## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023** **31[ST] MAY 2023** COMPANY LIMITED BY GUARANTEE: 8545937 REGISTERED CHARITY NUMBER: 1171918 ## KingsGen Foundation ## LEGAL & ADMINISTRATIVE INFORMATION For the year ended 31 May 2023 ADDRESS 9 Clive Avenue Dartford DA1 3LD Telephone 07735480007 kingsgenfoundation@gmail,com admin@kingsgen.co.uk STATUS Registered Charity No. 1171918 Governing Document TRUSTEES Pastor Bayo Rufai Mrs Folake Verissimo Mrs Sola Goriola Mrs Bosede Babalola Management Committee Rev Nick Nunayon Chief Executive Officer Mrs Sola Goriola Director Mrs Bosede Babalola Director Mrs Folakemi Verissimo Director Mrs Oluyemi Nunayon Non Executive Director Registered Office 9 Clive Avenue Dartford DA1 3LD Page 1 ## **Kingsgen Foundation** ## **For the year ended 31 May 2023** The trustees have pleasure in presenting the report and accounts of the charity for the year ended 31 May 2023 Kingsgen Foundation is a registered educational and parenting charitable organisation working in association with different communities, religious organisations, charitable organisations and individuals with the vision of raising, developing and empowering our future leaders, helping them to achieve high academic excellence, becoming significant and making impact as New Generational Transformation Leaders. ## **AIM & OBJECTIVES** Our aim is to ensure that children and young adults, especially those from disadvantaged backgrounds, have every opportunity to fulfil their full potential, raise aspiration, broaden their horizons, and become leaders in their fields, active, prosperous and successful citizens of the world around them. ## Objectives to parents To educate and enlighten parents about UK Educational system To continuously provide information that affects children’s education in UK To equip and empower parents with necessary resources that will help them make informed decisions about their children’s educational needs at all levels Help parents and children to be steps ahead in their educational pursuant ## **Objectives to Children and Young Adults** Our overall mission is to help each child discover his or her purpose, release his/her potentials, nurture their latent abilities to To encourage, motivate and challenge become not only productive fulfilled citizens, but to be pace-setters in all areas of life. students to maximise their full potential and to achieve the highest level of academic distinction and excellence. Raise their aspirations early Help to prepare and develop their full potentials mentally, academically, financially and spiritually Encourage them to participate in extra curriculum activities and programs that will enhance their entry into best performing schools up to university levels and becoming better citizens Providing them with supplementary academic education Providing them with money management training and skills Providing them with coaching and mentoring activities Encourage them to question, to think and to work independently Provide them with best resources that will empower them for academic excellence and fulfilment Visit the World acclaimed universities and make sure they have excellent knowledge of Support students through each stage of the application process Help to seek for scholarships and bursaries for all our students ## **Trustees Report** Help to prepare them fully for life after schools Encourage them to be the best in whatever they chose as a career Provide spiritual support to all pupils ## **International Mission** We aim to build and establish community based schools in rural town and villages of developing countries such as Nigeria, Kenya, Ghana, Republic of Benin, Togo, and others. Help students to secure scholarship into international universities. Encouraging UK private and state schools to support and partner with the rural community schools ## **Risk Management** The trustes have a duty to identify and review the risks to which ths charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and errors. The Board has a formal, written policy of internal financial control procedures which will continue to be monitored and updated to cover new risk areas as and when they are identified. The organisation is now registered with Thirthy-One Eight for our safeguarding training and DBS checks ## **FINANCIAL REVIEW** The organisation saw its income increased due to grant received from National Lottery Community Fund on our supporters income. Our expenditure increased due to buying of Our income for the year ended was 37374 and expenditure was 25144 Cash balances for the year ended was at 27588 Part of the cash balance consist of National Lottery Grant 9700 differed till next financial year International schools project support and visits to the schools 6089 The restricted income was 11630 ## **TRUSTEE RESPONSIBILITIES** The trustees present their report together with the financial statements of ## **Kingsgen Foundation for the year ended 31 May 2023.