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2021-05-31-accounts

PAGE
REFERENCE AND ADMINISTRATIVE
DETAILS
REPORT OF THE TRUSTEES 2-7
AUDITOR'S REPORT 8-10
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET 10
CASH FLOW STATEMENT
NOTES TOTHE CASH FLOW STATEMENT 12
NOTES TO THE FINANCIAL STATEMENTS 13-19
DETAILED STATEMENT OF FINANCIAL ACTIVITIES 20

STATEMENT OF FI NANCIAL ACTIYITIES
SL05.2021 31.05.2020
Unrestricted Total
fund funds
Notes 8
INCOME AND ENDOWMENTS FROM
income 1,426,031 887,080
investment
income
1,426,031 887,080
EXPENDITURE ON
Charitable
activities
Charitable
activities		 1,076,491 692,277
Suppots costs
Total		 217,569
1,294,060		 135,986
&28,263
NET INCOME 131,971 58,817
RECONCILIATION OF FUNDS
Total funds brought forward 86,446 27,629
TOTAL FUNDS CARRIED FORWARD 218,~11 86,446

BALANCE SHEET AS AT31 MAY 2021
31.05.2021 31.05.2020
Notes Unrestricted Total
fund funds
FIXEDASSETS 5
Tangible assets 10 22,015 2.953
CURRENT ASSETS
Debtors 3,956 5,908
Cash at bank and in hand 268,160 86,818
272,115 92,726
CREDITORS
Amount
falling due within one year
NET CURRENT ASSETS		 12 ~(86.879
255.236		 ~(9,233
83.493
TOTAL ASSETSLESSCURRENT
LIABILITIES 277,251 86,446
CREDITORS
Amount
falling due atter more than one year		 13 (583134)
NET ASSETS 218,417 86,446
FUNDS
Unrestricted
funds		 218,417 86,446
TOTAL FUNDS 218,417 86,446

31.05.2021 31.05.2020
Note
Cash flows from operating activities
Cash generated
from operations		 209/72 54,352
Net cash provided
by operating
activities		 209472 54,352
Cash flows from investing activities
Purchase oftangible
fixed assets		 29,530 3,937
Cash from disposal ofassets (1,500)
Net cash used in investing 28,030 3,937
Change
in cash nnd cash equivalent		 in
the reporting
period		 181442 50,415
Cash and cash equivalent at the
beginning ofthe reporting period 86,818 36,403
Cash and cash equivalent at the end of
the reporting
period		 268,160 86.818

RECONCILIATION RECONCILIATION OF NET INCOME TO NET CASH FLOW OF NET INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.05.2021 31.05.2020
Net income for the reporting period (as per the Statement f.
ofFinancial Activities) 131,971 58,817
Adjustment
for:
Depreciation
charges		 8,968 984
(Increase)/decrease in debtors 1,952 (2,484)
(Decrease)/increase in creditors 66,480 (2,965)
Net cash provided by operations 209372 54,352

At 1.6.20 Cash flow At 31.05.21
Net cash
Cash at bank 86,818 181,342 268,160
86,818 181,342 268,160
Total 86,818 181,342 268,160

INCOME
31.05.2021 31.05.2020
5 5
Social housing
lettings		 1,298,071 840,416
Management
charges		 23.773 22,105
Rental income 20,273 1.036
Miscellaneous
income		 16,462 20,943
Furlough
grant		 67,451 2580
8,424 838 887.D8D
INVESTMENT INCOME
Bank account interest
CHARITABLE ACTIVITIES COSTS
Direct 3i.05.2021 3i.05.2020
costs Total Total
5
Charitable
activities		 1,076,491 1,076,491 692,277
SUPPORT COSTS
Other resources expended
Management		 Governance
f		 31.05.2021
8		 31.05.2020
Charitable
activities		 211,712 211,712 132.231
Bank clmrges 1,357 1357 3,755
Auditor's
fee		 4,500 4,500
213,069 4.500 217469 135,986
NKT INCOME (EXPENDITURE)
Net income (expenditure) is stated niter charging/crediting
31.05.2021 31.05.2020
5
Auditor's
remuneration		 4,500
Depreciation - owned assets 8,948 984
Continued, ..

7. TRUSTEES REMUNERATION
AND BENEFITS		 TRUSTEES REMUNERATION
AND BENEFITS		 TRUSTEES REMUNERATION
AND BENEFITS		 TRUSTEES REMUNERATION
AND BENEFITS		 TRUSTEES REMUNERATION
AND BENEFITS
3L05.2021 31.05.2020
Trustees' salaries 39,000 6,500
Trustees' social security 4„170 699
Trustees' pensions paid 2,048
45,217 7,199
The trustee Charles Osagahe who is adirector was paid 639,000gross remuneration during the
period. This payment is in line with the charity's Memorandum ofAssociation Section 5(b).
STAFF COSTS
31.05.2021 31.05.2020
Wages and salaries 94,849 28,841
Social security 5,404 1,306
Other pension costs 4,376
104629		 30.147
The average monthly number ofemployees during the year was as follows:
31.05.2021 31,05.2020
Administration
Support
Volunteers
8 7

