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2024-03-31-accounts

Charity Registration No. 1183781

THE OLTON PROJECT CIO

(A CHARITABLE INCORPORATED ORGANISATION)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

ANSARI & CO

Charity Accountants & Consultants

BIRMINGHAM

B28 8JG

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2024

_______________

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 – 21

1

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024

_______________

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 2024

_______________

The Trustees present their report and financial statements for the year ended 31 March 2024. 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 2024

_______________

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 2024

_______________

Review of achievements and performance for the year

This year, saw the use of the new central social space (with addition of a decorative water fountain) and main kitchen as a key meeting area during events. We have also had designed detailed structural plans for the planned Tree TOP Hall wing developments including mezzanine, new entrance, flexible conference hall and renovation of the office, vestries and change of the basement into a youth room.

This financial year, the charity’s savings were invested into a financial scheme which is in line with the charitable objectives and help to make the charity more financially viable through halal returns.

The TOP Academy, has seen another consistent year both financially and in its delivery of quality education to 4-16 year olds. Creation of the new role of Academy Manager and a new administrator along with regular meetings, teacher training and away days has led to a stronger team with good leadership. This year, TOP Academy celebrated the graduation of the first cohort of students that joined us at the tender age of 4 and have now graduated at age 16 plus, as good citizens with a sound knowledge in their religion and wellrounded education and life skills.

TOP has continued to work closely with Solihull council to serve those in need in the local community, with our weekly foodbank and delivery service stronger than ever and TOP also offering an extra service of refugee support in our local area.

TOP’s free, weekly seated exercise class for ladies over 60s, has helped combat loneliness, while being fun and getting ladies in our community moving. We have also initiated a variety of leisure activities, such as sailing, hiking and cycling, to get the community trying new adventures.

Over this year, TOP has been used as a site for local schools and scouts to visit and learn about a Muslim place of worship. 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.

The recruitment of a social media lead this year, has boosted TOP’s presence on social media platforms, giving us a wider outreach. We release a regular Friday tweet, monthly prayer timetables and the Friday sermon is recorded and posted on our YouTube channel each week.

This Ramadan, saw a boom in well attended, spiritually uplifting events and activities, with nightly taraweeh prayers, refreshments, tahajjud, Quran competitions, sponsor a companion campaign, our annual world food sale, our community iftar and TOP team iftar.

We now have a larger variety of courses, regular classes and social sessions, such as remembrance sessions, Quran courses, book clubs, sisters’ classes, coffee mornings, chai meet-ups and convert sessions. This year saw the re-launch of ‘TOP Talks’- a regular lecture series on various topics that allows a platform for locals to attend, interact and discuss beneficial topics. This year, TOP also hosted and organised various conferences and seminars on mental health as well as workshops and mentorship programmes for those that embrace Islam.

5

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2024

_______________

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 £295,395 (2022/23: £295,565) with expenditure of £166,409 (2022/23: £145,079).

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 £68,072 (2022/23: £170,132). 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 £1,783,518 at the end of the year (2023: £1,494,803). At 31 March 2024, the charity held £295,343 (2023: £247,707) at the bank and in cash which represents approximately 2 years’ worth of normal running costs of the charity. Restricted reserves at year end stood at £51,271 (2023: £211,000).

Going concern

The Charity reported a cash inflow of £47,636 (2022-23: £371,742 net outflow) for the year, but the prior year outflow was mainly due to paying back £335,000 of loans to creditors and expects to make an inflow in the coming year to 31 March 2025. 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 2024-25, fundraising will begin for the planned building works of the Tree TOP Hall and development start dates planned.

We plan to expand the curriculum available to TOP Academy students with the introduction of Arabic language classes for children. We will also run add-on workshops for topical topics and competitions to get our youth involved. We plan to introduce a reward system, student roles of responsibility and invite inspirational guest speakers. The assignment of the Academy Manager should help to create a clear ethos and direction at TOP Academy that we hope our students will thrive in.

We also plan to initiate more outings and residential trips for our students as the Academy goes from strength to strength, and plan to collaborate with other institutes offering convert care to network and share resources, with the aim of improving and developing the services we have on offer.

