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2021-12-31-accounts

Then OK Foundation Charity No. 1128424 Trustees Report and Unaudited Accounts 31 December 2021

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The OK Foundation

Contents

Pages
Trustees Annual Report 3
Statement of Financial Activities 4
Balance Sheet 5
Statement of Cash Flows 6
Notes to the Accounts 7 to 15
Detailed Statement of Financial Activities 17 to 18

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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 2021

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 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

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The OK Foundation

Trustees Annual Report

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 advice, counselling, assistance, support and

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.

We run a food programme in the community where we offer fresh fruits and vegetables, and when we have them, diary and diary free products, staples like bread, rice and pasta, and other ambient supplies. There's also free, hot and freshly prepared food available. People can eat a starter and main course, and sometimes there is also a dessert on offer and food to take away. We serve approximately 195 individuals/households per week.

Statement of trustee’s responsibilities in relation to the financial statements

The Charity trustee’s are responsible for the preparing a trustee’s 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 of fraud and other irregularities.

Signed on behalf of the charity’s trustees

Mrs C. Omideyi – The Chair of Trustees

Date:

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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[st] December 2021 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:

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,AAT Debo Konsult 33 Lulworth Crescent, Mitcham. Surrey. CR4 3RB.

31 December 2021

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The OK Foundation

Statement of Financial Activities For the year ended 31 December 2021

Notes
Income and endowments from:
Donations and Legacies
3
Charitable activities
4
Others
5
Total
Expenditure On:
Charitable activities
6
Other
7
Total
Net gain on Investment
Net Income
8
Transfers between funds
Net Income before other
gains/(losses)
Other gains and Losses
Net movement in funds
Reconciliation of funds:
Total funds brough forward
Total funds carried forward		 Unrestricted
Funds
2021
Restricted
Funds
2021
Total
funds
2021
Total
funds 2020
£
£
£
£
3,810
-
3,810
1,713
8,050
26,550
34,600
35,665
17,983
-
17,983
473
29,843
26,550
56,393
37,851
-
26,550
26,550
18,785
29,324
-
29,324
15,465
29,324
26,550
55,874
34,250
-
-
-
-
519
-
519
3,601
-
-
-
-
519
-
519
3,601
-
-
-
-
519
-
519
3,601
-
-
-
-
15,314
-
15,314
3,601
15,833
-
15,833
15,713

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The OK Foundation Balance Sheet

At 31 December 2021 Charity No. 1128424

Notes
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
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
12
Unrestricted funds
12
General funds
Designated funds
Reserves
12
Total funds		 2021
2020
£
£
19,787
20,330
19,787
20,330
4,441
10,055
4,441
10,055
(8,395)
(15,071)
(3,954)
(5,016)
15,833
15,314
15,833
15,314
15,833
15,314
15,314
15,314
519
-
15,833
15,514
-
-
15,833
15,314

Approved by the trustees on 31 December 2021

And signed on their behalf by:

Mrs C. Omideyi – Chair of Trustees

Date:

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The OK Foundation Notes to the Accounts

1. Accounting policies

Basic 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

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 Income is included in the Statement of Financial Activities (SoFA)
when the charity 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
Expenditure Where income has related expenditure the income and related
expenditure is reported gross in the SoFA.
Donations and legacies Voluntary income received by way of grants, donations and gifts is
included in the the SoFA when receivable and only when the Charity
has unconditional entitlement to the income.
Tax reclaims on
Donations and gifts Income from tax reclaims is included in the SoFA at the same time as
the gift/donation to which it relates.
Donated services and
facilities These are only included in income (with an equivalent amount in
expenditure) 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.

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Expenditure

Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on raising funds These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. Expen on Charitable Activities These comprise the costs incurred by the Charity in the delivery of its 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

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.

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

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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.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2. Statement of Financial Activities - Prior Year
Income and endowments from:
Donations and legacies
Charitable activities
Others
Total
Expenditure on:
Charitable activities
Others
Total
Net Income
Net Income before other gain/(losses)
Other gain and Losses
Net movements in funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forawrd		 Unrestricted
Funds
2020
£
1,713
16,880
473		 Restricted
Funds
Total Funds
2020
2020
£
£
-
1,713
18,785
35,665
-
473
18,785
37,851
18,785
18,785
-
15,465
18,785
34,250
-
3,601
-
3,601
-
-
-
3,601
-
11,713
-
15,314		 Total Funds
2020
£
1,713
35,665
473
19,066
-
15,465		 37,851
18,785
15,465
15,465 34,250
3,601 3,601
3,601
-		 3,601
-
3,601
11,713
3,601
11,713
15,314 15,314
3. Income from donations and legacies Unrestricted
Funds		 Total
2021		 Total
2020
Income and endowments from:
General Donation		 £
3,810		 £
3,810
3,810		 £
1,713
3,810 1,713

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.