COMPARATIVES FOR THK STATEMENT COMPARATIVES FOR THK STATEMENT COMPARATIVES FOR THK STATEMENT OF FINANCIAL OF FINANCIAL ACTIVITIES
Unrestricted Unrestncted
fund fund
2021 2020
INCOME AND ENDOWMENT FROM 8 5
Income 1,426,031 887,080
Investment
inco)ne {Bankinterests		 received) 1,426,031 887,080
EXPENDITURE ON
Charitable
activities
Charitable
activities		 1,076,491 692,277
Support costs 217,569
1,294060		 135,986
828,263
NET INCOME 131,971 58,817
RECONCILIATION OF FUNDS
Total tinds brought
forward
TOTAL FUNDS CARRIED FORWARD		 86,446
218 417		 27,629
86,446
10. TANGIBLE FIXEDASSETS
Plant Ih Furniture Motor
machinery k fittings vehicle Tots Is
5 8
COST
At
I June 2020		 16,267 5,274 2,000 23,541
Addition
Disposal/Scrapped
At 31 May 2021		 ~14,807)
3.460		 1,590
27,940
(4,347) ~2.000
2,517
27,940		 29,530
~23,)54)
31,917
DEPRECIATION
At I June 2020 I5,510 4,579 500 20,589
Charge for the year
Disposal/Scrapped
At 31 May 2021		 758
~14.807		 1,225
~4,347)
1,457		 6,985
1500)
6.985		 8,968
~i9.654)
9,903
NET BOOK VALUE
At 31 May 2021 1,060 20,955 22,015
At 31 May 2020 758 695 1,500 2.953

11. DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR 31.05.2021 31.05.2020
8
Trade debtors (Rental income) 3,956 5,908
Accrued income (Gilt aid) 3,956 5,908
12. CREDITORS: AMOUNT
FALLING DUE WITH ONE YEAR		 31.05.2021 3I.05?020
8
Trade cmditors 9,423 9,233
Net obligations
under leasing contracts and hire purchase
Accrued expenses (Auditor's
fee)		 liabilies 2,956
4,500
16879		 9,233
13. CREDITORS: AMOUNT
FALLING DUE AFTER MORE THAN ONE YEAR
31.05.2021		 31.05?020
g
Recovery loan scheme
Net obligations
under leasing contracts and hire purchase		 liabilies 50,000
8,834
58,834
14. Net obligations
under leasing contracts nnd hire purchase		 liabilies 31.05.2021
0		 31.05.2020
6
Amounts
due in less than one year		 2,956
Amounts
due in 2 - 5 years		 S,834
11,790

161. MOVEMENT
IN		 MOVEMENT
IN		 FUNDS
Net
At 01.06.20 movement At31.05.21
in funds
Unrestricted funds
General
fund		 86,446 131.97 I 218,417
TOTAL FUNDS 86,446 131.971 210417
Comparative net movement in funds, included in the above are as follows:
incoming Resources Movement
resources expended in fund
Unrestricted funds
General
fund
TOTAL FUNDS		 1.4 D,D31
1.4-6.031		 ~1,204,060)
~3,294.0603		 131,971
131.971
16. CONTROLLING ENTITY
There is no overall controlling entity.
17. RELATED PARTY DISCLOSURES

31.05.2021 31.05.2020
INCOME AND ENDOWMENTS f f
Income
Housing
benefits		 1,298,071 840,416
Service charge 23773 22,105
Furlough
scheme		 67,451 2,580
Rental income 20,273 1,036
Misc. income 16,462 20.943
1,426,031 887,080
Investment
income
Bank interest received
Total incoming resources 1,426,031 887,080
EXPENDITURE
Charitable
Expenditure
Property Lease 718,100 431,481
Property
Maintenance		 189,210 131,051
Tenant's Wefare 104,463 62,694
Volunteer's
Expenses		 100
Council Tax 23,796 27,759
I.ight &.Heat 40,923 39,192
1,076,491 692,277
Management
4fs Administration		 expeoses
StaffCosts 149,846 35,341
Rent - Commercial 16,516 20,885
Hotel 819
Printing 365
OAice Stationery 3,970 5,013
OAice Machine Mauntenance 2,600
Telephone
and Fax		 305 878
Internet
Charges		 2,532 2, 142
Computers &Soliware 9,395
Accountancy
and		 Other Professional Fees 7,000 9,252
Subscriptions 2,058 2,919
Training 111 3,796
Insurance 5,1'12 5,077
Refreshment 4,073
Consultancy 3,450 10,395
I.egal Fees 884 16.782
Misc. Expenses 9,552 11,169
Surpluses/deficits on disposal of fixed assets (8,047)
Depreciation 8,968 363
211,712 132.231
Finance
Bank Charges 19357 3,7SS
Governaace
Audit fee 4,500
Total resources expended I 294060 828,263
Net income/expenditure 131.977 60,017