2020-12-31-accounts - The Ok Foundation

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The OK Foundation

Charity No. 1128424 Trustees' Report and Unaudited Accounts 31 December 2020

The OK Foundation Contents

	Pages
Trustees' Annual Report	1
	2
Statement of Financial Activities	3
Balance Sheet	4
Statement of Cash flows	15
Notes to the Accounts	7 to 14
Detailed Statement of Financial Activities	16 to 18

Page 1

The OK Foundation Trustees Annual Report

OK Foundation

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1128424

Principal Office

61-63 Stamford Road London N15 4PH

Trustees

The following Trustees served during the year:

T. Burke

V. Doe-Ahanwa

E. Omideyi C. Omideyi - Chair of Trustees M. Rahman-Riding Canaan Church

Accountants

Debo Konsult 33 Lulworth Crescent Mitcham Surrey CR4 3RB

Bankers

Barclays Bank Tottenham Branch Leicestershire, LE87 2BB England

Page 2

The OK Foundation Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document as: The relief of financial hardship and the preservation and protection of good health in particular but not exclusively among those who have had or are having difficulties within the family or other relationships and among the homeless by the delivery of advise, counselling, assistance, support and information. To advance the education of the public in the art of music in particular, but not exclusively by encouraging the use of music in church worship and by organising concerts and musical workshops

The main activities undertaken in relation to those purposes... Social cohesion and personal wellbeing through good music, great food and engaging events. We provide quality classical music lessons to children and young people from ages 0 -18 years old. Our range of music activities extends into the community and includes adult music lessons, community choir and Music & Wellbeing courses. We’re based in the heart of Tottenham, North London, one of the UK’s most vibrant and diverse communities. Our mission is to ensure that people from all backgrounds can learn a musical instrument, develop musical skills, improve their mental health or enjoy community through music .Every Saturday evening our kitchen doors swing open to welcome up to 60 men and women from across Tottenham, Haringey and other parts of London too. We serve 3-course home cooked meals that are freshly prepared on site by our talented chefs and volunteers.

Every Saturday evening our kitchen doors swing open to welcome up to 60 men and women from across Tottenham, Haringey and other parts of London too. We serve 3-course home cooked meals that are freshly prepared on site by our talented chefs and volunteers.

We also recognise the pressures of modern society and how this impacts healthy, positive relationships within the family and society as a whole. Our events and activities cater to the whole family, empowering individuals and strengthening healthy inter-generational relationships.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

C. Omideyi - Chair of Trustees Trustee

31 December 2020

Page 3

The OK Foundation Independent Examiners Report

Independent Examiner's Report to the trustees of The OK Foundation

I report to the trustees on my examination of the accounts of The OK Foundation for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.

Responsibilities and basis of report

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'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity'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.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those 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.

S.A OGUNBIYI CIMA,AIA.MAAT Debo Konsult 33 Lulworth Crescent Mitcham Surrey

CR4 3RB 31 December 2020

Page 4

The OK Foundation Statement of Financial Activities

for the year ended 31 December 2020

Unrestricted funds 2020 £ 1,713 16,880 473	Restricted funds 2020 £ - 18,785 -	Total funds 2020 £ 1,713 35,665 473	Total funds 2019 £ 1,391 27,028 1,144
19,066 - 15,465	18,785 18,785 -	37,851 18,785 15,465	29,563 9,711 28,316
15,465 -	18,785 -	34,250 -	38,027 -
3,601 -	- -	3,601 -	(8,464) -
3,601	-	3,601	(8,464)
3,601 11,713	- -	3,601 11,713	(8,464) 21,677
15,314	-	15,314	13,213

Page 5

The OK Foundation Balance Sheet

at 31 December 2020

Charity No. 1128424 Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current liabilities Total assets less current liabilities Creditors:Amounts falling due after more than one year 12 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 13 Unrestricted funds 13 General funds Designated funds Reserves 13 Total funds Approved by the trustees on 31 December 2020 And signed on their behalf by:	2020 £ 20,330 20,330 13,055 13,055 (15,071) (2,016) 18,314 (3,000) 15,314 15,314 11,713 3,601 15,314 15,314	2019 £ 20,873
		20,873 90
		90 (250)
		(160) 20,713 (9,000)
		11,713
		11,713
		11,713 -
		11,713
		11,713