6

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2024

_______________

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 06 December 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 2024

_______________

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 2024 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 2024

_______________

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: 06 December 2024

9

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

______________

Unrestricted Restricted
Total		 Unrestricted Restricted Total
Funds Funds 2024 Funds Funds 2023
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 161,572 - 161,572 195,793 - 195,793
Charitable activities 3 132,262 - 132,262 98,276 - 98,276
Trading activities 4 210 - 210 765 - 765
Investment income 5 1,351 - 1,351 731 - 731
___ __ __ __ __ __
Total income 295,395 - 295,395 295,565 - 295,565
___ __ __ __ __ __
Expenditure on:
Raising funds 6 360 - 360 - - -
Charitable activities 7 71,723 94,326 166,049 53,982 91,097 145,079
___ __ __ __ __ __
Total expenditure 72,083 94,326 166,409 53,982 91,097 145,079
___ __ __ __ __ __
Net income/(expenditure)
before transfer 223,312 (94,326) 128,986 241,583 (91,097) 150,486
Transfers between funds 65,403 (65,403) - 167,876 (167,876) -
___ __ __ __ __ __
Net movement in funds 288,715 (159,729) 128,986 409,459 (258,973) 150,486
Reconciliation of funds
Total funds brought forward 1,494,803 211,000 1,705,803 1,085,344 469,973 1,555,317
___ __ __ __ __ __
Total funds
carried forward 14 1,783,518 51,271 1,834,789 1,494,803 211,000 1,705,803
___ __ __ __ __ __

All incoming resources and resources expended derive from continuing activities.

The notes on pages 13 to 21 form part of these financial statements.

10

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

BALANCE SHEET AS AT 31 MARCH 2024

BALANCE SHEET
AS AT 31 MARCH 2024		 BALANCE SHEET
AS AT 31 MARCH 2024		 BALANCE SHEET
AS AT 31 MARCH 2024		 BALANCE SHEET
AS AT 31 MARCH 2024		 BALANCE SHEET
AS AT 31 MARCH 2024		 BALANCE SHEET
AS AT 31 MARCH 2024
_____________
2024 2023
Note £ £ £ £
Fixed assets
Tangible fixed assets 11 1,498,398 1,432,449
Current assets
Debtors 12 53,230 45,206
Cash at bank and in-hand 295,343 247,707
____ ___
348,573 292,913
Creditors:amounts falling due
within one year 13 12,182 19,559
____ ___
Net current assets 336,391 273,354
____ ___
Net assets 1,834,789 1,705,803
____ ___
Funds
Unrestricted funds 1,783,518 1,494,803
Restricted funds 51,271 211,000
____ ___
14 1,834,789 1,705,803
____ ___

The notes on pages 13 to 21 form part of these financial statements.

The financial statements were approved by the Trustees on 06 December 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 2024

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024		 CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024		 CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024		 CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
_______________
Note 2024 2023
£ £
Cash flows from operating activities:
Net cash provided by operating activities 17 114,357 47,659
Cash flows from investing activities:
Dividends, interest and rent 5 1,351 731
Purchase of assets (incl. construction work) 11 (68,072) (170,132)
___ ___
Net cash provided by investing activities (66,721) (169,401)
___ ___
Cash flows from financing activities:
Repayments of borrowing 14 - (250,000)
___ ___
Net cash provided by investing activities - (250,000)
___ ___
Increase / (decrease) in cash & cash equivalents
in the reporting year 47,636 (371,742)
___ ___
Cash & cash equivalents at the beginning of
the reporting year 247,707 619,449
___ ___
Cash & cash equivalents at the end of the
reporting year 18 295,343 247,707
___ ___

The notes on pages 13 to 21 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 2024

_______________

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 2024

_______________

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 2024

_______________

2. Donations and legacies

Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2024 2024 2024 2023
£ £ £ £
Voluntary donations
161,572		 - 161,572 195,793
___ ___ ___ ___
161,572 - 161,572 195,793
___ ___ ___ ___
3. Charitable activities - income
Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2024 2024 2024 2023
£ £ £ £
TOP Academy 130,315 - 130,315 95,828
Events 1,947 - 1,947 2,448
___ ___ ___ ___
132,262 - 132,262 98,276
___ ___ ___ ___
4. Trading activities
Unrestricted Restricted Total Total
Funds Funds
Funds
Funds
2024 2024 2024 2023
£ £ £ £
Room rentals & hire
 210 - 210 765
___ ___ ___ ___
210 - 210 765
___ ___ ___ ___

15

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

_______________

5. Investment income
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
£ £ £ £
Bank interest
 1,351 - 1,351 731
___ ___ ___ ___
1,351 - 1,351 731
___ ___ ___ ___
6. Raising funds
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
£ £ £ £
Fundraising fees 360 - 360 -
___ ___ ___ ___
360 - 360 -
___ ___ ___ ___
7. Charitable activities - costs
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
£ £ £ £
Grants paid out 4,930 - 4,930 9,328
Events & courses 6,794 - 6,794 7,165
TOP Academy - 94,326 94,326 91,097
Administration costs 19,000 - 19,000 -
Office costs 2,537 - 2,537 7,947
IT & telecoms costs 2,809 - 2,809 2,652
Utilities 12,265 - 12,265 4,470
Building & maintenance 12,760 - 12,760 17,184
Governance costs 8,505 - 8,505 3,606
Depreciation 2,123 - 2,123 1,630
___ ___ ___ ___
71,723 94,326 166,049 145,079
___ ___ ___ ___

