Then OK Foundation Charity No. 1128424 Trustees Report and Unaudited Accounts 31 December 2021 **1 |** P a g e ## **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| **2 |** P a g e ## **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 **3 |** P a g e ## **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: **4 |** P a g e ## **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: - 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,AAT Debo Konsult 33 Lulworth Crescent, Mitcham. Surrey. CR4 3RB. 31 December 2021 **5 |** P a g e ## **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| **6 |** P a g e ## **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: **7 |** P a g e ## **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.| **8 |** P a g e ## **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 **9 |** P a g e 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. **10 |** P a g e ## **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**| |||||| **11 |** P a g e ## **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||-| **12 |** P a g e ## **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||| **13 |** P a g e ## **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**
**-**|| **14 |** P a g e ## **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**| **15 |** P a g e ## **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| **16 |** P a g e |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| **17 |** P a g e