OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Charity Registration No. 1183781

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

ANSARI & CO LIMITED

Charity Accountants & Consultants

BIRMINGHAM

B28 8JG

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2021

_______________ _______________
Pages
Legal and Administrative Information 2
Trustees’ Report 3 – 8
Independent Examiner’s Report 9 – 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14 – 22

1

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

_______________

Trustees Dr Daniel Jackson Chair
Dr Ahmed Elsheikh Vice-Chair
Dr Mohamed Sami Ahmed Treasurer
Dr Ozair Ismail
Dr Huda Hussein
Dr Mahibur Rahman
Dr Mohamed Azam Mansoor
Principal Address THE OLTON PROJECT
Kineton Green Road
Olton
Solihull
B92 7EB
Charity Number 1183781
Independent Examiner Mohammad Ansari
Ansari & Co Limited
Kings Court, 17 School Road
Birmingham
B28 8JG
Bankers Natwest Bank
4 High Street
Solihull
B91 3TF

2

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

_______________

The Trustees present their report and financial statements for the year ended 31 March 2021. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 01 January 2019).

Structure, governance and management

Governing document/Constitution

The organisation is a Charitable Incorporated Organisation (CIO). The charity was established by Constitution signed on 26 September 2018 and registered with the Charity Commission on 07 June 2019, under number 1183781.

Tax status

The charity is registered as a CIO and is therefore exempt from corporation tax and income tax.

Recruitment and training of trustees

The Board of Trustees currently consists of seven members who were recruited due to their commitment and expertise. Role descriptions, where applicable, are issued to each Trustee and a full induction is given setting out the obligations of a Trustee. The list of current Trustees can be found on page 2 of this document.

Organisational structure

The Charity is principally based in Olton, Solihull but works with organisations across the United Kingdom. The Trustees are responsible for the governance of the Charity, and the day-to-day management is performed by the Trustees and volunteers.

Key risks and uncertainties

The Trustees actively review the major risks which the Charity faces on a regular basis, in particular those relating to its operations and finances. They are satisfied that systems are in place to mitigate the charity’s exposure to the major risks. The risk management strategy comprises:

The strategy is reviewed regularly by the Trustees.

3

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

_______________

Aims, objectives and activities

Aims, objectives and intended impacts

Objects:

The Olton Project CIO (TOP) is established to promote benefit to the inhabitants of Solihull and the surrounding areas, without distinction of sex, race or of political or other opinions, by associating together the residents and the local authorities, voluntary or other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents.

The TOP aims to advance the religion of Islam in Solihull and the surrounding areas for the benefit of the public to enlighten others about the Muslim religion.

In furtherance of these objects but not otherwise, the trustees shall have the power:

  1. To establish or secure the establishment of a community centre and to maintain or manage or cooperate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the above objects;

  2. To develop an inter-agency approach for the community by encouraging joint use of TOP and by initiating inter-agency cooperation and facilities in the provision of services

  3. To procure to be written and print, publish, issue and circulate any reports or periodicals, books, pamphlets, leaflets or other documents

  4. To arrange and provide for or join in arranging and providing for the holding of exhibitions, meetings, lectures and classes

Public benefit statement

The section of this report above entitled ‘Aims, objectives and activities’ sets out the aims and priorities of the Charity. The Trustees have considered this matter, in conjunction with the guidance contained in the Charity Commission’s general guidance on public benefit, and have concluded:

4

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

_______________

Review of achievements and performance for the year

This financial year has yet again been a very busy and productive one for TOP. The TOP Academy has been running very well with around 20 teachers and developments happening in terms of management, structure and curriculum. The reputation of the Academy has been spreading with a current waiting list of around two years per child. The Academy is seen to be very different from other Islamic academies in terms of the professionalism, quality of teaching and friendly environment. Whilst there has been building work in the other parts of TOP building, the Academy has been able to be isolated from it and self-sufficient so as not to disrupt any of the teaching over the last year. Although there have been high rates of Covid in the local area, we have managed to continue to run the Academy whilst upholding national and local guidelines. For some of the year we had to run the courses online but we returned to face-to-face classes as soon as it was safe to do so. We had several meetings to ensure a safe gradual return, as it was clearly a difficult time for the students as well as their families. We also supported families that have been particularly badly affected by the pandemic in terms of financial loss, as well as loss of life and were able to give discounts and/or delay collection of fees for many families that have struggled this year financially.

