TREASURER’S REPORT
On behalf of the National Council of Ghanaian Unions UK (NCGU) Treasury, I am delighted to present the financial statements for the year ending 31st March 2021 to our members and stakeholders We have adopted the charity Commission guidance on the preparation of Charities accounts as best guide and good practice to follow in preparing the NCGU financial statement.
Financial Review
The review covers the period 1st April to 31st March 2021 with comparitive figures for the prior year. The account has been
prepared on an accrual basis. The financial statements have been prepared in accordance
with UK Charity SORPS (Statement of
Recommended Practice) and UK GAAP (Generally Accepted Accounting Practice)
Income
Income for the National Council of Ghanaian Unions UK (NCGU) has been mainly through
Subscriptions from the regional umbrella groups. The Umbrella groups have increased
from 4 to 7 over the years. The aim is to have all 12 regions in the UK to be represented
under the NCGU. As at 31st March 2021 our income was £600 a year, an increase from
£480 in 2018/19
Expenditure
Expenditure over the years has been mainly meeting cost, general office cost and setting
up of website. Expenditure has reduced over the years to zero due to the lockdown, as
meetings were held online.
Our funds
This has increased over the years due to increase in membership. We currently have 7
regional groups represented in NCGU, an increase from 4 in 2018/19. Excess income
over expenditure in 20/21 was £600 compared to £80 in 2018/19.
Treasury Policy
NCGU is committed to prompt payment policy on payment of its supplies and ensures that all payments are backed up by
appropriate documentation to
provide a clear audit trail for all resources expended. Receipts are also issued for all income which is currently mainly subscriptions from regional umbrella bodies. Our principal objectives are to minimise financial risk whilst maximising returns on cash deposits. Cash or cheques collected are banked on a weekly basis. Variable rates of return are earned on these deposits.
Reserves
Reserves at the year end was £904.38 compared with £664.38 in the prior year. This represents more than a years expenditure. This is mainly due to subscriptions payments form Regional groups. We aim to increase reserves levels in the coming years.
Financing for the future
NCGU plans to strengthen its finances by raising more funds through membership and grants whiles keeping cost low. We will also raise funds from voluntary contributions from groups and individuals under the national umbrella. Ideas will be sought from groups and regional bodies on how best they can be supported.
