## **KORI**
**Report and Financial Statements for the year ended 31 March 2021**
**Company Number 05250047**
**Registered charity number 1142628**
## **KORI ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **KORI Values**
We believe that young people grow most positively when they have diverse opportunities to learn and understand the value of their own culture and place in the world, which in turn allows them to respect and value the place of others.
## **Jamiah**
**Referred from one of our partnerships, Jamiah had only been in the country for five months. Placed in foster care and soon starting college she needed sustained support and preparation. She felt that she needed someone who understood her journey as an unaccompanied refugee, someone who was able to assist her in understanding the new culture and building her confidence.**
**The mentor began building their relationship through fortnightly meetings; they co-created a plan and over the months she listened to her experiences in college, supported her into a weekend job, helped her build an on-line enterprise, they cooked together and she helped her learn from the challenges as they came. This was an important journey for the mentor also, as she too had been a young refugee. In parting Jamiah expressed ‘I don’t know how these last few months would have been without you, your support was always there for me.’**
**KORI has been a leader in mentoring young people for ten years and helped hundreds of young people.**
**1**
**KORI ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **CONTENTS**
|**Charity Administrative Information**|**3**|
|---|---|
|**Trustees’ Annual Report**|**4**|
|**Independent Examiner’s Report**|**12**|
|**Statement of Financial Activities**|**13**|
|**Balance Sheet**|**14**|
|**Notes to the Financial Statements**|**15**|
**2**
## **KORI ADMINISTRATION CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2021**
|**Name of Charity**|KORI||||
|---|---|---|---|---|
|**Charity Registration Number**|1142628||||
|**Company Number**|05250047||||
|**Registered Address**|17 Maya Place London, England, N11 2EZ||||
|**Trustees**|Denise Mary Bamford - Chair||||
||Belinda Edgeworth||||
||Lydia Scott||||
||Michael Fear - Treasurer - appointed 02 July 2021||||
||Pharrell Thelwell –|appointed|14 October 2021||
||Laurie Fitzgerald –|appointed|14 October 2021||
|**Bankers**|The Cooperative Bank PLC||||
||P.O. Box 101||||
||1 Balloon||||
||Street||||
||Manchester||||
||M60 4EP||||
|**Independent Examiner**|Morlai Kargbo, FCCA||||
||Managing Director||||
||Moracle Limited||||
||Ashley House||||
||Ashley Road||||
||London||||
||N17 9LZ||||
3
**KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
The trustees, who are the directors of the company for the purposes of company law, are pleased to present their report and financial statements together with the independent examiner’s report for the year ended 31 March 2021.
## **OBJECTIVES & ACTIVITIES**
## **KORI Objectives:**
## _Stronger foundations for youth_
## **Mission:**
KORI's aim is to support young people to enjoy, thrive and contribute to the world as valued members of society. At the heart of what we do is providing young people with a unique, creative and warm environment and the tools to reach their aspirations, enabled by our strategic partnerships. Through youth work and creative facilitation, we provide needed interventions, training, project engagement, bespoke mentoring, counselling, respite and enriching networks.
**4**
**KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **What we do:**
We work with young black people and ethnic minorities aged 14-30 years old, providing bespoke mentoring, training programmes and exceptional social, educational, and work opportunities.
## **How we do it:**
We bring young people together supporting and networking them through our partnerships, mentors and work experience opportunities; building self-confidence, leadership qualities, cultural capital, skills and improving employment prospects.
Specific objectives for the next five years include:
- To work with 4 universities enabling students to deliver effective projects with partners.
- To work with 4 Virtual Schools (LAC) to deliver effective projects with partners.
- To engage 4 Corporate partners who to provide consistent work experience and internships and also develop their own Vessel UK projects for our African partner Daughters of Africa Foundation and help to fund additional projects run by KORI.
- To facilitate a broad Industry workshops for a schools programme
- To provide respite trips for young people as part of our project KYAN Journeys
- To hold a number of events in partnership which will act as a platform for young artists as well as providing an opportunity for fundraising
KORI began 2020 optimistically, happy with what had been achieved in 2019 and ready to start the new year with continued partnership developments and new projects. Like the rest of the world the pandemic took the charity by surprise and the response had to be swift because of the many vulnerable young people in the service. The adaption to a safer on-line practice for the programmes was immediate needed, so we adapted following advice from the National Youth Agency and our partners, sourcing training to make sure that delivery was secure. Some of the projects that were planned for 2020 were lost in the quickly changing landscape.
