KULAN SOMALI ORGANISATION
FINANCIAL STATEMENTS
Clarity Number: 1108997
PERIOD ENDING 31 MARCH 2023
1
KULAN SOMALI ORGANISATION
Officers and Professional Advisers
Trustees
Registered Office
Accountant
Roda Jama Warsama Seed - Chairlady Awrala Mumin Sheikh Abbas Abdurahman Mahamud Bana
37 Chapel Street London NW1 5DP J-Accountancy and Consultancy Limited Community Accountants 38 Richardson Court, Studley Road London, SW4 6RZ
2
KULAN SOMALI ORGANISATION
Trustees Report
Period Ending 31 of August 2023
The Trustees present their report and financial statements of the period From 1 April 2022 to 31 March 2023
Trustees
The trustees who served the charity during the period were as follows:
1. Roda Jama Warsama Seed - Chairlady
2. Awrala Mumin Sheikh
3. Abbas Abdurahman Mahamud Bana
3
KULAN SOMALI ORGANISATION
Reserves Policy
The organisation ’s reserves policy is to maintain a level of unrestricted and undesignated reserves equivalent to 3-6 months' turnover
Risk Management
The trustees have assessed the major risks to which Kulan Somali Organisation is Exposed and are satisfied that systems are in place to mitigate exposure to the major risks including risk assessment, maintaining a risk register, which is reviewed annually.
Investment Policy
The Charity does not produce a sufficient surplus to invest, as priority must be given to building our unrestricted reserves.
Plans for future periods
We have developed a strong fundraising strategy to generate income from trusts, foundations, and individual donors in order to increase support to users throughout the period 2022-2023
4
KULAN SOMALI ORGANISATION
Trustees’ responsibilities
Charity law requires trustees, to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the company and of the results of the company at that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently.
-
make judgments and estimates that are reasonable and prudent.
-
state whether applicable accounting standards have been followed,
-
subject to any materials departures disclosed and explained in the financial statements.
-
prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the charity Act.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps and detect fraud and other irregularities
Signed on behalf of the Board of Trustees
Roda Jama Warsama Seed - Chairlady
08 /03/ --------------------------------------Date: ------------------------2023
5
KULAN SOMALI ORGANISATION
SATEMENTS OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 OF MARCH 2023
| Notes Income & Endowment: Government's grants Charities' Grants Fundraising & Donation Total Income |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
Unrestricted Restricted Total Fund Total Fund Funds Funds 2023 2022 |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| 23500 | 166447 9978 |
166447 9978 23500 |
49333 10657 5300 |
||||
| 23500 | 176425 | 199925 | 79890 | ||||
| Expenditures | |||||||
| Charitable activities Other expenditures Total Expenditures Net Income Movement in Funds Funds reconcialition: Funds brough forward Funds carried forward |
4300 9800 |
130000 | 134300 9800 |
44152 3600 |
|||
| 14100 | 130000 46425 0 46425 |
144100 55825 34988 |
47752 | ||||
| 9400 0 9400 |
32138 | ||||||
| 0 2850 |
|||||||
| 9400 | 46425 | 90813 | 34988 |
The statement of financial activities includes all gains & losses recognised in the year. All incomes and expenditure derive from continuing activities.
6
KULAN SOMALI ORGANISATION
| BALANCE SHEET FOR PERIOD ENDING 31 OF MARCH 2023 2023 Note £ £ Tangible Fixed Assets 4128 |
BALANCE SHEET FOR PERIOD ENDING 31 OF MARCH 2023 2023 Note £ £ Tangible Fixed Assets 4128 |
BALANCE SHEET FOR PERIOD ENDING 31 OF MARCH 2023 2023 Note £ £ Tangible Fixed Assets 4128 |
BALANCE SHEET FOR PERIOD ENDING 31 OF MARCH 2023 2023 Note £ £ Tangible Fixed Assets 4128 |
BALANCE SHEET FOR PERIOD ENDING 31 OF MARCH 2023 2023 Note £ £ Tangible Fixed Assets 4128 |
BALANCE SHEET FOR PERIOD ENDING 31 OF MARCH 2023 2023 Note £ £ Tangible Fixed Assets 4128 |
2022 | |
|---|---|---|---|---|---|---|---|
| £ 960 |
|||||||
| Current Assets | |||||||
| Cash at Bank & Hand Debtors 0 Total current Assets |
90813 | 90813 | 34988 0 |
||||
| 90813 | 90813 | 34988 | |||||
| Current Liabilities | |||||||
| Creditors: Amount falling due Within one year Net Current assets Net assests |
0 | ||||||
| 90813 | 34988 | ||||||
| 94941 | 35948 | ||||||
| Funds of the Charity | |||||||
| Unrestricted Funds Restricted Funds Total Charity Funds |
21900 73041 |
19340 16608 |
|||||
| 94941 | 35948 |
7
KULAN SOMALI ORGANISATION
Notes to the financial statements Year ending 31st March 2023
1. General Information
The Charity is registered in England & Wales. The registered address is 37 Chapel Street, London, 5DP.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS102,’ The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland(FRS 102) (charities SORP(FRS 102)) and the charities Act 2011.
3. Accounting policies
Incoming resources
Voluntary income and donations are included in incoming resources when they are receivable except when the donors specify that they must be used in future accounting periods or donor’s conditions have not been fulfilled, then income is deferred. The income from fundraising ventures is shown gross.
