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					THE MIKE OKONKWO FOUNDATION




    FINANCIAL STATEMENTS




     31ST DECEMBER, 2003.
CHAIRMAN’S STATEMENT

It is my pleasure to present to you the financial statements for the Mike
Okonkwo Foundation for the year ended December 31, 2003. Also I
have the joy to state that the organization recorded more activities during
the year in meeting with its vision and goal.

As I said in my statement for the period eight months ended December
31, 2002, Mike Okonkwo Foundation came into being on April 26,2002
as the brainchild of Dr. Mike Okonkwo, the Bishop of The Redeemed
Evangelical Mission (TREM). The organization was conceived as a non-
denominational, non-governmental and non-political charity devoted to
the alleviation of the plight of the underprivileged class of the Nigeria
society.

REVIEW OF ACTIVITIES
The foundation continued its activities with funds raised through
donations from well meaning people in the society who share the same
vision with us. Workshop and lectures were organized at various times
in line with the vision and aspiration of the organization.

A number of committees which were also established by the Foundation
and chaired by members of the Board as a means of translating the
vision into reality continued to function. These committees on Health,
Education, Media and Finance established comprehensive programmes
of action that are already translating into results for the foundation.

THE ACCOUNTS
The Foundation ended the year with a surplus of N2.12 million, while
total operating expenses stood at N2.15 million as a result of increase
activities. Total income accruing to the foundation was N4.26 million.
While this is encouraging it is my belief that the organization will be able
to improve on this next year.

THE BOARD
During the year under review, the organization’s Board has been quite
engaged in and committed to the challenges that have presented
themselves. May I thank my colleagues on the board for their support.

VOCATIONAL CENTRES
The Foundation has successfully established two vocational centres at
Agege and Mushin respectively. The cenres have been fully equipped


                                     1
and are functional. Young men and women have started to benefit from
the vocational training programme offered by the centres.

FIXED ASSETS
The Foundation acquired fixed assets worth about N1.2 million during
the year for the vocational centres and its operations.

THE FUTURE
In all indications, the future still holds great potentials for the foundation
and the underprivileged Nigerians it was established to serve. Once
gain I enjoin all Nigerians to join us in this very worth effort.



ERASTUS B. O. AKINGBOLA




                                      2
                  REPORT OF THE BOARD OF TRUSTEES

The Trustees present their report and the audited financial statements for the
year ended 31st December 2003.

PRINCIPAL ACTIVITIES
The principal activities of the foundation is mainly charitable, to provide relief
for the sick, the destitute, orphanage and for such institutions as are
established in respect thereof.

VOCATIONAL CENTRES
The foundation has established two vocational centres at Agege and Mushin
respectively. These centres have been fully equipped and are functional. The
centres have started to turn out young men and women who have learnt some
vocational trades.

SCHOLARSHIP AWARDS
Some deserving but less-privileged students in Nigerian Universities and
Polytechnics have continued to enjoy scholarship awards from the foundation.
This is one of its principal objectives.

SEMINARS AND WORKSHOP
Seminars and workshop were organized during the year under review where
enhancement of christian and social virtues were taught. This will continue to
be one of the activities that the foundation will engage in from time to time.

INCOME
The Trustees thank those who have made selfless donations in cash and kind
to the foundation. This has enabled the foundation to carry out the various
activities and functions for which it is established.
May God Almighty bless you all (Amen).



DONATIONS REALISED TO DATE                              N

      Year 2002                                     2,650,000
      Year 2003                                     3,836,000
                                                    6,486,000




                                        3
ACCUMULATED FUND                              2003              2002
                                               N                N
Surplus brought forward Balance              2,544,965              -
Surplus for the year                         2,115,115        2,544,965
                                             4,660,080        2,544,965

TRUSTEES

Those who served on the Board of Trustees during the year were:

Dr. Erastus B. O. Akingbola          -             Chairman
Rev. Taiwo Odukoya (represented by Pastor Gbenga Onabanjo)
Rev. Rueben Oke
Dr. (Mrs.) Nkiru Danjuma
Mr. Francis Adetola
Mr. Harriet Nkechi Akubuiro
Mr. Fred Amobi
Dr. Omare Bisong
Mr. Tabus Ogedegbe
Mrs. Oluwayomi Uteh

FIXED ASSETS
Various fixed assets have been acquired for the vocational training centres in
Agege and Mushin.

AUDITORS
The auditors, Messrs J.O. Ohiwele & Co have indicated their willingness to
continue in office.



ORDER OF THE BOARD OF TRUSTEES
LAGOS NIGERIA.