Following the successful completion of construction on the Academy side of the building, we have focused the next stage on the main central area of the building, knocking together several old storage rooms to form a centralised kitchen, bathrooms for men women and a disabled wet room. This area was covered by a timber and plastic roof which has been replaced with a permanent fixture and large amounts of glass to keep it a well-lit area. We’ve also planned an extension on the far side of the building to eventually form a separate entrance. We hope these changes and the small extension will give a lot more versatility and flexibility to the use of the building going forward. The builders have started the work and we hope this will be completed by end of the summer of 2021.

The trustees have been meeting on a monthly basis consistently over this financial year which is more often than we have met over the last few years. This has seemed to work very well with ideas being generated and any issues or difficulties being dealt with in a timely fashion.

We hope to start Friday prayers and hold regular morning and evening prayers at the TOP Building. We believe this would be a source of blessing and help towards community cohesion, whilst also raising the profile of TOP, leading to more donations and participation. There has also been a consistent adults class on Saturday mornings as well as coffee mornings and other social gatherings. It is hoped that adult education can be developed further this year. We have hired the halls out to several groups within the local residential area that used to use the space before we purchased it two years ago. This includes a regular Tai Chi group and we have been able to offer the hall free of charge for charitable events which included The Olton Residents’ Association. The community work in terms of building bridges as well as supporting vulnerable members continues to be a forte of TOP. We have been working with the local council and are a base for food bank parcels and offer local distribution too. The work that TOP has done in this regard has been recognised by the Council in several mediums.

5

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

_______________

Financial review

Principal sources of funding

The principal source of funding for the Charity is from individual donors within the UK, mostly locally. Financially, the Charity began operating from October 2020 onwards after the previous entity moved its operations and assets/liabilities over to this CIO. Voluntary donations and Academy fees received specifically to this CIO in the period amounted to £29,411 (2020: £Nil) and net assets transferred totalled £799,993 (2020: £Nil).

Costs were kept under rigid control during the year and monitored regularly.

Capital expenditure on fixed assets after the transfer of assets during the year amounted to £27,612 (2020: £Nil). Fixed assets are used for charitable purposes and enable staff and volunteers to provide an optimum service to the public.

Reserves Policy

The Charity holds unrestricted funds which have been provided to the charity via donations. The Trustees maintain sufficient cash reserves to meet on-going commitments.

The unrestricted funds represent income earned but not yet utilised in supporting charitable activities and amounted to £787,781 at the end of the year (2020: £Nil). At 31 March 2021, the charity held £246,124 (2020: £Nil) at the bank and in cash which represents approximately 2.5 years’ worth of normal running costs of the charity.

Going concern

The Charity reported a cash inflow of £246,124 (2019-20: £Nil net flow) for the year and expects to make an outflow in the year to 31 March 2022 due to construction work on the TOP Building expected in 2021-22 but this is expected and a planned budgeted use of funds. After making further appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements.

6

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

_______________

Future plans

In terms of the TOP Academy next year, we are looking to develop its management and further develop the curriculum due to its growing size. We may look to employ a part-time manager who will be able to do most of the day-to-day work, allowing the trustees to concentrate on taking a more strategic super-visionary role in future.

Administratively, the Charity’s work has now moved completely to the new CIO set up and as many as possible of the donors who were donating to the old charity bank accounts have been informed and transitioned where possible to the new bank accounts. The old charity is intended to wound down and deregistered as at 31 December 2021.

We intend to fundraise for the next part of the building development and are hoping to do a fundraising drive during the blessed month of Ramadan. During this month we would like to hold the nightly prayers as well as hold a grand breaking of the fast event in which we will invite local residents of all faiths and none.

