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|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|
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|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|
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|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|
##
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|||||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|
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|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|