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 advan￿ment 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 suc￿sSful 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 re￿Iving 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