REGISTERED CHARITY NUMBER: 1167691
Report of the
Trustees and Unaudited Financial Statements
for the Year Ended
31 March 2021
For
LODO FOUNDATION
LODO FOUNDATION
Contents of the Financial Statements For the year ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1-3 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 – 9 |
| Detailed Statement of Financial Activities | 10 |
LODO FOUNDATION
Report of the Trustees For the year ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in June 2016.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1167691
Principal address
LODO FOUNDATION 2 Cornflower Way Wirral CH46 1SU
Trustees
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Dr Celyn Ngozi Osuji
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Dr Laura Chioma Onwubalili
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Dr Michael Isidenu
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Dr Olasupo Fatimilehin
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Lilian Oluchi Wajero
-
Ezenwa Tee Nzekwe
Bankers
NatWest Bank
Birkenhead, Charing Cross Branch 6 Grange Road West Charing Cross Birkenhead CH41 4DF
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The trust deed is dated 17 June 2016.
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.
OBJECTIVES AND ACTIVITIES
Objectives and Activities:
The overall objective of the charity is:
- To relieve poverty of people from socially and economically disadvantaged communities by the provision of education, training, grants, items and support and recreational facilities.
ACHIEVEMENT AND PERFORMANCE Charitable Activities
This foundation’s activities are organised around educational programmes and trainings aimed at prevention or relief of poverty.
Other activities include providing grants to individuals, human resources and other services which helps us meeting our charitable objective as an organisation.
The foundation offers these activities towards her targeted audience such as children/young people, other defined vulnerable groups such as single mothers, widows, struggling families etc.
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` ACHIEVEMENTS’ IN 2021
LODO FOUNDATION Report of the Trustees for the year ended 31 March 2021
Introduction:
With the global pandemic finally phasing out, we began to experience some sense of normality towards the end of LODO FOUNDATION year end. We delivered a healthy balance of impactful/vibrant in-person oneto-one training, relief of poverty and grants to individuals. Through it all, as a goal-oriented organisation, we achieved outstanding feats in the dispatch of our services as delineated below:
Activities:
- On 30[th] of January 2021, a donation of £170.00 was made – grant to scholarship candidate to resume and complete second year university in Nigeria after the long COVID-19 lock down
Funding/Donations:
For the year under review, we received donations of £699.09. These funds were as a result of both internal and external donations from both trustees and other individuals. This charity does not work with professional fundraisers or commercial participators. Also, this charity does not have any trading subsidiaries.
Conclusion:
Conclusively, it is needful to mention that the year under review was unique, ranging from the continuing effects of the pandemic as everyday human life to the challenges we encountered and surpassed as individuals and a body. In all, we are conscious of the truth that when it mattered most, against all odds, we took giant strides and made progress as a foundation. As ever, we are united, together, standing strong and looking forward to recording and reporting even far better and greater achievements in the coming year.
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LODO FOUNDATION
Report of the Trustees For the Year Ended 31 March 2021
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
ON BEHALF OF THE BOARD :
............................................. Dr Celyn Ngozi Osuji Date: 04/04/2021
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LODO FOUNDATION
Statement of Financial Activities For the year ended 31 March 2021
| Notes OPENING BALANCE Total Funds Carried Forward INCOMING RESOURCES Incoming resources from generated funds Voluntary income GROSS INCOME RESOURCES RESOURCES EXPENDED Charitable activities Charitable Activities Total resources expended , NET INCOMING RESOURCES TOTAL FUNDS CARRIED FORWARD |
2021 2020 Unrestricted fund Total funds £ £ 801.87 691.87 699.09 510.00 1,500.96 1,201.87 |
2021 2020 Unrestricted fund Total funds £ £ 801.87 691.87 699.09 510.00 1,500.96 1,201.87 |
2021 2020 Unrestricted fund Total funds £ £ 801.87 691.87 699.09 510.00 1,500.96 1,201.87 |
|---|---|---|---|
| 170.00 | 400.00 | ||
| 170.00 | 400.00 | ||
| 1,330.96 | 801.87 | ||
| 1,330.96 | 801.87 |
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LODO FOUNDATION
Balance Sheet At 31 March 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 0.00 CURRENT ASSETS Debtors 6 - Cash in hand 0.00 0.00 CREDITORS Amounts falling due within one year 7 (0) NET CURRENT ASSETS 0.00 TOTAL ASSETS LESS CURRENT LIABILITIES 1,330.96 NET ASSETS 1,330.96 FUNDS 8 Unrestricted funds 1,330.96 TOTAL FUNDS 1,330.96 |
2020 Total funds As restated £ 0.00 - 0.00 0.00 (0) 0.00 801.87 801.87 801.87 801.87 |
2020 Total funds As restated £ 0.00 - 0.00 0.00 (0) 0.00 801.87 801.87 801.87 801.87 |
2020 Total funds As restated £ 0.00 - 0.00 0.00 (0) 0.00 801.87 801.87 801.87 801.87 |
|---|---|---|---|
| 0.00 801.87 801.87 801.87 801.87 |
|||
The financial statements were approved by the Board of Trustees on the 04[th] of April 2021; and were signed on its behalf by:
Dr Celyn Osuji Trustee
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LODO FOUNDATION
Notes to the financial statements For the year ended 31 March 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 2% on cost |
|---|---|
| Fixtures and fittings | - 20% on cost |
| Motor vehicles | - 25% on cost |
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2021
Trustees' expenses
There were no trustees’ expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2021
3. STAFF COSTS
| Wages and salaries | 2021 As £ 00.00 |
2020 restated £ 00.00 |
|---|---|---|
No employees received emoluments in excess of £60,000
4. PRIOR YEAR ADJUSTMENT
There are no prior year adjustments made during the year.
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LODO FOUNDATION
Notes to the Financial Statements - continued For the year ended 31 March 2021
5. TANGIBLE FIXED ASSETS
| Equipment and fittings £ COST At 1 April 2020 0.00 Additions 0.00 At 31 March 2021 0.00 DEPRECIATION At 1 April 2020 0.00 Charge for year 0.00 At 31 March 2021 0.00 NET BOOK VALUE At 31 March 2021 0.00 At 31 March 2021 0.00 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors - 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Bank loans and overdrafts Bank Loan 0.00 Accrued rent 0.00 Professional fee 0.00 - 0.00 - |
Totals £ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2020 £ - 2020 £ 0.00 0.00 0.00 0.00 |
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|---|---|---|---|
8. MOVEMENT IN FUNDS
| At 01/04/20 Prior year adjustment Net movement in funds At £ £ £ Unrestricted funds General fund 801.87 - 529.09 TOTAL FUNDS 801.87 - 529.09 |
31/03/21 £ 1,330.96 1,330.96 |
31/03/21 £ 1,330.96 1,330.96 |
|---|---|---|
| 1,330.96 |
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LODO FOUNDATION
Detailed Statement of Financial Activities For the year ended 31 March 2021
8. MOVEMENT IN FUNDS – continued
Net movement in funds, included in the above are as follows
| Incoming | Resources | Movement in | |
|---|---|---|---|
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund |
699.09 | (170.00) | 529.09 |
| TOTAL FUNDS | 699.09 | (170.00) | 529.09 |
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