Donated services and facilities
Income from donated services and facilities is included in incoming resources at a valuation, which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised when there is no financial cost borne by a third party.
Resources expended
Resources expended are included in the statement of financial activities on an accruals basis, inclusive of any VAT, which cannot be recovered.
Expenditure, which is directly attributable to specific activities, has been included in these cost categories, where costs are attributable to more than one activity, they have been apportioned across the cost of generating funds on a basis consistent with the use of these resources.
Cost of generating funds includes salaries, direct expenditure and overhead costs of the staff who promote fundraising including events.
8
KULAN SOMALI ORGANISATION
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Funds
Restricted funds are to be used for specific purpose as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund together with a fair allocation of management and support costs.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income & expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity’s ability to stay in business.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemption: No cash flow statement has been presented for the company.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.
These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
9
KULAN SOMALI ORGANISATION
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purpose.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub- classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity: it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipts is probable and its amount can be measured reliably.
-
Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value can be reliably measured.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
Expenditure on raising funds includes the costs of all fundraising activities, events non-charitable trading activities and the sale of donated goods.
-
Expenditure on charitable activities includes all costs incurred by a charity in under taking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity.
Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
10
KULAN SOMALI ORGANISATION
Tangible Assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of assets, less its residual value, over the useful economic life of those assets as follows: Furniture & equipment 25% reducing balance.
11
KULAN SOMALI ORGANISATION
INCOMING RESOURCES
Income in details
| Unrestricted Restricted 2023 2022 Grants, Donations, and Legacies Funds Funds £ £ £ £ Donations: Fundraising & Donations 23500 23500 16900 Public Sector & Trusts: Local Giving 500 Newham Council 107487 107487 8066 KCSE Self care Project 5393 One Newham 500 L.B. Newham HAF 31666 Westminster City Council 58960 58960 10200 Age UK East London 5000 New Europeans Association 1665 London Community Foundation 9978 9978 Total 23500 176425 199925 79890 Detailed Expenditures on Charitable Activities by Activity Type 2023 Charitable Activities And Support Cost Staff 30100 30100 Training & Trainer Cost 5208 5208 Volunteer & Travel 5700 5700 Rent/Venue Hire Hire 17900 17900 Compliance 600 600 Administrative cost 8200 8200 Community Activities 75000 75000 Accounting & Examination 300 300 Depreciation 1092 1092 Total 6600 137500 144100 |
Unrestricted Funds |
Unrestricted Funds |
Unrestricted Funds |
Restricted Funds |
Restricted Funds |
2023 | 2023 | 2022 8300 5700 9200 762 6800 16450 300 240 |
2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | |||||||||||
| £ | 23500 | £ | 107487 58960 9978 |
£ £ 23500 107487 58960 9978 |
|||||||
| 23500 | |||||||||||
| 6600 | 137500 | 144100 | 47752 |
12
KULAN SOMALI ORGANISATION
Staff Cost
The total staff costs and employee benefits for the reporting period are analysed as follows:
All of our employee’s only work within the project and work as a contract basis that shows on the training and trainer cost.
No employee earned more than £60,000 during the year 2023
11. Trustee remuneration and expenses:
SORP 2015 requires the following statements to be made:
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
12. Related parties:
There are no related party transactions during the year.
13
KULAN SOMALI ORGANISATION
Depreciation of fixed Assets
| Tangible Fixed Assets | Tangible Fixed Assets | Tangible Fixed Assets | ||
|---|---|---|---|---|
| Equipment Furniture & Total Fuxtures |
||||
| £ | £ | |||
| COST | ||||
| At 1 April 2022 | 960 | 0 | 960 | |
| Addition | 4500 | 4500 | ||
| At 31 March 2023 | 5460 | 0 | 5460 | |
| DEPRECIATION | ||||
| At 1 April 2022 | 240 | 0 | 240 | |
| Charge for this period | 1092 | 1092 | ||
| At 31 March 2023 | 1332 | 1332 | ||
| NET BOOK VALUE | ||||
| At 31 of March 2023 | 4128 | 4128 | ||
14
KULAN SOMALI ORGANISATION
Notes
Government Grants
| Sources | Amount | Purpose | Comments |
|---|---|---|---|
| Newham Council | £9922 | Covid-19 community Champion Vaccine Grant |
Health department |
| New Ham Council | £97565 | Holiday activities and food programme |
Children Department |
| Total | 107,487 | ||
| Sources | Amount | Purpose | Comments |
| Westminster Council | £10,000 | Community Contribution Covid-19grant |
Health Department |
| Westminster Council | £17,000 | Community Programme | Community department |
| Westminster Council | £25,000 | Holiday Activities & Food Program |
Children department |
| Westminster Council | £6960 | Cost of living grant Project | Community department |
| Total | 58960 |
Fundraising & Donations
| Source | Amount | Comments | |
|---|---|---|---|
| Brought Forward | 10,200 | 2021-22 | |
| Donation | 7500 | Community | |
| Fundraising | 4500 | Public | |
| Membership | 1300 | ||
| Total | 23500 |
Beugre Jacques Ndouba J-Accountancy and Consultancy Ltd 38 Richardson Court Studley Road SW4 6RZ
-----------07/03/2023
15