Overseas Fellowship of Nigerian Christia - Charities report - 19.1
Overseas Fellowship of Nigerian Christia - Charities report - 19.1
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2018 |
for |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
Page |
Report of the Trustees | 1 to 7 |
Report of the Independent Auditor | 8 to 9 |
Statement of Financial Activities | 10 |
Balance Sheet | 11 |
Notes to the Financial Statements | 12 to 17 |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
The trustees, five of whom are also directors of the charity for the purposes of the Companies Act 2006, present their |
report with the financial statements of the charity for the year ended 31 December 2017. The trustees have adopted the |
provisions of 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 (FRS 102) (effective 1 January 2015). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objective of the charity in the year under review was that of advancement of Christian faith and relief for persons in |
condition of need, hardship or distress by demonstrating the love and power of Jesus Christ through outreach, relevant |
practical helps, bible teaching, worship and fellowship. |
Significant activities |
Significant activities include the National Conference, domestic as well as overseas Mission and Evangelism activities, the |
Men's Conference, the Conference for Widows and Widowers and their Families, Youth Conference, Women's |
Conferences, 18-30s conference and the Children Outing. Other activities include, the 50 bedrooms hostel project in |
Nigeria, support of individuals who are in need by branches and the NEC when it is made aware of such needs. |
Attendance at our conferences have been good with focus on spiritual and social development of members as well as |
outreach. In each of these conferences, careful attempts were made to ensure that talks and seminars delivered were |
relevant to delegates and related activities enjoyed by all. |
Social or programme related investments |
The Fellowship maintains a commitment to invest in Children and Youth development with the aim to make them |
successful and responsible citizens and also enhance their spiritual growths. Various activities targeted at the children of |
age 4 - 10, youth of age 11 - 17 and those in age 18 - 30 group were undertaken and financially supported by the |
Fellowship during the year. |
There are no restrictions on the charity's powers to invest. The investment strategy is set by the NEC, with consideration |
for the current financial position of the charity. The NEC implements a low risk investment strategy. |
Volunteers |
Throughout the year, the elected officers and all trustees of the organisation both at the branch and national levels have |
given their services on a voluntary basis towards achieving the objectives of the Fellowship. The Fellowship is grateful |
for the sacrificial contribution of time and effort from all its trustees as well as other unelected officers and volunteers in |
the organisation. There was no formal paid position within the period under consideration. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
In achieving the objective of the charity, the main charitable activities undertaken by the fellowship on an annual basis |
and at the national level are as stated under significant activities above. In addition, individual branches organise activities |
aimed at meeting the charitable aims of the Fellowship, the needs of its members and the local community where it |
operates. It is pleasing to note that the charity activities throughout the year have remained greatly successful and cost |
effective. |
Fundraising activities |
The charity once again availed itself of the opportunity of members gathering at the annual National conference to |
organise another charity fund raising dinner, in aid of victims of Islamic extremism in northern Nigeria for the third year |
running. The event was well attended. About £26, 000(twenty six thousand pounds sterling) was raised in total, including |
monies raised from efforts at local branches and direct contributions by some branches as decided by their BECs. |
Investment performance |
The charity had no direct investment during the year. |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
ACHIEVEMENT AND PERFORMANCE |
Internal and external factors |
The existence and operations of the Fellowship are internally derived and are non-dependent on external factors. The |
Youth and Children's activities are the main projects where external funding in form of grants may be sought. During the |
year under review however, no grant was received on any of these projects. The trustees are confident the Fellowship |
will continue to resource its operations and do not envisage reliance on external funding of its programmes. |
FINANCIAL REVIEW |
Financial position |
The trustees confirm that the Charity recorded a deficit at the end of the year under review. Funds expended on the |
Nigeria project which has now been handed over to our Partner, 'Christian Homes for the Needy contributed a total of |
£73,500 to the reported deficit for this year. The second reason for the deficit in the year was as a result of the shortfall |
in gift aid rebate receivable from HMRC. We confirm we have now cleared all outstanding matters with HMRC and are |
able to receive additional funds that will bridge the shortfall in the coming years. |
Principal funding sources |
The principal funding source remains the general offerings and donations of our members to whom the trustees are very |
