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 advan￿ment 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 t￿mendouS growth in its actlvltles In
the year, and in the advan￿ment 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 p￿pared 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
unrest￿cted
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
D1￿ct 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 balan￿S 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