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2023-03-31-accounts

Charity Registration No. 1183781

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ANSARI & CO

Charity Accountants & Consultants

BIRMINGHAM

B28 8JG

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2023

_______________ _______________
Pages
Legal and Administrative Information 2
Trustees’ Report 3 – 7
Independent Examiner’s Report 8 – 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Financial Statements 13 – 23

1

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2023

_______________

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 2023

_______________

The Trustees present their report and financial statements for the year ended 31 March 2023. 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 2023

_______________

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 2023

_______________

Review of achievements and performance for the year

This financial year saw the completion of the building work in the central social space, in which there exists bathrooms, a large kitchen (with access to the TreeTop Hall) and reading areas. This was in time for Ramadan 2023. The space has transformed the flexibility of the use of TOP, meaning that all areas (community hall, prayer hall, academy, TreeTop hall) can access this central area. There is a developing indoor garden and fountain area included. There has been continued employment of a site manager who has been instrumental in helping with maintenance of the building and day to day resources.

The TOP Academy has seen another consistent year both financially and in its delivery of education. Despite pressure for expansion, there was a focus on maintaining the quality of education, and teacher support, with away days and training being a focus. There was implementation of a curriculum through a student diary, which has helped students and teachers liaise with the parents and carers.

TOP has continued to work closely with the Solihull council to serve those in need in the local community. TOP continues to run its weekly food bank and delivery service. TOP continues to give the use of its halls and spaces to charitable organisations free of charge. This includes the Olton Residents Association and NHS partnerships.

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 2022 onwards after the previous entity moved its operations and assets/liabilities over to this CIO. Total income received in the period amounted to £295,565 (2021/22: £866,460) with expenditure of £145,079 (2021/22: £98,924)

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 £170,132 (2021/22: £142,779). 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 £1,494,803 at the end of the year (2022: £1,085,344). At 31 March 2023, the charity held £247,707 (2022: £619,449) at the bank and in cash which represents approximately 2 years’ worth of normal running costs of the charity.

5

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2023

_______________

Financial review (cont.)

Going concern

The Charity reported a cash outflow of £371,742 (2020-21: £373,325 net inflow) for the year, due to paying back £335,000 of loans and creditors and expects to make an inflow in the year to 31 March 2024. 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.

Future plans

It is hoped that during 2023-24 plans will be finalised for the TreeTop hall. Initial thoughts have been putting in a Mezzanine floor, options for conference delivery, with a large open downstairs space. It is hoped that drawings and presentation of these plans will help brining in donations to fund this stage of the project. With the charity’s savings, the trustees are looking at various investment and banking options.

As the TOP Academy has grown, it has been identified that administration and managerial support is required and will need to be employed positions. This academic year, we will be holding interviews for potential candidates for a September start.

We are intending to re-start ‘TOP Talks’- regular lecture series on various topics that allows a platform for locals to attend, interact and discuss beneficial topics. TOP intends to run various conferences on mental health this year as well as workshops and mentorship programmes.

6

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

_______________

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 29 January 2024 and signed on their behalf, by:

Dr Daniel Jackson Chair

Dr Mohamed Sami Ahmed Treasurer

7

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

_______________

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 2023 which is set out on pages 10 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.

8

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

_______________

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: 29 January 2024

9

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

______________

Unrestricted Restricted
Total		 Unrestricted Restricted Total
Funds Funds 2023 Funds Funds 2022
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 195,793 - 195,793 235,360 - 235,360
Charitable activities 3 98,276 - 98,276 51,100 - 51,100
Trading activities 4 765 - 765 - - -
Investment income 5 731 - 731 - - -
Other income 6 - - - - 580,000 580,000
___ __ __ __ __ __
Total income 295,565 - 295,565 286,460 580,000 866,460
___ __ __ __ __ __
Expenditure on:
Raising funds 7 - - - 641 - 641
Charitable activities 8 53,982 91,097 145,079 28,648 69,635 98,283
___ __ __ __ __ __
Total expenditure 53,982 91,097 145,079 29,289 69,635 98,924
___ __ __ __ __ __
Net income/(expenditure)
before transfer 241,583 (91,097) 150,486 257,171 510,365 767,536
Transfers between funds 167,876 (167,876) - 140,392 (140,392) -
___ __ __ __ __ __
Net movement in funds 409,459 (258,973) 150,486 397,563 369,973 767,536
Reconciliation of funds
Total funds brought forward 1,085,344 469,973 1,555,317 687,781 100,000 787,781
___ __ __ __ __ __
Total funds
carried forward 14 1,494,803 211,000 1,705,803 1,085,344 469,973 1,555,317
___ __ __ __ __ __

All incoming resources and resources expended derive from continuing activities.