However, the pandemic enabled KORI to use the resilience that it had grown from existing for nearly two decades to develop a strategy for the new challenges. The focus was firstly the young people who needed assessment and extra support to determine what was now needed and how best to provide it. The second key issue was fundraising, as losing some of our forecast budget meant that the C.E.O with the support of the trustees and advisors had to focus more time on bringing in new funding streams to respond to the needs being thrown up by the pandemic. Challenges for the young people were being exacerbated by the pandemic including increased health issues, anxiety, increased isolation (from, for example, ‘shielding’), and disruption to their education and usual care pathways and services.
Some of our fundraising efforts were successful including funding received from the Mercers fund; Lottery funding from Awards for All, The Blue Fund and St James Place Foundation. KORI also worked across its partnerships using the skills in the organisation to bring in income through creating and leading work for The Ubele Initiative, Youth Enterprise Solutions and Collage Arts that brought young people together on-line and in person in small groups between the lockdowns.
## **Activities during the 2020/21 year included:**
- Over the past year Kori has continued to build an online presence, launching a new website, and developing their linkedin and instagram pages. This continued to unify the KORI brand and vision heightening the reach of the charity
`o` Website: www.kori.org.uk
`o` Linkedin: https://www.linkedin.com/company/kori-youth-charity/
- Instagram: https://www.instagram.com/kori_youth_charity/
**5**
**KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **Programme Developments**
## **KORI Mentors – A programme equipping young people with support and life skills**
The work grew exponentially this year. New mentors have come from diverse places; South Place Studio, Green Rooms Hotel, architecture. The young people have been referred from a range of sources and for different reasons; young people needing confidence building; graduates for industry mentoring, young people finishing secondary school needing support with next steps or those not long out of care needing new networks and support.
Development goals for KORI Mentoring 2021:
- Developing the impact measurement of the programme
- Establishing more solid work experience opportunities for young people
- Providing more respite trips to support positive mental health and well-being
- Sourcing further funding for in-house counselling for young people with low-incomes
- Providing more Industry and pastoral mentoring for young people in organisations across our partnerships
## **KORI Youth Advocacy Network (KYAN)**
The KYAN platform has continued to grow this year and proved a great tool for engaging diverse groups in projects. Being forced to transfer our work on-line during lockdown proved to be a fruitful. An example being that during the first lockdown we ran The ‘Crafted Conversation projects for our partner Collage Arts that brought together and networked 30 young women across London. It is from this group that many of our new referrals for our in-house counselling service came this year.
Despite the challenges of the period we also managed to run a small respite trip in August with young people that especially needed to get out of London for a few days. We did this in partnership with Global Generations, together we managed to take 10 young people away for 4 days.
## **Development goals for KYAN 2021:**
- Delivering six comprehensive training workshops around requested areas and needs
- Sourcing funding and development support for young people's projects
- Building an area for placing opportunities for young people on our website
- Developing new partnerships for apprenticeship opportunities
**6**
**KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **The Vessel UK: An international volunteering training programme for UK participants**
The programme began the year well when in January for the second time twenty-two of the The University of West England’s students gained international volunteering experience and professional development in The Gambia. Sadly, the plan for another two programmes this year was cancelled and the forecast income was lost. The year was not wasted, we worked instead on transforming the training and delivery so it could take place digitally in the future and liaised with the university team to enable this to happen in 2021.
## **Development goals for Vessel UK 2021:**
- Building work with 2 more universities
- Building reciprocal partnerships with 2 new corporate companies
- Developing a marketing strategy for the programme
- Sourcing funding to support more young black people and minorities in taking part in international volunteering
- Providing Industry mentoring for former Vessel UK participants
## **Early Intervention and Prevention work**
2020 has definitely impacted many young people negatively. This increased the amount of work that we had to do with young people that did not fit neatly into any of our programmes and needed detailed assessment and support alongside a clear progression plan. We realised that a detached youth worker was needed for this vulnerable group to carry out face to face and on-line meetings and to attend to the many needed external meetings with other teams, guided interventions and sign posting that could make a real difference.
