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|||PAGE|
|---|---|---|
|REFERENCE AND ADMINISTRATIVE DETAILS|||
|REPORT OF THE TRUSTEES||2-7|
|AUDITOR'S REPORT||8-IO|
|STATEMENT OF FINANCIAL|ACTIVITIES||
|BALANCE SHEET||12|
|CASH FLOW STATEMENT||13|
|NOTES TO THE CASH FLOW|STATEMENT|14|
|NOTES TO THE FINANCIAL|STATEMENTS|15-20|
|DETAILED STATEMENT OF|FINANCIAL ACTIVITIES|21-22|
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|||||31.05.2023|31.05.2022|
|---|---|---|---|---|---|
|||||Unrestricted|Total|
|||||funds|funds|
||||Notes|||
|INCOME AND ENDOWMENTS||FROM||||
|Illcol lle||||3,718)014|2,328,956|
|EXPENDITURE ON||||||
|Charitable
activities||||||
|Charitable
activities||||3)169)480|2 178935|
|Support costs||||447)635|340,235|
|Total||||3&617)115|2,519,169|
|NET INCOME||||100,899|(190,214)|
|RECONCILIATION|OF FIINDS|||||
|Total funds brought|fomvard|||28,203|218,417|
|TOTAL FUNDS CARRIED FORWARD||||129,102|28,203|
|BALANCE SHEET AS AT 31MAY 2023||||
|---|---|---|---|
|||31.05.2023|31.05.2022|
||Notes|Unrestricted|Total|
|||fund|funds|
|FIXEDASSETS||f,||
|Tangible assets||69,813|49,896|
|CURRENT ASSETS||||
|Debtors|10|6&300||
|Cash at bank and in hand||142,754|63,777|
|||149)054|63,777|
|CREDITORS
Aniount
falling due within one year||~3)4311|~).444|
|NKT CURRENT ASSETS||119&0441|56,333|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||188&856|106,229|
|CREDITORS||||
|Amount
falling due after more than one year|12|(59,754)|(78,027)|
|NET ASSETS||129,102|28,203|
|FUNDS||||
|Unrestricted
funds||129)102|28,203|
|TOTALFUNDS||129,102|28,203|
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|||||31.05.2023|31.05.2022|
|---|---|---|---|---|---|
||||Note|||
|Cash flows froiu operating
activities
Cash generated
from operations||||96,878|~776,382|
|Net cash provided
by operating
activities||||96&878|(176,352)|
|Cash flows froru iuvesting|activities|||||
|Purchase oftangible
fixed assets||||(92,040)|61,672|
|Cash from disposal ofassets||||74&139|(33,641)|
|Net cash used in investing||||~17,9tll|28.831|
|Change in cash and cash|equivalent|in||||
|the reporting
period||||781977|(204,383)|
|Cash and cash equivalent|at tbe|||||
|beginuing
ofthe reporting|period|||63,777|268,160|
|Cash aud cash equivalent|at the end|of||||
|the reporting
period||||142,754|63,777|
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|RECONCILIATION|RECONCILIATION|OF NET INCOME TO NET CASH FLOW|OF NET INCOME TO NET CASH FLOW|FROM OPERATING||
|---|---|---|---|---|---|
|ACTIVITIES||||||
|||||31.05.2023|31.05.2022|
|Net inconie for the|reporting||period (as per the Statement|||
|ofFinancial
Activities)||||100,899|(190,214)|
|Adjustment
for:||||||
|Depreciation
charges||||24,323|18,844|
|(Surplus)/Deftcit
Iiom||disposal|ofassets|(26,338)|(18,695)|
|(Increase)/decrease|in|debtors||(6,300)|3,956|
|(Decrease)/increase|in|creditors||4,294|9,758|
|Net cash provided|by|operations||96,878|~376,332|
||At 1.6.22|Cash flow|At 31 .05.23|
|---|---|---|---|
|Net cash||||
|Cash at bank|63,777|78,977|142,754|
||63,777|78,977|142,754|
|Total|63,777|78,977|142,754|
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|INCOME||||||
|---|---|---|---|---|---|
|||||31.05.2023|31.05.2022|
|Housing
benefits||||3,649,829|2,256,679|
|Service charge||||30,876|27,411|
|Furlough
scheme|||||20,828|
|Rental income||||14493|12,055|
|Office Rental Income||||6&600||
|Misc. income||||16&416|11,983|
|||||3,718&014|2,328,956|
|CHARITABLE ACTIVITIES COSTS||||||
||||Direct|31.05.2023|31.05.2022|
||||costs|Total|Total|
|Chm itable activities|||3,169410|31694811|2678933|
|SUPPORT COSTS||||||
|Other resources expended||Mailagelnent|Governance|31.05.2023
f|31.05.2022|
|Staff Costs||262,785||262&785|206,334|
|Administration
Costs||178,178||178,178|128,258|
|Bank charges||173||173|142|
|Auditor's
fee|||6,500|6&500|5,500|
|||441,135|6,500|447,635|340,235|
|NET INCOME (EXPENDITURE)||||||
|Net income (expenditure)|is stated after|charging/crediting||||
|||||31.05.2023|31,05.2022|
|Auditor's
remuneration||||6,500|5,500|
|Depreciation
- owned assets||||24323|18 844|
||||||Continued.