The notes on pages 13 to 23 form part of these financial statements.

10

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

BALANCE SHEET

AS AT 31 MARCH 2023

_____________ _____________ _____________ _____________ _____________
2023
 2022
Note £ £
£		 £
Fixed assets
Tangible fixed assets 12 1,432,449 1,263,947
Current assets
Debtors 13 45,206 19,181
Cash at bank and in-hand 247,707 619,449
____ ___
292,913 638,630
Creditors:amounts falling due
within one year 14 19,559 97,260
____ ___
Net current assets 273,354 541,370
Creditors:amounts due after
one year 15 - (250,000)
____ ___
Net assets 1,705,803 1,555,317
____ ___
Funds
Unrestricted funds 1,494,803 1,085,344
Restricted funds 211,000 469,973
____ ___
16 1,705,803 1,555,317
____ ___

The notes on pages 13 to 23 form part of these financial statements.

The financial statements were approved by the Trustees on 29 January 2024 and signed on their behalf, by:

Dr Daniel Jackson Chair

Dr Mohamed Sami Ahmed Treasurer

11

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

_______________ _______________ _______________ _______________
Note 2023 2022
£ £
Cash flows from operating activities:
Net cash provided by operating activities 19 48,390 416,104
Cash flows from investing activities:
Purchase of assets (incl. construction work) 12 (170,132) (142,779)
Net cash impact on transfer of assets - (55,000)
Net proceeds from sale of investments - 580,000
___ ___
Net cash provided by investing activities (170,132) 382,221
___ ___
Cash flows from financing activities:
Repayments of borrowing 15 (250,000) (425,000)
___ ___
Net cash provided by investing activities (250,000) (425,000)
___ ___
Increase / (decrease) in cash & cash equivalents
in the reporting year (371,742) 373,325
___ ___
Cash & cash equivalents at the beginning of
the reporting year 619,449 246,124
___ ___
Cash & cash equivalents at the end of the
reporting year 20 247,707 619,449
___ ___

The notes on pages 13 to 23 form part of these financial statements.

12

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

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.

13

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

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.

14

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

2. Donations and legacies

Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2023 2023 2023 2022
£ £ £ £
Voluntary donations
195,793		 - 195,793 235,360
___ ___ ___ ___
195,793 - 195,793 235,360
___ ___ ___ ___
3. Charitable activities - income
Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2023 2023 2023 2022
£ £ £ £
TOP Academy 95,828 - 95,828 51,100
Events 2,448 - 2,448 -
___ ___ ___ ___
98,276 - 98,276 51,100
___ ___ ___ ___
4. Trading activities
Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2023 2023 2023 2022
£ £ £ £
Room rentals & hire
 765 - 765 -
___ ___ ___ ___
765 - 765 -
___ ___ ___ ___

15

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

5. Investment income

Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2023 2023 2023 2022
£ £ £ £
Bank interest
 731 - 731 -
___ ___ ___ ___
731 - 731 -
___ ___ ___ ___

6. Other income

Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2023 2023 2023 2022
£ £ £ £
Net profit from sale of investment land* - - - 580,000
___ ___ ___ ___
- - - 580,000
___ ___ ___ ___

7. Raising funds

Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2023 2023 2023 2022
£ £ £ £
Fees - - - 641
___ ___ ___ ___
- - - 641
___ ___ ___ ___

16

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

8. Charitable activities - costs

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Grants paid out 9,328 - 9,328 2,950
Events & courses 7,165 - 7,165 724
TOP Academy - 91,097 91,097 69,635
Office costs 7,947 - 7,947 1,476
IT & telecoms costs 2,652 - 2,652 1,779
Utilities
 4,470 - 4,470 3,763
Building & maintenance 17,184 - 17,184 15,032
Governance costs 3,606 - 3,606 1,736
Depreciation 1,630 - 1,630 1,188
___ ___ ___ ___
53,982 91,097 145,079 98,283
___ ___ ___ ___
9. Net incoming resources for the period
2023 2022
This is stated after charging:- £ £
Examiners’ remuneration 1,000 1,000
Depreciation on tangible fixed assets 1,630 1,188

_ _

17

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

10. Employees

2023 2022
No. No.
Number of employees
The average number of employees, analysed by function was:
Academy staff (part-time) 24 20
Administration (part-time) 2 1
______ ______
26 21
______ ______
2023 2022
£ £
Employment costs
Wages & salaries 70,736 57,330
Social security costs 218 218
Pension costs - -
_ _
70,954 57,548
_ _

No employee received remuneration amounting to more than £60,000 in the period (2022: £Nil).

