INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS Charity No: 1179782 (England & Wales) For the Year Ended 8TH MARCH 2022
INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD
Charity No: 1179782 (England & Wales)
For the Year Ended 8TH MARCH 2022
Trustees:
Adeola Suberu Abimbola Sadiq Omotayo Agbaje Basira Suberu Adeyemi Adeboye
Registered Office:
427 Bastable Avenue Barking IG11 0QN
Structure, Governance and Management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an incorporated charity
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and terror
This report was approved by the trustees on 28th December 2022 and signed on behalf of the trustee by:
Omotayo Agbaje
INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD
Charity No: 1179782 (England & Wales)
For the Year Ended 8TH MARCH 2022
Objectives and Activities
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The maintenance, improvement or provision of public amenities in Nigeria by providing modern state art toilets and wholesome drinking water and washing facilities in rural areas.
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Transport parks, and other areas showing appalling state of sanitary facilities.
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Provision of rehabilitation opportunities for offenders, the relief of homeless persons in need by the provision of basic amenities such as food, clothes etc.
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To advance education on current issues such as knife crimes and how to tackle them by organising seminars and training.
Trustees Annual Report For the Year Ended 8TH MARCH 2022
Review of financial position
Please refer to the annexed accounts for the details of the financial statements for the year ended 8th March 2022
Trustees' Responsibilities in Relation to the Financial Statements
The Charities Act requires the Trustees to prepare financial statements for each financial year, which 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 these financial statements, the trustees are required to:
A . Select suitable accounting policies and apply them consistently;
- B. Make judgements and estimates that are reasonable and prudent;
C. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
D. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The charity was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. The members have not required the charity to obtain an audit in accordance with section 476 of the Companies Act 2006. Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Board of Trustees and signed on their behalf by: Name: Omotayo Agbaje Date: 1/2/2023 Signature:
INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS Charity No: 1179782 (England & Wales)
For the Year Ended 8TH MARCH 2022
| Unrestricted Funds 2022 Note INCOMING RESOURCES Incoming resources from charitable activities 2 3,675 TOTAL INCOMING RESOURCES 3,675 RESOURCES EXPENDED Charitable activities 3 (4,289) Governance costs - TOTAL RESOURCES EXPENDED (4,289) NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR (614) RECONCILIATION OF FUNDS Total funds brought forward (143) TOTAL FUNDS CARRIED FORWARD (757) |
Total Funds 2021 6,613 |
|---|---|
| 6,613 (6,920) - |
|
| (6,920) | |
| (307) | |
| 164 | |
| (143) |
INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS Charity No: 1179782 (England & Wales)
For the Year Ended 8TH MARCH 2022
| Note FIXED ASSETS Tangible assets 4 CURRENT ASSETS Debtors 5 Cash at bank and in hand CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Amounts falling due after within one year 7 NET ASSETS FUNDS Unrestricted income funds 8 Total shareholders' capital (deficit) |
Unrestricted Funds 2022 £ - - (364) (364) - (364) (364) (393) (757) (757) (757) |
Total Funds 2021 £ - - - - (143) (143) (143) - (143) (143) (143) |
2019 3,744 6,152 -9,630 |
|---|---|---|---|
| 166 100 166 |
Trustees' responsibilities
The members have not required the charity to obtain an audit of its accounts for the year in question; and The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements were approved and signed by the member of the committee and authorised for issue on 28th December 2022.
Omotayo Agbaje
INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD
Notes to the Financial Statements
For the Year Ended 8TH MARCH 2022
1. Accounting policies
Basis of accounting
The accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005) issued in December 2005 and applicable accounting policies in the preparation of the financial statements are as follows.
Incoming resources
These are recognised in full in the Statement of Financial Activities in the period in which they are received. Included are income from donations and events held in the year and accounted for as unrestricted-funds.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost in relation to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% reducing balance Fixtures & Fittings - 25% reducing balance Motor Vehicles - 25% reducing balance
Taxation
The charity is exempt from tax on its charitable activities
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the entity
INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD
Charity No: 1179782 (England & Wales) For the Year Ended 8TH MARCH 2022
| 2. INCOMING RESOURCES Donors 3. RESOURCES EXPENDED Charity expenditure - objects Bank charges Accounting fees |
2022 2021 3,675 6,613 |
|---|---|
| 3,675 6,613 |
|
| 2022 2021 4,039 6,505 - 115 250 300 |
|
| 4,289 6,920 |
| 4. CREDITORS: Amounts falling due after more than one year | 4. CREDITORS: Amounts falling due after more than one year |
|---|---|
| 2022 2021 |
|
| Accountancy fee | 250 - |
| Other creditors | 143 143.00 |
| 393 143 |