It is hoped that in the first part of next year we will be able to complete the current building works and that we will have a fully functioning central kitchen, bathrooms and seating area which will give us more working flexibility during the week. We will also be meeting as trustees and a wider volunteer group to help plan the next few years with regards to stages of development of the building as well as its activities.

The trustees intend to hold an away day in the next financial year to come up with a business plan and fiveyear strategy for the activities and developments we would like to see in the Charity and its new building.

On a financial note, we will aim to pay back the majority of the interest free loans taken when purchasing the TOP Building, by aiming to sell the development land that was donated last year to the Charity.

7

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2021

_______________

Statement of Trustees’ responsibilities

The Trustees are required to prepare financial statements for each financial year in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources, including the net income and expenditure for the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and all other applicable law. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Accounts preparation

The Trustees confirm that the accounts comply with current statutory requirements, and with those of the governing instrument.

This report was approved by the Trustees on 30 January 2022 and signed on their behalf, by:

Dr Daniel Jackson Chair

Dr Mohamed Sami Ahmed Treasurer

8

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2021

_______________

Independent Examiner’s Report to the Trustees of THE OLTON PROJECT CIO

I report on the financial statements of the charity for the year ended 31 March 2021 which is set out on pages 11 to 22.

This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 and the regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.

Respective Responsibilities of Trustees and Examiner

The Trustees are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the Trustees, concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

9

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2021

_______________

Independent Examiner’s Statement

In the course of my examination, no matter has come to my attention:-

have not been met; or

Mohammad Ansari

Ansari & Co Limited

Charity Accountants & Consultants Kings Court, 17 School Road Birmingham B28 8JG

Dated: 30 January 2022

10

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021

_______________

Unrestricted Total Unrestricted Total
Funds Funds Funds Funds
Note 2021 2021 2020 2020
£ £ £ £
Income from:
Donations and legacies
 2 12,091 12,091 - -
Charitable activities
 3 17,320 17,320 - -
Other income
 4 799,993 799,993 - -
___ ___ ___ ___
Total income 829,404 829,404 - -
___ ___ ___ ___
Expenditure on:
Raising funds
 5 132 132 - -
Charitable activities
 6 41,491 41,491
-		 -
___ ___ ___ ___
Total expenditure 41,623 41,623 - -
___ ___ ___ ___
Net movement in funds 787,781 787,781 - -
Reconciliation of funds:
Total funds brought forward - - - -
___ ___ ___ ___
Total funds carried forward
 14 787,781 787,781 - -
___ ___ ___ ___

All incoming resources and resources expended derive from continuing activities.

The notes on pages 14 to 22 form part of these financial statements.

11

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

BALANCE SHEET

AS AT 31 MARCH 2021

_______________

2021 2020
Note £ £ £ £
Fixed assets
Tangible fixed assets 10 1,222,356 -
Investments
Current assets
Debtors 11 3,339 -
Cash at bank and in-hand 246,124 -
____ ___
249,463 -
Creditors:amounts falling due
within one year 12 9,038 -
____ ___
Net current assets 240,425 -
Creditors:amounts due after
one year 13 (675,000) -
____ ___
Net assets 787,781 -
____ ___
Funds
Unrestricted funds:
General funds 687,781 -
Designated funds (Investment land) 100,000 -
____ ___
14 787,781 -
____ ___

The notes on pages 14 to 22 form part of these financial statements.

The financial statements were approved by the Trustees on 30 January 2022 and signed on their behalf, by:

Dr Daniel Jackson Chair

Dr Mohamed Sami Ahmed Treasurer

12

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

_______________ _______________ _______________ _______________
Note 2021 2020
£ £
Cash flows from operating activities:
Net cash provided by operating activities 17 793,940 -
Cash flows from investing activities:
Purchase of assets (construction work) 10 (27,612) -
Net cash impact on transfer of assets (520,204) -
___ ___
Net cash provided by investing activities (547,816) -
___ ___
Increase / (decrease) in cash & cash equivalents
in the reporting year 246,124 -
___ ___
Cash & cash equivalents at the beginning of
the reporting year - -
___ ___
Cash & cash equivalents at the end of the
reporting year 18 246,124 -
___ ___

The notes on pages 14 to 22 form part of these financial statements.