thankful for their generosity. Many of these donors are on the gift aid scheme on whose income the fellowship has now |
been able to recover some tax rebate. Additional incomes are derived from rents received from the use of our |
headquarters, TOP House, by third parties. Incomes received from our conferences are designed to cover the costs of |
each conference. |
Reserves policy |
The Charities Commission recommend that all Charities should maintain reserves to meet potential liabilities and to cover |
fluctuations in income. In complying with this recommendation the trustees have set up reserve funds as shown in the |
accounts. The fund represents money held on behalf of branches to meet future financial requirements. |
Other reserves of the organisation are unrestricted. It is the policy of the charity to retain unrestricted funds at a level, |
which equates to approximately 3 months of its committed expenditure. This provides sufficient funds to cover the |
organisation's regular overheads in its various branches, and to meet other committed ministry gifts. The remainder of the |
reserves is expended on the objectives of the organisation. |
Funds in deficit |
The trustees confirm that there are no funds in deficit at year end. |
FUTURE PLANS |
The charity is still exploring the viability of having its own Conference Centre to reduce the overall amount spent in |
organising conferences. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Overseas Fellowship of Nigerian Christians is controlled by its governing document, a Constitution. It is a Company |
Limited by Guarantee, registered with the Charity Commissioners under the Charity number 1126774. |
Recruitment and appointment of new trustees |
Recruitment of National Officers is the responsibility of all members while that of the Branch Officers is the responsibility |
of the members of the local branch. All officers thus elected are presented at the Annual General Meeting (AGM) to the |
General Assembly (GA) for approval and National Executive Council (NEC) members which comprises of National |
Officers and Area Secretaries are appointed as trustees of the organisation. |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
The Fellowship is organised into local branches with each branch having subgroups - The over 60s also known as the |
'Revived', Men's, Women's, Children's, Youths and 18-30s groups. Members meet regularly at branch level for Christian |
fellowship, prayers, bible studies, discussions on relevant matters and talks on the agreed theme for the year. They also |
plan and prepare for outreaches, missions, conferences and other charitable activities which are in line with the objects of |
the Organisation. There are various conferences organised during the year to bring members together nationally as well |
as provide a platform for collaborative working with other Christian and charitable organisations. |
The management of the Fellowship is vested in the NEC. The NEC members are the charity trustees. Appointment as a |
charity trustee is therefore automatic upon election into National Executive Council as a National Officer or Area |
Secretary. |
The NEC comprises of no fewer than thirty eight members, including the Chairman who is the head of the organisation; |
National Secretary, Assistant National Secretary, National Financial Secretary, National Treasurer, National Publicity |
Secretary, National Youth Coordinator, two 18-30s Representatives, the National Men's Coordinator, the National |
Women's Coordinator, the National Children's Coordinator, Ex-officio members and all Area Secretaries. |
Branches are managed by the Branch Executive Committee (BEC), which comprises of no fewer than five members |
including the Area Secretary who is the head of the local branch, Financial Secretary, Treasurer, Prayer Secretary and |
Bible Study Secretary. During the year, there were twenty-two branches of the Fellowship in the UK. Decisions at both |
branch and national levels are made first by consultation and by a simple majority open vote. Branches in the same |
geographical location are also organised into a Region, associating together for the furtherance of the objects, vision and |
aims of the Fellowship. There were five of such regions in the UK during the year |
The general day to day administrative tasks of the Charity is the responsibility of the National Secretary as directed by the |
National Chairman. |
Induction and training of new trustees |
Once appointed, new trustees are trained as to their duties and responsibilities. The trustees are also encouraged to |
attend other training courses organised by the charity and to seek advice from outgoing trustees to ensure continuity at |
branch and NEC levels. Help is always available from the current and past Chairmen in support of trustees. |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Wider network |
As part of its wider network efforts, the OFNC carries out Missions, Evangelism and collaborative works with other |
organisations in and outside the UK. |
As in the previous year, the annual fund raising in the year under review was largely focused on supporting the Internally |
Displaced People (IDPs) - particularly children - due to Islamic extremism in Northern Nigeria. A 50 bed hostel project |
was commissioned in collaboration with a charity based in Benin City Nigeria following a unanimous NEC decision at the |
October 2016 NEC meeting. The Charity, "Home For The Needy, a subsidiary of International Christian Centre for |
