Registered Charity Number 1186245
NIGERIAN COMMUNITY GREATER MANCHESTER
TRUSTEES REPORT AND ACCOUNTS
31 December 2022
NIGERIAN COMMUNITY GREATER MANCHESTER
Financial statement
Year ended 31 December 2022
| Contents | Page |
|---|---|
| Charity information and professional advisers | 3 |
| Trustees’ report | 4 |
| Accountants’ report | 6 |
| Income statement | 7 |
| Balance Sheet | 8 |
| Notes to the financial statements | 9 |
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NIGERIAN COMMUNITY GREATER MANCHESTER
Charity Information Year ended 31 December 2022
| Registered charity name | NIGERIAN COMMUNITY GREATER MANCHESTER |
|---|---|
| Charity number | 1186245 |
| Registered office | 132-134 Great Ancoats Street |
| Manchester | |
| M4 6DE | |
| Trustees | Abiola Olawale Kumoye_(Chair)_ |
| Augusta Unoamaka Ugoh | |
| Patrick Funsho Obidoyin | |
| Olagoke Oladosu | |
| Elder Mimi Cordelia Veheary | |
| Yohanna John Bitrus | |
| Accountants | BC NWAIWU & CO LTD |
| Building 1 Suit 4A Office 6 | |
| Wilsons Park Business Centre | |
| Manchester | |
| M40 8WN | |
| Bankers | Royal Bank of Scotland Plc |
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NIGERIAN COMMUNITY GREATER MANCHESTER Trustees’ Report Year ended 31 December 2022
The Trustees, present their annual report with the unaudited financial statements of the charity for the year ended 31st December 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2022 and 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 (effective 1 January 2019).
Reference and administrative details
The Charity is a charitable incorporated organisation and was formed on February 6, 2019 as Nigeria Community Manchester. Following a change of name resolution dated September 11, 2022, the name of the charity was changed to Nigerian Community Greater Manchester.
Objectives
The objects of the charity for the public benefit include;
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a. To relieve and combat poverty, distress, financial hardship, and sickness.
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b. To relieve those in need by reason of youth, age, ill health, disability, unemployment or other disadvantage.
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c. To promote Nigerian art, culture and heritage for the public benefit.
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d. To advance education for the public benefit in Nigerian culture and language.
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e. To advance any such other purpose being exclusively charitable according to the law of England and Wales as the Trustees may from time to time determine.
Public Benefit
The board of trustees have given due consideration to Charity Commission’s published guidance on the operation of the public benefit requirement and confirm that these requirements are met by the charity.
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NIGERIAN COMMUNITY GREATER MANCHESTER
Accountant’s report For the period ended 31 December 2022
Going concern
The trustees have assessed the ability of the charity to continue operating and discharging its role for the foreseeable future, and have made financial projections, taken into consideration the current economic climate because of economic crisis. Economic crisis and its potential impact on the various sources of income and planned expenditure. We have adequate financial resources and are able to manage our business risks.
Statement of responsibilities of the trustees
The trustees are required to prepare financial statements for each financial year, which will give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022.
Abiola Olawale Kumoye Chair of Trustees
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NIGERIAN COMMUNITY GREATER MANCHESTER
Accountant’s report
For the period ended 31 December 2022
Accountants' report to the board of trustees on the preparation of the unaudited statutory accounts of Nigerian Community Greater Manchester for the period ended 31 December 2022.
In order to assist you to fulfil your duties under the Charity Act 2022, we have prepared for your approval the accounts of Nigerian Community Greater Manchester for the period ended 31 December 2022 which comprise of the Income statement, the Balance Sheet and the related notes from the charity’s accounting records and from information and explanations you have given us.
This report is made solely to the Trustees of Nigerian Community Greater Manchester, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Nigerian Community Greater Manchester and state those matters that we have agreed to state to the Trustees of Nigerian Community Greater Manchester, as a body, in this report to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nigerian Community Greater Manchester and its Trustees as a body for our work or for this report.
It is your duty to ensure that Nigerian Community Greater Manchester has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position of Nigerian Community Greater Manchester. You consider that Nigerian Community Greater Manchester is exempt from the statutory audit/independent examination requirement for the period.