13

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

1. Accounting policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The following principal accounting policies have been applied:-

a) Incoming resources

Income includes the total funds received during the period and comprises donations collected directly or by volunteers and income from fundraising events. Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Income tax reclaimable under the Gift Aid Scheme is recognised on an accruals basis.

Donors are given the option to restrict their donation when it is made. Any Gift Aid claimed on restricted donations is classed as unrestricted income as per agreement with donors.

b) Resources expended and basis of allocation

Expenditure is included when incurred and has been shown in the Statement of Financial Activities inclusive of non-recoverable Value Added Tax.

Expenditure on operational programmes is recognised in the period in which it is incurred.

Currently all costs are directly attributable to specific activities, but where required, certain shared costs will be apportioned to activities in furtherance of the objects of the Charity.

14

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

1. Accounting policies (cont.)

c ) Funds accounting

Funds held by the charity are:

Unrestricted funds - These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Designated funds – These are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

d) Fixed assets

Fixed assets are stated at cost less accumulated depreciation. The costs of additions below £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:-

WIP Property - No depreciation until property refurbishment is finished
Fixtures - 20% per annum, straight line depreciation
Equipment - 25% per annum, straight line depreciation

e) Investments

Investment land is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised as income or expenditure.

f) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

g) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

15

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

2. Donations and legacies

Unrestricted Total Total
Funds
Funds		 Funds
2021 2021 2020
£ £ £
Voluntary donations 12,091 12,091 -
___ ___ ___
12,091 12,091 -
___ ___ ___
3. Charitable activities - income
Unrestricted Total Total
Funds
Funds		 Funds
2021 2021 2020
£ £ £
TOP Academy 17,320 17,320 -
___ ___ ___
17,320 17,320 -
___ ___ ___
4. Other income
Unrestricted Total Total
Funds Funds Funds
2021 2021 2020
£ £ £
Funds transferred from old TOP Charity* 799,993 799,993 -
___ ___ ___
799,993 799,993 -
___ ___ ___

* The Olton Project (Charity No: 1138839) is an unincorporated charity. The trustees decided to setup a new Charitable Incorporated Organisation, which was registered as The Olton Project CIO (Charity No: 1183781). The assets and liabilities of The Olton Project other than the investment land were transferred to The Olton Project CIO on 07 October 2020. The investment land was transferred on 23 December 2020. The unincorporated charity will be closed on 31 December 2021 after final transfer of any remaining donations income received into this charity entity on that date.

16

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

5. Raising funds
Unrestricted Total Total
Funds Funds Funds
2021 2021 2020
£ £ £
Fees 132 132 -
___ ___ ___
132 132 -
___ ___ ___
6. Charitable activities - costs
Unrestricted Total Total
Funds Funds
Funds
2021 2021 2020
£ £ £
Events & courses 158 158 -
TOP Academy 27,839 27,839 -
Office costs 1,012 1,012 -
IT & telecoms costs 2,750 2,750 -
Utilities 2,021 2,021 -
Building & maintenance 7,097 7,097 -
Governance costs 154 154 -
Depreciation 460 460 -
___ ___ ___
41,491 41,491 -
___ ___ ___
7. Net incoming resources for the period
2021 2020
This is stated after charging:- £ £
Examiners’ remuneration - -
Depreciation on tangible fixed assets 460 -
___ ___

17

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

8. Employees

2021 2020
No. No.
Number of employees
The average number of employees, analysed by function was:
Academy staff (part-time) 10 -
Administration (part-time) 1 -
______ ______
11 -
______ ______
2021 2020
£ £
Employment costs
Wages & salaries 21,162 -
Social security costs 27 -
Pension costs - -
_ _
21,189 -
_ _

No employee received remuneration amounting to more than £60,000 in the period (2020: £Nil).