Missions (ICCM), was established in 1992 to help the poor/needy, orphans and vulnerable children. In the wake of the |
Boko Haram crisis, they currently shelter about 3, 000 children from North-eastern Nigeria. The building project is now |
complete and the structure was commissioned by the Chairman on 7th August, 2018. A total of approximately £74k had |
so far been expended on the project. Although the structure is completed and has been handed over to the partner |
charity, ICCM, a source of electricity and potable water is required as the camp is not connected to the national grid. |
The evangelistic and mentorship mission trips to Debrecen in Hungary has consistently garnered momentum yielding |
evident spiritual fruits and also raising the profile of the OFNC beyond the shores of the United Kingdom. A total of |
£2,400 (Two thousand four hundred pounds sterling) was donated towards this cause in 2018 to support some of the |
students visited. |
Collaborative work with other organisations has remained a strong commitment of the current NEC and I am hopeful |
that it will continue beyond our watch. This to my mind is at the core of the ideals of the fellowship and can only serve to |
increase our sphere of influence in the wider community. |
We have continued to work closely with the following UK-based organizations: The Bible Society; PAIDEA, Nigeria |
Prays UK (actively participating at this event and supporting it financially); Christian Concern UK. The Manchester |
collaboration between the OFNC, local churches and other Christian organisations continues to grow as reflected in the |
enormous interest and participation in the now annual OFNC initiated Children's Bible Quiz competition. In 2018, the |
fellowship committed in excess of £3,400 to the children bible quiz competition. It is gratifying that this event has |
become an effective tool in bringing local churches together and also imbibing biblical principles and culture in young |
children living in Manchester. It is our vision that this would be replicated in other cities across the UK. |
As reported last year, we are hopeful that we will be able to continue to provide financial support to the Nigerian |
chaplaincy in London and the Nigerian Fellowship of Evangelical Students (NIFES) in the near future. |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate |
controls are in place to provide reasonable assurance against fraud and error and any such risks as may be identified. |
Having regard to the scale and nature of its operations, the current system of controls is effective, taking into |
consideration the following: |
1. Volunteers are mandated to undergo a Disclosure and Barring Screening (DBS) to ensure protection of vulnerable |
members. |
2. The Child Protection Policy which was made available to all volunteers working with children and any interested party |
within the organisation has been of benefit to the users and ensures protection and safety of both the children and |
workers. |
3. The Disability Discrimination Acts Policy is available to all volunteers on how to relate to disabled members and |
interested party within the organisation. |
4. Complaints Handling Procedure. |
5. Conflict of Interest Policy. |
6. Risk Management Policy. |
7. Volunteer Management Policy. |
8. Vulnerable Adults and Children Policy. |
9. Privacy Policy (Approved 2018). |
10. Data Collection and Storage Policy (Approved 2018). |
11. GDPR Policy (Approved 2018) |
These and other policies are available on the OFNC website (http://www.ofnc.org.uk/policies/). |
The system of Internal Financial Control is designed to provide reasonable assurance against material misstatement or |
loss of funds. They include: |
1. Annual Budget approved by the NEC. |
2. Annual publication of financial reports by trustees and presentation of annual reports to membership at the AGM. |
3. Delegation of authority and segregation of duties. |
4. Annual independent review of financial records by registered external auditors. |
5. Working to strict financial control policy and procedures. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered office |
Trustees |
Chairperson |
National Secretary |
National Financial Secretary |
Mrs F Orukpe |
Dr B Adeogun |
Mr T Makinde |
Prof. J Durodola |
Mrs S Obasi |
Miss C Ibhadon |
Mrs T Adewunmi |
Mrs M Fagbenro |
Mr K Adisa |
Prof. I Otung | - resigned 14.7.18 |
Mrs N Nwokoma |
Dr K Igweonu |
Dr O Ogbeiwi |
Mr P Ikuobase |
Mrs A Osunkunle |
Mr C Elumogo |
Mr T Aguana |
Mrs E Nkemchor |
Dr K Oduwaye | - appointed 14.7.18 |
Company Secretary |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Report of the Trustees |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Auditor |
Chartered Certified Accountants |
and Statutory Auditors |
New Cross |
London |
SE14 5BA |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
CESSATION OF TRADING |
The charitable company ceased activities on 14 July 2018. |
FUNDS HELD AS CUSTODIAN FOR OTHERS |
No funds were held by the fellowship on behalf of others. |
STATEMENT OF TRUSTEES RESPONSIBILITIES |
The trustees (who are also the directors of Overseas Fellowship of Nigerian Christians Limited for the purposes of |
company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with |
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company 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 charitable company and of the incoming resources and application of resources, including the |
income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees |
are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time |
