Accounts 2003

AGAPE MOVEMENT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of December 31, 2003

(With comparative financial information as of December 31, 2002)

		Temporarily	TOTAL	TOTAL
	Unrestricted	Restricted	2003	2002
ASSETS
Cash and Cash Equivalents	8,549.39		8,549.39	7,884.05
Equipment	1,500.00		1,500.00

TOTAL ASSETS	10,049.39		10,049.39	7,884.05

LIABILITIES & NET ASSETS

LIABILITIES	0.00	0.00	0.00	0.00

NET ASSETS
Unrestricted	4,599.39		4,599.39	1,384.05
Temporarily Restricted		5,450.00	5,450.00	6,500.00
Total Net Assets	4,599.39	5,450.00	10,049.39	7,884.05

TOTAL LIABILITIES & NET ASSETS	4,599.39	5,450.00	10,049.39	7,884.05

AGAPE MOVEMENT

CONSOLIDATED STATEMENT OF ACTIVITIES

For the year ended December 31, 2003

(With summarized financial information for the year ended December 31, 2002)

		Temporarily	2003	2002
	Unrestricted	Restricted	TOTAL	TOTAL
REVENUES & GAINS
Individual Donations	12,123.00		12,123.00	10,869.92
Donation from Foundations	5,000.00		5,000.00
Total Contributions	17,123.00		17,123.00	10,869.92
From Exchange Transactions:
Interest Income	47.63		47.63
Purchase Refund	100		100
Total from Exchange Transactions	147.63		147.63

Net assets released from restrictions	1,050.00	(1,050.00)

TOTAL REVENUES & GAINS	18,320.63	(1,050.00)	17,270.63	10,869.92

EXPENSES
Program Activities:
Agape Centers	1,746.45		1,746.45	0.00
Church Construction & Repair	713.33		713.33	0.00
Education Aid	3,313.33		3,313.33	41.67
Edu. Aid by Cyriac P. Alexander	1,050.00		1,050.00	0.00
House Construction & Repair	104.16		104.16	0.00
Income Generation Program	539.5		539.50	208.33
Medical Aid	0.00		0.00	500.00
MSP Seminary	5,300.00		5,300.00	0.00
Religious Education	0.00		0.00	0.00
Religious Materials	100.00		100.00	0.00
Smart Hirange Aid	200		200.00	0.00
Social Work Promotion	1,194.77		1,194.77	0.00
Retirement Home	0.00		0.00	2,150.00
Web services	60.01		60.01	93.98
Total Program Activities	14,321.55		14,321.55	2,993.98

Supporting Services:
Management	187.84		187.84	335.94
Books	237.59		237.59
Equipment	1,858.31		1,858.31
Total Supporting Services	2,283.74		2,283.74	335.94

TOTAL EXPENSES	16,605.29		16,605.29	3,329.92

Change in operating net assets	1,500.00		1,500.00	0.00

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

NET ASSETS, END OF THE YEAR	4,599.39	5,450.00	10,049.39	7,884.05

AGAPE MOVEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended December 31, 2003

(with comparative financial information for the year ended December 31, 2003)

	2003	2002
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets (equipment)	1500.00	0.00

Net increase (decrease) in cash and cash equivalents	2165.34	7540.00

Cash and cash equivalents, beginning of the year	7884.05	344.05

Cash and cash equivalents, end of the year	10,049.39	7884.05

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. Internal Revenue Service (IRS) has determined on March 11, 2003 that Agape Movement is exempt from federal income tax under section 501(a) of the Internal Revenue Code as an organization described in section 501(c) (3). Agape Movement is also incorporated in the state of Illinois on May 21, 2003.

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 2003 were from donation from a foundations and individual contributions.

3. Programs and Implementation

Agape Movement implemented its social service and pastoral programs in Kerala State in India through Christian institutions or non-profit societies registered in India as charitable organizations, except small contributions made in the United States for $160.01.

Distribution of funds through these organizations is as follows:

NAME OF ORGANIZATION	AMOUNT
Chaithanya Pastoral Center, Thellakom, Kottayam	713.33
Kottayam Social Service Society, Thellakom, Kottayam	5,148.21
Malabar Social Service Society, Kannur	3,000.00
Missionary Society of St. Pius X, Kottayam	5,300.00
TOTAL	14,161.54

Chaithanya is the Pastoral Center of the Catholic Diocese of Kottayam that implements and coordinates social and pastoral activities of the diocese in South Kerala. Kottayam Social Service Society (KSSS) and Malabar Social Service Society (MASSS) are registered non-profit charitable societies in India sponsored by the Catholic Diocese of Kottayam to implement and coordinate social service activities all over Kerala State. The operation area of KSSS is South Kerala and that of MASSS is North Kerala. Both are implementing programs for self-development of the people and select beneficiaries through their well-organized self-help group of people. Chaithanya, KSSS, and MASSS serve people of all faith. Missionary Society of St. Pius X is the society of priests in the Diocese of Kottayam. Its main expense at present is for the training of seminarians. All these institutions 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