WINNIES CASTLE OF LOVE ORPHANAGE HOME Charity Number 1172670 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2023
WINNIES CAsfLE OF LOVE ORPHANAGE HOME TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Reference and administrative details Trustees pOrt Independent Examiner's report statement of financial activitles 8alance sheet Notes to the accounts 10-13 Page I
WINNIES CASTLE OF LOVE ORPHANAGE HOME REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr Yemi Aiyeola Mr Ayuba Aleshe Mr Dotun Makinde Mr Tumbi Idowu Mrs Osaro Aiyeola (Operatlons Manager) Patrons/Matron Otunba Ku nle 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 Nigerla Independent Examiner Akintayo Ojo FCCA Resour Management Consultants Ltd 46 Hollywood Way Erith DA8 2QE Bankers Flrst bank PLC 8 Itapeju Street Apapa Lagos Nlgerla Page 2
WINNES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 The trustees submit thelr report and financlal statement for Winnies Castle of Love Orphanage Home (The Charity) for the perlod ended 31 December 2023. The trustees conffirm that the trustees, report and flnancial statements of the charity comply with current statutory requirements of the charlty's governlng document and the provisions of Charltles Att 2011. STRUCTURE, GOVERNANCE AND MANAGEMENT Winnles Castle of Love Orphanage Home was constituted as a Charltable Incorporated Organisation ("the CZO") with a constitution dated 25th January 20 17. The trustees has ftled an appllcatlon to regSster 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 governlng docu ment and a150 wlth conslderation 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 inductlon process for a newly appointed trustees comprises of an inltlal meetlng wlth the chalr and other trustees, followed by short meetings with the Operations Manager on the powers and sponsibilities of the trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organised so that the trustees meet gUlarlY to mange its affairs. The Operatlons Manager manages the day to day admlnistration of the orphanage. OBJECTIVES AND AcfIviTIES The principal object is the advanment of education, and the relief of poverty. To achleve Its objectives, the charity adopted the following strategies.. Running an orphanage where distressed and abandoned orphans and vulnerable chlldren are cared. We provide basic needs like food, shelter and other welfare necessities for the chlldren ages O -16. We provlde good and wholesome education and life skills in a carlng environment for abandoned and orphaned children between ages 0-16 and also provide vocatlonal skills for self sufficiency In adulthood. PUBLIC BENEFrrs Apart from provlding home, education and Ilfe skllls for abandoned, orphaned ad dlstressed children, Winnies Castles of Love Orphanage Home was engaged In some other charitable actlvities for public beneflts. These include the following: Further advlsory support for the Association of Orphans and Vulnerable Children In Nlgeria in Oyo State. We also support the Child Protection Network In Nlgerla and other slmllar organlsatlons. We conducted Children's day Charity Walk to create awareness and sensitlse the public on HIVIAID, and Child abuse etc, We also held an annual Chlldren's Chrlstmas party. Page 3
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 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 organisatlons impacting the lives of these young vulnerable people. REVIEW OF AcfivITIES Winnies Castle of Love orphanage Home continues to enjoy tmendouS growth in its actlvltles In the year, and in the advanment of educatlon and relief of poverty among the young vulnerable people, in accordance wlth the doctrlnes set out in our constitution. Du ring 2023, the average number of children catered for is 32. The break down Is as follows.. 11 In UniversityN 10 in Secondary education, 7 In Primary education, and 4 in Nursery education. We continue to place our children In full tlme educatlon with reputable private nursery schools, prlmary schools, secondary schools and unlversltles in Nigeria. As usual we held our pmject tagged "Some Mothers Do Have Them" (SMDPtr). SMDHT is an initiative that seeks to identify orphans and vulnerable chlldren, and chlldren wlth speclal need that have unlque talents in arts, singing, dancing and spoken word poetry, and provlde them with a platform to express and showcase their talent to the world. Aud itions to screen and select participants of the inaugural edition held in August 2023, whlle the grand finale held on the October 2023. The event was opened to vulnerable children across the Southwest region of the country. The charity also held Easter event and Christmas party for the benefit of the children in the centre. To achieve our goals, we depended mostly on the generosity of well-meanlng organlsations and Indlvlduals, who have compassion and empathy for the plight of the plight of the less privileged and wlll not turn a bllnd eye when approached for asslstance. FUTURE DEVELOPMENTS The charity continues to explore various ways of providing sultable homes and better Ilfe 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 charlty Is grateful for the unstintlng efforts of its volunteers who are Involved in providing services at the orphanage. It is estimated that over 7.000 hou rs were provided by volunteers in the year. If this is conservatively valued at 350 Naira per hour, the volunteers effort will amount to over 2,450,000 Naira (£4,900) per year, Page 4
