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2023-01-01-accounts

AMAIGBO TOWN UNION UK

ANNUAL REPORT & FINANCIAL STATEMENTS

YEAR ENDING 01 JANUARY 2023

Charity registration Number :1191170 Company registration number :CE023812

AMAIGBO TOWN UNION UK FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

CONTENTS PAGES
Officers and professional advisers 2
Report of the trustees 3 to 6
Report of the Independent Examiner 7
Statement of financial activities 8
Balance sheet 10
Notes to the financial statements 11 to 17

Page 1

AMAIGBO TOWN UNION UK OFFICERS AND PROFESSIONAL ADVISERS

The Board of Trustees

Dr. G. Duru - Chairman appointed Osita B Onuoha appointed M. Uzoma appointed Y. N Okafor appointed F. U. Anyiam appointed

Registered Office

39A Tandle Hill Road Royton OL2 5UX

Independent Examiner

Edwige Fomo CGMA EFK & CO CONSULTING LTD 132-134 Great Ancoats Street Manchester M4 6ED

Bankers

Natwest Bank 10 Yorkshire Street Oldham Lancashire OL1 1QT

Page 2

AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2023

The Trustees present their report together with the financial statements of the charity for the year ended 01 January 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 12 and comply with the Charity’s constitution and applicable law.

These financial statements comply with the Charities Act 2011, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102) and the Charities Act 2011).

OBJECTIVES AND ACTIVITIES

There are Four main areas of objectives and activities of our charity organisation:

1.The advancement of Education through award of scholarships and provision of study materials like laptops; computers; books. We will also encourage vocational teaching programmes and the advancement of education in Igbo culture, history and language.

Explain how the organisation carries out its purposes:

Amaigbo Town Union will only be able to carry out its purposes through appropriate funding.

We will be relying on voluntary donations and through accessing funding through the National lottery. So far, some individuals have donated to us, and we have also had a successful application from the National lottery for a food palliative programme successfully carried out July 2022.

Page3

AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2023

ACHIEVEMENTS AND PERFORMANCE

The trustees meet regularly to discuss issues relevant to our charity organisation. Matters are deliberated and decisions made. We are in regular contact with the parent organisation.

Our charity was granted the sum of £9999 to use for food palliate purposes to help those from the Black and ethnic minority groups. This project was successfully executed within the three branches of Amaigbo Town Union UK. The feedback from the public was very positive and they would very much want the food palliative programme to be repeated.

We have also been able to get a website. This will make it easier to showcase who we are and relate better with the general public and other charity organisations.

We also had some voluntary donations from some individuals from our parent organisation.

Staff and volunteers

All areas of the church/charity are essentially filled by volunteers without whom the charity could not function.

PUBLIC BENEFIT

The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities undertaken by the Charity in the period ending 01 January 2023. The Trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements.

RISK ASSESSMENT

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the review of controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions.

Page4

AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity type of governing document is a constitution. The charity is registered as a Charitable Incorporated Organisation, whose only voting members are its trustees.

The board of trustees is made up of men & women of integrity who are committed to the objectives of the charity and run by a management team coordinated by Dr G.Duru

The Board meets at least quarterly to oversee the vision, strategies and management of the charity. Trustee selection method is by appointment by the current trustees, of any person meeting the requirements set down in the constitution. Trustees are selected on basis of their experience, expertise, and specific skills which are reasonably expected to in further the mission and vision of the charity.

Trustee Induction and Training

There are no specific policies and procedures for induction/training of trustees. However, they are inducted according to individual requirements.

A copy of the Charity's constitution is supplied, along with the charity's policies and procedures and copies of recent board meeting minutes and accounts. Individual Trustees roles/responsibilities are negotiated with all the trustees so that their roles complement each other. The Trustees make strategic decisions based on the financial position of the church.

FINANCIAL REVIEW

The Trustees have prepared the accounting policies for AMAIGBO TOWN UNION UK in accordance with the requirements of the SORP and of best accounting practice.

Review of the year

The Trustees are reporting a period of financial deficit. The baseline income is £150 (2022: £10,955). The costs are £7,970 (2022: £400) and were contained within budget due to strong financial management and good cost control.

