**Charity number: 1168069**
## **OLIVE ACADEMY**
**Trustees' report and financial statements**
**for the year ended 31 August 2021**
## **OLIVE ACADEMY**
## **Contents**
||**Page**|
|---|---|
|Legal and administrative information|**1**|
|Trustees report|**2 - 3**|
|Independent examiners' report|**4**|
|Statement of financial activities|**5**|
|Balance sheet|**6**|
|Notes to the financial statements|**7 - 9**|
## **OLIVE ACADEMY**
## **Legal and administrative information**
|**Charity number**|1168069|
|---|---|
|**Business address**|40 Thorn Hill Close|
||Blackburn|
||Lancashire|
||BB1 1YG|
|**Trustees**|Salim Jogi|
||Imran Ayub Patel|
||Tanveer Ahmed|
|**Accountants**|Eave Brooks Accountants|
||1 Dalton Court|
||Commercial Road|
||Darwen|
||Lancashire|
||BB3 0DG|
|**Bankers**|HSBC|
||60 Church Street|
||Blackburn|
||Lancashire|
||BB1 5AS|
**Page 1**
## **OLIVE ACADEMY**
## **Report of the trustees for the year ended 31 August 2021**
The trustees present their report and the financial statements for the year ended 31 August 2021. The trustees who served during the year and up to the date of this report are set out on page 1.
## **Structure, governance and management**
Olive Academy is registered as a Charitable Incorporated Organisation. It is governed by its constituition adopted on the 5 July 2016.
## **Objectives and activities**
For the public benefit the advancement of education to children in the UK and overseas through the provision of education classes and resources.
For the public benefit the relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage
## **Achievements and performance**
## _1- EVENING SUPPLEMENTARY SCHOOL_
A total number of 45 children benefited from the evening supplementary school classes enhancing them with Islamic Morals and Values. These classes became extremely popular and were deeply valued and appreciated by parents. The classes have had a great input in the day to day life of every child and has created eagerness and willingness within them to be an asset to mankind and benefits all communities.
## _2- UNITED KINGDOM_
Contributions were made towards many organisations assisting them with their building and renovation work and day to maintenance costs.
## _3- SIERRA LEONE_
Being one of the poorest countries in the world where more than 60 percent of the population presently lives in poverty. Many people are living under the poverty line at less than $1.25 per day. The literacy rate is only 41 percent and 70 percent of young people in Sierra Leone are unemployed or underemployed as a result.
Meals, clothing, stationery and financial contributions were provided at orphanages where the charity has made provisions to carry out sponsorship programmes.
## _4- INDIA_
An orphan was sponsored on behalf of the children at the Evening Supplementary School who were delighted with this sponsorship as this gave them the happiness of feeling connected with the orphan and offered a special bond of caring and sharing for orphans around the globe.
The orphan deeply thanked all for being given this sponsorship and care from the children at the school and showed gratitude by making special prayers for them all.
Contributions were also made towards building and renovation work where orphans could live in comfort and ease. The annual Qurbani (sacrifice) was also performed at an institute allowing meat to be distributed amongst the most needy
## _5- GUINEA_
Orphans were handed gifts, clothing and stationery which proved to be of extreme value and a means of joy for every child who received all with great appreciation. Words cannot describe the happiness that was visible and radiant upon their faces when handed these items.
## **Financial review**
The reserves are adequate, the Trustees are continuously working hard to raise fubds for the charity.
**Page 2**
## **OLIVE ACADEMY**
## **Report of the trustees for the year ended 31 August 2021**
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to:
- select suitable accounting policies and then 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 201, 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.
On behalf of the board
Mr Imran Ayub Patel Date: 20 June 2022
## **Trustee**
**Page 3**
## **OLIVE ACADEMY**
## **Independent examiner's report to the trustees on the unaudited financial statements of OLIVE ACADEMY.**
I report on the accounts of OLIVE ACADEMY for the year ended 31 August 2021 set out on pages 2 to 9.
## **Respective responsibilities of trustees and independent examiner**
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)
## **Basis of independent examiner's statement**
My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 seeking 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 I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (i) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep proper accounting records in accordance with section 41 of the Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- (ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Independent examiner**
**Eave Brooks Accountants**
**Date: 20 June 2022**
**1 Dalton Court Commercial Road**
**Darwen** BB3 0DG
**Page 4**
## **OLIVE ACADEMY**
## **Statement of financial activities**
## **For the year ended 31 August 2021**
|**Unrestricted**
**funds**
**Notes**
**£**
**Incoming resources**
Incoming resources from generating funds:
Voluntary income
2
19,858
Other incoming resources
3
34
**Total incoming resources**
19,892
**Resources expended**
Costs of generating funds:
Cost of generating voluntary income
4
23,599
**Total resources expended**
23,599
Total funds brought forward
39,800
**Total funds carried forward**
36.093|**2021**
**Total**
**£**
19,858
34
19,892
23,599
23,599
39,800
36,093|**2020**
**Total**
**£**
51,652
-|
|---|---|---|
|||51,652|
|||13,064|
|||13,064|
|||1,512|
|||40,100|
The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
**The notes on pages 7 to 9 form an integral part of these financial statements.**
**Page 5**
## **OLIVE ACADEMY**
## **Balance sheet as at 31 August 2021**
|**Notes**
**Current assets**
Debtors
6
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
7
**Net current assets**
**Net assets**
**Funds**
8
Restricted income funds
Unresticted income funds
**Total funds**|**2021**
**£**
**£**
316
36,477
36,793
)
(400
36,393
36,393
300
36,093
36,393|**2020**
**£**
**£**
316
40,234
40,550
)
(450
40,100
40,100
300
39,800
40,100|**2020**
**£**
**£**
316
40,234
40,550
)
(450
40,100
40,100
300
39,800
40,100|
|---|---|---|---|
||||40,100|
||||300
39,800|
||||40,100|
The financial statements were approved by the trustees on 20 June 2022 and signed on its behalf by
## **Salim Jogi Trustee**
**The notes on pages 7 to 9 form an integral part of these financial statements.**
**Page 6**
## **OLIVE ACADEMY**
## **Notes to financial statements for the year ended 31 August 2021**
## **1. Accounting policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
## **1.1. Basis of accounting**
The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005) and the Charities Act 1993.
