## **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**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
3
Charitable activities
4
Other
5
**Total**
**Expenditure on:**
Charitable activities
6
Other
7
**Total**
Net gains on investments
**Net income/(expenditure)**
8
Transfers between funds
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**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