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2022-12-31-accounts

Th OK Foundation

Charity No. 1128424

Trustees Report and Unaudited Accounts

31 December 2022

The OK Foundation

Contents

Trustees Annual Report 1
Independent Examiner’s Report 5
Statement of Financial Actvites 6
Balance Sheet 7
Statement of Cash Flows 16
Notes to the Accounts 8-15
Details Statement of Financial Actvites 17

OK Foundation

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1128424

Principal Office

Nutwood House Nutwood Gardens Hertfordshire EN7 6UP

Trustees

The following Trustees served during the year:

Thomas Burke Emmanuel Omideyi Christina Omideyi – Trustee Chair Michele Rahman-Riding Canaan Church

Key Management Personnel

Accountants

Debo Konsult 33 Lulworth Crescent Mitcham Surrey CR4 3RB

Bankers

Barclays Bank Tottenham Branch Leicestershire, LE87 2BB England

Solicitors

Investment Advisors

OK Foundation

Trustee 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 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 information. To advance the education of the public in the art of music, 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.

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 2022

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 2022 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:

or

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 2022

Page 5

The OK Foundation

Statement of Financial Acrivities For the year ended 31 December 2022

----- Start of picture text -----
Unrestricted Restricted
Total Funds Total Funds
Funds Funds
2022 2022 2022 2021
Notes £ £ £ £
Income and Endowments from:
Donation and Legacies 3 2,945 - 2,945 3,810
Charitable Activities 4 2,196 25,882 28,078 34,600
Other 5 15,775 - 15,775 17,983
Total 20,916 25,882 46,798 56,393
Expenditture on:
Charitable activities 6 - 25,568 25,568 26,550
Other 7 20,654 - 20,654 29,324
Total 20,654 25,568 46,222 55,874
- - - -
Net gains on Investments
Net Income/(Expenditure) 262 313 575 519
Transfers between funds
Net Income/(Expenditure) before other gains/(losses) 262 313 575 519
- - - -
Other gains and losses
Net movement in funds 262 313 575 519
Reconciliation of funds:
-
Total funds brought forward 15,833 15,833 15,314
Total funds carried forward 16,095 313 16,408 15,833
----- End of picture text -----

Page | 6

The OK Foundation Balance Sheet

At 31 December 2022 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
Creditors: Amount falling due after more than one year
12
Net Assets excluding pension assets or liabilities
Total net assets
The Funds of the Charity
Restricted funds
13
Unrestricted funds
13
General Funds
Designated Funds
Reserves
Total funds
Approved by the trustees on 31 December 2022
Signed on their behalf by:
C. Omideyi - Chair of Trustees		 2022
£
18,701		 2021
£
19,787
18,701
14,353		 19,787
4,441
14,353
16,645
-		 4,441
8,395
-
2,292
-
16,409		 3,954
-
15,833
- -
16,409 15,833
15,833
16,409
1,936
13,897
576		 -
15,314
519
16,409
-		 15,833
-
16,409 15,833

Page | 7

The OK Foundation Notes to the Accounts

for the year ended 31 December 2022

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

Fund accountng year and no changes have been made to accounts for previous years.
Unrestricted funds These are available for use at the discreton of the trustees in furtherance of the
general objects of the charity.
Designated
funds These are unrestricted funds earmarked by the trustees for partcular purposes.
Revaluaton
funds		 These are unrestricted funds which include a revaluaton reserve representng the
restatement of investment assets at their market values.
These are available for use subject to restrictons imposed by the donor or through
Restricted funds 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.

nditure
reported		 gross in the SoFA.
Donatons and Voluntary income received by way of grants, donatons and gifs is included in the
legacies the SoFA when receivable and only when the Charity has unconditonal
enttlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same tme as the
donatons and gifs gif/donaton to which it relates.
Donated services
and facilites These are only included in income (with an equivalent amount in expenditure)
where the beneft to the Charity is reasonably quantfable, measurable, and
material.
Volunteer help
Investment income The value of any volunteer help received is not included in the accounts.
Gains/(losses) on This is included in the accounts when receivable.
revaluaton of fxed
assets This includes any gain or loss resultng from revaluing investments to market value
at the end of the year.
Gains/(losses) on
investment assets This includes any gain or loss on the sale of investments.

