Life Changers Foundation
Trustees' report and financial statement for the year ended 7 June 2021
Charitable Incorporated Organisation (CIO) No:
1183790
Life Changers Foundation Financial statements for the year ended 7 June 2021
| Contents | Page |
|---|---|
| Legal and adminstrative information | 1 |
| Report of the trustees | 2-5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes forming part of the financial statements | 9 -15 |
Life Changers Foundation Report of the trustees for the year ended 7 June 2021
The trustees presents its report and financial statements for the year ended 7 June 2021
Legal and administrative information
| Charity name: | Life Changers Foundation |
|---|---|
| Charitable Incorporated Oraganisation (CIO) | |
| registration number: | 1183790 |
| Registered office and | |
| operational address: | 10 Jackson Street |
| London | |
| SE18 4EU | |
| Trustees: | Elvana Tzavara |
| Adewale Adisa Oko-Osi | |
| Juliana Morewa Ajala | |
| Sherifat Adesunbo Adegbesan | |
| Accountants: | MC Alpha Consult Limited |
| (A firm Chartered Certified Accountants) | |
| Unit 5, Concord House | |
| 41 Overy Street | |
| Dartford | |
| Kent | |
| DA1 1UP | |
| Bankers: | Natwest Bank |
| Woolwich Branch | |
| 1-7 Powis Street | |
| London | |
| SE18 6LE |
Page 1
Life Changers Foundation Report of the trustees for the year ended 7 June 2021
Our aims and objectives
Life Changers Foundation is set up to offer employment training, support and advice to members of the community who are facing unemployment issues and other challenges in relation to seeking employment. We deliver various employment preparation workshops and offer voluntary work placements to the teeming unemployed populace especially those in receipt of Job Seekers Allowance, Employment Support Allowance, Income Support or Incapacity Benefits and many more.
Our integration projects enable people who are isolated to be integrated back into the community through gaining help for employment or engaging in voluntary work. We also support families who are struggling to make ends meet with the provision of food itemd and toileteries.
We also provide aid to disadvantaged members of the community. Our operational office is based in London at 10 Jackson Street, SE18 4EU (Royal Borough of Greenwich), Woolwich.
Our principal aim to benefit all members of the community who are facing unemployment issues or financial hardship across all London boroughs and Nigeria.
How we deliver our aims and objectives
We review our aims, objectives and actvities ach year. This review looks at what we achieved and the outcomes of our work in the previous year looking at the success of each activity and the benefits they have brought to the group we set out to help. This also helps us to ensure that our aims and objectives remain focused on our stated purposes. We refer to the general guidance on public benefit on Charity Commission website when reviewing our aims and obectives when planning our in coming year activities. The trustees consider how planned activities will contribute to the aims and objectives they have set.
The general public and mankind in general are the targeted beneficiaries of our services. In particular, we help those who receive Job Seekers Allowance, Employment Support Allowance, Income Support or Incapacity Allowance and other similar allowances in our communities.
Who we help
We support disadvanged people living in London who are unemployed in receipt of Job Seekers Allowance of Jobs Seekers Allowance, Employment Support Allowance, Income Support or Incapacity Benefits. We help the general public and mankind.
Providing employment training, information, advice and support to members of the community.
Delivering various employment preparation workshops and offer voluntary work placements to unemployed people.
Supporting disadvantaged people living in London and Nigeriawho are unemployed in receipt of jobs seekers allowance, employment support allowance, income support or incapacity benefit.
We provide advocacy, advice and information to our members and beneficiaries.
Where we operate
Through out England and local communities
Page 2
Life Changers Foundation Report of the trustees for the year ended 7 June 2021
How our activities deliver public benefit
For the public benefit of unemployment people in Londin and the surrounding areas including but not limited to the advancement of education, the provision of advice, support, assistance and the provision of employment related traning courses.
Principal funding sources and supporters
The principal funding sources for the charity are currently by way of voluntary donations and grants from relevant awarding bodies that are interested in our objectives and activities.
Recruitment and appointment of trustees
The trustees who are also charity trustees for the purposes of charity law are in charge of the strategic direction of the charitable trust. Under the requirements of the Life Changers Foundation constitution the trustees are elected to serve for a period of three years or as determined by the constitution after which they can be re-elected at the next annual general meeting.
All trustees give their time voluntarily and receive no benefits from the charity.
Due to the nature of our work, trustees appointed have been so selected on the basis of their strength of character, skills set in the area of business management and growth and commitment to the vision of the charity.
Supporters and donors
There are individuals and organisations that support our actvities some of which are listed below:
- Novelty Business Solutions Limited - Cash donation, consultancy advive and volunteering support 2. Giving World - donated household essentials and clothing items to families in London who are unemployed and struggling financially to acquire the needed items.
Our principal sources of funding is by applying for grants from relevant funders, by way of donations from the general public, fund raising, gifts from individuals. In the current year we got grants from London Community Response Funnd and National Lottery Fund.