We have not been instructed to carry out an independent examination or a review of the accounts of Nigerian Community Greater Manchester. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
BC NWAIWU & CO LTD
Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN
Date: 22 January 2024
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NIGERIAN COMMUNITY GREATER MANCHESTER
Income Statement
For the period ended 31 December 2022
| Income: Note Donation and legacies 2 Charitable activities 3 Total income Expenditure on: Expenditure on charitable activities 4 Finance cost 5 Surplus/ (deficit) Net income/(expenditure for the year) Transfer between funds Net movement in funds for the year Reconciliation of funds Total funds brought forward Restricted funds Unrestricted funds Total funds carried forward |
31st December 2022 4,480 1,626 6,106 8,662 - 8,662 (2,556) (2,556) 334 1,337 1,671 |
31st December 2021 1,885 10,502 |
|---|---|---|
| 12,387 | ||
| 8,941 - |
||
| 8,941 | ||
| 3,447 | ||
| 3,447 845 3,382 |
||
| 4,227 |
The notes on pages 9 to 13 form part of these financial statements
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NIGERIAN COMMUNITY GREATER MANCHESTER
Balance Sheet
As at 31 December 2022
| Note Fixed Assets Tangible assets Current Assets Cash at bank and in hand 6 Debtors 8 Less Current Liabilities Creditors:amounts falling due within one year 9 Net current assets Total Assets Less Current Liabilities Creditors:amounts falling due after one year 10 The funds of the charity Restricted funds 11 Unrestricted funds 11 |
31st December 2022 - 1,871 - 1,871 (200) 1,671 1,671 - 1,671 334 1,337 1,671 |
31st December 2021 - 4,427 - |
|---|---|---|
| 4,427 (200) |
||
| 4,227 4,227 - |
||
| 4,227 | ||
| 845 3,382 |
||
| 4,227 |
Abiola Olawale Kumoye Chair of Trustees
Approved by the board on 22 January 2024
The notes on pages 9 to 13 form part of these financial statements
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NIGERIAN COMMUNITY GREATER MANCHESTER Notes to the Financial Statements For the period ended 31 December 2022
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Nigerian Community Greater Manchester meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b. Judgments and estimates
The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
c. Going concern
The trustees have reviewed the charity's forecasts and projections and are confident that the charity can fulfil its commitments to its beneficiaries for the period ending 31 December 2022.
d. Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
e. Income
The Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions
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NIGERIAN COMMUNITY GREATER MANCHESTER Notes to the Financial Statements For the period ended 31 December 2022
attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
f. Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are those incurred in seeking voluntary income and do not include the costs of disseminating information in support of the charitable activities.
Governance costs relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. Included within this category are costs associated with internal audit and risk, as well as external audit costs, as opposed to dayto-day management of the charity’s activities.
g. Tangible fixed assets
All expenditure of a capital nature on development work overseas is expensed as incurred, while tangible fixed assets in the UK costing more than £100 are capitalized and included at cost, including any incidental expenses of acquisition. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost by equal annual instalments over their expected useful economic lives as follows:
| Freehold land and buildings | Nil |
|---|---|
| Computer infrastructure | 5 years |
| Computer equipment | 4 years |
| Furniture, fixtures and equipment | 4 years |
Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.
h. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
i. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party
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NIGERIAN COMMUNITY GREATER MANCHESTER Notes to the Financial Statements For the period ended 31 December 2022
and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
j. Company status
Nigerian Community Greater Manchester is a charitable incorporated organisation, registered with the Charity Commission of England on 11[th] November 2019 with charity number 1186245.
k. Members’ subscription
The annual members’ subscription is £20 and £30 for pensioners and nonpensioners respectively.
l. Donations and gifts
Donations and gifts consist of the total donations from individuals, trusts and corporates, along with income from fundraising events.
| 2. Donation and legacies Donations Members' subscription Members' registration 3. Charitable activities Grants Other income |
31 December 2022 3,400 1,080 4,480 31 December 2022 - 1,626 1,626 |
31 December 2021 - 1,635 250 |
|---|---|---|
| 1,885 | ||
| 31 December 2021 10,000 502 |
||
| 10,502 |
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NIGERIAN COMMUNITY GREATER MANCHESTER Notes to the Financial Statements
For the period ended 31 December 2022
| 4. Expenditure on charitable activities Printing and stationery Telephone charges Members' welfare Public relations Accountancy fee Professional fees Support costs Project costs 5. Finance cost Finance cost 6. Cash at bank and in hand Bank balance Petty cash a/c 7. Net income/(expenditure) for the year This is stated after charging /(crediting) Depreciation 8. Debtors Trade debtors Other debtors |
31 December 2022 - - 200 - 200 - 1,329 6,933 8,662 31 December 2022 - - 31 December 2022 1,871 1,871 31 December 2022 - 31 December 2022 - - - |
31 December 2021 - - 362 - 200 1,050 1,320 6,008 |
|---|---|---|
| 8,941 | ||
| 31 December 2021 - |
||
| - | ||
| 31 December 2021 4,427 - |
||
| 4,427 | ||
| 31 December 2021 - |
||
| 31 December 2021 - - |
||
| - |
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NIGERIAN COMMUNITY GREATER MANCHESTER Notes to the Financial Statements
For the period ended 31 December 2022
| 9. Creditors:amounts falling Trade creditors Other creditors 10. Creditors:amounts falling one year Trade creditors Other creditors 11. Fund movements Restricted funds Unrestricted funds The funds of the charity |
due within one year 31 December 2022 31 December 2021 200 200 - - 200 200 due after more than 31 December 2022 31 December 2021 - - - - - - Balance 01 January 2022 Income Expenditure Balance 31 December 2022 £ £ £ £ 845 1,221 1,732 334 845 1221 1732 334 3,382 4,885 6,929 1,337 3,382 4,885 6,929 1,337 4,227 6,106 8,662 1,671 |
due within one year 31 December 2022 31 December 2021 200 200 - - 200 200 due after more than 31 December 2022 31 December 2021 - - - - - - Balance 01 January 2022 Income Expenditure Balance 31 December 2022 £ £ £ £ 845 1,221 1,732 334 845 1221 1732 334 3,382 4,885 6,929 1,337 3,382 4,885 6,929 1,337 4,227 6,106 8,662 1,671 |
|---|---|---|
| 334 1,337 |
||
| 1,337 | ||
| 1,671 |
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