THE BENIN TRUST FINANCIAL STATEMENT AND ANNUAL ACCOUNTS FOR 2022/23 CHARITY 1116338
1
THE BENIN TRUST CHARITY NUMBER 1116338
REPORT OF TRUSTEES FOR THE PERIOD 1[ST] NOVEMBER 2022 TO 31[ST] OCTOBER 2023
The Trustees present their report with the financial statements of the charity for the period 1[st] November 2022 to 31[st] October 2023
REGISTRATION
The Charity was registered on 10 October 2006 and commenced business on the same date.
PRINCIPAL ACTIVITIES
The principal activities of the charity in the period includes the provision of senior citizen support and volunteering, organizing youth mentoring and health promotion, provision of sports and recreational services, delivering vocational education including entrepreneurship, filmmaking, arts and mother tongue language training, offering job-search, capacity building workshops, research, promotion of black history and heritage and other general charitable activities
REVIEW OF BUSINESS
The results for the period and financial position of the company are as shown in the annexed financial statements. All the Trustees, being eligible, offer themselves for election at forthcoming first Annual General Meeting.
ELECTIONS OF TRUSTEES
Mr. Stewart Bowie - Resigned and re-elected on 4[th] Nov. 2023 Ms. Damilola Alabi - Resigned and re-elected on 4[th] Nov. 2023 Rev. Frimpong-Manso Hoffman - Resigned and re-elected on 4[th] Nov. 2023 Mr. Justin Oloya - Resigned and re-elected on 4[th] Nov. 2023
2
VOLUNTEERS
The Charity currently has a total of 15 volunteers. Key areas of volunteer support are The Charity Management (Trustees), the Youth mentoring, Black History Month, Food Bank, Tuesday lunches, practical help, peer support, fundraising and awareness raising.
ACHIEVEMENT AND PERFORMANCE
Charitable Activities Update
We are thrilled to announce that the Benin Trust has successfully secured two significant grants: the Awards for All grant to organize the Afrobrits Festival , and the Heritage National Lottery Fund to undertake the Ebira Handweaving Heritage Research Project . These initiatives will not only celebrate our rich cultural heritage but also engage and empower our community members.
In the face of ongoing post Covid-19 pandemic challenges, we are gradually making strides toward recovery. The impact of the pandemic has necessitated limitations on face-to-face services at our organisation’s centre, with only a few exceptions. Despite these obstacles, the Benin Trust remains steadfast in its commitment to supporting its members through various means. We have continued to offer robust online and telephone support, ensuring that our members have access to essential resources and assistance.
In addition to our direct support, we have been actively involved in advocacy efforts with both Central and Local Government bodies, representing the needs and concerns of our members. We believe it is crucial to ensure that the voices of our community are heard, particularly during these challenging times.
Amidst these difficulties, the Benin Trust has implemented Covid-19-specific support measures to further assist our members. We have ensured that they receive updated safety information, an uninterrupted supply of medication, and access to regular food deliveries when necessary. While some services are currently suspended due to the ongoing pandemic, we would like to highlight the range of services that the Benin Trust offers:
3
-
Community Engagement Programs: Activities designed to promote cultural awareness and community cohesion.
-
Health and Well-being Support: Assistance with physical and mental health resources.
-
Educational Workshops: Opportunities for skill development and cultural education.
-
Advocacy Services: Representation and support for members in dealings with government and other organizations.
We appreciate the resilience of our community during these unprecedented times, and we remain dedicated to providing the support and resources necessary to help everyone thrive. Thank you for being part of the Benin Trust family. Together, we will continue to navigate these challenges and celebrate our heritage!
-
Drop-in facilities
-
Social care support
-
Peer support
-
Emotional support
-
Advocacy
-
Food Bank
-
Access to grant-making charities for individuals
-
Educational resources
-
Visits from health and social care practitioners
-
Social events
-
Referral and support on legal issues
-
Housing support and advocacy
Reserves Policy
To achieve its aims and objectives, the Benin Trust consistently seeks out grants, donations, and organizes fundraising events. The quality and extent of services provided to our members are significantly influenced by the grants and rental income we receive. To ensure financial stability and continuity, the Trust maintains a reserves policy that covers potential delays in funding receipts. This policy guarantees that we can meet both our short-term funding requirements and our longer-term commitments, allowing us to serve our community effectively without interruption.
4
Future Plans
Looking ahead, the Benin Trust is committed to pursuing collaborative work opportunities with agencies that complement our service development. We understand the importance of building strategic partnerships to enhance the support we offer. Additionally, generating income through building rentals will remain a central focus of our financial strategy.
We will also continuously monitor our service development to respond to the evolving needs of our members, incorporating feedback from funders and assessing available resources. Diversifying our funding streams is a top priority, and we are actively developing a funding strategy that includes specific grant-funded projects to enhance our financial sustainability.
Risk Management
The Trustees conduct regular reviews of the risks faced by the charity to ensure that we are well-prepared for potential challenges. The primary financial risk we face is a significant reduction in income. To mitigate this risk, we have implemented comprehensive plans designed to safeguard our resources and maintain our service delivery.
We deeply appreciate your continued support, which is essential for us to further our mission and enhance the services we provide to our community. Together, we can navigate challenges and work toward a brighter future.
Basis of Report
This report has been prepared in accordance with the Trust's accounts, as mandated under Section 145 of the 2011 Act, along with all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. We are committed to transparency and accountability in our operations and reporting, ensuring that our stakeholders are well-informed about our activities and financial health.
