gift to Spring of Hope UK Limited, another charity with similar objects.
The board of trustees is satisfied with the performance of the charity during the year and in planning the activities the trustees have had regard to the Charity Commission's guidance on public benefit.
FINANCIAL REVIEW
At this stage the charity does not have any overheads and held a small cash balance at the year end.
PLANS FOR FUTURE PERIODS
We are hopeful that the charity will be able to raise more funds in future to allow the charity to undertake more activities to further its objects.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Page 2
Goodnews Aid Trustees Annual Report
The charity is governed by its constitution adopted on 24 September 2018 and constitutes a Charitable Incorporated Organisation (CIO) as defined by the Charities Act 2011.
New trustees are appointed by a resolution at a meeting of the trustees with regard to the skills, knowledge and experience needed for the charity.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
G. Danam Trustee
25 April 2024
Page 3
Goodnews Aid Statement of Financial Activities
for the year ended 31 March 2023
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 5 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 1,729 |
Total funds 2023 £ 1,729 |
Total funds 2022 £ 1,421 |
|---|---|---|---|
| 1,729 1,500 417 |
1,729 1,500 417 |
1,421 1,400 - |
|
| 1,917 - |
1,917 - |
1,400 - |
|
| (188) - |
(188) - |
21 - |
|
| (188) | (188) | 21 | |
| (188) 819 |
(188) 819 |
21 798 |
|
| 631 | 631 | 819 |
Page 4
Goodnews Aid Balance Sheet
at 31 March 2023
| at 31 March 2023 | |
|---|---|
| Charity No. 1180060 Notes 2023 £ Current assets Cash at bank and in hand 871 871 Creditors:Amount falling due within one year 7 (240) Net current assets 631 Total assets less current liabilities 631 Net assets excluding pension asset or liability 631 Total net assets 631 The funds of the charity Unrestricted funds 8 General funds 631 631 Total funds 631 |
2022 £ 819 |
| 819 - |
|
| 819 819 |
|
| 819 | |
| 819 | |
| 819 | |
| 819 | |
| 819 |
Approved by the board on 25 April 2024
And signed on its behalf by:
G. Danam Trustee 25 April 2024
Page 5
Goodnews Aid Notes to the Accounts
for the year ended 31 March 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 6
Goodnews Aid Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Entity status
The charity is a Charitable Incorporated Organisation and consequently does not have share capital.
3 Income from donations and legacies
| Income from donations and legacies | |||
|---|---|---|---|
| Gifts and donations | Unrestricted £ 1,729 1,729 |
Total 2023 £ 1,729 1,729 |
Total 2022 £ 1,421 |
| 1,421 |
Page 7
Goodnews Aid Notes to the Accounts
4 Expenditure on charitable activities
| Expenditure on charitable activities Gifts to other charities 5 Other expenditure General administrative costs Legal and professional costs 6 Staff costs No employee received emoluments in excess 7 Creditors: amounts falling due within one year Accruals 8 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 9 Analysis of net assets between funds Net current assets |
of £60,000. At 1 April 2022 819 819 |
Unrestricted £ 1,500 1,500 Unrestricted £ 177 240 417 2023 £ 240 240 Incoming resources £ 1,729 1,729 |
Total 2023 £ 1,500 1,500 Total 2023 £ 177 240 417 Resources expended £ (1,917) (1,917) Unrestricted funds £ 631 631 |
Total 2022 £ 1,400 |
|---|---|---|---|---|
| 1,400 | ||||
| Total 2022 £ - - |
||||
| - | ||||
| 2022 £ - |
||||
| - | ||||
| At 31 March 2023 £ 631 |
||||
| 631 | ||||
| Total £ 631 |
||||
| 631 |
Page 8
Goodnews Aid Notes to the Accounts
10 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 April 2022 £ |
Cash flows £ |
At 31 March 2023 £ |
| 819 | 52 | 871 | |
| 819 819 |
52 52 |
871 | |
| 871 |
11 Related party disclosures
During the year, the charity made a gift of £1,500 to Spring of Hope UK Limited, a charity of which Dr G Danam is also a trustee.
Page 9
Goodnews Aid Detailed Statement of Financial Activities
for the year ended 31 March 2023
| Income and endowments from: Donations and legacies Gifts and donations Total income and endowments Expenditure on: Charitable activities Gifts to other charities Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Bank charges Software, IT support and related costs Sundry expenses Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 1,729 1,729 1,729 1,500 1,500 1,500 60 17 100 177 240 240 417 1,917 - (188) (188) - (188) 819 631 |
Total funds 2023 £ 1,729 1,729 1,729 1,500 1,500 1,500 60 17 100 177 240 240 417 1,917 - (188) (188) - (188) 819 631 |
Total funds 2022 £ 1,421 |
|---|---|---|---|
| 1,421 | |||
| 1,421 1,400 |
|||
| 1,400 | |||
| 1,400 - - - |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| 1,400 - |
|||
| 21 | |||
| 21 - |
|||
| 21 | |||
| 798 | |||
| 819 |
Page 10