IGBO UNION MILTON KEYNES NOTE5 ACCOMPANYING THE ACCOUNTS FOR THE PERIOD ENDING 31 JULY 2024 The accounts for the period ending 31 July 2024 by all intent and purposes reflect accurately the true state of income, expenditu, assets and tinancial state of affairs of Igbo Union Milton Keynes IIUMKI. This is the first financial 5tstement the union has produced as part of fulfllllng charity re8iStration ststus regulatory requirement covering the dates 14 December 2023 to 31 July 2024. The period was not eventful as usual activities of the Unlon like Christmas and summer events took place either prior to 14 December 2023 or after 31 July 2024 followin8 gradual recovery and return to normalcy post<ovid. However, the Unlon had the challenge of five members losing one of their parents for which bereavement entitlements were paid. INCOME The Union main sources of income for the period are members, dues, reglstrafjon fees and levies. The second income stream 15 from Women Iumunwanyiomal dance hire and Spray during outings. Addltional income was by way of recoveries from pledge5 made during 2022 Christmas eventlalmanac launching. The Union has Started exploring the possibilities of getting financial assistance andlor grant from government or funding agencie5 to execute some of its major attlvitie5 to reduce flnancial levie5 on members to help achieve its goals of inclusion. education, fitne55 & wellbein& tackling isolation. etc among member5 and the general community. EXPENDITURE The biggest Thnancial outlay of the Union during the period was payment of condolence entitlements to bereaved members. ASSErs The Union has only liquid assets made up of bank balances and cash at hand. Cash at hand Is dollars generated by women dance group which is converted to pounds at the rate ruling at period end. THE FUTURE The next financial year Is looklng to have better prospects and challenging at the same time a5 the unlon wade5 the transition from community interestto charity status. The Union's main challenge and ultimate goal remains securin8 a permanent monthly meeting place and by so doin8 make the i55ue of moving from one place to another for meetings and other acttvities a thing of the past. To overcome this, the union continues to save every penny it can towards the acquisition of own land/building. UCHENNA ODUNUKWE- CHAIRMAN 80ARD OF TRUSTEES/ PRESIDENT
IGBO UNION MILTON KEYNES RECEIPTS AND PAYMENTS FOR THE PERIOD ENDED 31 JULY 2024 NOTE 2024 ££ RECEIPTS Dues & Re8iStration Donatlons & Subscriptions Event Levies & Contributions Condolence Levies Women Dance hires & sprays Almanac/Uniform Launching & sales Interest In¢ome Total Recelpts 5.125 20 25 2,256 894 971 117 9A07 Ilb) PAYMEN15 Meettng Venue Hire5 Insurance Condolences Entitlements Other Entitlements Website & Publicity Administration- Charity Commission registration Almanac Launching Refunds Umunwanyioma dance Total Payments 366 177 2,500 400 582 599 loo loo Excess of Income over Expendlture BALANCE SHEET Represented by: Bank Balances on 31 July Cash at Hand Current A55ets Current liablllties Net A55etS Excess of Income over Expenditure Totsl Re5eTve 29,312 894 30.206 l{a) 24,344
NOTES l. Cash at Hand {al Cash at hand is dollars generated by women dance group which is converted to Pound Sterling at the rate ruling on 31 july 2024. Conversion rate of dollar to Pound was 0.7779 (b} Umunwanyioma dance income includes $326 generated during the period converted to Pound Sterling at the rate ruling on 31 July 2024 Z. Condolence Levy Balance Blfwd Contributlons Payout Balance Clfwd 1.884 2,256
Report to the Trustees of Igbo Union Milton Keynes I report on the accounts of Igbo Union Milton Keynes (IUMK) for the period ended 31 July 2024. Respective Responslbllltles of the Trustees and Examiner The Trustees of the Association are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this period under Section 144121 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 of the 2011 Act, follow the procedures laid down in the General Directions given by the Chartty Commissioners under section 145{Sllbl of the 2011 Act. state whether particular matterlsl have come to my attention. Basls of an Independent Examinerfs Report My examination was carried out in accordance with the General Direction5 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 explanation from you as the Charitvs Trustee5 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 Examinerfs 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: i. to keep accounting records In accordance with section 130 of the 2011 Act; and ii. to prepare accounts which accord with the accounting records and comply with accountlng 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. Udeh Christian-lwuagwu FCCA Association of Chartered Certified Accountants 17 March 2025 27 Burgh Drive Newton Leys, Bletthlev Milton Keynes, MK3 51U