2020 AUDITED FINANCIAL STATEMENTS

(6 customer reviews)

Click here to View Report

At Lagos Food Bank, we value fiscal transparency and accountability, and are committed to using contributions from our valued donors as economically as possible.
We are proud to share the following information with you, which demonstrates our sound fiscal management practices as we continue to provide more food and more good to those in need.

RESULTS FOR THE YEAR

Statement of Financial Position for year ended December 31, 2020

ASSETS 2020
NON-CURRENT ASSETS
Property, Plant & Equipment N14,475,447
Intangible Assets N120,000
Total Non- Current Assets N14,595,447

CURRENT ASSETS
Stock of Food Items N35,867,332
Prepayment N2,988,888
Cash at Bank N92,277,173

TOTAL ASSETS N145,728,840

ACCUMULATED FUNDS AND LIABILITIES
LIABILITIES
Accrued Expenses N300,000
TOTAL LIABILITIES N300,000

Net Income N136,115,079
Contribution by Trustees N9,313,131

ACCUMULATED FUND AS AT DEC.31,2020 145,728, 840

Income:
Cash Donation N77,463,562
Non-Cash Donation/Food Materials N215,482,943
Foreign Grants N53,788,352
Refund N0
Members’ Subscription N1,553,100
Total Income N348,287,957

Expenditure:
Cash Expenses: N38,242,000
None Cash Expenses: N180,549,676

Total Expenditure: N218,791,676
Surplus Income on ordinary activities: N129,496,381

SOURCES OF FUND
International Grants 40.8%
Corporate Donors 30.3%
Individuals 18.8%
NGOs 8.6%
Merchandise 1.1%
Faith Based 0.4%
Government 0%

FY2020 FUNCTIONAL EXPENSES
Program Services 90%
Administrative Expenses 10%

Category:
  1. Moh

    This is very detailed and straightforward 👌

  2. Samson Awuapila

    For someone who has associated with LFBI since 2017,I must attest to the quest for excellence from the leadership. I am proud of the entire team. Keep up with the great works

  3. Mojisola Ajayi

    This is what I call transparency and accountability I am thrilled.
    Weldone LFBI & the team

  4. Shola Rianat Balogun

    This is transparency to the core and it just shows how important you value what you do… I am proud to be associated with such wonderful team. Best decision 2021.

  5. Claire

    Well done LFBI!

  6. OLAOGUN AFEEZ OLANSHILE

    You are not here merely to make a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are here to enrich the world
    GOD BLESS YOU LFBI

Add a review

Open chat