the financial position of the charitable company and to enable them to ensure that the financial statements comply with |
the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for |
taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditor is unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. |
AUDITOR |
The auditor, O A George & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
Report of the Independent Auditor to the Members of |
Overseas Fellowship of Nigerian |
Christians Limited |
Opinion |
I have audited the financial statements of Overseas Fellowship of Nigerian Christians Limited (the 'charitable company') for the year ended 31 December 2018 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In my opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 December 2018 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My |
responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial |
statements section of my report. I am independent of the charitable company in accordance with the ethical requirements |
that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and the |
provisions available for small entities, in the circumstances set out in note 12 to the financial statements, and I have |
fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have |
obtained is sufficient and appropriate to provide a basis for my opinion. |
Conclusions relating to going concern |
I have nothing to report in respect of the following matters in relation to which the ISAs (UK) require me to report to |
you where: |
- | the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the |
annual report, other than the financial statements and my Report of the Independent Auditor thereon. |
My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly |
stated in our report, I do not express any form of assurance conclusion thereon. |
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or my knowledge |
obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or |
apparent material misstatements, I am required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that |
there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this |
regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In my opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Matters on which I am required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of |
the audit, I have not identified material misstatements in the Report of the Trustees. |
Report of the Independent Auditor to the Members of |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Matters on which I am required to report by exception |
I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you |
if, in my opinion: |
- | adequate accounting records have not been kept or returns adequate for my audit have not been received from branches not visited by me; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | I have not received all the information and explanations I require for my audit; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the |
charitable company for the purposes of company law) are responsible for the preparation of the financial statements and |
for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary |
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis |
of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no |
realistic alternative but to do so. |
My responsibilities for the audit of the financial statements |
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes my opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the |
Independent Auditor. |
Use of my report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. My audit work has been undertaken so that I might state to the charitable company's members |
those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent |
permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable |
company's members as a body, for my audit work, for this report, or for the opinions I have formed. |
for and on behalf of |
New Cross |
London |
SE14 5BA |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Statement of Financial Activities |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Men conference | - | 4,545 | 4,545 | 4,408 |
Other income | 1,781 | 1,495 | 3,276 | 15,088 |
Charitable giving | - | 26,539 | 26,539 | 24,921 |
18-30's Conference | - | 14,314 | 14,314 | 25,521 |
Investment income | 2 |
Total |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities |
Men conference | 1,537 | 4,545 | 6,082 | 5,309 |
18-30's Conference | 1,215 | 17,505 | 18,720 | 33,892 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 10 | 57,527 | (57,527 | ) | - | - |
Net movement in funds | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 388,431 |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Balance Sheet |
AT 31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 295,811 | 317,868 |
Restricted funds | 70,563 |
TOTAL FUNDS | 388,431 |
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act |
2006 relating to charitable small companies. |
The financial statements were approved by the Board of Trustees on |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been |
prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2015)', Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
INCOME |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is |
probable that the income will be received and the amount can be measured reliably. |
EXPENDITURE |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the |
charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and |
