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2022-03-31-accounts

Charity Registration No. 1183781

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

ANSARI & CO

Charity Accountants & Consultants

BIRMINGHAM

B28 8JG

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2022

_______________ _______________
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 – 23

1

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2022

_______________

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
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 2022

_______________

The Trustees present their report and financial statements for the year ended 31 March 2022. 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 2022

_______________

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

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2022

_______________

Review of achievements and performance for the year

The Olton Project has seen another year of successful community provision. There has been a development of infrastructure both from an employment standpoint, as well as a volunteer group. The TOP now has a Site Manager employed on a part time basis who looks after the site as well as the day-to-day running on a practical basis. The trustees also agreed upon part time employment for a manager to help with the TOP Academy from September 2022. This has allowed a greater focus on activities and there has been consistency in terms of offering a place of prayer both individual and congregational, as well as supportive activities such as; coffee mornings, leisure activities, tai chi etc.

There have been meetings with regards to additional adult education as this was an initial focus of the TOP which has been lacking over the last two years whilst concentrating on the new building site. There are ongoing works in the mid-section of the property, however, there have been disruptions with regards to swapping over of construction companies etc and this will now be given over to the Site Manager who will liaise with individual workmen and contractors to finish the job. Also, we have emphasised this year the need for regular updates of policies and each trustee has taken one policy on in order to keep regularly updated.

The TOP continues to offer a food bank service and is a place of contact for the Council and mental health services, if there are any particularly vulnerable individuals or families that need food packages or additional support. TOP was also able to financially support a local resident who was unable to afford cost of heating and utility bills for his property.

The Olton Project Academy continues to be running well and recent meetings focused on a cessation of expansion at this point and an increased focus on maintaining the quality of teaching. This included a continuing professional Development Coach who will meet with the teachers and employees on a yearly basis to look at development.

The sale of the investment land has allowed us to pay back most of the loans, the rest of which we hope to pay off in the next financial year. This has provided us much needed financial stability going into the future and to help us finish the much needed refurbishment work on the building.

5

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2022

_______________

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 2021 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 £866,460 (2021: £829,404) including net assets transferred from the old TOP charity and net proceeds from the sale of investment land.

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 £142,779 (2021: £27,612). 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 £1,555,317 at the end of the year (2021: £787,781). At 31 March 2022, the charity held £619,449 (2021: £246,124) at the bank and in cash which represents approximately 15 years’ worth of normal running costs of the charity.

Going concern

The Charity reported a cash inflow of £373,325 (2020-21: £246,124 net inflow) for the year and expects to make an outflow in the year to 31 March 2023 due to construction work on the TOP Building expected in 2022-23 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 2022

_______________

Future plans

Also, we developed policies around behaviour and expectations between teachers and parents.

It is hoped that the curriculum will be developed and finalised over the coming academic year. It is hoped that there will be an employee who will be able to shadow the current volunteers and administration staff so that they are able to do this role fully the following academic year.

Future planning was considered with regards to the tree top hall and the use as a conference centre and flexible space. It is hoped that in the new financial year we are able to have architectural planning for this and attempt fundraising to reach this goal.

7

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2022

_______________

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 31 January 2023 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 2022

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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 2022 which is set out on pages 11 to 23.

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 2022

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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

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

Dated: 31 January 2023

10

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

______________

Unrestricted Restricted
Total		 Unrestricted Restricted Total
Funds Funds 2022 Funds Funds 2021
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 235,360
-		 235,360 12,091 - 12,091
Charitable activities 3 51,100 - 51,100 17,230 - 17,230
Other income 4 - 580,000 580,000 699,993 100,000 799,993
_ _ __ __ __ _
Total income 286,460 580,000 866,460 729,404 100,000 829,404
_ _ __ __ __ _
Expenditure on:
Raising funds 5 641 - 641 132 - 132
Charitable activities 6 28,648 69,635 98,283 41,491 - 41,491
_ _ __ __ __ _
Total expenditure 29,289 69,635 98,924 41,623 - 41,623
_ _ __ __ __ _
Net income/(expenditure)
before transfer 257,171 510,365 767,536 687,781 100,000 787,781
Transfers between funds 140,392 (140,392) - - - -
_ _ __ __ __ _
Net movement in funds 397,563 369,973 767,536 687,781 100,000 787,781
Reconciliation of funds
Total funds brought forward 687,781 100,000 787,781 - - -
_ _ __ __ __ _
Total funds
carried forward 14 1,085,344 469,973 1,555,317 687,781 100,000 787,781
_ _ __ __ __ _

All incoming resources and resources expended derive from continuing activities.

The notes on pages 14 to 23 form part of these financial statements.