An example of this work is our work with Romel who was referred to us just as he turned 14, victim of a violent incident. His family had to consequently leave their home and move into temporary accommodation to get him away from the area they were living in. This of course had led to his education and net works being disrupted and when support from another fell through due to a council withdrawing funding, he was referred to KORI. Building a strong relationship with him was of prime importance as we worked to broaden his horizons by engaging him through conversation, workshops and trips. We find that young people like Romel benefit from time and inclusion, with well considered interventions, and consistent compassionate contact, they eventually make steps forward. At the end of the day not giving up on these young people is what makes the most difference.
**7**
## **KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **FINANCIAL REVIEW**
## **Summary**
The Charity's income was £63,370 in the year ended 31 March 2021 compared to £56,110 in the year ended 31 March 2020. The total expenditure amounted to £39,663 in the year to 31 March 2021 compared to £55,532 in the year ended 31 March 2020. The fund balance carried forward at 31 March 2021 was £23,953 on general funds The full Statement of Financial Activities is set out in these accounts.
## **Risk Management**
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees are satisfied that all major risks have been identified and reviewed, and that systems are being established to mitigate those risks.
The Trustees are continuing:
- To review systems and procedures to mitigate those risks identified;
- The implementation of procedures designed to minimise any potential impact to the charity should those risks materialise.
## **Reserves policy**
The results for the year and financial position of the company are shown in the annexed financial statements. It is the intention of the Charity to maintain unrestricted funds to sufficiently cover administration and support costs and to enable the Charity to respond to other necessary expenditure, which may arise from time to time - by the end of financial year 2021-22 KORI would like to have 3 months of running costs in reserves, increasing to six months for the financial year following.
## **FUTURE PLANS**
Over 2021-22 KORI plan to run four Vessel UK projects, including a continuation of the positive work with University of West England, Bristol that had agreed to two more Daigo projects for 2020. A Corporate Vessel UK trip was also planned in conjunction with Verizon media and a second trip was planned with the Islington Virtual school for young care leavers. Taking these trips into account KORI was due to end the year with a healthy financial surplus, ahead of the financial goals outlined in 2019-20. Due to Covid-19 these international trips have now been cancelled. Over the next year KORI will adapt and adjust to the changing landscape, preparing to deliver some of their projects virtually, repackaging the Vessel UK training so it can be delivered virtually and focusing on fundraising activities to develop the organisation’s financial health.
KORI aims to build on the strong foundations built over the past two years. Accounting for the shift in global landscape as a result of the Covid-19 pandemic, maintaining the charity’s aims and objectives and adapting to ensure that the positive impact of the three programmes continues, particularly at a time when BAME communities in the UK are proving to be disproportionately impacted.
KORI will use the following year to increase the number of individuals being mentored. Mentoring young people is of even more importance, we aim to continue with the successes of late that can be seen in mentoring testimonials (https://kori.org.uk/kori-mentors). Going forward the KORI mentoring will leverage the partnerships built with Verizon media, Mott Macdonald and others, aiming to provide young people with much needed guidance and professional development and a practical experience of potential career routes. As a result of Covid-19 the aim will be for these sessions to take place via Zoom until such time that in-person contact is feasible.
**8**
## **KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
KORI will continue to partner with Daughters of Africa Foundation in The Gambia, adapting to changing Global travel restrictions. In particular, working to close the gap in IT infrastructure and capability in The Gambia that limits access to online education opportunities. Over the next year ten computers that have been donated will be delivered to The Gambia with the aim of facilitating online IT and software engineering courses, accounting, health learning and English Literacy through partnerships fostered by KORI.
With the positive momentum gained from the two Daigo projects, KORI Mentoring and the partnerships built, we will now be focusing on building our fundraising approach and capacity. These applications will be to a range of organsiations with the aim of funding the continued activities of the charity. We plan to create a crowd funder and build relationships with trusts and funding organisations identified by our current fundraising strategy. KORI is committed to making sure that its expertise and long experience is used so it has focused on developing three programmes that not only cater to the needs of our service users but can attract funding and markets essential services like training and providing partner organisation project delivery, these can be paid for directly to create new financial stability for the charity.