C. Omideyi - Chair of Trustees Trustee 31 December 2020

Page 6

The OK Foundation Notes to the Accounts

for the year ended 31 December 2020

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

The OK Foundation Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities charitable activities and services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixture and Fitting 25%% Straight line

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 8

The OK Foundation Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Page 9

The OK Foundation

Notes to the Accounts

2 Statement of Financial Activities - prior year

2	Statement of Financial Activities - prior year
		Unrestricted	Restricted
		funds	funds	Total funds
		2019	2019	2019
		£	£	£
Income and endowments from:
	Donations and legacies	1,391	-	1,391
	Charitable activities	22,528	4,500	27,028
	Other	1,144	-	1,144
Total		25,063	4,500	29,563
Expenditure on:
	Charitable activities	6,711	4,500	11,211
	Other	28,316	-	28,316
Total		35,027	4,500	39,527
Net income		(9,964)	-	(9,964)
Net income before other gains/(losses)		(9,964)	-	(9,964)
Other gains and losses:
Net movement in funds		(9,964)	-	(9,964)
Reconciliation of funds:
Total funds brought forward		21,677	-	21,677
Total funds carried forward		11,713	-	11,713
3	Income from donations and legacies
		Unrestricted	Total	Total
			2020	2019
		£	£	£
	General Donation	1,713	1,713	1,391
		1,713	1,713	1,391
	The Charity received material donations which the charity distributed across		Tottenham, Haringey, and
	other parts of London too. This forms part of our weekly activities to all the people we serve			in the
	areas.
			Total	Total
	Donated goods, facilities and services received		2020	2019
			£	£
	Fareshare/Felix Project		7,800
	Edible London		2,600
	Haringey Food Network		5,600
	Inkind Direct - discounted toiletries		2,000

Page 10

The OK Foundation

Notes to the Accounts

4 Income from charitable activities

Core Activities Grant - From Yapp Grant - From National Lottery Grant - Hilden Charitable Foundation Grant - Haringey Grant - Charles French 5 Other income HMRC - VAT Refund 6 Expenditure on charitable activities Expenditure on charitable activities Core Activities Grant - From Yapp Grant - From National Lottery Grant - Hilden Charitable Foundation Grant - Haringey Grant - Charles French	Unrestricted £ 16,880 - - - - - 16,880	Restricted £ - 3,000 6,660 1,500 5,625 2,000 18,785 Unrestricted £ 473 473 Restricted £ - 3,000 6,660 1,500 5,625 2,000 18,785	Total 2020 £ 16,880 3,000 6,660 1,500 5,625 2,000 35,665 Total 2020 £ 473 473 Total 2020 £ - 3,000 6,660 1,500 5,625 2,000 18,785	Total 2019 £ 22,528 3,000 - 1,500 - -
				27,028
				Total 2019 £ 1,144
				1,144
				Total 2019 £ 6,711 3,000 - - - -
				9,711

Page 11

The OK Foundation Notes to the Accounts

7 Other expenditure

Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 8 Net income/(expenditure) before transfers This is stated after charging: Depreciation of owned fixed assets 9 Staff costs No employee received emoluments in excess of £60,000. 10 Tangible fixed assets Land and buildings £ Cost or revaluation At 1 January 2020 16,026 At 31 December 2020 16,026 Depreciation and impairment At 1 January 2020 - Depreciation charge for the year - At 31 December 2020 - Net book values At 31 December 2020 16,026 At 31 December 2019 16,026 11 Creditors: amounts falling due within one year Accruals and deferred income	Unrestricted £ 12,883 543 2,039 - 15,465 2020 £ 543	Total 2020 £ 12,883 543 2,039 - 15,465 £ 5,621 5,621 2,405 543 2,948 2,673 3,216	Total 2019 £ 25,126 1,349 1,591 250
			28,316
			2019 £ 1,349 Total £ 23,821
	Fixture and Fitting
	£ 2,174 2,174 543 - 543 1,631 1,631 2020 £ 15,071 15,071
			23,821
			2,948 543
			3,491
			20,330
			20,873
			2019 £ 250
			250

Page 12

The OK Foundation Notes to the Accounts

12 Creditors:

Creditors:
amounts falling due after more than one year Other creditors	2020 £ 3,000 3,000	2019 £ 9,000
		9,000