16

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

_______________

8. Net incoming resources for the period
2024 2023
This is stated after charging:- £ £
Examiners’ remuneration 1,000 1,000
Depreciation on tangible fixed assets
2,123		 1,630
___ ___
9. Employees
2024 2023
No. No.
Number of employees
The average number of employees, analysed by function was:
Academy staff (part-time) 24 24
Administration (part-time) 2 2
______ ______
26 26
______ ______
2024 2023
£ £
Employment costs
Wages & salaries **80,824 ** 70,736
Social security costs 201 218
Pension costs 50 -
_ _
81,075 70,954
_ _

No employee received remuneration amounting to more than £60,000 in the period (2023: £Nil).

The total employee benefits of the key management personnel (the trustees) of the charity was £Nil (2023: £Nil).

17

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

_______________

10. Trustees

During the year £Nil (2023: £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 £1,131 in the year (2023: £780).

11. Fixed assets

11. Fixed assets
WIP Property* Fixtures Equipment Total
£ £ £ £
Cost
At 31 March 2023 1,426,483
 6,857 2,387 1,435,727
Additions
 65,403
 2,148 521 68,072
___
 ___ ___ ___
At 31 March 2024 1,491,886 9,005 2,908 1,503,799
___
 ___ ___ ___
Depreciation
At 31 March 2023 -
 2,413 865 3,278
Charge for the year -
 1,407 716 2,123
___
 ___ ___ ___
At 31 March 2024 -
 3,820 1,581 5,401
___
 ___ ___ ___
Net book value
At 31 March 2024 1,491,886 5,185 1,327 1,498,398
___
 ___ ___ ___
At 31 March 2023
1,426,483
 4,444 1,522 1,432,449
___
 ___ ___ ___

12. Debtors

12. Debtors
2024 2023
£ £
School fees 27,968 16,597
Gift aid income recoverable 25,072 28,609
Prepayments 190 -
___ ___
53,230 45,206
___ ___

All amounts are receivable within one year.

18

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

_______________

13. Creditors Amounts falling due within one year

2024 2023
£ £
Accruals 2,000 400
Trade creditors 60 5,303
Net wages 6,845 8,154
PAYE/NI 1,516 1,186
Other creditors 1,761 4,786
___ ___
12,182 19,559
___ ___
14. Statement of funds (Current Year)
2024: Brought Incoming Resources Transfers Carried
forward resources expended forward
£
£		 £ £ £
Unrestricted funds
General reserve 1,494,803 295,395 (72,083) 65,403 1,783,518
Restricted funds
RSFI fund 211,000 - (94,326)* (65,403)* 51,271
___ __ ___ ___ ___
Total funds 1,705,803 295,395 (166,409) - 1,834,789
___ __ ___ ___ ___

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 £94,326 in Academy running costs and a further £65,403 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.

19

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

_______________

14A. Statement of funds (Prior 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
 1,555,317 295,56 (145,079) - 1,705,803
___ __ __ ___ ___
15. Analysis of net assets between funds
(a) 2024:
Restricted Unrestricted Total
funds funds
£ £ £
Fund balances at 31 March 2024 are represented by:
Tangible fixed assets - 1,498,398 1,498,398
Net current assets 51,271 285,120 336,391
Long term liabilities - - -
____ ____ ____
Total funds 51,271 1,783,518 1,834,789
____ ____ ____
(b) 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
____ ____ ____

20

THE OLTON PROJECT CIO (A CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

_______________

16. Related parties

There were no related party transactions in the year or in the year to 31 March 2023.

17. Reconciliation of cash flows from operating activities

2024 2023
£ £
Net income / (expenditure) for the reporting year 128,986 150,486
Add: Depreciation charge 2,123 1,630
Less: Dividends, interest and rents (1,351) (731)
(Increase) / decrease in debtors (8,024) (26,025)
Increase / (decrease) in creditors (7,377) (77,701)
___ ___
Net cash provided by operating activities 114,357 47,659
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18. Analysis of cash and cash equivalents
2024 2023
£ £
Cash in hand 195,343 247,707
Notice deposits 100,000 -
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Total of cash and cash equivalents 295,343 247,707
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18A. Analysis of changes in net debt
At start Cashflows At end
of year in year of year
£ £ £
Cash in hand 247,707 (52,364) 195,343
Notice deposits - 100,000 100,000
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247,707 47,636 295,343
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