KORI now has a rich and range of trustees and advisors who have purposely pooled their skills and experience to forming strategic working groups that will attend to on-going project development and finance and fundraising learning.
Moving forward into the 2021-22 financial year KORI will continue to focus on the three core programmes outlined in 2020-21 with a shift to accommodate the Covid-19 landscape:
- **The Vessel UK: An international volunteering programme for UK participants**
The Vessel UK will be packaged into a course to teach individual international global youth work, with the expectation that they can leverage their expertise.
To continue impact in Gambia, KORI will deliver 10 computers pre-loaded with adequate software/hardware. KORI will foster partnerships that enable the delivery of diverse workshops virtually to participants in the Gambia.
## • **KORI Mentors – A programme equipping young people with support and life skills**
This initiative is based on the longstanding experience KORI gained through running a mentoring programme from 2011 that has involved over fifty volunteers and over seventy young people. This programme harnesses the learning gained to develop an effective service that provides; work experience, academic support, emotional support and training much needed by an increasing number of young people in London. So far, this has benefited from the long partnerships fostered by KORI during its eighteen-year existence enabling the recruitment of both volunteers and referrals. The mentoring will continue to be aimed at fourteen to thirty year olds and will be advertised widely to schools, colleges and their network. Funding will be sought to support the infrastructure of this vital programme; for the training of volunteers, expenses, management, on-going coordination and evaluation monitoring.
KORI will continue mentoring individuals over the next year, looking to increase from six mentees to twenty with a continued focus on pastoral mentoring but seeking for an increased rise in the industry mentoring capacity to support young people moving forward in conjunction with KORI’s corporate partners.
**9**
## **KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
- **KORI Youth Advocacy Network (KYAN) - Providing real opportunities for professional development and new impactful experiences**
KORI will focus on growing its 18-30 network, enabling young people to continue to be involved at all levels of the charity’s work. It will provide a prominent platform for young people to benefit sharing training opportunities; paid work and voluntary work opportunities that can add positive value to their futures. This programme will provide a cohort of young people available for experiences provided by our new partnerships and strengthen our work with old partners including (but not limited to); Lifebeat, Embercombe, Tribe of Doris, Diverse Arts Network, Black Arts Forum, The Ubele Initiative, Islington Virtual School, Collage Arts and The Bridge Renewal Trust.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
## **Governing document**
KORI was incorporated on 05 October 2004 as a Company Limited by Guarantee and registered as a charity with the Charity Commission on 28 June 2011 with registration number 1142628. It is governed by its Memorandum and Articles· of Association, under which each member is required to contribute an amount not exceeding £1 towards the liabilities of the Charitable Company in the event of it being wound up whilst they are members.
## **Appointment of trustees**
As set out in the Articles of Association the members of the charity elect the Trustees.
All members are notified not less than seven or more than twenty-eight clear days before the date appointed for holding a general meeting, with notice being given of trustees retiring by rotation and persons being recommended for appointment as Trustees.
The trustee responsible for compliance briefs new trustees on their legal obligations under charity and company law; the content of the Memorandum and Articles of Association; the decision-making processes and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Organisational structure**
## **Discussion of the new trustees that have been appointed and what that means more generally**
The Board of Trustees are responsible for the overall governance of the Charitable Company and guiding its strategic direction. Two new trustees have now been appointed and two with appropriate skills are now being sought with the support of Bridge Renewal Trust. Regular meetings are in place to discuss and organise and implement the new vision and the Board is seeking finances to raise the capacity of the charity.
We are now working with Moracle Ltd to develop our management governance and advise us on our financial policy and organisational structure development.
