WINNIES CASTLE OF LOVE ORPHANAGE HOME Charity Number 1172670 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2022
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS PAGE Reference and administrative details Trustees report Independent Examiner's report Statement of financial artivities Balance sheet Notes to the accounts 10- 13 Page I
WINNIES CASTLE OF LOVE ORPHANAGE HOME REFERENCE AND ADMINISTRATIVE DAlLs OF THE CHARITI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees Mr Yemi Aiyeola Mr Ayuba Aleshe Mr Dotun Makinde Mr Tumbi Idowu Mrs Osaro Aiyeola (Operations Manager) Patrons/Matron Otunba Kunle Kalejaiye SAN Dr Adetunji Oredipe Mrs Bose Agbesanwa Principal Office 46 Millfield Avenue Walthamstow London E17 SHH Operations Office Plot 60 Akingbola Layout Felele Challenge Area Ibadan Oyo State Nigeria Independent Examiner Akintayo Ojo FCCA Resource Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Bankers Barclays Bank Chingford Branch London United Kingdom First bank PLC 8 Itapeju Street Apapa Lagos Nigeria Page 2
WINNES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2022 The trustees submit their report and financial statement for Winnies Castle of Love Orphanage Home (The Charity) for the period ended 31 December 2022. The trustees confirm that the trustees, report and financial statements of the charity comply with current statutory requirements of the charity's governing document and the provisions of Charities Act 2011. STRUCTURE. GOVERNANCE AND MANAGEMENT Winnies Castle of Love Orphanage Home was constituted as a Charitable Incorporated Organisation ("the CIO") with a constitution dated 25th January 20 17. The trustees has filed an application to register the organisation with the Charity Commission as a charity in England and Wales. APPOINTMENT OR ELECTION OF TRUSTEES Trustees are appointed and or co-opted under the terms of the governing document and also with consideration to the experience they bring to the board and the affairs of the charity. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The induction process for a newly appointed trustees comprises of an initial meeting with the chair and other trustees, followed by short meetings with the Operations Manager on the powers and responsibilities of the trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the trustees meet regularly to mange its affairs. The Operations Manager manages the day to day administration of the orphanage. OBJECTIVES AND ACTIVITIES The principal objert is the advancement of education, and the relief of poverty. To achieve its objectives, the charity adopted the following strategies.. Running an orphanage where distressed and abandoned orphans and vulnerable children are cared. We provide basic needs like food, shelter and other welfare necessities for the children ages O - 16. We provide good and wholesome education and life skills in a caring environment for abandoned and orphaned children between ages 0-16 and also provide vocational skills for self sufficiency in adulthood. PUBLIC BENEFITS Apart from providing home, education and life skills for abandoned, orphaned ad distressed children, Winnies Castles of Love Orphanage Home was engaged in some other charitable artivities for public benefits. These include the following.. Further advisory support for the Association of Orphans and Vulnerable Children in Nigeria in Oyo State. We also support the Child Protection Network in Nigeria and other similar organisations. We condurted Children's day Charity Walk to create awareness and sensitise the public on HIV/AID, and Child abuse etc, We also held an annual Children's Christmas party. Page 3
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2022 Our efforts are geared towards promoting healthy life for distressed, abandoned and orphaned children in Nigeria. We also endeavour to build cohesion and good practice amongst practitioners and organisations imparting the lives of these young vulnerable people. REVIEW OF ACTIVITIES Winnies Castle of Love orphanage Home continues to enjoy tremendous growth in its activities in the year, and in the advancement of education and relief of poverty among the young vulnerable people, in accordance with the doctrines set out in our constitution. During 2022, we provided home and basic needs for 33 children with age ranging between 2 and 16 years of age. We continue to place our children in full time education with reputable private nursery, primary and secondary schools in Ibadan, Oyo state Nigeria. The Charity started a project tagged "Some Mothers Do Have Them SMDHT" SMDHT is an initiative that seeks to identify orphans and vulnerable children, and children with special need that have unique talents in arts, singing, dancing and spoken word poetry, and provide them with a platform to express and showcase their talent to the world. Auditions to screen and select participants of the inaugural edition held on 13 August 2022, while the grand finale held on the 9th October 2022. The theme for the maiden edition was "FREEDOM FROM MY WORLD" We chose this theme to tell the children that they should not allow their