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Donated goods, facilities and services received

Fareshare/felix Project
Edible London
Haringey Food Network
Inkind Direct – Discounted Toileteries		 Total
2021
Total
2020
£
£
3,000
7,800
600
2,600
-
5,600
1,500
2,000
5,100
18,000

4. Income from charitable activities
Core activities
Grant - Yapp
Grant - National Lottery
Grant - Hilden Charitable Foundation
Grant - Haringey
Grant - Charles French
Grant - City of London
Grant - BGS
Grant - The Bridge		 Unrestricted
Funds
£
8,050
3,000
-
-
-
-
-

-
-		 Restricted
Funds
£
-
3,000
-
-
10,100
-

9,450
2,500
1,500		 Total Funds
2021
£
8,050
3,000
-
-
10,100
-
9,450
2,500
1,500
34,600		 Total Funds
2020
£
16,880
3,000
6,660
1,500
5,625
2,000
-
-
-
11,050 26,550 35,665

5. Other Income
Unrestricted
Funds		 Restricted
Funds		 Total Funds
2021		 Total Funds
2020
HMRC - VAT refund
Haringet Council Rate relief
North London Partnership (KickStart - DWP)		 £
154
3,000
14,829		 £
-
-
-		 £
154
3,000
14,829
17,983		 £
473
17,983 - 473

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6. Expenditure on charitable activities
Expenditure on charitable activities:- Unrestricted
Funds		 Restricted
Funds		 Total Funds
2021		 Total Funds
2020
Core activities
Grant - Yapp
Grant - National Lottery
Grant - Hilden Charitable Foundation
Grant - Haringey
Grant - Charles French
Grant - City of London
Grant - BGS
Grant - The Bridge		 £
-
-
-
-
-
-		 £
-
3,000
-
-
10,100
-
9,450
2,500
1,500		 £
-
3,000
-
-
10,100
-
9,450
2,500
1,500
26,550		 £
-
3,000
6,660
1,500
5,625
2,000
- 26,550 18,785

7. Other Expenditure
Other Expenditure:-
Employe Cost
Premises
Amortisation, Depreciation
Impairment, profit/loss on disposal
General administrative costs
Legal and Professional costs		 Unrestricted
Funds
£
14,829
12,687
543
-
765
500
-		 Restricted
Funds
£
-
-
-
-
-
-		 Total Funds
2021
£
14,829
12,687
543
-
765
500
-

29,324		 Total Funds
2020
£
-
12,883
-
543
2,039
-
-
29,324 - 15,465

8. Net Income/(Expenditure) before transfer
Unrestricted
Funds		 Restricted
Funds		 Total Funds
2021		 Total Funds
2020
This is stated after charging:
Depreciation of owned fiaxed asswts		 £
543
-		 £
-
-		 £
543
-
543		 £
543
-
543 - 543

9. Staff cost
ff cost 2021 2020
£ £
Salaries and wages 14,829 -

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10. Tangible Fixed Assets
Cost or revaluation
At 1 January 2020
At 1 December 2020
Depreciation and impairment
At 1 January 2020
Depreciation charge for the year
Net book values
At 31 December 2020
At3 1 December 2019		 Land and
Buildings
£
16,026		 Fixture and
Fitting
£
2,174
2,174
 Plant and
Machinery
£
5,621		 Total
£
23,821
23,821
16,026
0
-
16,026		 5,621

2948
543
543
0		 3,491

543
543 3,491
 4,034
1,631 2,130 19,787
16,026 1,631 2,673 20,330

11. Creditors

Amount falling due within one year
Accrual and deferred income		 2021
2020
£
£
8,395
15,071
8,395
15,071
12. Movement of funds
Amount falling due within one year
Accrual and deferred income		 2021
2020
£
£
8,395
15,071
8,395
15,071		 2020
£
15,071
15,071
12. Movement of funds
Restricted funds:-
Grant - Yapp
Grant - Haringey
Grant - City of London
Grant - BGS
Grant - The Bridge
Total
Unrestricted funds:-
Designated Funds:-
General fund
Donation
Core activities
Other Income		 At January
2021
£
-
-
-
-
-		 Income
(Including
other
gains/(losses)
£
3,000.00
10,100.00
9,450.00
2,500.00
1,500.00		 Resources
expended
At December
2021
£
£
3,000.00
-
-
10,100.00
-
-
9,450.00
-
-
2,500.00
-
-
1,500.00
-
-
26,550.00
-
-
-
15,314.00
-
-
-
3,810.00
8,050.00
-
-
21,274.00
-
3,291.00
-
29,324.00
-
519.00
- 26,550.00
15,314.00 -
-
3,810.00
8,050.00
17,983.00
- 29,843.00
Revaluation Reserves
Total Funds
15,314 56,393 55,874
-
15,833

