Accounts 2002

AGAPE MOVEMENT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of December 31, 2002

(With comparative financial information as of December 31, 2001)

		Temporarily	TOTAL	TOTAL
	Unrestricted	Restricted	2002	2001
ASSETS
Cash and Cash Equivalents	1,384.05	6,500.00	7,884.05	344.05

TOTAL ASSETS	1,384.05	6,500.00	7,884.05	344.05

LIABILITIES & NET ASSETS

LIABILITIES	0.00	0.00	0.00	0.00

NET ASSETS
Unrestricted
For projects and administration	1,384.05		1,384.05	344.05
Temporarily Restricted
Education Aid By Cyriac P Alexander		6,500.00	6,500.00
Total Net Assets	1,384.05	6,500.00	7,884.05

TOTAL LIABILITIES & NET ASSETS	1,384.05	6,500.00	7,884.05	344.05

AGAPE MOVEMENT

CONSOLIDATED STATEMENT OF ACTIVITIES

For the year ended December 31, 2002

(With summarized financial information for the year ended December 31, 2001)

		Temporarily	2002	2001
	Unrestricted	Restricted	TOTAL	TOTAL

REVENUES & GAINS
Individual Donations	4,369.92	6,500.00	10,869.92	3,682.00

TOTAL REVENUES & GAINS	4,369.92	6,500.00	10,869.92	3,682.00

EXPENSES
Program Activities:
Charity				30.00
Church Construction & Repair				212.77
Education Aid	41.67		41.67	282.50
House Construction & Repair				323.78
Income Generation Program	208.33		208.33	1,166.00
Medical Aid	500.00		500.00	313.67
Religious Education				430.16
Religious Materials				45.00
Social Work Promotion				426.00
Retirement Home	2,150.00		2,150.00	0.00
Web services	93.98		93.98	0.00
Total Program Activities	2,993.98		2,993.98	3,229.88

Supporting Services:
Management	335.94		335.94	108.07

TOTAL EXPENSES	3,329.92		3,329.92	3,337.95

NET ASSETS, BEGINNING OF YEAR	344.05	0.00	344.05	0.00

NET ASSETS, END OF THE YEAR	1,384.05	6,500.00	7,884.05	344.05

AGAPE MOVEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended December 31, 2002

(with comparative financial information for the year ended December 31, 2001)

	2002	2001
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets	0.00	0.00

Net increase (decrease) in cash and cash equivalents	7540.00	344.05

Cash and cash equivalents, beginning of the year	344.05	0.00

Cash and cash equivalents, end of the year	7884.05	344.05

AGAPE MOVEMENT

Notes to Consolidated Financial Statements

December 31, 2002

1. Organization

Agape Movement started its operation from January 10, 2001. It became a nonprofit charitable corporation in California on July 13, 2001. Agape Movement has received its Employer Identification Number (EIN) on October 10, 2001. It submitted application to IRS for Tax exemption on November 10, 2002.

The mission of the organization is to support the less fortunate in the United States and in the state of Kerala in India through social service and pastoral programs designed for their self-development and to cooperate with individuals and organizations that uphold the same goal.

2. Sources of Receipts

The receipts for the year 2002 were only from individual contributions including one public collection made at St. Pius X Mission in Los Angeles.

3. Programs and Implementation

Agape Movement implemented its social service and pastoral programs in Kerala State in India through non-profit societies registered in India, except its web services for $93.98 in the US. Distribution of funds through these organizations is as follows:

NAME OF ORGANIZATION	AMOUNT
Diocese of Kottayam, Kerala State, India	2,150.00
Kottayam Social Service Society, Thellakom, Kottayam	750.00
TOTAL	2,900.00

Kottayam Social Service Society (KSSS) is a registered non-profit charitable society in India sponsored by the Catholic Diocese of Kottayam to implement and coordinate social service activities in South Kerala. KSSS is implementing programs for self-development of the people and select beneficiaries through their well-organized self-help group of people. The Diocese of Kottayam and KSSS serve people of all faith. They have good accounting and auditing system and have permission to receive foreign contribution according to the Foreign Contribution Regulation Act in India.

3. Accounting Policies

Basis of Accounting: Agape Movement prepares its financial statements in accordance with generally accepted accounting principles.

Cash and Cash Equivalents: Cash and cash equivalents are defined as currency on hand and deposit in checking account.

Net Assets: Since the organization is in its initial stage, it has no investment, inventory, or fixed assets. We classify resources for accounting and reporting purposes in two classes of net assets based on the presence or absence of donor imposed restrictions. They are:

Temporarily Restricted: Net assets subject to donor-imposed stipulations for specific purpose. The temporarily restricted net asset we have at present is reserved for education aid and shall be released according to the restrictions laid out by the donor.

Unrestricted: Net assets that are not subject to donor-imposed stipulations.

We do not have permanently restricted net assets at present.

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