11

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

BALANCE SHEET

AS AT 31 MARCH 2022

_____________ _____________ _____________ _____________ _____________ _____________
2022 2021
Note £ £ £ £
Fixed assets
Tangible fixed assets 10 1,263,947 1,122,356
Investments -
 100,000
__
 __
1,263,947 1,222,356
Current assets
Debtors 11 19,181 3,339
Cash at bank and in-hand 619,449 246,124
____ ___
638,630 249,463
Creditors:amounts falling due
within one year 12 97,260 9,038
____ ___
Net current assets 541,370 240,425
Creditors:amounts due after
one year 13 (250,000) (675,000)
____ ___
Net assets 1,555,317 787,781
____ ___
Funds
Unrestricted funds 1,085,344 687,781
Restricted funds 469,973 100,000
____ ___
14 1,555,317 787,781
____ ___

The notes on pages 14 to 23 form part of these financial statements.

The financial statements were approved by the Trustees on 31 January 2023 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 2022

_______________ _______________ _______________ _______________
Note 2022 2021
£ £
Cash flows from operating activities:
Net cash provided by operating activities 17 416,104 793,940
Cash flows from investing activities:
Purchase of assets (construction work) 10 (142,779) (27,612)
Net cash impact on transfer of assets (55,000) (520,204)
Net proceeds from sale of investments 580,000 -
___ ___
Net cash provided by investing activities 382,221 (547,816)
___ ___
Cash flows from financing activities:
Repayments of borrowing 13 (425,000) -
___ ___
Net cash provided by investing activities (425,000) -
___ ___
Increase / (decrease) in cash & cash equivalents
in the reporting year 373,325 246,124
___ ___
Cash & cash equivalents at the beginning of
the reporting year 246,124 -
___ ___
Cash & cash equivalents at the end of the
reporting year 18 619,449 246,124
___ ___

The notes on pages 14 to 23 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 2022

_______________

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 2022

_______________

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.

Restricted funds – These are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

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 2022

_______________

2. Donations and legacies

Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2022 2022 2022 2021
£ £ £ £
Voluntary donations 235,360 - 235,360 12,091
___ ___ ___ ___
235,360 - 235,360 12,091
___ ___ ___ ___
3. Charitable activities - income
Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2022 2022 2022 2021
£ £ £ £
TOP Academy 51,100 - 51,100 17,230
___ ___ ___ ___
51,100 - 51,100 17,230
___ ___ ___ ___
4. Other income
Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2022 2022 2022 2021
£ £ £ £
Funds transferred from old TOP Charity* - - - 799,993
Net profit from sale of investment land** - 580,000 580,000 -
___ ___ ___ ___
- 580,000 580,000 799,993
___ ___ ___ ___

* 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 which came from RSFI, were transferred to The Olton Project CIO on 07 October 2020. ** The investment land was transferred on 23 December 2020, from RSFI charity, and sold by TOP CIO, in September 2021. The unincorporated charity was closed on 16 May 2022. See Note 10 regarding sale of investment land.

16

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_______________

5. Raising funds

Unrestricted Restricted Total Total
Funds Funds Funds
Funds
2022 2022 2022 2021
£ £ £ £
Fees 641 - 641 132
___ ___ ___ ___
641 - 641 132
___ ___ ___ ___
6. Charitable activities - costs
Unrestricted Restricted Total Total
Funds Funds Funds
Funds
2022 2022 2022 2021
£ £ £ £
Grants paid out 2,950 - 2,950 -
Events & courses 724 - 724 158
TOP Academy - 69,635 69,635 27,839
Office costs 1,476 - 1,476 1,012
IT & telecoms costs 1,779 - 1,779 2,750
Utilities
 3,763 - 3,763 2,021
Building & maintenance 15,032 - 15,032 7,097
Governance costs 1,736 - 1,736 154
Depreciation 1,188 - 1,188 460
___ ___ ___ ___
28,648 69,635 98,283 41,491
___ ___ ___ ___
7. Net incoming resources for the period
2022 2021
This is stated after charging:- £ £
Examiners’ remuneration 1,000 -
Depreciation on tangible fixed assets 1,188 460
___ ___

17

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_______________

8. Employees

2022 2021
No. No.
Number of employees
The average number of employees, analysed by function was:
Academy staff (part-time) 20 10
Administration (part-time) 1 1
______ ______
21 11
______ ______
2022 2021
£ £
Employment costs
Wages & salaries 57,330 21,162
Social security costs 218 27
Pension costs - -
_ _
57,548 21,189
_ _

No employee received remuneration amounting to more than £60,000 in the period (2021: £Nil).

The total employee benefits of the key management personnel (the trustees) of the charity was £Nil (2021: £Nil).