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13. Analysis pf net assets between funds

13. Analysis pf net assets between funds
Unrestricted
funds
Restricted
funds
Restricted funds:-
£
£
Fixed assets
19,787
-
Net Current assets
4,191

8,145
-
23,978
8,145
-		 Total
£
19,787
3,954
-
15,833

14. Reconciliation of net debt

14. Reconciliation of net debt
Cash and cash equivalents
Total		 At January
2021
10,055		 Cash Flows
5,614
-		 New
HP/Finance
leases
At December
2021
-

4,441
-

4,441
10,055 5,614
-

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The OK Foundation Statement of Cash Flows

For the year ended 31 December 2021

Cash flows from operating activities:
Net Income per statement of Financial Activities
Adjustments for:
Depreciation of property,plant and equipment
Dividends, interest and rents from investment
(Decrease)/Increase in trade and other payables
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Net cash from financing activities
Net (decrease)/increase 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
Components of cash and cash equivalents
Cash and bank balances		 2021
2020
£
£
519
3,601
543
543
(17,983)
(473)
(6,676)
5,821
(23,597)
9,492
17,983
473
17,983
473
-
-
(5,614)
9,965
10,055
90
4,441
10,055
4,441
10,050
4,441
10,050

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The OK Foundation Detailed Statement of Financial Activities

For the year ended 31 December 2021

Income and endowments from:
Donations and legacies
General Donation
Charitable activities
Core Activities
Grant – From Yapp Foundation
Grant – National Lottery
Gant – Hilden Charitable Foundation
Grant – Haringey Council
Grant – Charles French
Grant – City of London
Grant – The Bridge
Other
HMRC – VAT Refund
Haringey Council Rate relief
North London Partnership
Total income and endowments
Expenditure on:
Charitable activities
Grant – Yapp Foundation
Grant – National Lottery
Grant – Hilden Charitable Foundation
Grant – Haringey Council
Grant – Charles French
Grant – City of London
Grant – The Bridge
Total of expenditure on Charitable
activities
Employee costs
Salaries/Wages
Premises Cost
Rent
Rates
Light, heat and power		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
funds
2021
2021
2021
2020
£
£
£
£
3,810
-
3,810
1,713
8,050
-
8050
16,880
3,000
3,000
3,000
2,500
2,500
6,660
-
-
-
1,500
-
10,100
10,100
5,625
-
-
-
2,000
-
9,450
9,450
-
-
1,500
1,500
-
8,050
26,550
34,600
35,665
154
-
154
473
3,000
-
3,000
-
14,829
-
14,829
-
17,983
-
17,983
473
29,843
26,550
56,393
37,851
-
3,000
3,000
3,000
2,500
2,500
6,660
-
-
-
1,500
-
10,100
10,100
5,625
-
-
-
2,000
-
9,450
9,450
-
-
1,500
1,500
-
-
26,550
26,550
18,785
-
26,550
26,550
18,785
14,829
-
14,829
-
14/829
-
14,829
-
8,050
-
8,050
7,726
3,421
-
3,421
2,125
671
-
671
1,232

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Premises insurances
Other premises costs
General administrative costs.
Including depreciation and
Depreciation of
Postages and couriers
Telephone, fax and broadband
Legal and professional cost
Audit/Independent examination
Accountancy and bookkeeping
Total of expenditure of other cost
Total expenditure
Net gains on investments
Net Income
Net income before other gains/(Losses)
Other Gains
Net movement in funds		 545
-
545
-
-
-		 -
1,800
12,687
-
12,687		 12,883
543
-
543
33
-
33
732
-
732		 543
-
2,039
1,308
-
1,308		 2,582
250
-
250
250
-
250		 -
-
500
-
500		 -
29,324
-
29,324		 15,465
29,324
-
55,874
-
-
-
519
-
519		 34,250
-
3,601
519
-
519		 3,601
-
-
-		 -
519
-
519		 3,601

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