Page | 8

Expenditure Expenditure is recognised on an accrual’s basis. Expenditure includes any Recognition of VAT which cannot be fully recovered and is reported as part of the expenditure expenditure to which it relates. These comprise the costs associated with attracting voluntary income, Expenditure on fundraising trading costs and investment management costs. raising funds Expenditure on These comprise the costs incurred by the Charity in the delivery of its charitable activities 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 Governance costs the year but not yet paid.

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, Other expenditure together with a share of other administration costs.

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 | 9

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 taken into account in arriving at net income/expenditure.

Leased assets.

Where the charity enters 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. If 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 | 10

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid

the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

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
2021
£
3,810

8,050
17,983		 Restricted
Funds
2021
£
-
26,550
-
26,550
26,550
-
26,550
-
-

-
-

-
-		 Total Funds
2021
£
3,810
34,600
17,983
29,843
-
29,324		 56,393
26,550
29,324
29,324 55,874
519 519
519
-		 519
-
519
15,314
519
15,314
15,833 15,833
3. Income from donations and legacies Unrestricted
Funds		 Total
2022		 Total
2021
Income and endowments from:
General Donation		 £
2,946		 £
2,946
2,946		 £
3,810
2,946 1,713

Page | 11

4. Income from charitable activities
Core activities
Grant - Yapp
Grant - National Lottery
Grant - HUB Foundation
Grant - Haringey
Grant - City of London
Grant - The Bridge		 Unrestricted
Funds
£
-
-

-
-

-
-
-

-		 Restricted
Funds
£
4,445
-

9,760

3,000
7,622
3,150
100
28,077		 Total Funds
2022
£
4,445

-
9,760

3,000
7,622
3,150

100

28,077		 Total Funds
2021
£
8,050

3,000
2,500
-

10,100

9,450
1,500
34,600

5. Other Income
HMRC - VAT refund
Rental Income
North London Partnership (KickStart - DWP)		 Unrestricted
Funds
£
985
14,790
2,945		 Restricted
Funds
£
-
-
-		 Total Funds
2022
£
985

14,790
2,945		 Total Funds
2021
£
473
18,720 - 18,720 473

6. Expenditure on charitable activities
Expenditure on charitable activities:- Unrestricted
Funds		 Restricted
Funds		 Total Funds
2022		 Total Funds
2021
Core activities
Grant - Yapp
Grant - National Lottery
Grant - Hilden Charitable Foundation
Grant - Haringey
Grant - City of London
Grant - HUBBUB Foundation
Grant - The Bridge		 £
-
-
-
-
-		 £
705
-
10,991
-
7,622
3,150
3,000
100
25,568		 £
705
-
10,991
-
7,622
3,150
3,000
100
 £
-
3,000
-
-
10,100
9,450
2,500
1500
- 25,568 26,550