Income and Expenditure

AMAIGBO TOWN UNION UK relies on voluntary income as its principal source of funding. Total donation and legacies amounted to £150 (2022: £10,955)

There was no costs of raising funds £0 (2022: £0), and there were no costs of fund generating activities (2022: £0).

There was no Income from Charitable activities in the accounts £0 (2021: £0).

Page5

AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2023

FINANCIAL REVIEW (continued)

The costs of charitable Activities are £7,670 (2022: £0) are cost of charitable activities in London £2,970 (2022: £nil) , in Midlands £2,021 (2022; £nil), and in Manchester £2,116 (2022: £nil)

Governance

The £300 (2022: £400) ‘governance’ costs include the costs associated with independent examination of the accounts.

Deficit

Total resources expended exceeded the incoming resources in the period by £(7,820) (2022: £10,555 surplus).

Balance Sheet

The Balance Sheet as at 01[st] January 2023 was strong ensuring that the charity has the assets required to deliver its commitments to the community.

Reserves policy

The Trustees have adopted a reserve policy which they consider appropriate, to ensure the continuing ability of AMAIGBO TOWN UNION UK to meet its objectives and obligations. The policy also seeks to maintain an acceptable ratio between the free reserves and the level of unrestricted cash expenditure.

‘Free reserves’ are represented by the unrestricted funds less the tangible fixed assets. ‘Unrestricted cash expenditure’ represents the operating costs for the year less the charge for depreciation.

The Charity does not intend to accumulate significant reserves but depends upon the ongoing support of its donors to meet future costs. In order to be prudent, the aim over the next 2 to 3 years to accumulate in general reserves an amount equivalent to 1 event costs”.

Page6

AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2023

PLANS FOR FUTURE PERIODS

Looking ahead

In 2023 AMAIGBO TOWN UNION UK plans to continue its strong focus on the below areas:

In 2023/24 it is likely our charity will continue to support the vulnerable people in the community. The feedback from the food palliative was very positive but was not enough. With the on-going cost of living crisis, the beneficiaries of the food palliative would like the programme to be repeated.

Funding permitting, we can also look into the other areas in our objectives and activities.

We will be looking at reaching out to our people in Amaigbo—again, this will depend on funding. We are looking at plans to empower our youths to start organising themselves and being more proactive.

RELATED PARTIES

A summary of transactions with related parties is set out in note 13 of the financial statements.

Page7

AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2023

TRUSTEES’ RESPONSIBILITIES

Charity Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its financial activities for that year together with its assets and liabilities at the end of the year, adequately distinguishing any material, special trust or other restricted fund of the charity. In preparing those financial statements, the directors are required to:

a) select suitable accounting policies and then apply them consistently.

b) make judgments and estimates that are reasonable and prudent;

c) state whether the policies adopted are in accordance with the appropriate SORP on accounting by Charities and the Accounting Regulations and with applicable accounting standards subject to any material departures disclosed and explained in the financial statements; and

d) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in its activities.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Statements of Recommended Practice and the regulations made under section of the Charities Act 2011.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and irregularities. The trustees have the power to invest in such Assets as they see fit

Signed on behalf of the charity’s Trustees

Signed by Dr George Duru

Date : 28[th ] June 2023

Page8

AMAIGBO TOWN UNION UK INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF AMAIGBO TOWN UNION UK YEAR ENDING 01 JANUARY 2023

I report on the accounts of the charity for the period ending 01 January 2023 which are set out on pages 8 to 17

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Date : 30[th] June 2023

Edwige Fomo CGMA EFK & CO CONSULTING LTD 132-134 Great Ancoats Street Manchester M4 6ED

Page9

AMAIGBO TOWN UNION UK STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDING 01 JANUARY 2023

Notes
INCOMING RESOURCES
Incoming resources from generating funds:
Donations and legacies
2a
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
3
Governance costs
5
TOTAL RESOURCES EXPENDED
NET(OUTGOING)/INCOMING
RESOURCES BEFORE TRANSFERS
TRANSFERS
Transfer between Funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
Funds
Funds
£
£
150
0
150
0
150
7,520
300
0
450
7,520
(300)
(7,520)
300
(300)		 Total
2023
£
150
150
7,670
300
7,970
(7,820)
0		 Total
2022
£
10,955
10,955
0
400
400
10,555
0
0
(7,820)
556
9,999
556
2,179		 (7,820)
10,555
2,735		 10,555
0
10,555

The charity has no recognised gains or losses other than the results for the year as set out above.