5
THE BENIN TRUST CHARITY INFORMATION
FOR THE PERIOD 1ST NOVEMBER 2022 TO 31[ST] OCTOBER 2023
TRUSTEES • Mr. Stewart Bowie • Ms. Damilola Alabi • Mr. Justin Oloya • Rev. Hoffman Frimpong-Manso REGISTERED OFFICE: First Floor, 21-23 Woodgrange Road, Forest Gate, London, E7 8BA. CHARITY NUMBER: 1116338 BANKERS: HSBC UK Bank Plc 59-61 Broadway, Stratford, London, E15 1XF. ACCOUNTANTS: Glory Community Accounting Service 318 Barking Road London E13 8HL
6
AN INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES/MEMBERS OF THE BENIN TRUST ON THE ACCOUNTS FOR THE YEAR ENDED 31[ST] OCTOBER 2023.
Respective responsibilities of trustees and examiner
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31st October 2023. As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the charity commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.
Independents examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below) which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Hasinatul JAHAN - MAAT
Approved on the 8 /02/2024.
7
THE BENIN TRUST
CHARITY NUMBER 1116338
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2023
| Income resource Notes | Unrestricted | Restricted | Total Funds | Total Funds |
|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Newham Council | - | - | - | 1,000 |
| Award for All | - | - | 10,000 | |
| NHS Black History Month | - | - | 750 | |
| Heritage Lottery Fund | 41,787 | 41,787 | 41,787 | |
| Institute of Small Business Mgt. | 5,000 | - | 5,000 | 5,000 |
| Training and workshops | 13,600 | - | 13,600 | 3,500 |
| Benin Festival & Awards | 15,585 | - | 15,585 | 4,500 |
| Total Income Resource | 34,185 | 41,787 | 75,972 | 66,537 |
| Resource Expanded | ||||
| Direct Charitable Expenses | 14,500 | 10,337 | 24,837 | 4,000 |
| Other Expenditure | ||||
| Fundraising and publicity | 1,200 | 1,200 | 2,400 | 500 |
| Volunteer expenses | - | 2,250 | 2,250 | 250 |
| Management & Administration | 15,220 | 18,000 | 33,220 | 10,106 |
| Depreciation | 1,003 | - | 1,003 | 1,003 |
| 31,923 | 31,787 | 63,710 | 15,859 | |
| Net Movement before transfer | 2,262 | 10,000 | 12,262 | 50,678 |
| Transfer between Funds | ||||
| Bal. B/ Forward at 1stNov. 2022 | 5,263 | 100 | 5,363 | 5,125 |
| Bal. C/Forward 31st Oct. 2023 | 7,525 |
10,100 | 17,625 | 55,803 |
Total recognised gains and losses
The charity has no recognised gains and losses other than the surplus for the financial year.
8
THE BENIN TRUST CHARITY NUMBER 1116338 BALANCE SHEET AT 31[ST] October 2023
| FIXED ASSETS Notes Tangible assets 2 CURRENT ASSETS Stock Debtors Cash and bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS CAPITAL AND RESERVES Unrestricted funds Restricted funds Funds Balance Carried forward |
2022 £ 155 820 51,696 52,671 (550) |
2022 2023 £ £ 3,682 450 1,200 16,596 18,246 (3,300) 52,121 55,803 5,025 50,778 55,803 |
2023 £ 2,679 14,946 17,625 7,525 10,100 17,625 |
||
|---|---|---|---|---|---|
The charity’s trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity’s trustees consider that an audit is not required for this year and that an independent examination is needed.
The Trustees acknowledge their responsibilities for:
-
(a) keeping the accounting records in accordance with section 130 of the Charities Act; and
-
the accounts to comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 and any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
Approved on the 8/02/2024
9
THE BENIN TRUST
CHARITY NUMBER 1116338
NOTES TO THE FINANCIAL STATEMENTS FOR THE 31ST OCTOBER 2023
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the accrual concepts in accordance with section 145(5)(b) of the 2011 Act.
Deferred Taxation
Provision is made at current rates for taxation deferred in respect of all materials timing difference except to the extent that, in the opinion of the directors, there is reasonable probability that the liability will not arise in the foreseeable future.
2. Income Sources
The income of the charity is in the form of grants and donations for its charitable objects and the charity did not engage in trading in the period under review.
3. Reserves
The restricted and unrestricted reverses are surplus of income over expenditure in the period under review.
4. Tangible Fixed Assets
Fixed assets are depreciated at the rate of 15.70% per annum using the straight-line method.
| Cost at 1st November 2022 Addition Total Charge for period to 31ST October 2023 Accumulated depreciation 1stNov. 2022 NET BOOK VALUE |
(1,003) (3,003) |
6,685 - - 6,685 (4,006) £ 2,679 |
|---|---|---|
5. Debtors amount falling due within one year.
Are grants due to the charity from its client part funded projects.
10
6. Creditors amount
Amount falling due within one year are money owned to supplies of goods and services. .
7. Intangible income Tangible income is in form of in-kind funding, gifts, seconded staff and volunteered by local agencies to the Charity in support of its projects within the meaning of section 145(5)(b) of the 2011 Act.
8. Going Concern
None of the charity activities were acquired or disposed-off during the year. The Trustees have a reasonable expectation that the charity has adequate resources to carry on in operational. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being for a period of at least twelve months from the date these financial statements were approved. Accordingly, The Benin Trust will continue to adopt this going concern basis in preparing its financial statements.
11