Page 13

The OK Foundation Notes to the Accounts

13 Movement in funds

Restricted funds: Restricted income funds: Grant - From Yapp Grant - From National Lottery Grant - Hilden Charitable Foundation Grant - Haringey Grant - Charles French Total Unrestricted funds: General funds Designated funds: Donations Core Activities Total Revaluation Reserves: Total funds	At 1 January 2020 - - - - - - 11,713 - - - 11,713	Incoming resources (including other gains/losses ) £ 3,000 6,660 1,500 5,625 2,000 18,785 - 1,713 17,353 19,066 37,851	Resources expended £ (3,000) (6,660) (1,500) (5,625) (2,000) (18,785) - - (15,465) (15,465) (34,250)	At 31 December 2020 £ - - - - -
				-
				11,713 1,713 1,888
				3,601

				15,314

Purposes and restrictions in relation to the funds:

Restricted funds: Grant - From Yapp To support daily operation needs of the charity Grant - From National Lottery Grant - Hilden Charitable Foundation Grant - Haringey Grant - Charles French Designated funds: Donations Core Activities

Page 14

The OK Foundation

Notes to the Accounts

14 Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets Net current assets Creditors due in more than one year and provisions Reconciliation of net debt Cash and cash equivalents Net debt	At 1 January 2020 £	Unrestricted funds £ 20,330 12,805 (3,000) 30,135 Cash flows £	Restricted funds £ - (14,821) - (14,821) New HP/Finance leases £	Total £ 20,330 (2,016) (3,000)
				15,314
				At 31 December 2020 £
	90	12,965		13,055
	90 90	12,965 12,965	- -	13,055
				13,055

15 Reconciliation of net debt

Page 15

The OK Foundation Statement of Cash flows for the year ended 31 December 2020

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Increase in trade and other payables Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from/(used in) investing activities Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2020 £ 3,601 543 (473) 8,821 12,492 473 473 - 12,965 90 13,055	2019 £ (9,964) 1,349 (1,144) -
		(9,759) 1,144
		(2,875)

		-

		(12,634)
		12,724
		90

Components of cash and cash equivalents
Cash and bank balances	13,055	90

	13,055	90

Page 16

The OK Foundation Detailed Statement of Financial Activities

for the year ended 31 December 2020

Income and endowments from: Donations and legacies General Donation Charitable activities Core Activities Grant - From Yapp Grant - From National Lottery Grant - Hilden Charitable Foundation Grant - Haringey Grant - Charles French Other HMRC - VAT Refund Total income and endowments Expenditure on: Charitable activities Core Activities Grant - From Yapp Grant - From National Lottery Grant - Hilden Charitable Foundation Grant - Haringey Grant - Charles French Total of expenditure on charitable activities Premises costs Rent Rates Light, heat and power Other premises costs	Unrestricte d funds 2020 £ 1,713 1,713 16,880 - - - - - 16,880 473 473 19,066 - - - - - - - - 7,726 2,125 1,232 1,800 12,883	Restricted funds 2020 £ - - - 3,000 6,660 1,500 5,625 2,000 18,785 - - 18,785 - 3,000 6,660 1,500 5,625 2,000 18,785 18,785 - - - - -	Total funds 2020 £ 1,713 1,713 16,880 3,000 6,660 1,500 5,625 2,000 35,665 473 473 37,851 - 3,000 6,660 1,500 5,625 2,000 18,785 18,785 7,726 2,125 1,232 1,800 12,883	Total funds 2019 £ 1,391
				1,391
				22,528 3,000 - 1,500 - -
				27,028
				1,144
				1,144
				29,563 6,711 3,000 - - - -
				9,711
				9,711 21,903 2,123 1,100 -
				25,126

General administrative costs, including depreciation and amortisation

Page 17

The OK Foundation Detailed Statement of Financial Activities

Depreciation of Fixture and Fitting Depreciation of General insurances Telephone, fax and broadband Legal and professional costs Audit/Indepen dent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	11,713 15,314	- 543 - 2,039 2,582 - - 15,465 15,465 - 3,601 3,601 - 3,601 - -	- - - - - - - - 18,785 - - - - - - -	- 543 - 2,039 2,582 - - 15,465 34,250 - 3,601 3,601 - 3,601 11,713 15,314	543 806 799 792
					2,940
					250
					250

					28,316
					38,027 -
					(8,464)
					(8,464) -
					(8,464)
					21,677
					13,213

Page 18