AMAIGBO TOWN UNION UK ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2024 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 Report of the trustees 3to6 Report of the Independent Examiner Statement of financial activities Balance sheet 10 Notes to the financial statements 11 to17 Page 1
AMAIGBO TOWN UNION UK OFFICERS AND PROFESSIONAL ADVISERS The Board of Trustees K. Mgbokwere - Chaimian appointed on 19th November 2023 Osita B Onuoha M. Uzoma - Resigned on 191h November 2023 Y. N Okafor F. U. Anyiam- Resigned on 19th November 2023 C. Anyiam - Appointed on 19, November 2023 L. Duru -Appointed on 191h November 2023 A. Oluigbo- Appointed on 19, November 2023 Dr G. Duru - Chairrnan resigned on 19 November 2023 Registered Office 39A Tandle Hill Road Royton OL2 SUX Independent Examiner Edwige Fomo CGMA EFK & CO CONSULTING LTD 132-134 Great Ancoats Street Manchester M4 6ED Bankers Natwest Bank 10 Yorkshire Streèt Oldham Lancashire OL1 1QT Page 2
AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2024 The Trustees present their report together with the financial statements of the charity for the year ended 01 January 2024. 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 These financial statements Gomply 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 accordan with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS102) (Charilies SORP {FRS102} and the Charities Act 20111. 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 advanment of education in Igbo culture. history and language. 2.The relief of financial hardship through donation of clothing., food., fumiture and beddings 3. Bereavement support and counselling 4. Donalion of hospital equipment to healthcare facilities in Amaigbo. 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 sucsSful application from the National lottery for a food palliative programme successfully carried OLrt July 2022. Page3
AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2024 ACHIEVEMENTS AND PERFORMANCE The trustees meet regularly to discuss issues relevant to our charity organisatlon. 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 in 2022. 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 hav& also been able to get a website. This will make it easier to showcase who we are and relate better with the general publi¢ and other charity organisations. We also had some voluntary donations from some individuals from our parent organisation. Staff and volunteers l areas of the churchlcharity 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 guidano on public benefrt in deciding the activities undertaken by the Charity in the period ending 01 January 2024. The Trustees are satisfied that the information provided in the report and accounts meets the public benefft reporting requirements. RISK ASSESSMENT The Trustees actively revlew 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 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The charity type of governing document is a Gonstitution. 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 Kenneth Mgbokwere. The Board meets at least quartedy to oversee the vision, strategies and management of Ihe charity. Trustee selection method is by appointment by the current trustees, of any person meeting Ihe requirements set down in the constitution. Trustees are selected on basis of their experien, expertise, and specffic skills which a reasonably expected to in further the mission and vision of the charity. Trustee Induction and Training There are no specific policies and procedures for inductionltraining 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 roleslresponsibilities are negotiated with all the trustees so that their roles complement each other. The Trustees make strategic decisions based on the financia5 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. There was not income in the year £nil12023.' £1501. The costs are £340 {2023: £7,970) 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 tts principal Sour of funding. There was not donalion and legacies £nil {2023'. £1501 There was no costs of raising funds £0 {2023.' £0). and there were no costs of fund generating activities (2023.- £0). There was no Income from Charitable activities in the accounts £0 (2023: £0). Pages