## **1.2. Cashflow**
The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.
## **1.3. Incoming resources**
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:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
## **1.4. Resources expended**
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
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.
## **2. Voluntary income**
|**Unrestricted**
**funds**
**£**
Donations
5,289
Fees receivable
14,569
19,858|**2021**
**Total**
**£**
5,289
14,569
19,858|**2020**
**Total**
**£**
39,115
12,537|
|---|---|---|
|||51,652|
**Page 7**
## **OLIVE ACADEMY**
## **Notes to financial statements for the year ended 31 August 2021**
|**3.**|**Other incoming resources**||||
|---|---|---|---|---|
|||**Unrestricted**|**2021**|**2020**|
|||**funds**|**Total**|**Total**|
|||**£**|**£**|**£**|
||Books & Literature|34|34|-|
|||34|34|-|
|**4.**|**Cost of generating voluntary income**||||
|||**Unrestricted**|**2021**|**2020**|
|||**funds**|**Total**|**Total**|
|||**£**|**£**|**£**|
||Activity 1|23,599|23,599|13,064|
|||23,599|23,599|13,064|
|**5.**|**Employees**||||
||**Employment costs**||**2021**|**2020**|
||||**£**|**£**|
||Other costs||-|764|
||No employee received emoluments of more than £60,000 (2020 : None).||||
||**Number of employees**||||
||The average monthly numbers of employees (including the trustees) during the year,||calculated on the basis of||
||full time equivalents, was as follows:||||
||||**2021**|**2020**|
||||**Number**|**Number**|
|**6.**|**Debtors**||||
||||**2021**|**2020**|
||||**£**|**£**|
||Other debtors||316|316|
**Page 8**
## **OLIVE ACADEMY**
## **Notes to financial statements for the year ended 31 August 2021**
|**7.**
**Creditors: amounts falling due**
**within one year**
**2021**
**2020**
**£**
**£**
Trade creditors
400
450
**8.**
**Analysis of net assets between funds**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Fund balances at 31 August 2021 as represented by:
Current assets
36,093
300
36,393
36,093
300
36,393
**9.**
**Unrestricted funds**
**At**
**At**
**1 September**
**Incoming**
**Outgoing**
**31 August**
**2020**
**resources**
**resources**
**2021**
**£**
**£**
**£**
**£**
Unrestricted Fund
39,800
19,852
)
(23,599
36,053||**2020**
**£**
450
**Total**
**funds**
**£**
36,393|
|---|---|---|
|||36,393|
**Page 9**
## **OLIVE ACADEMY**
**The following pages do not form part of the statutory accounts.**
## **OLIVE ACADEMY**
## **Detailed statement of financial activities**
## **For the year ended 31 August 2021**
|**Incoming resources**
**Incoming resources from generating funds:**
_Voluntary income_
Donations
Fees receivable
**Total incoming resources from generating funds**
**Other incoming resources**
Books & Literature
**Total incoming resources**
**Resources expended**
**Costs of generating funds:**
_Activity 1_
Educational Resources
Chiildren Giifts
Children Snacks & Party
Vollunteer Welfare Cost
Repairs & maintenance
Insurance
Motor & Travel costs
Professional - Accountancy fees
Professional - Auditor remuneration
Telephone & Internet
Office stationery, postage & Printing
Website
Sundry Expenses
Grants & Donations
**Total cost of generating voluntary income**
**Fundraising trading:**
**cost of goods sold and other costs**
**Total costs of generating funds**|**2021**
**£**
**£**
5,289
14,569
19,858
19,858
34
34
19,892
1,453
570
178
-
923
306
-
200
200
369
405
40
10
18,945
23,599
23,599
23,599|**2020**
**£**
**£**
39,115
12,537
51,652
51,652
-
-
51,652
2,113
425
2,541
764
3,682
236
40
200
200
263
24
110
141
2,325
13,064
13,064
13,064|**2020**
**£**
**£**
39,115
12,537
51,652
51,652
-
-
51,652
2,113
425
2,541
764
3,682
236
40
200
200
263
24
110
141
2,325
13,064
13,064
13,064|
|---|---|---|---|
||||51,652|
||||51,652|
||||-|
||||-|
||||51,652|
||||13,064|
||||13,064|
||||13,064|
**Page 11**
## **OLIVE ACADEMY**
|**Detailed statement of financial activities**||||
|---|---|---|---|
|**For the year ended 31 August 2021**||||
||**2021**||**2020**|
||**£**||**£**|
|**Charitable activities**||||
|**Net incoming/(outgoing) resources for the year**|(3,707|)|38,588|
**Page 12**