Page10

AMAIGBO TOWN UNION UK INCOME AND EXPENDITURE ACCOUNT YEAR ENDING 01 JANUARY 2023

Note
INCOMING RESOURCES
TOTAL RESOURCES EXPENDED
OPERATING SURPLUS
OTHER INCOME
Investment Income
2d
SURPLUS FOR THE FINANCIAL YEAR		 Unrestricted
Restricted
Funds
Funds
£
£
150
0
(450)
(7,520)
(300)
(7,520)
0
0
(300)
(7,520)		 Total
2023
£
150
(7,970)
(7,820)
0
(7,820)		 Total
2022
£
10,955
(400)
10,555
0
10,555

The charity has no recognised gains or losses other than the results for the year as set out above.

Page11

AMAIGBO TOWN UNION UK BALANCE SHEET As at 01 JANUARY 2023

Note
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
8
CREDITORS: Amounts falling due
within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Restricted Income Funds
11a
Unrestricted Income Funds
11b		 AMAIGBO TOWN
UNION UK
2023
£
106
2,929
3,035
300
2,735
2,735
2,735
2,179
556
2,735		 AMAIGBO TOWN
UNION UK
2022
£
0
10,849
10,849
400
10,449
10,449
10,449
9,999
556
10,555

These financial statements were approved by the trustees on 28[th ] June 2023 and signed on their behalf by:

Dr George Duru Dr.G.O Duru Trustee

Osita B Onuoha

Trustee

Page12

AMAIGBO TOWN UNION UK STATEMENT OF CASH FLOWS YEAR ENDING 01 JANUARY 2023

Note
Cash flows from operating activities
Net cash income
Adjustments to cash from non-cash items
Depreciation
Working capital adjustments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Decrease/(increase) in creditors
9
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible fixed Assets
Net cash flows from investing activities
Cash flows from financing activities
Interest received from savings
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2023
£
(7,820)
0
(7,820)
0
0
(100)
(7,920)
0
0
0
0
(7,920)
10,849
2,929		 2022
£
10,555
0
10,555
0
(106)
400
10,849
0
0
0
0
10,849
0
10,849

Page13

AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

1. ACCOUNTING POLICIES

Statement of Compliance

The financial statements have been prepared in accordance with FRS 102, “The Financial Reporting Standard applicable in the UK and the Republic of Ireland”, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

Incoming Resources

Donations & gifts

Donations and gifts are generally only recognised when received by or on behalf of the charity. In exceptional cases where an amount is significant, gifts are recognised as income when the charity is notified of a commitment to make a donation and the trustees are virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability.

Income tax

Income tax recoverable on gift aid donations is recognised on a receivable basis.

Grants

Grants to the charity are accounted for as soon as charity is notified of its legal entitlement and the amount due.

Income from charitable activities

All income from events and activities is recognised when due.

Income from fund generating activities

Income raised by special fund raising events, and trading activities are accounted for in the period in which the charity is entitled to receipt.

Resources Expended

Resources expended are included in the Statement of Financial Activities on an accruals basis.

Direct Charitable Expenditure

Directly attributable expenditure has been allocated to the appropriate fund. Where costs have been shared the expenditure has been allocated to funds on the basis of their estimated consumption of expenses.

Page14

AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

1. ACCOUNTING POLICIES (Continued)

Governance

These costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in generating funds and in charitable activities. This includes such items as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements, including trustee’s meetings.

Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements.

Fixed Assets

Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £300. They are valued at cost, or if gifted, at the value to the charity on receipt.

Depreciation is calculated on the costs or valuation of the assets at the rate of 25% (2022: 25%) using the straight line method.

Current Assets

Amounts owing to the charity at 01 January 2023 in respect of income are shown as debtors less provision for amounts that may prove uncollectable.