Page | 12

7. Other Expenditure

7. Other Expenditure 7. Other Expenditure 7. Other Expenditure 7. Other Expenditure 7. Other Expenditure
Other Expenditure:- Unrestricted
Funds		 Restricted
Funds		 Total Funds
Total Funds
2022
2021
£
£
£
£
Employe Cost
89
89
14,829
Premises
15,285
-
15,285
12,687
Amortisation, Depreciation
1,086
-
1,086
543
Impairment, profit/loss on disposal
-
-
-
-
General administrative costs
3,694
-
3,694
765
Legal and Professional costs
500
-
500
500
-
-
-
-
20,654
-
20,654
29,324
-
Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
During the financial, the following donors provided the Charity the use of their premises and materials
which are distributed to beneficiaries within the locality we serve. The costing below is based on
reasonable estimate in accordance with daily record kept voluntary helpers.		 £
89
15,285
1,086
-
3,694
500
-		 £
-
-
-
-
-
-
20,654 -
Unrestricted
Funds		 Restricted
Funds		 Total Funds
Total Funds
2022
2021
£
£
£
£
Lordship Recreational Hub Café - Premises
-
9,600
9,600
-
Goff's Oak Methodist Church
-
2,880
2,880
-
nkind Direct - Toiletries
-
4,950
4,950
9,600
Giving World - Toiletries
-
5,000
5,000
6,250
-
-
22,430
22,430
15,850		 Lordship Recreational Hub Café - Premises
Goff's Oak Methodist Church
nkind Direct - Toiletries
Giving World - Toiletries		 £
-
-
-
-
-		 £
9,600
2,880
4,950
5,000		 2022
2021
£
£
9,600
-
2,880
-
4,950
9,600
5,000
6,250
22,430
15,850
- 22,430
Lordship Recreational Hub Café - Premises
Goff's Oak Methodist Church
nkind Direct - Toiletries
Giving World - Toiletries		 Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
2022
2021
£
£
£
£
-
9,600
9,600
-
-
2,880
2,880
-
-
4,950
4,950
9,600
-
5,000
5,000
6,250
-
-
22,430
22,430
15,850
8. Net Income/(Expenditure) before transfer
Unrestricted
Funds		 Restricted
Funds		 Total Funds
2022		 Total Funds
2021
This is stated after charging:
Depreciation of owned fiaxed asswts		 £
1,086
-		 £
-
-		 £
£
1,086
543
-
-
1,086
543		 £
543
-
1,086 - 543
9. Staff cost
Salaries and wages		 2022
£
89		 2021
£
14,829

Page | 13

10. Tangible Fixed Assets

----- Start of picture text -----
Land and Fixture and Plant and
Vehicles Total
Buildings Fitting Machinery
Cost or revaluation £ £ £ £ £
-
At 1 January 2021 16,026 2,174 5,621 23,821
Additions - - - - -
At 1 December 2022 16,026 - 2,174 5,621 23,821
Depreciation and impairment
At 1 January 2021 0 0 543 3491 4,034
Depreciation charge for the year 0 543 543 1,086
- - 1,086 4,034 5,120
Net book values
At 31 December 2021 16,026 - 1,631 2,130 19,787
At3 1 December 2022 16,026 - 1,088 1,587 18,701
11. Creditors
2022 2021
Amount falling due within one year £ £
Accrual and deferred income 16,645 8,395
16,645 8,395
12. Creditors
2022 2021
Amount falling due after more than one year £ £
Other Creditors - -
- -
----- End of picture text -----

Page | 14

13. Movement of funds
Restricted funds:-
Grant - Yapp
Grant - Haringey
Grant - National Lottery
Grant - City of London
Grant - HUBBUB Foundation
Grant - The Bridge
Core activities
Total
Unrestricted funds:-
Designated Funds:-
General fund
Donation
Core activities
Other Income
Revaluation Reserves
Total Funds		 At January
2021
£
-
-
-
-
-
-		 Income
(Including
other
gains/(losses)
£
-
7,622.00
9,760.00
3,150.00
3,000.00
100.00
-		 Resources
expended
At December
2022
£
£
-
-
7,622.00
-
-
10,991.00
-
1,231.00
-
3,150.00
-
-
3,000.00
-
-
100.00
-
-
705.00
-
705.00
-
25,568.00
-
1,936.00
-
-
15,833.00
-
-
-
4,445.00
20,654.00
-
1,934.00
-
20,654.00
-
18,344.00
46,222
-
16,408
- 23,632.00
15,833.00 -
-
-
4,445.00
18,720.00
- 23,165.00
15,833 46,797

14. Analysis pf net assets between funds

14. Analysis pf net assets between funds 14. Analysis pf net assets between funds 14. Analysis pf net assets between funds
Restricted funds:-
Fixed assets
Net Current assets		 Unrestricted
funds
£
18,701
16,645
-		 Restricted
funds
Total
£
£
-
18,701
14,353
2,292
-
14,353
16,409
2,056