The total employee benefits of the key management personnel (the trustees) of the charity was £Nil (2020: £Nil).

9. Trustees

During the year £Nil (2020: £Nil) of expenses were incurred for reimbursement of expenses by the Trustees in connection with the Charity’s business. The Trustees received no other remuneration in the year or the prior year.

18

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

10. Fixed assets

10. Fixed assets
Investments WIP Property Fixtures Equipment Total
£ £ £ £ £
Cost
At 31 March 2020 - - - - -
Additions 100,000* 1,118,215* 4,601 - 1,222,816
___ ___ ___ ___ ___
At 31 March 2021 100,000 1,118,215 4,601 - 1,222,816
___ ___ ___ ___ ___
Depreciation
At 31 March 2020 - - - - -
Charge for the year - - 460 - 460
___ ___ ___ ___ ___
At 31 March 2021 - - 460 - 460
___ ___ ___ ___ ___
Net book value
At 31 March 2021 100,000 1,118,215 4,141 - 1,222,356
___ ___ ___ ___ ___
At 31 March 2020 - - - - -
___ ___ ___ ___ ___

11. Debtors

11. Debtors
2021 2020
£ £
School fees 1,339 -
Gift aid income recoverable 2,000 -
___ ___
3,339
-
___ ___

All amounts are receivable within one year.

19

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_______________

12. Creditors

Amounts falling due within one year

2021 2020
£ £
Accruals 200 -
Trade creditors 3,748 -
Salaries, NI & Pensions 3,894 -
Other creditors 1,196 -
___ ___
9,038 -
___ ___
13. Creditors
Amounts falling due after one year
2021 2020
£ £
Interest-free loans 675,000 -
___ ___
675,000 -
___ ___
14. Statement of funds
Brought Incoming Resources Transfers Carried
forward resources expended forward
£
£		 £ £ £
Unrestricted funds
General reserve - 729,404 (41,623)
-		 687,781
Designated: Investments - 100,000 - - 100,000
_ __ __ ___ ___
Total funds - 829,404 (41,623) - 787,781
_ __ __ ___ ___

20

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

_______________

15. Analysis of net assets between funds

(a) 2021:
Unrestricted Total
funds
£ £
Fund balances at 31 March 2021 are represented by:
Tangible fixed assets
 1,222,356 1,222,356
Net current assets 240,425 240,425
Long term liabilities (675,000) (675,000)
____ ____
Total funds 787,781 787,781
____ ____
(b) 2020:
Unrestricted Total
funds
£ £
Fund balances at 31 March 2020 are represented by:
Tangible fixed assets - -
Net current assets - -
Long term liabilities - -
__ ___
Total funds - -
__ ___

16. Related parties

There were no related party transactions in the year or in the year to 31 March 2020, other than the transfer of assets from The Olton Project (Charity No: 1138839) to The Olton Project CIO (Charity No: 1183781). The Trustees of both charities are the same.

The assets and liabilities of The Olton Project other than the investment land were transferred to The Olton Project CIO on 07 October 2020. The investment land was transferred on 23 December 2020. The unincorporated charity will be closed on 31 December 2021 after final transfer of any remaining donations income received into this charity entity on that date.

21

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

_______________

17. Reconciliation of cash flows from operating activities

2021 2020
£ £
Net income / (expenditure) for the reporting year 787,781 -
Add: Depreciation charge 460 -
(Increase) / decrease in debtors (3,339)
-
Increase / (decrease) in creditors 684,038 -
___ ___
Net cash provided by operating activities 793,940 -
___ ___
18. Analysis of cash and cash equivalents
2021 2020
£ £
Cash in hand 246,124 -
___ ___
Total of cash and cash equivalents 246,124 -
___ ___
18A. Analysis of changes in net debt
At start Cashflows At end
of year in year of year
£ £ £
Cash in hand - 246,124 246,124
___ ___ ___
- 246,124 246,124
___ ___ ___

22