** This report has been prepared in accordance with Part 8 of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 1 to 7 of the attached financial statements and comply with the Unit’s constitution, the law and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **Trustee Report** ## **Our Achievements and Impact for the year ended 31st May 2023** ## **UK Impact Reports** Our conferences and events were virtual throughout the year with increase of 50% attendance from previous year. Our Debating and Mentoring continue virtually througout the year and we had increase of 30% as students were able to join from other parts of country. Our Mentoring Programme for 14-18 years old kicked off in Summer term 2022 with 25 students online. As part of our mentoring programme, 31 students visited Barclays Bank HeadQuaters at 1 Churhill Place Canary Whalf for leadership workshop in February 2023. As part of our mentoring programme and university trip, 46 students visited university of Oxford with us in October 2022 and 46 students university of Cambridge with us in February 2023 This trip normally raise the aspirations of our students and give them the confidence to apply to top elite universities which include Cambridge, Oxford and other Russel group universituies in UK and Ivy League universities in the US which includes university of Harvard. ## **International Education Project** We were able to start supporting one student in Ghana with paying his tuition fee and continue to give him stiped as well. We also donated a laptop to him. We paid final year tuition fee for a university student in Nigeria to finish her university education. Uniforms, shoes, bags and registration fees were paid for four orphans who could not continue their primary school as result of the death of their mother and grandmother could not afford to pay for the school fees. We are still sponsoring another orhpan in a low cost private school in Nigeria for the second year. ## **Plans for 23/24 Financial Year** We will continue our mentoring program known as From Classroom to Boardroom for young people ages 13-18 during next year financial year. We will seek funding to restart our academic and study support in Maths, English and Science. We will do more STEM programs with our young people to expose them and encourage them to consider STEM careers During the next financial year we do more to support children, young people and their parents mental health wellbeing. We will also organise digital skills training and workshops for young people and their parents We wlll lookfor ways of 5uriporting more chidren in addition to present students in Nigeria We will atso tryto vlsit our Nigeria Project. Most of our programmes will become Hybrid. We will like to partner with corpoiate organisatlons Look for fund to recruit one staff APPROVAL This reportwas approved bythe trustees on 151512024 and signed on their behalf by: Nr. Ba o Davi¢ Rufai Chalrman Trustees Board CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Kingsgen Foundation On accounts for the year ended 3110512023 Charlty no (if any) 1171918 Sot out on pages I report to the trustees on my examination of the accounts of the above harily ("the Trust") for the year ended 3110512023. Rosponslblllties and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in ac￿rdanCe with th8 requirements of the Charities Act 2011 ("Ihe Act.). I report in r8SP8Ct of my examination of the Trust's accounls Carried out under section 145 of the 2011 Act and in Carrying out my examination, I have followed the applicable Directions given by th8 Charity Commission under section 145ISMb) of the Acl. I have ¢ompleled my examination. I confirm Ihat no material matters have come lo my attention lolher than that disclosed below ') in connection with the examination which gives me cause lo believe that in, any material respect.. accounting records were nol kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent axaminerfs statement I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Please delele Ihe words in the brackets if tljey do not apply. Slgned: Date: 1610512024 Nam•: Ibiyinka Ibikunle Relevant profossional qualification{s) or body Ilf any): CIMA Address: Robusl Finance Ltd. Stratford House. Waterside Court. Neptune Way. Rochester. ME2 4NZ IER October 2018 Section B Disclosure Only complete if the exaffliner needs to highlight matters of concern (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Give hero brief details of any items that the examiner wishes to disclose. IER October 2018 ## **KINGSGEN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31ST MAY 2023** ## **Income** ## **Notes** |||||**2023**|**2022**| |---|---|---|---|---|---| |||Restricted|Unrestricted|Total|| |Donation|2||27,674|27,674|20636| |Grants|2|9,700|0|9,700|2385| |**Total Operating Income**||9,700|27,674|37,374|23021| |**Expenditure**|||||| |Total Expenditure|3|0|25,144|25,144|38261| |**Net Income**||9,700|2,530|12,230|-15240| |Bal Bf||1930|772|2702|27367| |||11,630|3,302|14,932|12,127| All amount relates to continuing activities. There is no recognised gains and losses other than those dealt with in the above statement of Financial Activities The notes on pages form part of these financial statements. Kingsgen Foundation Balance Sheet AS AT 31 MAY 2023 Notes 2023 2022 Fixed Asset 4,694 6259.00 Current Assets 27.588 1532S.00 32.282 21584.00 Current Liabilities Creditors Amounts due within one year Detfered Income Net Current Assets 1,561 15,789 14.932 2947.00 6510.00 12127.00 Total net assets{Liabilltiesl 14,932 12127.00 Unrestrlcted 3,302 11,630 T12.00 Restricted 11355.00 General Fund 14,932 12127.00 The notes on page 6-7 form part