circumstances to hold them back. The year's competition was in five categories and the best three in each category were awarded prizes for being outstanding. To achieve our goals, we depended mostly on the generosity of well-meaning organisations and individuals, who have compassion and empathy for the plight of the plight of the less privileged and will not turn a blind eye when approached for assistance. FUTURE DEVELOPMENTS The charity continues to explore various ways of providing suitable homes and better life for vulnerable children in Ibadan Nigeria. The charity is also planning to embark on fund raising to build her own school to enable her make more life-changing impact at a reduced cost. VOLUNTEERS The charity is grateful for the unstinting efforts of its volunteers who are involved in providing services at the orphanage. It is estimated that over 6,000 hours were provided by volunteers in the year. If this is conservatively valued at 300 Naira per hour, the volunteers effort will amount to over 1,800,000 Naira {£3,600) per year. Page 4
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2022 RESERVES POLICY The trustees, policy is to have unrestrirted and uncommitted funds {free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the current artivities to continue if there is any significant drop in funding. It would obviously be necessary then to consider how the funding would be replaced or activities changed. The present free reserve is within the policy range but the trustees are continuing to seek additional funds for the reserves. RISK MANAGEMENT The trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposures to major risks. PRINCIPAL FUNDING Funding has been provided mainly through donations from friends, and organisations. We also receive pledges from donors for specific projects. The Charity received grant from Davido for the day to day running of the Charity. List of major donor organisations Goldspeed Davido Foundation CURRENCY TRANSLATION FOR FINANCIAL REPORTING The charity operates her orphanage in Nigeria and as such part of its income was received in Nigeria. The charity also incurred expenses in Nigeria. For the purpose of this report, receipts and payments had been translated to Great Britain Pound Sterling at the rate of 650 Nigerian Naira to l British Pound. Page S
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES, RESPONSIBILtTIES The Trustees are responsible for preparing the annual report and financial statements in accor- dance with applicable laws and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Acceptable Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing the financial statements, the trustees are required to: Select suitable accounting policies and the apply them consistently; Make judgement and estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The trustees recognise their responsibilities to keep proper accounting records that 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 20 1 l. They are also responsible for safeguarding the assets of the company and hence taking steps for the prevention and detection of fraud and other irregularities. The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended. Approved by the trustees on 2023 and signed on their behalf by: Mr Yemi Aiyeola Trustee Mr Ayuba Aleshe Trustee Page 6
WINNIES CASTLE OF LOVE ORPHANAGE HOME INDEPENDENT EXAMINERS REPORT FOR YEAR ENDED 31 DECEMBER 2022 TO THE TRUSTEES OF WINNIES CASTLE OF LOVE ORPHANAGE HOME I report on the accounts of the charity for the period ended 31 December 2022 which is set on pages 8- 12 RESPECTIVE RESPONSIBILtTIES OF THE TRUSTEES AND THE EXAMINER The charity trustees are responsible for the preparation of the accounts. The Charity's trustees consider than an audit is not required for the period under section 142{2) of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of Charities Act 2011; follow the procedures laid down in the general Directions given by the Charity Commissioners (under section 145{51(b) of the 2011 Art; and state whether particular matters have come to my attention. BASIS OF MY EXAMINATION My examination was carried out in accordance with the General Dirertions 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 account, 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 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 statements below. EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: ( l) which gives me reasonable cause to believe that in any material respert the trustees have not met the requirements to ensure that.. proper accounting records are not kept in accordance with the Charities Act,. and accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Charities Act 2011; or (2) to which, in my opinion, attention should be drawn in order to enable a proper under- standing of the accounts to be reached. Akintayo Ojo FCCA Association of Chartered Certified Accountant 46 Hollywood Way, Erith. DA8 2QE 2023 Page 7