**10**
## **KORI TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees (who are also the directors of KORI for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **APPROVAL**
This report, which has been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies, was approved by the trustees on 17 Dec 2021 and signed on their behalf by:
**Michael Fear** - Treasurer
**11**
**INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **Independent examiner's report to the trustees of KORI**
I report on the accounts of the charity for the year ended 31 March 2021, which are set out on below.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) or under Regulation (10) (1) (a)-(c) of the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
examine the accounts under section 145 of the 2011 Act and under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 (“the 2005 Act”);
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination is carried out in accordance with the general Directions given by the Charity Commission and Regulation 11 of the 2006 Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter came to my attention: -
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of KORI as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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: or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Morlai Kargbo, FCCA Moracle Limited Chartered Certified Accountants & Registered Auditors Ashley House, Ashley Road London N17 9LZ
Dated:
**12**
## **KORI**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021**
|**Notes**
**Income from:**
Donations and legacies
Other trading activities
Charitable activities
Other incoming resources (Grants)
Pro Bono Income
**2**
**Expenditure on:**
Raising funds
Charitable activities
**3**
Net income/(expenditure)
Transfer of funds
Net movement in funds
**Reconciliation of funds 11**
Total funds as at 1 April 2020
**Total funds as at 31 March 2021**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2021**
_Total_
_2020_
**£**
**£**
_£_
1,037
4,539
5,575
_733_
-
-
-
_-_
23,977
23,977
_52,247_
2,500
22,258
24,758
_3,130_
9,060
-
9,060|
|---|---|
||**12,597**
**50,774**
**63,370**
_56,110_|
||-
-
_-_
12,223
24,723
36,946
_55,532_|
||**12,223**
**24,723**
**36,946**
_55,532_|
||373
26,051
26,424
_578_
-
-
-
_-_|
||**373**
**26,051**
**26,424**
_578_|
||246
-
246
_(332)_|
||**619**
**26,051 **
**26,670**
_246_|
The accompanying notes form part of these financial statements.
13
## **KORI**
## **BALANCE SHEET AS AT 31 MARCH 2021**
|**Notes**
Tangible assets
**7**
**Current assets**
Prepayments
**8**
Cash at bank and in hand
**Liabilities**
Creditors (due within one year)
**9**
**Net current assets**
**Net assets**
**Funds**
**11**
Restricted funds
Unrestricted funds|**2021**
2020
**£**
£
-
-|
|---|---|
||-
-|
||200
200
27,070
646|
||27,270
846|
|||
||(600)
(600)|
|||
||26,670
246|
|||
||26,670
246|
||26,051
207
619
39|
||26,670
246|
For the year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The Directors/Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime on the grounds that the charity qualifies as a small company for the year ended 31 March 2021.
Approved by the Directors/Trustees on 17 Dec 2021 and signed on their behalf by
**Michael Fear –** Treasurer
The accompanying notes form part of these financial statements.
14
**KORI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. Accounting policies**
## **Basis of accounting**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
## **Basis of preparation and assessment of going concern**
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the 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 of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.
The charity constitutes a public benefit entity and a small entity as defined by FRS 102.
The Directors/Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
## **Funds structure and**
## **accounting**
Restricted grants and donations are available for the charity's use only in accordance with the terms under which, and for the purposes which, the funds were donated to the charity.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
## **Income**
## **recognition**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Grants and donations are included in full in the statement of financial activities when receivable.
Investment income is included when receivable.
## **Donated services and facilities**
In accordance with the Charities SORP (FRS 102), the general volunteer time of the charity is not recognised.
## **Expenditure recognition**
Expenditure is recognised on an accrual basis as a liability is incurred. Where expenditure includes VAT which can only be partially recovered, the irrecoverable VAT is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and fundraising trading costs.
**15**
**KORI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. Accounting policies (continued)**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor area or estimated usage, as set out in Notes 3 and 4.
## **Tangible fixed assets and**
## **deprecation**
Assets with a cost of less than £1,000 are expensed. Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated so as to write down to estimated residual value the cost of all other tangible fixed assets over their estimated useful lives as follows:
Motor vehicles: 25% reducing balance Other equipment: 25% reducing balance
## **Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged to the statement of financial activities as they become payable in accordance with the rules of the schemes.