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has |
been classified under headings that aggregate all cost related to the category. Where costs cannot be directly |
attributed to particular headings they have been allocated to activities on a basis consistent with the use of |
resources. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Freehold property, excluding land | 2% Straight line |
Plant & machinery | 10% Straight line |
Fixtures & fittings | 6.67% Straight line |
Computer equipment | 10% Straight line |
TAXATION |
The charity is exempt from corporation tax on its charitable activities. |
FUND ACCOUNTING |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds 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. |
2. | INVESTMENT INCOME |
31.12.18 | 31.12.17 |
£ | £ |
Rents received |
Deposit account interest |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
3. | RAISING FUNDS |
Raising donations and legacies |
31.12.18 | 31.12.17 |
£ | £ |
Charitable giving & ministry | 18,392 | 21,611 |
Special projects | 73,499 | - |
Support costs |
204,219 | 115,790 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.12.18 | 31.12.17 |
£ | £ |
Auditors' remuneration | 7,150 | 7,150 |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2018 nor for the year |
ended 31 December 2017. |
TRUSTEES' EXPENSES |
There were no trustees' expenses paid for the year ended 31 December 2018 nor for the year ended |
31 December 2017. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted funds |
Restricted funds |
Total funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Men conference | - | 4,408 | 4,408 |
Other income | 3,432 | 11,656 | 15,088 |
Charitable giving | 555 | 24,366 | 24,921 |
18-30's Conference | - | 25,521 | 25,521 |
Investment income |
Total |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted funds |
Restricted funds |
Total funds |
£ | £ | £ |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Men conference | 901 | 4,408 | 5,309 |
18-30's Conference | - | 33,892 | 33,892 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 53,593 | (53,593 | ) | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 246,095 | 154,743 | 400,838 |
TOTAL FUNDS CARRIED FORWARD | 317,868 | 70,563 | 388,431 |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
7. | TANGIBLE FIXED ASSETS |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Computer equipment |
Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2018 |
DEPRECIATION |
At 1 January 2018 |
Charge for year |
At 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
During the year, the Charitable Company spent the sum of £19,906 (£53,593 - 2017) on the 50 bed hostel built in |
Nigeria. As the project was funded and managed by the Charity from the UK directly, the total sum expended in |
the sum of £73,499 was capitalised in the financial statements and following the official handover of the building |
to a sister Charity in Nigeria, the same amount was treated as disposal of fixed Asset in the year. On 7 August |
2018, the building which is called OFNC House was officially handed over to Christian Homes for the Needy and |
opened by the Overseas Fellowship of Nigerian Christians Limited Chair, Prof B Adebisi. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
Accrued expenses |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
10. | MOVEMENT IN FUNDS |
At 1.1.18 |
Net movement in funds |
Transfers between funds |
At 31.12.18 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 317,868 | (79,584 | ) | 57,527 | 295,811 |
Restricted funds |
Building fund | 70,563 | (13,036 | ) | (57,527 | ) | - |
TOTAL FUNDS | (92,620 | ) | 295,811 |
Net movement in funds, included in the above are as follows: |
Incoming resources |
Resources expended |
Movement in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 169,034 | (248,618 | ) | (79,584 | ) |
Restricted funds |
Building fund | 192,635 | (205,671 | ) | (13,036 | ) |
TOTAL FUNDS | ( |
) | (92,620 | ) |
Comparatives for movement in funds |
At 1.1.17 |
Net movement in funds |
Transfers between funds |
At 31.12.17 |
£ | £ | £ | £ |
Unrestricted Funds |
General fund | 246,095 | 18,180 | 53,593 | 317,868 |
Restricted Funds |
Building fund | 154,743 | (30,587 | ) | (53,593 | ) | 70,563 |
TOTAL FUNDS | 400,838 | (12,407 | ) | - | 388,431 |
OVERSEAS FELLOWSHIP OF NIGERIAN |
CHRISTIANS LIMITED |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
10. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming resources |
Resources expended |
Movement in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 151,812 | (133,632 | ) | 18,180 |
Restricted funds |
Building fund | 225,752 | (256,339 | ) | (30,587 | ) |
TOTAL FUNDS | 377,564 | (389,971 | ) | (12,407 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
At 1.1.17 |
Net movement in funds |
Transfers between funds |
At 31.12.18 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 246,095 | (61,404 | ) | 111,120 | 295,811 |
Restricted funds |
Building fund | 154,743 | (43,623 | ) | (111,120 | ) | - |
TOTAL FUNDS | 400,838 | (105,027 | ) | - | 295,811 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming resources |
Resources expended |
Movement in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 320,846 | (382,250 | ) | (61,404 | ) |
Restricted funds |
Building fund | 418,387 | (462,010 | ) | (43,623 | ) |
TOTAL FUNDS | 739,233 | (844,260 | ) | (105,027 | ) |
11. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 31 December 2018. |
12. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to assist with the preparation |
of the financial statements. |