Funds

Funds held by the charity are either:

Unrestricted general funds

These are funds that can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds

These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page15

AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

2. INCOMING RESOURCES

2a Donations and legacies
Gifts Individuals
Gifts Trusts & Foundations
Tax Refund
TOTAL INCOMING RESOURCES		 Unrestricted
Funds
Total
£
150
0
0
150
150		 Restricted
Funds
Total
£
0
0
0
0
0		 T O T A L
2023
£
150
0
0
150
150		 T O T A L
2022
£
850
9,999
106
10,955
10,955

Many volunteers give freely of their time in the service of our Lord for the charity, the value of which is unquantifiable.

3. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Costs of Direct Charitable Activities
Support Costs		 Unrestricted
Funds
Total
£
450
450		 Restricted
Funds
Total
£
7,098
422
7,520		 T O T A L
2023
£
7,098
872
7,970		 T O T A L
2022
£
0
400
400

4. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Costs of Generating Voluntary Income
Costs of Fund Generating Activities
Costs of Charitable Activities
Governance costs		 undertaken
directly
Total
£
0
0
7,098
0
7,098		 Support
costs
Total
£
0
0
572
300
872		 T O T A L
2023
£
0
0
7,670
300
7,970		 T O T A L
2022
£
0
0
0
400
400

5. GOVERNANCE COSTS

Independent examiner's fee
Other Governance costs		 Unrestricted
Funds
Total
£
300
0
300		 T O T A L
2023
£
300
0
300		 T O T A L
2022
£
300
100
400

Page16

AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

6. NET OUTGOING RESOURCES FOR THE YEAR

This is stated after charging 2023 2022
£ £
Independent examiner's fee 300 300
Depreciation of owned assets 0 0

7. INFORMATION REGARDING TRUSTEES AND EMPLOYEES

AMAIGBO TOWN UNION UK did not have employee during the year ending 01 January 2023 (2021: Nil)

The charity Trustees were not paid or received any other benefits from the employment with the charity in the year (2022: £Nil) neither were they reimbursed expenses during the year (2022: £ Nil). The Key management personnel of the charity comprise the Trustees and Senior management Team. The total benefit of the senior management team of the charity were £nil, (2022: £nil)

8. DEBTORS

Prepayments and accrued income AMAIGBO TOWN
UNION UK
2023
£
106
106		 AMAIGBO TOWN
UNION UK
2022
£
106
106

9. CASH AT BANK & IN HAND

11a. Investments
Current Account		 AMAIGBO TOWN
UNION UK
2023
£
2,929
2,929		 AMAIGBO TOWN
UNION UK
2022
£
10,849
10,849

Page17

AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

10. CREDITORS: Amounts falling due within one year

Accruals and deferred income AMAIGBO TOWN
UNION UK
2023
£
300
300		 AMAIGBO TOWN
UNION UK
2022
£
400
400

The bank loan, Credit Cards & Overdrafts are secured by a fixed and floating charge over all the assets of the charity.

11. RECONCILIATION OF MOVEMENTS IN FUNDS

Balance at
07-Sep-21
£		 Incoming
Outgoing
£
£
Movement in Resources		 Incoming
Outgoing
£
£
Movement in Resources		 Transfers
Between
Funds
£		 Balance at
01-Jan-22
£
11a. Restricted Funds
11b. Unrestricted Funds
General Fund		 9,999
0
Funds
556
556		 0
0
150
150		 (7,520)
(7,520)
(450)
(7,970)		 (300)
(300)
300
0		 2,179
2,179
556
2,735

12. ANALYSIS OF NET ASSETS BY FUND

Restricted Funds
Unrestricted Funds		 Tangible
Fixed
Assets
£
0
0
0
0		 Net Current
Assets /
(Liabilities)
£
0
0
2,735
2,735		 Creditors
Due after
One Year
£
0
0
0
0		 TOTAL
£
0
0
2,735
2,735

Page18

AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2023

13. RELATED PARTY TRANSACTIONS

During the period there was no related party transactions (2022: £nil).

14. CONTINGENCIES

The Trustees have confirmed that there were no contingencies liabilities which should be disclosed at 01 January 2023.

Page19