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 RESERVES POLICY The trustees, policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the current activitles to contlnue if there is any significant d rop in funding. It would obviously be necessary then to consider how the fundlng would be replaced or attivities changed. The presenl free reserve is wlthln 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 15 exposed, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitlgate our exposures to major risks, PRINCIPAL FUNDING Funding has been provided mainly through donatlons from frlends, and organlsatlons. We also receive pledges from donors for specific projects. The Charity recelved grant from Davido for the day to day running of the Charity. List of major donor organlsatlons Goldspeed Davido Foundation Pacific Holdlngs CURRENCY TRANSLATION FOR FINANCIAL REPORTING The charity operates her orphanage in Nigeria and as such part of its Income was recelved In Nigeria. The charity also incurred expenses In Nigeria. For the purpose of thls report, recelpts and payments had been translated to Great Britain Pound Sterling at the rate of 650 Nigerian Naira to l British Pound. Page 5
WINNIES CASTLE OF LOVE ORPHANAGE HOME TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are Sponsible for preparlrsg the annual report and financial statements in accor- dance wlth applicable laws and regulations. Charity law requires the trustees to prepare flnancial statements for each financlal year. Under that law, the trustees have elected to prepare the financial statements in accordance with the Unlted Kingdom Generally Acceptable Accountlng Practlce (Unlted Kingdom Accountlng Standards and applicable law). The financial statements are requlred 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 consistentlyi Make judgement and estimates that are reasonable and prudent: Prepare the financial statements on the going concern basis unless It Is Inapproprlate to presume that the company will continue in operation. The twstees recognise their responslblllties to keep proper accou nting records that disclose with reasonable accuracy at any tlme 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 saftguarding the assets of the company and hence taking steps for the prevention and detection of fraud and other Irregu larities. The appended flnancial statements have been prepared on the accruals basls and have been examined by an independent examiner, whose report is also appended. Approved by the trustees on 27th September 2024 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 2023 TO THE TRUSTEES OF WINNIES CASTLE OF LOVE ORPHANAGE HOME I report on the accounts of the charity for the perlod ended 31 December 2023 which is set on pages 8- 12 RESPEcfivE RESPONSIBIUTIES OF THE TRUSTEES AND THE EXAMINER The charlty trustees are responslble for the preparatlon of the accounts. The Charlty's trustees consider than an audit is not requlred for the period under sectlon 142(2) of the Charltles Act 2011 and that an independent examination is needed. It is my responsibility to: examlne the accounts under settion145 of Charities Act 2011; follow the pmcedures laid down in the general Directions glven by the Charlty Commissioners (under section 145{5)(b) of the 2011 Act; and state whether particular matters have come to my attention. BASIS OF MY EXAMINATION My examination was carried out in accordance wlth the General Directions glven 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 a150 includes consideration of any unusual Items or disclosL¢res In the account, and seeking explanations from you as trustees concerning any such matters. The procedij res undertaken do not pmvide all the evidence that wou Id be requ ired in an audit, and consequently no opinion is glven 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. EXANINER'S STATEMENT In connection with my examlnatlon, no matter has come to my attention: (l) whlch gives me reasonable cause to believe that In any material respect the trustees have not met the requlrements to ensure that., proper accounting records are not kept in accordance wlth the Charities Act,. and accounts a prepared which agree wlth the accountlng records and comply with the accounting requirements of the Charltles Act 2011; or {2) to which, in my opinion, attention shou Id be drawn In order to enable a proper under- standing of the accounts to be reached. Akfntayo OJO FCCA 27th September 2024 Assoclation of Chartered Certified Accountar¢t 46 Hollywood Way, Erith. DA8 2QE Page 7