The total employee benefits of the key management personnel (the trustees) of the charity was £Nil (2022: £Nil).

11. Trustees

During the year £Nil (2022: £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. Costs of Trustees’ meetings came to £780 in the year (2022: £Nil).

18

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

12. Fixed assets

12. Fixed assets
Investments WIP Property Fixtures Equipment Total
£ £ £ £ £
Cost
At 31 March 2022
 -* 1,258,607** 4,601 2,387 1,265,595
Additions - 167,876
 2,256 - 170,132
Disposals
 - - - - -
___ ___
 ___ ___ ___
At 31 March 2023 - 1,426,483 6,857 2,387 1,435,727
___ ___
 ___ ___ ___
Depreciation
At 31 March 2022 - -
 1,380 268 1,648
Charge for the year - -
 1,033 597 1,630
___ ___
 ___ ___ ___
At 31 March 2023 - -
 2,413 865 3,278
___ ___
 ___ ___ ___
Net book value
At 31 March 2023 - 1,426,483 4,444 1,522 1,432,449
___ ___
 ___ ___ ___
At 31 March 2022 - 1,258,607 3,221 2,119 1,263,947
___ ___
 ___ ___ ___

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 2023

_______________

13. Debtors
2023 2022
£ £
School fees 16,597 10,135
Gift aid income recoverable 28,609 8,336
Prepayments - 710
___ ___
45,206 19,181
___ ___
All amounts are receivable within one year.
14. Creditors
Amounts falling due within one year
2023 2022
£ £
Accruals
400		 200
Trade creditors 5,033 303
Net wages 8,154 9,492
PAYE/NI 1,186 1,646
Investment land sale creditor (SHEP Charity – See Note 12) - 85,000
Other creditors 4,786 619
___ ___
19,559 97,260
___ ___
15. Creditors
Amounts falling due after one year
2023 2022
£ £
Interest-free loans - 250,000
___ ___
- 250,000
___ ___

20

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

16. Statement of funds (Current Year)

2023: Brought Incoming Resources Transfers Carried
forward resources expended forward
£
£		 £ £ £
Unrestricted funds
General reserve
 1,085,344 295,565 (53,982) 167,876 1,494,803
Restricted funds
RSFI fund 469,973 - (91,097)* (167,876)* 211,000
___ __ __ ___ ___
Total funds
 1,555,317 295,565 (145,079) - 1,705,803
___ __ __ ___ ___

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 £91,097 in Academy running costs and a further £167,876 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.

16A. Statement of funds (Prior Year)

2022: 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
_ __ __ ___ ___

21

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

17. Analysis of net assets between funds

(a) 2023:
Restricted Unrestricted Total
funds funds
£ £ £
Fund balances at 31 March 2023 are represented by:
Tangible fixed assets
 - 1,432,449 1,432,449
Net current assets
 211,000 62,354 273,354
Long term liabilities - - -
____ ____ ____
Total funds
 211,000 1,494,803 1,705,803
____ ____ ____
(b) 2022:
Restricted Unrestricted Total
funds funds
£ £ £
Fund balances at 31 March 2022 are represented by:
Tangible fixed assets
 - 1,263,947 1,263,947
Net current assets
 469,973 71,397 541,370
Long term liabilities - (250,000) (250,000)
____ ____ ____
Total funds
 469,973 1,085,344 1,555,317
____ ____ ____

18. Related parties

There were no related party transactions in the year or in the year to 31 March 2022, 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 were 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 2022. The unincorporated charity is now closed.

22

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

_______________

19. Reconciliation of cash flows from operating activities

2023 2022
£ £
Net income / (expenditure) for the reporting year 150,486 767,536
Add: Depreciation charge 1,630 1,188
(Increase) / decrease in debtors (26,025) (15,842)
Increase / (decrease) in creditors (77,701) (336,778)
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Net cash provided by operating activities 48,390 416,104
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20. Analysis of cash and cash equivalents
2023 2022
£ £
Cash in hand 247,707 619,449
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Total of cash and cash equivalents 247,707 619,449
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20A. Analysis of changes in net debt
At start Cashflows At end
of year in year of year
£ £ £
Cash in hand 619,449 (371,742) 247,707
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619,449 (371,742) 247,707
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