LFBI 2020 ANNUAL REPORT

(26 customer reviews)

Click here to Read The 2020 Annual 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. Feyisayo

    Wow. This is the definition of transparency and accountability. Well done, LFBI

  2. Rose

    Well done LFBI

  3. The Global FoodBanking Network

    Congratulations on another year of growth LFBI!

  4. Moh

    Kudos to the wonderful works done by LFBI

  5. Nikkyzfoundation

    We the team of nikkyzfoundation appreciate your support in reaching out to the less advantage on the street . This is indeed the defination of transparency and accountability .keep up the good work

  6. Omolola

    Wow
    This is awesome
    Accountability and Transparency at it peak.

    Weldone LFBI team

    You guys are the best

  7. Yetunde Ogundele

    A detailed report i must say. Well done Lagos Food Bank.

    P.S: I couldn’t find my name in the volunteer list, Ogundele Yetunde. I joined 2018.

  8. O’larry

    Impressive. Hopefully, we can cover more grounds this year.

  9. Gold

    Well done Lagos Food Bank.
    More wins this year!

  10. Stephanie

    A great work indeed! Kudos to LFBI.
    Keep soaring higher.

  11. Helen

    This is impressive, more grace to do more.

    Keep the flag flying

  12. Adeshina Michael Adejumobi

    Accountability and transparency well defined.
    It’s all about Food, Life and Hope.

    Well done LFBI.

  13. Michael Sunbola

    We can’t wait to achieve much more in 2021

  14. Katie Pearmine

    I especially appreciate the core values:
    Commitment: We are committed to solving hunger induced problems and providing related services.
    Compassion: We are motivated by compassion to reach out to the poor
    Community: We collaborate with others who share our goals of a poverty free nation.
    Connection: We build a community of people that connect with the needs of the most vulnerable in the society.
    Contribution: We do whatever it takes to add value and contribute to deliver more services to our beneficiaries through shared goals and mutual support.
    Katie Pearmine (Global Food Sourcing)

  15. Vicki

    This is a very impressive annual report. Love the focus on core values and the list of volunteers. Kudos to Michael and the team!

    Vicki (VP of Development)

  16. Vitalis

    A bold step indeed. This is leadership by example.. Thumbs up LFBI!

  17. Eleodii Chidiogo

    Well done LFBI

  18. Udeh Chinomso Faith

    So happy that the international committee is really in support of this initiative,good job..and more wins

  19. Emmanuel

    Accountability at its peak.

  20. Ngozi Uka

    Great job wehdon LFBI team transparency is key…..

  21. Olusoji Aanuoluwapo

    Well-done LFBI!!!!
    More wins this year

  22. Adepoju Oluwadamilola

    We do more for humanity!

  23. Katelyn Udeh

    Transparency at it’s best. Good job

  24. TEMITOPE GOODLUCK

    This is what is called TRANSPARENCY at its peak, well detailed and so clear to understand….Kudos to LAGOS FOOD BANK TEAM at large, more blessings, more sponsors and more volunteers 👌👌👌, 2021 is gonna be a better year🙏.

  25. Damilola Onasanya

    This is a very detailed and transparent report. Thanks to the management, the sponsors, the volunteers and the beneficiaries that made 2020 a good year for Lagos Food Bank Initiative. God bless LFBI and keep up the good work

  26. Damilola Onasanya

    This is a very detailed and transparent report. Thanks to the management, the sponsors, the volunteers and the beneficiaries that made 2020 a good year for Lagos Food Bank Initiative. God bless LFBI and keep up the good work

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