WINNIES CASTLE OF LOVE ORPHANAGE HOME STATEMENT OF FINANCIAL AcfiviTIES FOR YEAR ENDED 31 DECEMBER 2023 Unrertrlcted Restrlcted Total Total Funds Funds Funds Funds Notes 2023 2023 2023 2022 Incoming resources Donations (Nigeria) Donatlons (United Klngdom) Grants Recelved Total incomlng resources 6,486 6,954 624 14,064 6,486 6,954 3,497 16,937 8,830 9,552 3,535 21.917 2,873 2.873 Resources expended Cost of actlvities in rtherance of charity's objects Cost of actlvities in furtherance of charlty's objects Management and governance cost Total resources expended 12,691 12,691 2,802 200 14,216 3,585 4,865 22,666 2,802 200 12,891 2,802 15,693 Net(outgoing)/incoming resources for the year 1,173 71 1,244 749 Total funds at the start of the period 2,950 2,950 3,699 Balance at the end of the year 4,123 71 4,194 2,950 Page 8
WINNIES CASTLE OF LOVE ORPHANAGE HOME BALANCE SHE AS AT 31 DECEMBER 2023 Totsl Totsl Funds Funds Notes 2023 2022 Fixed Assets Tangible fixed assets io 740 Current assets Stocks Cash at bank and in hand 4,394 4,394 2,460 2,460 Less: Current Liabilities: Creditors: Amou nt falling due within One year Net assets 200 4,194 250 2,950 Financed BY: Charity funds General - unrestricted 4,194 4,194 2,950 2,950 The accounts have beèn prepared in accordance wlth the speclal provlslon of Statement of Recommended Practyce.. Accounting and Fleporting by Charitles (SORPI Issued March 2005 as modlfled for smallw charbties Approved by the Trustees on 27th September 2024 and slgned on thelr behalf by: Mr Yemi Aiyeola Page 9
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POLICIES (l. l) Basis of preparation of financial statements These accounts have been ppared under the historical cost conventlon and in accordance with the Financial Reportlng Standard for Smaller Entitles {effertive April 2008) .The financial statements have been prepared with Statement of Recommended Practlce (SORP), "Accounting and Reporting by Charities publlshed In March 2005 and applicable accou nting standards. (1.2) Incoming SOU rces All Incoming resou rces are included in the statement of financial activities when the charity is legally entitled to the Income and the amount can be reasonably quantlfied with reasonable accuracy. (1.3) Resources expended All expendltures are accounted for on an accrual basis. Management and governance costs are cost incurred in connectlon with administration and compllance with statutory requlrement unrestcted Restrlcred Totèl Totsl Funds Funds Funds Fullds 2023 2023 Z023 2022 2. DONATION5, LEG4CIES AND SIMIL4R INCCNING RESOUR Donations Received in Nlgerla Goldspeed Regular Glvlng's Paclflc Holdings other Income Total 1,434 2,205 2,353 494 6,486 1,434 2,205 2,353 494 6,486 2,447 2,645 3,738 8,830 Donations Received in United kingdom Friends of Winnie UK Glft Ald for prevlous years Total 6,954 6,954 9,552 6,954 6,954 9,552 Grants Received Davido Fund 624 624 2,873 3,497 1,150 2,385 3,535 SMDHT Project Fund Total 2,873 2,873 624 Page 10
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 Unmstrittad Restrlrted Total Total Fun¢Js Funds Funds Funds 2023 2023 2023 2022 5. COST OF AcftVITIFS IN FURTHERANCE OF CHARITY'S OBJEC Children's. School Fees Home Malntenance Expenses Child Care Expenses Home Utiiitles (Electricity & Gas) Medical Expenses Cleaning Motor Running Expenses Traveling & Su bslstence D1ct Staff Cost 2,646 1,616 1,234 400 244 55 688 450 4,912 326 2,646 1,616 1,234 400 244 55 688 450 4,912 326 3,891 2,016 2,418 715 285 55 456 318 1,724 1,472 740 126 Welfare Support, staff incentive & palllatlves Depreciation Stationery, telephone & stocks Anniversary Expenses 120 120 12,691 12,691 14,216 6. SMDHT Projett Cost Year ended fear ended 31-Dec 31-Dec 2023 2022 Unrestrlrted Restritted Funds Funds Project cost 2,802 2,802 3,585 2,802 2,802 3,585 7. MANAGEMENT AND GOVERNANCE COSTS Year ende(I fear ended 31-Dec 31-Dec 2023 2022 Unrestritted Restritted Funds Funds Management staff cost Examiner's fees - accountancy 4,615 250 4,865 200 200 200 200 8. CASH BALANCES Year ended fear ended 31-Dec 2023 31-Dec 2022 Total balanS held in all current accounts at perlod end 4,394 4,394 2,460 2,460 Page 11
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 9. CREDITORS Year ended Year ended 31-Dec 31-Dec 2023 2022 Accrued accountancy fees- current year 200 200 250 250 10. TANGIBLE FIXED ASSETS Offlce equipment Bore Hole System Motor Vehicle Total 31-Dec 2023 Cost At l January 2023 Additions At 31 December 2023 3,360 902 2,960 7,222 3,360 902 2,960 7,222 Depreciation At l January 2023 Charge for the year At 31 December 2023 3,360 902 2,960 7,222 3,360 902 2,960 7,222 Net book value At 31 December 2023 At 31 December 2022 740 740 11. STAFF COST AND NUMBERS Staff costs were as follows Year ended Year ended 31-Dec 31-Dec 2023 2022 Wages and salaries 4,912 4,912 6,339 6,339 Year ended Year ended The average number of employee during the year was as follows 31-Dec 2023 No. 31-Dec 2022 No, Operations Manager Support Staffs Total Page 12
WINNIES CASTLE OF LOVE ORPHANAGE HOME NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 12. TRUSTEES RENUMERATION Year ended Year ended 31-Dec 31-Dec 2023 2022 Du ring the year, no trustee received any remuneration Du ring the year, no trustee received any benefits in kind 13. INCOMING RESOURCESI(RESOURCES EXPENDED) This is stated after charging Year ended Year ended 31-Dec 2023 31-Dec 2022 Accountant's fees Depreciation 200 250 740 Page 13