INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
Charlty No: 1179782 (England & Wales)
For The Year Ended 8th March 2023
## **INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD**
## **Charity No: 1179782 (England & Wales)**
## **For The Year Ended 8th March 2023**
## **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 6th January 2023 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 2023**
## **Objectives and Activities**
- The maintenance, improvement or provision of public amenities in Nigeria by providing modern state art toilets and
- 1 wholesome drinking water and washing facilities in rural areas.
- 2 Transport parks, and other areas showing appalling state of sanitary facilities.
- Provision of rehabilitation opportunities for offenders, the relief of homeless persons in need by the provision of basic
- 3 amenities such as food, clothes etc.
- To advance education on current issues such as knife crimes and how to tackle them by organising seminars and
- 4 training.
## **Trustees Annual Report For The Year Ended 8th March 2023**
## **Review of financial position**
Please refer to the annexed accounts for the details of the financial statements for the year ended 8th March 2023
## **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 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:** 6th January 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 2023**
|**Unrestricted**
**Funds**
**2023**
**Note**
**INCOMING RESOURCES**
Incoming resources from charitable
activities
2
5,658
**TOTAL INCOMING RESOURCES**
**5,658**
**RESOURCES EXPENDED**
Charitable activities
3
(4,950)
**TOTAL RESOURCES EXPENDED**
**(4,950)**
**NET INCOMING/(OUTGOING)**
**RESOURCES FOR THE YEAR**
708
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
(757)
**TOTAL FUNDS CARRIED FORWARD**
**(49)**|**Total**
**Funds**
**2022**
3,675|
|---|---|
||**3,675**
(4,289)|
||**(4,289)**|
||(614)|
||(143)|
||**(757)**|
## **INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS Charity No: 1179782 (England & Wales)**
## **For The Year Ended 8th March 2023**
|**Note**
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
4
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted income funds
5
**Total shareholders' capital (deficit)**|**Unrestricted**
**Funds**
**2023**
**£**
251
**251**
(300)
**(49)**
**(49)**
**(49)**
(49)
**(49)**|**Total**
**Funds**
**2022**
**£**
(364)
**(364)**
(393)
**(757)**
**(757)**
**(757)**
(757)
**(757)**|**2019**
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 6th January 2023.
Omotayo Agbaje
## **INITIATIVE FOR THE ADVANCEMENT OF ETHICAL STANDARD**
## **Notes to the Financial Statements**
## **For The Year Ended 8th March 2023**
## **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 2023**
## **2. INCOMING RESOURCES**
|Donors
**3. RESOURCES EXPENDED**
Charity expenditure - objects
Bank charges
Accounting fees|**2023**
**2022**
5,658
3,675|
|---|---|
||**5,658**
**3,675**|
||**2023**
**2022**
4,581
4,039
69
-
300
250|
||**4,950**
**4,289**|
## **4. CREDITORS: Amounts falling due after more than one year**
|Accountancy fee
Other creditors|**2023**
**2022**
300
-
-
143
**300**
**143**|
|---|---|
## **5. UNRESTRICTED INCOME FUNDS**
|General Funds|**At**
**Net**
**At**
**Movement**
**09.03.2022**
**in funds**
**08.03.2023**
(49)
708
(757)|
|---|---|
||**(49)**
**708**
**(757)**|