Page 3
Life Changers Foundation
Report of the trustees for the year ended 7 June 2021
Trustees induction and training
Most trustees are already familiar with the practical work of the charity having been friends of the charity prior to become them becoming trustees. Additionally, new trustees would be invited as required and encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates including:
o The obligations of trustees
- The main documents which set out the operational framework for the charity including the Declaration of Trust.
o Resourcing and the current financial position as set out in the latest published accounts o Future plans and objectives
A Question and Answer pack would be prepared which draws information from various Charity Commission publications signposted through the commission's guide "the Essential Trustee" as a follow up to these sessions. This is distributed to all new trustees along with the charity's objects and the latest financial statement.
Responsibilities of the trustees
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and applications of resources, including income and expenditure, for the financial year. In preparing those financial statements the trustees should follow best practice and:
o Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent
-
Prepare the financial statements on a going-concern basis unless it is inappropriate to presume that the charity will continue on that basis.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statement comply statements comply with Companies Act 2006. The trustees 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.
Financial review
Against the backdrop of the present lock down due to Corona Virus from March 2020 and the financial hardship this has brought on the community, we still managed to raised a total income of £50,177 (2020: £6,650) during the year with resources expended of £43,394 (2020: £5,638) resulting in excess of income over expenditure of £6,783 (2020: £1,200 ). Net assets was £7,795 (2020: £1,012).
Page 4
Life Changers Foundation Report of the trustees for the year ended 7 June 2021
Members of the board of trustees
Members of the Board of Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
In accordance with charity law, as trustees, we certify that:
So far as we are aware, there is no relevant information of which the company's accountants are unaware; and as the trustees of the charity we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity's accountants are aware of that information.
This report has been prepared,
By order of trustees:
Adewale Adisa Oko-Osi Trustee
Elvana Tzavara Trustee
Page 5
Life Changers Foundation Independent examiner's report for the year ended 7 June 2021
I have examined the financial statements, which comprise the financial activities, the balance sheet, the related notes and the accounting policies of Life Changers Foundation for the year ended 7 June 2021.
Respective responsibilities of trustees and independent examiner
As described on page 5, the trustees are responsible for the preparation of the financial statement. The charity trustees consider that an audit is not required for this year under section 144(2) of the Charity Act 2011 (the 2011 Act) and that an indepedent examination is needed.
Scope of examination
I conducted my examination in accordance with directions given by the Charity Commissioners under section 145(1)(a) of the Charities Act 2011. An examination is limited to enquiries of the charity's personnel and analytical and review procedures applied to financial data and this provides less assurance than an audit. I have not performed an audit, and accordingly, I do not express an audit opinion.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
Which gives me reasonable cause to believe that in any material respect the requirements:
-
To keep accounting records in accordance with section 130 of the 2011 Act; and
-
To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
-
To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
MC Alpha Consult Limited
(A firm of Chartered Certfied Accountants)
Unit 5 Concord House 41 Overy Street Dartford Kent DA1 1UP
October 2, 2021
Page 6
Life Changers Foundation
Statement of Financial Activities (SOFA) for the year ended 7 June 2021
| Notes Incoming resources Incoming resources from generated funds: Voluntary income: Grant Donations Total incomimg resources Resources expended Cost of generating funds: Costs of generating voluntary income Charitable activities Governance costs Total resources expended Net incoming resources before other recognised gains Funds brought forward Total funds carried forward 4 3 |
2021 2020 Unrestricted Funds Restricted Funds Total Funds Total Funds £ £ £ £ 49,972 - 49,972 6,650 205 - 205 - |
|---|---|
| 50,177 - 50,177 6,650 |
|
| 14,748 - 14,748 1,082 28,346 - 28,346 4,556 300 - 300 - |
|
| 43,394 - 43,394 5,638 |
|
| 6,783 - 6,783 1,012 1,012 - 1,012 - |
|
| 7,795 - 7,795 1,012 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and expended derive from continuing activities.
Page 7
| Life Changers Foundation Balance sheet as at 7 June 2021 Notes Current assets Cash at bank and in hand 7 Debtors 8 Total current assets Creditors: Amount falling due within one year Independent examiner's fee 9 Total current liabilities Net assets Unrestricted funds Surplus/(deficit) of income over expenditure General funds Total funds |
2021 2020 £ £ 7,476 394 619 618 |
|---|---|
| 8,095 1,012 (300) - |
|
| (300) - |
|
| 7,795 1,012 |
|
| 6,783 1,012 1,012 - |
|
| 7,795 1,012 |
Ms Maria Diazola Trustee
Mrs Bebe Ramazani Trustee
Page 8
Life Changers Foundation Notes forming part of the financial statements for the year ended 7 June 2021
1. Basis of preparation
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in July 2014.
The charitable incorporated organisation constitutes a public benefit entity as defined by FRS 102.