. .|
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|NOTES|TO THE FINANCIAL|STATEMENTS|STATEMENTS|||||||
|---|---|---|---|---|---|---|---|---|---|
|6.|TRUSTEES REMUNERATION
AND BENEFITS|||||||||
|||||||||31.05.2023|31.05.2022|
||Trustees' wages and|salaries||||||44,839|41,751|
||The nustee Charles Osaghae||who is a director was paid f44,839goss remuneration|||||during
the||
||period, This payment|is in line with the charity's|||Memoirandum|ofAssociation|Section 5(b).|||
|7.|STAFF COSTS|||||||||
|||||||||31.05.2023|31.05.2022|
||Wages and Salaries|||||||246,423|192,057|
||Social Security|||||||13)027|9,158|
||Other Pension Costs|||||||3,335|5119|
|||||||||262,785|206,334|
||The ave)age inonthly|number|ofemployees|during the year was||as fogows:||||
|||||||||31.05.2023|31.05.2022|
||Staff|||||||9|ll|
||Volunteers|||||||3|2|
|||||||||12|13|
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|COMPARATIVKS F|OR THE S|TATEMENT|OF FINANCIAL|ACTIVITIE|S||
|---|---|---|---|---|---|---|
||||||Unrretrtcted|Unrestricted|
||||||fuiiii|fund|
||||||2023|2022|
|INCOME AND ENDOWMENT||FROM|||f.||
|Income|||||3,718,014|2,328,956|
|Investment
income (Bank interests||received)|||||
||||||3,718,014|2,328,956|
|EXPENDITURE ON|||||||
|Charitable
activities|||||||
|Charitable
activities|||||3,169,480|2,178,935|
|Support costs|||||447,635|340,235|
||||||3,617,115|2,519,169|
|NET INCOME|||||100,899|(190,214)|
|RECONCILIATION|OF FUNDS||||||
|Total finds brought|forward||||28,203|218,417|
|TOTAL FUNDS CARRIED FORWARD|||||129,102|28 203.20|
|TANGIBLE FIXEDASSETS|||||||
||||Plant &|Furniture|Motor||
||||machinery|dc fittings|vehicle|Totals|
|COST|||||||
|At I June 2022|||2,348|1,590|67,335|71&273|
|Addition
Disposal|||||92,040
~67,335|92,040
~67,335|
|At 31 May 2023|||2,348|1590|92,040|95,978|
|DEPRECIATION|||||||
|At I June 2022|||783|1,060|19,534|21,377|
|Charge for the year
Disposal|||783|530|23,010
~&9.534|24,323
~79,534|
|At 31 May 2023|||1,566|1.590|23 010|26,865|
|NET BOOK VALUE|||||||
|At 31 May 2023|||782||69&030|69&813|
|At 31 May 2022|||1,565|530|47,801|49,896|
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|||31.05.2023|31.05.2022|
|---|---|---|---|
|Trade debtors|(Rental Income)||3,956|
|Loan to Staff||6,300|0|
|Debtors||6,300|3,956|
|The company|loaned a member ofstaff (nondirector) f6300 during|the year. The loan has since|been repaid.|
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||||||||||31.05.2023|31.05,2022|
|---|---|---|---|---|---|---|---|---|---|---|
|Trade creditors|||||||||3,409|0|
|Net obligatiort|under||leasing|contracts|and hire|purchase|liabilities||11,762|1,944|
|Amounts
owing to||credit institutions|||||||8,340||
|Accrued expenses||(Auditor's||fee)|||||6 51111
30,1111|5,500
7444|
|CREDITORS: AMOUNT||||FALLING DUE AFTER|||MORE THAN ONK YEAR||||