15. Reconciliation of net debt

15. Reconciliation of net debt 15. Reconciliation of net debt 15. Reconciliation of net debt 15. Reconciliation of net debt
Cash and cash equivalents
Total		 At January
2021
4,441		 Cash Flows
9,912		 New
HP/Finance
leases
At December
2022
-
14,353
-
14,353
4,441 9,912

Page | 15

Statement of Cash Flows

For the year ended 31 Dcember 2022

----- Start of picture text -----
2022 2021
£ £
Cash flows from operating activities
Net income/(Expenditure) per statement of Financial Activities 575 519
Adjustments for:-
Depreciation of property,Plant and Equipments 1,086 543
Dividebd, interest and recets from investments - 15,775 - 17,983
Increase in trade and other payables 8,251 - 6,676
Net cash provided by /used in operating activities - 5,863 - 23,597
Cash flows from Investing activities
DIVIDENDS,INTEREST AND RENTS FROM INVESTMENT 15,775 17,983
Net cash from /used in operating activities 15,775 17,983
- -
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents 9,912 - 5,614
Cash and cash equivalent at the beginning of the year 4,441 10,055
Cash and cash equivalent at the end of the year 14,353 4,441
Componets of cash and cash equivalents
Cash amd bank Balances 14,353 4,441
14,353 4,441
----- End of picture text -----

Page | 16

The OK Foundation

Statement of Financial Acrivities For the year ended 31 December 2022

The OK Foundation
Statement of Financial Acrivities
For the year ended 31 December 2022
Income and Endowments from:
Donation and Legacies
General Donation
Charitable activities
Core activities
Grant - Yapp
Grant - National Lottery
Grant - Hilden Charitable Foundation
Grant - Haringey
Grant - Charles French
Grant - City of London
Grant - HUBBUB Foundation
Grant - North London Partn
Grant - The Bridge
Total
Others
HMRC - VAT Refund
Net movement in funds
Total Income and Endowments
Expenditure on:
Core activities
Grant - Yapp
Grant - National Lottery
Grant - Hilden Charitable Foundation
Grant - Haringey
Grant - Charles French
Grant - City of London
Grant - HUBBUB Foundation
Grant - North London Partn
Grant - The Bridge
Total of Expenditure on Charitable Activities
Premises Cost
- Rent
- Rate
- Light, Heat and power
- Other Premises cost
Depreciation of fixture and fitting
Depreciation of Plant and Machuneries
General insurance
Telephone, Fax and Broadband
Legal and Professional Cost:
Audit/Independent Examination fee
Total Exenditure of other cost
Total Expenditure
Net gain on Investment
Net Income /(Expenditure)
General administive costs, including depreciation
and amortisation		 Unrestricted
Funds
2022
£
2,945		 Restricted
Funds
2022
£
-
-
4,445
-
9,760
-
7,622
3,150
3,000
-
100
28,077
-
-		 Total Funds
2022
£
2,945		 Total Funds
2021
£
778
2,945
14,790
-
-
-
-		 2,945
19,235
-
9,760
-
7,622
-
3,150
3,000
-
100		 778
8,050
3,000
2,500
1,500
10,100
2,000
9,450
-
14,790
-
985		 42,867
-
985		 36,600
-
473
985 985 473
18,720
-
-
-
-
-		 28,077
705
-
10,991
-
7,622
-
3,150
3,000
-
100
25,568
0
0
0
0
-
0
0
0
-
0
-
-
25,568
2,509		 46,797
705
0
10991
0
7622
0
3150
3000
0
100		 37,851
0
3000
6660
1500
5625
2000
0
0
0
0
-
12,001
4,841
406
-		 25,568
12001
4841
406
0		 18,785
7726
2125
1232
1800
17,248
1,128
564
1,214		 17,248
0
1128
564
1214		 12,883
0
543
0
2039
2,906
500		 2,906
500		 2,582
0
500 500 -
20,654 20,654 15,465
20,654
1,934
-		 46,222
575		 34,250
3,601
1,934
-		 2,509 575 3,601

Page | 17