1.2 Going concern
These accounts are prepared under the going concern assumption as there is no reason for us to believe otherwise.
1.3 Accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in notes to the accounts.
1.4 Accounting estimates
No changes to accounting estimates have occurred in the reporting period.
1.5 Material prior errors
No material prior year error have been identified in the reporting period.
2. Accounting policies
Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
2.1 Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SoFA) when receiveable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Page 9
Life Changers Foundation Notes forming part of the financial statements for the year ended 7 June 2021
2.2 Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly and indirectly.
2.3 Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 5 years as below:
Music equipment 20%
Page 10
Life Changers Foundation
Notes forming part of the financial statements for the year ended 7 June 2021
3. Analysis of income
| Incoming resources Grants Donations Total incoming resources 4. Analysis of expenditure 4.1 Costs of generating voluntary income Bank Charges Administration Support costs Premises 4.2 Charitable activities Charitable activities 4.3 Governance costs Professional fees Total resources expended 5. Fees for examination of the accounts Independent examiners fee Consultancy and accountancy fees |
2021 2020 Total Total £ £ £ £ 49,972 - 49,972 6,650 205 205 - Unrestricted funds Restricted funds |
2021 2020 Total Total £ £ £ £ 49,972 - 49,972 6,650 205 205 - Unrestricted funds Restricted funds |
|---|---|---|
| 50,177 - 50,177 6,650 |
||
| Support Cost Governance Costs 2020 Total 2019 Total £ £ £ £ - - - 34 - 34 677 14,714 - 14,714 405 - - - - |
||
| 14,748 - |
14,748 1,082 |
|
| 28,346 | 28,346 4,556 |
|
| 28,346 - |
28,346 4,556 |
|
| - 300 |
300 - |
|
| - 300 |
300 - |
|
| 43,094 300 |
43,394 5,638 |
|
| 2021 2020 £ £ 300 - - - |
||
| 300 - |
Page 11
Life Changers Foundation Notes forming part of the financial statements for the year ended 7 June 2021
6. Taxation
As a Charitable Incorporated Organisation (CIO), The Life Changers Foundationis excempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have risen in the charity.
Page 12
Life Changers Foundation Notes forming part of the financial statements for the year ended 7 June 2021
7. Cash at bank and in hand
| Cash at bank and in hand 8. Debtors and prepayments Debtors 9. Creditors: amount falling due within one year Independent examiners fee |
2021 2020 £ £ 7,476 394 |
|---|---|
| 7,476 394 |
|
| 2021 2020 £ £ 619 618 |
|
| 619 618 |
|
| 2021 2020 £ £ 300 - |
|
| 300 - |
Page 13
Life Changers Foundation
Notes forming part of the financial statements for the year ended 7 June 2021
10. Net movement in funds
| Current assets Current liabilities 11. Movements in funds Restricted funds: Total restricted funds Unrestricted funds: General funds Total unrestricted funds Net movement in funds |
2021 2020 General Restricted Total Total Funds Funds Funds Funds £ £ £ £ 8,095 - 8,095 1,012 (300) - (300) - |
|---|---|
| 7,795 - 7,795 1,012 |
|
| At 8 June Incoming Outgoing 7 June 2020 Resources Resources 2021 [Inc Gains] £ £ £ £ - - - - |
|
| - - - - |
|
| 1,012 50,177 43,394 7,795 |
|
| 1,012 50,177 43,394 7,795 |
|
| 1,012 50,177 43,394 7,795 |
Life Changers Foundation
Notes forming part of the financial statements for the year ended 7 June 2021
12. Transactions with trustees and related parties
12.1 Trustee remuneration & related party transactions
This year, none of the trustees have been paid any remuneration or received any other benefits from any other benefits from an employmentwith the charity or related entity.
12.2 Trustee expenses
No trustees expenses have been incurred
12.3 Transactions with related parties
This year, there has been no related party transactions in the period.
Page 14
Life Changers Foundation
Income and expenditure account for the year ended 7 June 2021
| Income Grants Donations Other income Less expenses Administration Postages Telephone Travel and transport Projects Costs Community projects Household essentials for distribution Training Honorarium Expenses Volunteers expenses Media Professional fees Independent examiners Support costs Equipment expenses Sundry expenses Surplus/(deficit) for the year Surplus/(deficit) brought forward Adjustments on the account Surplus/(deficit) carried forward |
£ £ - 34 - 34 19,608 - 4,075 200 4,007 456 - 28,346 300 300 - 14,714 14,714 Page 15 |
2021 £ 49,972 205 - |
£ 590 - 87 |
2020 £ - 1,650 5,000 |
|---|---|---|---|---|
| 50,177 43,394 |
6,650 677 4,556 - 405 5,638 |
|||
| - 1,796 2,320 - - 90 350 - |
||||
| 205 200 |
||||
| 6,783 1,012 (618) |
1,012 - - |
|||
| 7,795 | 1,012 | |||