9. Trustees

During the year £Nil (2021: £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 2022

_______________

10. Fixed assets

10. Fixed assets
Investments WIP Property Fixtures Equipment Total
£ £ £ £ £
Cost
At 31 March 2021
 100,000* 1,118,215* 4,601 - 1,222,816
Additions - 140,392 - 2,387 142,779
Disposals
 (100,000) - - - (100,000)
___ ___ ___ ___ ___
At 31 March 2022 - 1,258,607 4,601 2,387 1,265,595
___ ___ ___ ___ ___
Depreciation
At 31 March 2021 - - 460 - 460
Charge for the year - - 920 268 1,188
___ ___ ___ ___ ___
At 31 March 2022 - - 1,380 268 1,648
___ ___ ___ ___ ___
Net book value
At 31 March 2022 - 1,258,607 3,221 2,119 1,263,947
___ ___ ___ ___ ___
At 31 March 2021 100,000 1,118,215 4,141 - 1,222,356
___ ___ ___ ___ ___

RSFI also donated all of its intellectual property rights to TOP CIO as well as a charge on a house brought about through a past legal case on a former Consultant. As the real potential of recovering any funds from this avenue is unknown, there has been no actual value attached to the assets of TOP CIO in relation to these two other transfers.

WIP Property consists of the new TOP Building that is being refurbished and undergoing significant investment in construction and redesign. It is hoped that the work will be complete by the end of 2023.

19

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_______________

11. Debtors
2022 2021
£ £
School fees 10,135 1,339
Gift aid income recoverable 8,336 2,000
Prepayments 710 -
___ ___
19,181 3,339
___ ___
All amounts are receivable within one year.
12. Creditors
Amounts falling due within one year
2022 2021
£ £
Accruals
200		 200
Trade creditors 303 3,748
Net wages 9,492 3,894
PAYE/NI 1,646 1,196
Investment land sale creditor (SHEP Charity – See Note 10) 85,000 -
Other creditors 619 -
___ ___
97,260 9,038
___ ___
13. Creditors
Amounts falling due after one year
2022 2021
£ £
Interest-free loans 250,000 675,000
___ ___
250,000 675,000
___ ___

20

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_______________

14. Statement of funds

Brought Incoming Resources Transfers Carried
forward resources expended forward
£
£		 £ £ £
Unrestricted funds
General reserve 687,781 286,460 (29,289) 140,392* 1,085,344
Restricted funds
RSFI fund* 100,000 580,000 (69,635) (140,392) 469,973
_ __ __ ___ ___
Total funds 787,781 866,460 (98,924) - 1,555,317
_ __ __ ___ ___

Restricted funds descriptions

RSFI Fund

The donation from RSFI was donated as restricted in its use for activities compatible to RSFI’s objectives around education. In keeping with the restricted donation guidelines, the Trustees of The Olton Project CIO, have concluded that the costs related to the Academy and Education building refurbishment, including the refurbishment costs to the Education building made in the current period, are acceptable uses of such restricted funds. This totalled £69,635 in Academy running costs and a further £140,392 spent in the current year on refurbishment costs to the Education building. The balance of the fund is expected to be used on similar costs in the forthcoming years.

15. Analysis of net assets between funds

(a) 2022:
Unrestricted Total
funds
£ £
Fund balances at 31 March 2022 are represented by:
Tangible fixed assets
 1,263,947 1,263,947
Net current assets 541,370 541,370
Long term liabilities (250,000) (250,000)
____ ____
Total funds 1,555,317 1,555,317
____ ____

21

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_______________

15. Analysis of net assets between funds (cont.)

(b) 2021:
Unrestricted Total
funds
£ £
Fund balances at 31 March 2022 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
____ ____

16. Related parties

There were no related party transactions in the year or in the year to 31 March 2021, 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 which came from RSFI, were transferred to The Olton Project CIO on 07 October 2020. The investment land was transferred on 23 December 2020, from RSFI charity, and sold by TOP CIO, in September 2021. The unincorporated charity will be closed on 31 December 2022 after final transfer of any remaining donations income received into this charity entity on that date.

17. Reconciliation of cash flows from operating activities

2022 2021
£ £
Net income / (expenditure) for the reporting year
767,536		 787,781
Add: Depreciation charge 1,188 460
(Increase) / decrease in debtors (15,842) (3,339)
Increase / (decrease) in creditors (336,778) 684,038
___ ___
Net cash provided by operating activities 416,104 793,940
___ ___

22

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_______________

18. Analysis of cash and cash equivalents

18. Analysis of cash and cash equivalents
2022 2021
£ £
Cash in hand 619,449 246,124
___ ___
Total of cash and cash equivalents 619,449 246,124
___ ___
18A. Analysis of changes in net debt
At start Cashflows At end
of year in year of year
£ £ £
Cash in hand 246,124 373,325 619,449
___ ___ ___
246,124 373,325 619,449
___ ___ ___

23