________________                                         ________________
  CHAIRMAN                                                 SECRETARY


                                         4
                        J.O. OHIWELE & CO.
                       Tel: 08023533376, 08054651339

              REPORT OF AUDITORS TO THE MEMBERS OF
                  THE MIKE OKONKWO FOUNDATION

We have audited the Financial Statement of The Mike Okonkwo Foundation
as at 31 December, 2003 set out on pages 7 to 12 which have been prepared
on the basis of the accounting pollicies set out on page 6.

Respective Responsibilities of Director and Auditors
In accordance with the Companies and Allied Matters Act, 1990, the
foundation’s trustees are responsible for the preparation of the Financial
Statements. Our responsibility to form an independent opinion based on our
audit on those statements and to report our opinion to you.

Basis of Opinion
We conducted our audit in accordance with the international standards on
auditing issued by the International Federation of Accountants. An audit
includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the Financial Statements. It also includes an assessment of the
significant estimates and judgements made by the directors in the preparation
of the financial statements, and of whether the according policies are
appreciate to the company’s circumstances, constantly applied and
adequately disclosed.

We planned and performed our audit so as to obtain all the information and
explanations, which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement. In forming our opinion, we also
evaluated the overall adequacy of the presentation of information in the finical
statements and assessed whether the Company’s books of accounts had
been properly kept. We have obtained all the information and explanations
we required for the purpose of our audit.

Opinion
In our opinion, the foundation has kept proper books of accounts and the
financial statements are in agreement with the books. The financial
statements drawn up in conformity with the genially accepted accounting
standards in Nigeria, give a true and fair view of the state of affairs of the
Company as at 31 December, 2003 and the surplus and cash flows for the
year ended on that date and have been properly prepared in accordance with
the Companies and Allied Matters Act 1990.

Chartered Accountants
Lagos, Nigeria.


                                       5
                  THE MIKE OKONKWO FOUNDATION

             STATEMENT OF ACCOUNTING POLICIES
            FOR PERIOD ENDED 31ST DECEMBER, 2003.


(a)   Basis of Accounting:
      The financial statements are prepared under the historical cost
      convention.


(b)   Income:
      This is fund realised mainly from donations from various
      individuals and corporate bodies.


(c)   Expenses:
      These are expenses incurred in running the activities of the
      Foundation.


(d)   Accumulate Fund:
      This is the surplus of Income over Expenditure transferred to
      Accumulated Fund.

(e)   Fixed Assets:
      Fixed assets are stated at cost or valuation less accumulated
      depreciation.

(f)   Depreciation of Fixed Assets:
      Depreciation charged on fixed assets is calculated at such rates
      expected to write-off their costs over the estimated useful lives.

      Generator Plant        20%
      Equipment              20%
      Furniture & Fittings   20%




                                   6
                    THE MIKE OKONKWO FOUNDATION

             INCOME AND EXPENDITURE ACCOUNT
          FOR THE YEAR ENDED 31ST DECEMBER, 2003.


                                        NOTE    2003        2002

                                                 N            N

Income                                   2     3,836,000   2,650,000

Others                                   3      424,733     341,564

Pledge Realized from Lectures                          -    736,000

                                               4,260,733   3,727,564



Less Expenditure:

Advert, Printing and Seminar                    995,943     994,250

Entertainment / Year end Expenses               608,960     150,161

Vocational Training & Evening School            241,485       -

Bank Charges                                     18,482       3,188

Depreciation                                    230,748       -

Professional Charges                             50,000      35,000

                                               2,145,618   1,182,599



Surplus Transferred to Accumulated
Fund                                           2,115,115   2,544,965




                                    7
                  THE MIKE OKONKWO FOUNDATION

           BALANCE SHEET AS AT 31ST DECEMBER, 2003



                                   NOTE     2003        2002

                                             N            N

Fixed Asset                            4    922,992       -

Current Assets:

Bank Balance                           5   3,812,088   2,569,965

Less Current Liability:

Creditor & Accrual                     6     75,000      25,000

Net Current Assets                         3,737,088   2,544,965

                                           4,660,080   2,544,965


Available Resources:

Accumulated Fund                   7       4,660,080   2,544,965




                               8
                THE MIKE OKONKWO FOUNDATION

                 STATEMENT OF CASHFLOW
          FOR THE YEAR ENDED 31ST DECEMBER, 2003


                                        2003         2002

                                         N             N

Income                                  4,260,733   3,727,564



Expenses Paid                           1,864,870   1,157,599


Net Cash Provided From Operating
Activities                              2,395,863   2,569,965



Purchase of Fixed Assets                1,153,740      -



Net Increase in Cash & Cash Equivlent   1,242,123   2,569,965

Cash and cash equivalent at 1/1/2003    2,569,965      -

Cash and Cash Equivalent at 31st
December                                3,812,088   2,569,965




                                   9

				
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