WINNIES CASTLE OF LOVE ORPHANAGE HOME STATEMENT OF FINANCIAL A1VITIEs FOR YEAR ENDED 31 DECEMBER 2022 Unrestricted Restricted Total Total Funds Funds Funds Funds Notes 2022 2022 2022 2021 Incoming resources Donations (Nigerial Donations (United Kingdom) Grants Received Total incoming resources 8,830 9,552 1,150 19,532 8,830 9,552 3,535 21,917 7,870 13,451 2,385 2,385 21,321 Resources expended Cost of activities in furtherance of charity's objects Cost of activities in furtherance of charity's objects Management and governance cost Total resources expended 14,216 1,200 4,865 20,281 14,216 3,585 4,865 22,666 21,439 2,385 5,572 27,011 2,385 Net(outgoing)/incoming resources for the year 749 749 5,690 Total funds at the start of the period 3,699 3,699 9,389 Balance at the end of the year 2,950 2,950 3,699 Page 8
WINNIES CASTLE OF LOVE ORPHANAGE HOME BALANCE SHEET AS AT 31 DECEMBER 2022 Total Total Funds Funds Notes 2022 2021 Fixed Assets Tangible fixed assets io 740 1,480 Current assets Stocks Cash at bank and in hand 2,460 2,460 2,419 2,419 Less: Current Liabilities: Creditors.. Amount falling due within One year Net assets 250 2,950 200 3,699 Financed BY: Charity funds General unrestricted 2,950 2,950 3,699 3,699 The accoLJnts have been prepared in accordance with the special pmvision of Statement of Recommended Pr3Ctice'. Accounting and Reporting by Charities ISORPI issued March 2005 as modified for smaller charities Approved by the Trustees on 2023 and signed on their behalf by.. Mr Yemi Aiyeola Page 9
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2022 I. ACCOUNTING POLICIES ( l. l) Basis of preparation of financial statements These accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) .The financial statements have been prepared with Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities published in March 2005 and applicable accounting standards. (1.2) Incomi ng resources All incoming resources are included in the statement of financial artivities when the charity is legally entitled to the income and the amount can be reasonably quantified with reasonable accuracy. (1.3) Resources expended All expenditures are accounted for on an accrual basis. Management and governance costs are cost incurred in connection with administration and compliance with statutory requirement Unrestricted Restricted Total Tot31 Funds Funds Funds Funds 2022 2022 2022 2021 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOUR Donations Received in Nigeria Goldspeed Regular Giving's Other Income 2,447 2,645 3,738 8,830 2,447 2,645 3,738 8,830 2,437 1,969 3,464 7,870 Total Donations Received in United kingdom Friends of Winnie UK Gift Aid for previous years Total 9,552 9,552 13,451 9,552 9,552 13,451 Grants Received Davido Fund 1,150 1,150 2,385 3,535 SMDHT Project Fund Total 2,385 2,385 1,150 Page 10
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2022 Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 5. COST OF ACTIVITIES IN FURTHERANCE OF CHARifi's OBJEC Children's, School Fees Home Maintenance Expenses Child Care Expenses Home Utilities (Electricity & Gas) Medical Expenses Cleaning Motor Running Expenses Traveling & Subsistence Direct Staff Cost 3,891 2,016 2,418 715 285 55 456 318 1,724 1,472 740 126 3,891 2,016 2,418 715 285 55 456 318 1,724 1,472 740 126 3,702 2,094 2,728 539 719 65 655 364 1,935 1,187 1,804 2,862 2,785 21,439 Welfare Support, staff incentive & palliatives Depreciation Stationery, telephone & stocks Anniversary Expenses 14,216 14,216 6. SMDHT Project Cost Year ended year ended Unrestricted Restricted 31-Dec 2022 31-Dec 2021 Funds Funds Project cost 1,200 2,385 3,585 1,200 2,385 3,585 7. MANAGEMENT AND GOVERNANCE COSTS Year ended Year ended Unrestricted Restricted 31-Dec 2022 31-Dec 2021 Funds Funds Management staff cost Examiner's fees accountancy 4,615 250 4,865 4,615 250 4,865 5,372 200 5,572 8. CASH BALANCES Year ended year ended 31-Dec 31-Dec 2022 2021 Total balances held in all current accounts at period end 2,460 2,460 2,419 2,419 Page 11
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2021 9. CREDITORS Year ended Year ended 31-Dec 31-Dec 2022 2021 Accrued accountancy fees- current year 250 250 200 200 10. TANGIBLE FIXED ASSETS Office equipment Bore Hole System Motor Vehicle Total 31-Dec 2022 Cost At l January 2022 Additions At 31 December 2022 3,360 902 2,960 7,222 3,360 902 2,960 7,222 Depreciation At l January 2022 Charge for the year At 31 December 2022 3,360 902 1,480 740 2,220 5,742 740 6,482 3,360 902 Net book value At 31 December 2022 740 740 At 31 December 2021 1,480 1,480 11. STAFF COST AND NUMBERS Staff costs were as follows Year ended Year ended 31-Dec 31-Dec 2022 2021 Wages and salaries 6,339 6,339 Year ended Year ended The average number of employee during the year was as follows 31-Dec 31-Dec 2022 No. 2021 No. Operations Manager Support Staffs Total Page 12
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2022 12. TRUSTEES RENUMERATION Year ended Year ended 31-Dec 31-Dec 2022 2021 During the year, no trustee received any remuneration During the year, no trustee received any benefits in kind 13. INCOMING RESOURCES/(RESOURCES EXPENDED) This is stated after charging Year ended Year ended 31-Dec 2022 31-Dec 2021 Accountant's fees Depreciation 250 740 200 1,804 Page 13