AMAIGBO TOWN UNION UK REPORT OF THE TRUSTEES YEAR ENDING 01 JANUARY 2024 FINANCIAL REVIEW (continued) The costs of charitable Aclivities are £4012022.. £7,670} are cost of venue hire for food bank £40. Governance The £300 (2023.. £300) 'governance' costs include the costs associated with independent examination of the accounts £200 and fine costs £100 for late filing of the accounts. Deficit Total resources expended exceeded the incoming resources in the period by £(340)12023'. (£7,820) surplus). Balance Sheet The Balance Sheet as at 01. January 2024 was strong ensuring that the charity has the assets required to deliver its commitmenls to the communrty. Reserves policy The Trustees have adopted a reserve policy which they consider appropriate, to ensure the continuing ability ofAMAIGBO 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 resetves, are represented by the unrestricted funds less the tangible fixed assets. 'Unrestricted cash expenditure, represents the operating costs for the year less the Gharge 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 overthe 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 2024 PLANS FOR FUTURE PERIODS Looking ahead In 2024 AMAIGBO TOWN UNION UK plans to continue Its strong focus on the below areas.. In 2024125 it is likely our charity wlll 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 repealed. Funding permittlng. we can also look into the other areas in our objectives and actlvities. We will be looking at r8a¢hing out to our people in Amaigb(F-again. this will depend on funding. We are looking at plans to empower our youths to start organising themselves and being more proactive. We are working in collaboration with ATU UK Association to give scholarships to 10 academical bright but less privileged Amaigbo Youths. The ATU UK scholarship will commence in September 2024 with the first candidates reIving their first 202412025 academic year award around October 2024. 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 2024 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 Practi 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 Sig ed<y Bar Kenneth Mgbokwere Date 28th June 2024 Page8
AMAIGBO TOWN UNION UK INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AMAIGBO TOWN UNION UK YEAR ENDING 01 JANUARY 2024 I report on the accounts of the charity for the period ending 01 January 2024 which are set out on pages 810 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.. examine the accounts under section 145 ofthe 2011 Act, to follow the prOdureS laid down in the general Directions given by the Charity Commission (under section 14515){b} of the 2011 Act, and to state whether particular matters have come to my atterbtion. 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 ofthe 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 PrOdureS undertaken do not provide all the evidence that would be required in an audit, and Gonsequently 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= which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met.. or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date . 301h June 2024 Edwige Fomo CGMA EFK & CO CONSULTING LTD 132-134 Great Ancoals Street Manchester M4 6ED Page9
AMAIGBO TOWN UNION UK STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDING 01 JANUARY 2024 Notes Unrestricted Restricted Funds FuThJs Totsl 2024 Total 2023 INCOMING RESOURCES Incomiro resources from generating funds.. Donations legacies TOTAL INCOMING RESOURCES 2a 10.955 1S0 RESOURCES EXPENDED Charilabte activities Governance costs TOTAL RESOURCES EXPENDED 40 300 300 300 340 400 7,970 40 NET{OUTGOINGIIINCOMING RESOURCES BEFORE TRANSFERS TKANSFERS Transfer been FuThYs 13001 {401 1340} 17,820} 300 1300} 1340} NET MOVEMENT IN FUNDS (340) 17,820} RECONCILIATION OF FUNDS Total FLN)ds Brought Foward TOT AL FUNDS CARRIED FORWARD 556 556 2,179 1,839 2.735 2.395 10,555 2,735 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 Unrestricted Reslricled Fl1$ FLnJs Totsl 2024 Total 2023 INCOMING RESOURCES 150 TOTAL RESOURCES EXPENDED 13001 1401 1340) (7,9701 OPERATING SURPLUS 13001 1401 1340) 17,8201 OTHER INCOME Investment Income 2d SURPLUS FOR THE FINANCIAL YEAR 1300) 140} {3401 17,820} 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 2024 A1GBo TOWN UNION UK AMAIGBO TOWN UNION UK 2024 2023 Note CURRENT ASSETS Debtors Cash al bank ar¥J in hand 12 106 2,889 2,995 106 2,929 3.035 CREDtroRS: Amounts falling due wrthin one year 600 300 NET CURRENT ASSETS 2,395 2,735 TOTAL ASSETS LESS CURRENT LIABLrriES 2,395 2,735 NET ASSETS 2,395 2,735 FUNDS OF THE cHARy Reslricled Income Funds Unreslricled Income FurKIs 11a 11b 1,839 556 2,179 556 2,395 2,735 These financial statements were approved by the trustees on 28 June 2024 and signed on their behalf by.. enneth Mgbokwere Osita B Onuoha Trustee Trustee Page12
AMAIGBO TOWN UNION UK STATEMENT OF CASH FLOWS YEAR ENDING 01 JANUARY 2024 2024 2023 Note Cash flows from operating activities Net cash incomè {340) (7,820) Adjustments to cash from non-cash items Depreciation {340) (7,820) Working capital adjustments Decreasellincreasel in stocks Decreasellincreasel in debtors Decreasel(increaseJ in creditors 300 (100) Net cash flows from operating activities (40) (7,920) Cash Ilows from investing activities Purchase of tangible fixed Assets Net cash flows from investing activities Cash flows from financing activities Interest received from savirwJs Net cash flows from financing activities Net increasel(decrease) in cash and cash eqLivalents Cash and cash èquivalents at 1 January {40) 2,929 {7,920) 10,849 Cash and Gash equivalents at 31 December 2,889 2,929 Page13
AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2024 ACCOUNTING POLICIES ststement 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 Gharities preparing their accounts in accordance with the Financial reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP {FRS 102}) and the Charities Acl 2011. Incoming Resources Donalions & gifts Donations and gifts are generally only recognised when received by or on behalf of the charity. In exceptional cases where an amounl 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 resour$ and the monetary value Gan 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 Gharitable activities All income from events and activities is recognised when due. Income fmm 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 reipt. Resources Expended Resources expended are included in the Statement of Financial Activities on an accruals basis. Direct Chantable 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 2024 ACCOUNTING POLICIES (Continued) Governance These costs include the costs of governance arrangements which relale 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 serrfices 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 /0 (2023: 25 % ) using the straighl line method. Current Assets Amounts owing to the charity at 01 January 2023 in respect of income are shown as d8btors16ss 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 restrided 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 2024 INCOMING RESOURCES Unrestn'cted Fut)Js Total Restricted TOTAL 2024 TOTAL 2023 2a Donations and legacies Total Grfts Individuals 150 150 TOTAL INCOMNG RESOURCES 150 Many volunteers give freely of their time in the setvice of our Lord for the charity. the value of which is unquantifiable. 3. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Funds Total Restricted Funds Totsl TOT AL 2024 TOTAL 2023 Costs of Direct Charitable Activities Support Costs 40 300 340 7,098 872 7,970 300 300 40 4. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE undertaken Support direct sts Total Total TOT AL 2024 TOTAL 2023 Costs of charitab Activities Govemance costs 40 7,670 300 7,970 300 300 300 340 40 5. GOVERNANCE COSTS Unrestricted Funds Total TOT AL 2024 TOTAL 2023 Independent examinerfs fee Other Governance costs 200 100 300 200 100 300 300 300 Page16
AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2024 6. NET OUTGOING RESOURCES FOR THE YEAR This is stated after charging 2024 2023 Independent examinerfs fee Depreciation of owned assets 200 300 INFORMATION REGARDING TRUSTEES AND EMPLOYEES AMAIGBO TOWN UNION UK did not have employee during the year ending 01 January 2024 (2023.. Nil) The Gharity Trustees were not paid or received any other benefits from the employment with the charity in the year (2023.. £Nil) neither were they reimbursed expenses during the year {2023-. £ Nil}. The Key management personnel ofthe charily comprise IheTrustees and Senior management Team. The total benefrt ofthe senior management team of the charily were £nil,12023'. £nil) DEBTORS AMAIGBO TOWN IAGBO TOIMI UNION UK UNION UK 2024 2023 PiepayN*nts alld 8(wed Inco 106 1C CASH AT BANK & IN HAND APMIGBO TOWN UNION UK 2024 AMAIGBO TOWN UNION UK 2023 Current Account 2,889 2,889 2,929 2,929 P8ge17
AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2024 10. CREDITORS: Amounts falling due within one year A1GBo TOWN UNION UK 2024 AMAIGBO TOWN UNION UK 2023 AcClS deferred 1me 600 600 300 300 The bank loan, Credit Cards & Overdrafts are secured by a fixed and fioating charge over all the assets of the charity. 11. RECONCILIATION OF MOVEMENTS IN FUNDS Transfers Beeen Funds Balance at 01-Jan-23 Movement In Resources IrumirKJ OutgoirKJ Balance at 01-Jan-24 11a. Restrictsd Funds 2.179 2,179 11b. Unrestricted Funds Funds 1401 1401 3001 (3001 1,839 1,839 General Furnl 556 1300} 300 556 2,735 1340 2,395 12. ANALYSIS OF NET ASSETS BY FUND Tangible Fixed Assets Net Current Assets I ILiabilTties) Creditor5 Due after One Year TOTAL Restricted Funds 1.839 1,839 1.839 1,839 Unrestricted Funds 556 556 556 2,395 Page18
AMAIGBO TOWN UNION UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 01 JANUARY 2024 13. RELATED PARTY TRANSACTIONS During the period there was no related paty transactions (2023-. £nil). 14. CONTINGENCIES The Trustees have confirmed that there w&re no contingencies liabilities which should be disclosed at 01 January 2024. Page19