||||||||||31.05.2023|31.05.2022|
|Amounts
owing to||credit institutions|||||||22,342|40,708|
|Net obligation|under||leasing|contracts|and hire|purchase|liabilities||37,412
59&754|37,318
78,027|
|MOVEMENT IN||FUNDS|||||||||
||||||||||Net||
|||||||||At 01,06.22|move3uent|At 31.05.23|
||||||||||in funds||
|Unrestricted|funds||||||||||
|General fund||||||||28,203|100,899|129&102|
|TOTALFUNDS||||||||28,203|100,899|129,102|
|Comparative|net movement|||in funds,|included|in the above are as||follows;|||
|||||||||Ittcollnrtg|Resources|Movement|
|||||||||resources|expended|in fund|
|||||||||f||f|
|Unrestricted|funds||||||||||
|General
fund
TOTAL FUNDS||||||||3,718,014
3 718014|3,617,115
~3,617,135|100,899
1130899|
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|STATEMENT OF FI|N|ANCIAL|ACTIVITIES|||
|---|---|---|---|---|---|
|||||31.05.2023|31.05.2022|
|INCOME AND ENDOWMENTS|||||f.|
|Income||||||
|Housing
benefits||||3,649,829|2,256,679|
|Seivice charge||||30,876|27,411|
|Furlough
scheme|||||20,828|
|Rental income||||14,293|12,055|
|Office Rental Income||||6&600||
|Misc. income||||16,416|11,983|
|Total incoming
resources||||3,718,014|2,328,956|
|EXPENDITURE||||||
|Charitable
Expenditure||||||
|Property Lease||||2,857,643|1,567,721|
|Property Maintenance||||54,S54|267,782|
|Tenant's Wefare||||110,242|251,028|
|Council Tax||||73,802|48,251|
|Light &.Heat||||72&939|44,153|
|||||3&169,480|2,178,935|
|Management
&Administration|||Costs|||
|Staff Costs||||||
|Wages and Salaries||||246,423|192,057|
|Social Security||||13,027|9,158|
|Other Pension Costs||||3,335|5,119|
|||||262,785|206,334|
|Administration
Costs||||||
|Accountancy
Fees||||17,000|13,676|
|Business Licenses and Permits||||34|1,200|
|Computers
&Soffware||||6&092|3,415|
|IT, Broadband & Internet||||3&247|1,489|
|Management
Software||||11&500||
|Office Supplies, Postage||and Stationeries||10,317|5,027|
|Rent - Office||||22,055|21,647|
|StaffBonus||||1&150||
|Tmining
and Recruitment||Costs||11&004|25,595|
|Subscriptions||||4,140|445|
|Telephone
Expenditure||||1&629|189|
|Hospitality||||2,979|5,668|
|Insurance||||10,616|6,378|
|Consultancy||||19,250|10,500|
|Shident internship|||||1,550|
|Legal and Professional|fees|||32,705|18,203|
|Volunteers'
Expneses||||11,135|1,600|
|Miscellaneous
Expenses||||15,339|11,519|
|(Suiplus)/Deficit
fiom disposal ofassets||||(26&338)|(18,695)|
|Depreciation||||24,323|18,854|
|Balance Carried
forward||||17S,17S|128,258|
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|STATEMENT|OF FINANCIAL ACTIVITIES|||
|---|---|---|---|
|Balance brought|forward|178)178|128,258|
|Finance||||
|Bank Charges||173|142|
|Governance||||
|Audit fee||6)500|5,500|
|Total resources|expended|3&617&115|2&519)169|
|Net income/expenditure||lllll,ยป&|~I90,21~|