## **2. Income from charitable activities**
|Islington Borough
Daigo Project
Ubele Initiative
Pro-bono and other income
**Total**|**2021**
_2020_
**£**
_£_
**-**
_960_
**12,407**
_38,601_
**1,080**
_1,930_
**49,883**
_14,619_|
|---|---|
||**63,370**
**_56,110_**|
**16**
**KORI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **3. Expenditure on charitable activities**
|**3. Expenditure on charitable activities**|||
|---|---|---|
||**2021**|2020|
||**£**|£|
|Direct project costs (including pro-bono)|**15,679**|22,891|
|Workshop Delivery|**15,488**
|24,980|
|**Support costs:**|||
|Advertising & publicity|**2,766**|1,736|
|Volunteer expenses|**-**|173|
|Depreciation costs|**-**|2,347|
|Other support costs|**3,013**
|1,631|
|Governance costs|-|1,774|
|**Total**|**36,946**
|55,532|
This is stated after charging/ (crediting):
## **4. Trustees’ remuneration and benefits**
During the year, no Trustees received any remuneration (2020: Nil) During the year, no Trustees received any benefits in kind (2021: Nil)
During the year, no Trustees received any reimbursements of expenses (2021: Nil).
## **5. Workshop Delivery costs**
|**5. Workshop Delivery costs**
Workshop delivery consultancy|**2021**
**£**
**15,488**|**2020**
**£**
_24,980_|
|---|---|---|
The average monthly headcount of employed staff during the year was 0 (2021: 0) and the average number of fulltime equivalent employees during the year was as follows:
|Charitable activities|**2021**
**£**
36,946|_2020_
**£**
_52,247_|
|---|---|---|
17
**KORI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
**7. Fixed assets**
|**Cost**
As at 1 April 2020
Additions
**As at 31 March 2021**
**Depreciation**
As at 1 April 2020
Charge for the year
**As at 31 March 2020**
**Net Book Value**
**As at 31 March 2021**
As at 31 March 2020
**8. Debtors**
Debtors and prepayments
Total|**Motor**
**vehicle**
**Office**
**equipment**
**Total**
**£**
**£**
**£**
752
15,227
1,595
-
-
-|**Motor**
**vehicle**
**Office**
**equipment**
**Total**
**£**
**£**
**£**
752
15,227
1,595
-
-
-|
|---|---|---|
||**752**
**1,595**
**1,595**||
||12,880
12,880
752
1,595 2,347||
||**752**
**14,475 15,227**||
||-|
-
-|
||-|
-
2,347|
|||**Total**
**2021**
_Total_
_2020_
**£**
_£_
200
_200_
**200**
_200_|
**18**
**KORI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **9. Creditors:** amounts falling due within one year
|Creditors
**Total**
**10. Creditors:**amounts falling due more than o
Creditors
**Total**
**11. Movement in funds**
**Unrestricted funds**
General funds
**Total unrestricted funds**
**Restricted funds**
Charity activities
**Total restricted funds**
**Total funds**|ne year
**Total funds**
**as at 1**
**April 2020**
**Incoming**
**resources**
**Outgoing**
**resources**
**£**
**£**
**£**
246
12,597
(12,223)||**Total**
**2021**
_Total_
_2020_
**£**
_£_
600
_600_
600
_600_
**2021**
_2020_
**£**
_£_
-
_-_
-
_-_
**Transfers**
**Total**
**funds as at**
**31 March**
**2021**
**£**
**£**
-
619|
|---|---|---|---|
|||||
|||
||
||246
12,597
(12,223)||-
619|
||- 50,774
(24,723)||-
26,051|
||-
50,774
(24,723)||-
26,051|
|||||
||**246**
**63,370 (36,946)**||**-**
**26,670**|
**19**
## **KORI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **12. Analysis of net assets between funds**
|**12. Analysis of net assets between funds**||
|---|---|
|Tangible fixed assets
Current assets
Creditors: falling due within one year|**Restricted**
**funds**
**Unrestricted**
**funds**
**Total**
**funds 2021**
_Total funds_
_2020_
**£**
**£**
**£**
_£_
-
-
-
-
-
27,270
27,270
846
-
(600)
(600)
(600)|
||**-**
**26,670**
**26,670**
**246**|
## **13. Share capital**
KORI is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the Charity being wound up.
## **14. Taxation**
Under the provision of TA 1988 sections 505 and 506, the Charitable Company is not liable to tax on its charitable grants, donations or other income earned in the course of its charitable activities, so long as the income is applied for the purposes of the company's charitable aims.
**20**