Charity Number: 1168069
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OLIVE ACADEMY
Trustees' report and financial statements
for the period ending 31 August 2023
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 | 7-8 |
OLIVE ACADEMY
Legal and administrative information
| Charity number | 1168069 |
|---|---|
| Business address | 40 Thornhill Close |
| Blackburn | |
| Lancashire | |
| BB1 1YG | |
| Trustees | Salim Jogi |
| Imran Ayub Patel | |
| Tanveer Ahmed | |
| Accountants | Ahmed Karolia (FCCA) |
| 20 Moorside Avenue | |
| Blackburn | |
| Lancashire | |
| BB1 2BA | |
| Bankers | HSBC |
| 60 Church Street | |
| Blackburn | |
| Lancashire | |
| BB1 5AS |
Page 1
OLIVE ACADEMY
Report of the trustees
for the year ended 31 August 2023
The trustees present their report and the financial statements for the year ended 31 August 2023. 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 constitution 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/PAKISTAN
Orphans are 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 / UGANDA / PALESTINE
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 funds for the charity.
Page 2
OLIVE ACADEMY
Report of the trustees
for the year ended 31 August 2023
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;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures
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disclosed and explained in the financial statements; and
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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 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: 18 June 2024
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 2023 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:
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(i) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep proper accounting records in accordance with section 41 of the Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
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(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
Ahmed Karolia (FCCA)
Date: 18 June 2024
Page 4
OLIVE ACADEMY
Statement of financial activities
For the year ended 31 August 2023
| Notes Incoming resources Incoming resources from generating funds: Voluntary income 2 Other income resources 3 Total income resources Resources expended Costs of generating funds: Costs of generating voluntary income 4 Total resources expended Total funds bought forward Total funds carried forward |
Unrestricted Funds £ 31,135 720 31,855 38,079 38,079 22,317 16,094 |
Restricted Funds £ - - - - - - - |
2023 Total £ 31,135 720 31,855 38,079 38,079 22,317 16,094 |
2022 Total £ 27,543 45 |
|---|---|---|---|---|
| 27,588 | ||||
| 41,664 | ||||
| 41,664 | ||||
| 36,393 | ||||
| 22,317 |
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.
Page 5
OLIVE ACADEMY
Balance sheet as at 31 August 2023
| Notes Current Assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within 1 year 7 Net current assets Net assets Funds 8 Unrestricted income funds 9 Restricted income funds 10 Total funds |
£ £ £ £ - - 16,094 22,317 16,094 22,317 - - 16,094 22,317 16,094 22,317 16,094 22,317 - - 16,094 22,317 2022 2023 |
£ £ £ £ - - 16,094 22,317 16,094 22,317 - - 16,094 22,317 16,094 22,317 16,094 22,317 - - 16,094 22,317 2022 2023 |
|---|---|---|
| 22,317 | ||
| 22,317 |
The financial statements were approved by the trustees on 18 June 2024 and signed on its behalf by
Salim Jogi Trustee
The note 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 2023
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 expanded
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
| Gift Aid Donations Fees receivable |
Unrestricted Funds £ 1,720 15,051 14,364 31,135 |
Restricted Funds £ - - - - |
2023 Total £ 1,720 15,051 14,364 31,135 |
2022 Total £ - 10,154 17,389 |
|---|---|---|---|---|
| 27,543 | ||||
| Page 7 |
OLIVE ACADEMY
Notes to financial Statements
for the year ended 31 August 2023
3. Other income resources
| 3. Other income resources | ||||
|---|---|---|---|---|
| Books and literature Finance cost refund Internal bank account transfers 2022 Income adjustment 4. Cost of generating voluntary income Activity 1 |
Unrestricted Funds £ 15 40 680 (15) 720 Unrestricted Funds £ 38,079 38,079 |
Restricted Funds £ - - - - - Restricted Funds £ - - |
2023 Total £ 15 40 680 (15) 720 2023 Total £ 38,079 38,079 |
2022 Total £ 45 - - - |
| 45 | ||||
| 2022 Total £ 41,664 |
||||
| 41,664 |
5. Employees cost
Employment Costs
| Employment Costs | 2023 | 2022 | ||
| Other costs | - | - |
No employee received emoluments of more than £60,000 (2022 : 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:
| 6. Debtors Other debtors 7. Creditors amounts falling due within one year Trade Creditors |
2023 - 2023 Total £ - - 2023 Total £ - - |
2022 - |
|---|---|---|
| 2022 Total £ - |
||
| - | ||
| 2022 Total £ - |
||
| - | ||
| Page 8 |
OLIVE ACADEMY
Notes to financial Statements
for the year ended 31 August 2023
8. Analysis of net assets between funds
| Fund balances at 31 August 2023 as represented by: Current assets 9. Unrestricted funds At 1st September 2022 £ Unrestricted funds 22,317 22,317 10. Restricted funds At 1st September 2022 £ Restricted funds - - |
Unrestricted Funds £ 16,094 16,094 Incoming resources £ 31,855 31,855 Incoming resources £ - - |
Restricted Funds £ - - Outgoing resources £ (38,079) (38,079) Outgoing resources £ - - |
Total Funds £ 16,094 |
|---|---|---|---|
| 16,094 | |||
| At 31st August 2023 £ 16,094 |
|||
| 16,094 | |||
| At 31st August 2023 £ - |
|||
| - |
Page 9
OLIVE ACADEMY
The following pages do not form part of the statutory accounts.
Page 10
OLIVE ACADEMY
Detailed statement of financial activities
for the year ended 31 August 2023
| Detailed statement of financial activities for the year ended 31 August 2023 |
||
|---|---|---|
| Incoming resources Incoming resources from generating funds Voluntary income Gift Aid Donations Fees receivable Total incoming resources from generating funds Other income resources Books and literature Finance cost refund Internal bank account transfers 2022 Income adjustment Total incoming resources Resources expended Costs of generating funds Educational resources Children snacks and party Gifts and hospitality Educational programmes and events Finance costs Repairs and maintenance Insurance Motor and travel costs Telephone and internet Office stationery, postage and printing Website Internal bank account transfers Professional Service Fee Grants and donations Total cost of generating voluntary income Fundraising trading: cost of goods sold and other costs Total costs of generating funds Charitable activities Net incoming/(outgoing) resources for the year |
£ £ £ £ 1,720 - 15,051 10,154 14,364 17,389 31,135 27,543 31,135 27,543 15 45 40 - 680 - (15) - 720 45 31,855 27,588 5,539 7,200 1,378 7,978 2,349 - 4,249 - 473 295 3,602 999 306 306 1,054 650 423 533 365 1,770 120 40 680 - 400 100 17,140 21,792 38,079 41,664 38,079 41,664 38,079 41,664 2023 2022 £ £ (6,223) (14,076) Page 11 2023 2022 |
|
| 41,664 | ||
| 41,664 | ||
| 2022 £ (14,076) |
||
| Page 11 |