of the9e accounts For the year ending 31st May 2023 the companywas entitled to exemption from audlt under The members have not required the company to obtain an audit in accordance with section 476 of the companyAct 2006 session 477121 of the Companies Act 2006 The directors acknowledge their responsibitities for: Ilensuring the company keeps accountlng iecords whlch complywilh section 386 iilpreparlng accounts which give a tTue and fai¥ view of the state of affairs of the company as at the of the financialyear, and of its prollt or loss tor the financial year, In accor(lance with the Tequlrements of sectlon 393 and which otherwise comply with the requrements of the companies Act relating to accounts, so far as Is applicable to the company. The flnanclal ststements was approved bythe Board on 17th Nay 2024 Mr. 8ayo Chairman Trustee avid Rufai ## **Kingsgen Foundation Notes to the accounts for the year ended 31 May 2023** - 1 Accounting Policies - a) The accounts have been prepared in accordance with applicable accounting standards and follow the recommendations in Statement of Recommended Practice: Accounting - b) by Charities (SORP) 2000. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received. Provision is made for tax unclaimed at the year end. - c) Resources expended are recorded in the period in which they are incurred and include attributable VAT which cannot be recovered. - d) Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets certain criteria is identified to the relevant fund. - Unrestricted funds are donations and other income received or gener 0 - of the charity without further specified purpose and are available as general funds. - e) Fixed assets used by the charity in fulfilling its charitable objects and are capitalised and depreciated. Depreciation is provided at rates considered appropriate to reduce book values to estimated residual values over the useful lives of the assets concerned. Depreciation is provided on equipment at 25% p.a. on the reducing balance method. ## 2 Income & Endownment |Income & Endownment
Donations and Grants
Organisation-Grants NCLF
Organisation Donation
Total
Conference donations
Stationery Refund
Regular General Donations
one off General donations
Debating Donations
Laptop Donations
International school Project Donations
online Donation
University Trip Donation
Coding Income
Gift Aids
Farm Trip
Donation Mentoring
Insurance refund
Hotel Refund|Restricted
Unrestricted
**Total**
**2023**
**2022**
9700.00
0.00
9700.00
2385.00
0.00
0.00
0.00
0.00| |---|---| ||9700.00
0.00
9700.00
2385.00
0
392
392
2360.00
0
39
39
912.00
0
9,343
9,343
5489.00
0
2,000
2,000
120.00
0
0
0
648.00
0
0
0
0.00
0
1,050
1,050
1335.00
0
20
20
421.00
0
5,390
5,390
7215.00
30
30
150.00
4,440
4,440
892.00
0
0
0
180.00
0
4,290
4,290
915.00
246
246
0.00
264
264| Volunteer Exp Refund 75 75 |Travel Refund
Total Income
3 **Expenditures**
Charitable
Debating and Mentoring
Facilitators and consultancy
University Tours & Trips
Conference Seminars and Workshops
Study Support
Parenting Workshops
Digital & Coding Workshops
Covid - 19 Film
Active & Creative Mind
Venue
TMV Meetings
Adverts & Publicity
Subscription
Travel
Hospitality
Training
IT Softwares
Website hosting and Maintenance
Fundraising expenses
IT & PA Equipment
Depreciation and Write off
Office Expenses
Volunteers Expenses
Stationeries, Telephone and Postages
International school project
Insurance
Admin and Legal Expenses
Scholarship and Laptop Donation
Collaboration/Donation
Donation Refund
Award Expenses
Bank Charges
Total|96
96|96
96| |---|---|---| ||**9,700**
**27,674**
**37,374**
**23022.00**|| ||**Restricted**
**Unrestricted**
**Total**
2022
0
8,250
8,250
5690.00
3,500
3,500
3939.00
2,117
2,117
3249.00
0
0.00
50
50
3405.00
0
3170.00
0
1320.00
0
0
1895.00
0
0
638.00
0
1021.00
14
14
495.00
32
32
460.00
254
254
0.00
196
196
1028.00
3,056
3,056
594.00
202
202
320.00
19
19
0.00
53
53
0.00
0
5766.00
1,565
1,565
3200.00
0
0.00
2,885
2,885
1069.00
395
395
86.00
636
636
0.00
342
342
247.00
596
596
639.00
240
240
0.00
200
200
0.00
100
100
375
375
67
67
30.00
**25,144**
**25,144**
**38261.00**|| |||**25,144**
**25,144**
**38261.00**| 4 Tangible Fixed Assets Furniture Equipment 2023 |_Cost_
at 1 June 2021
Additions during the year
at 31 May 2022
_Accumulated Depreciation_
at 1 June 2020
Charge for the year
at 31 May 2023
_Net Book Value_
at 1 June 2021
at 31 May 2023|-
6259.00
6259.00
0.00
0.00
0.00| |---|---| ||-
6259.00 -| ||-
-
-
-
1565.00
1565.00| ||-
-
-
0.00 -
0.00| ||-
4694.00
4694.00| ## 5 **Current Assets** |Bank Balance B/F
Net Operating Income/Loss
Bank Balance B/F
7 **Creditors less than one year**
Core Cost (Office)
8 Deferred Income
Grant
International school Support
Restricted Activities
Award4All
International School Project
Other donors
University Tours
Laptop Donations
9 **Statement of Funds as at 31st May 2023**
**Restricted**
**Unrestricted**|15358.00
12,230
27,588
1561.00
0.00
9700.00
6089.00
15789.00
9700.00
0.00
0.00
0.00
9700.00
1st Jun 2022Income
Expenditure
31st March 2023
1930
9,700
0
11,630
772
27,674
25,144
3,302
2702.00
37374.00
25144.00
14932.00| |---|---| ## **Staff & trustees** The organisation had no employee during the year. All of its activities are undertaken by hired professionals and Volunteers None of them earned salary during the period above £60000