DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
REPORT AND ACCOUNTS
31 AUGUST 2024
| CONTENTS | Page |
|---|---|
| Company information | 1 |
| Directors’ report | 2-3 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7-8 |
Company registration number: 11540488
Charity number: 1188133
1
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
COMPANY INFORMATION
Directors
Dr S Asalu Dr M Olokundun O Adeyemo T Asalu B Ayoade
Secretaries
Dr S Asalu & T Asalu 8 Regency Gardens Wakefield WF3 1JS
Accountants
Strategii (Formerly Fintab) Chartered Accountants 85 Great Portland Street London W1W 7LT
2
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
DIRECTORS’ REPORT
The directors present their report and accounts for the year ended 31 August 2024.
Principal activity and status
The company is a charitable non-profit seeking organisation whose principal activities during the year were:
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(a) For public benefit, to promote alleviation of poverty around the world through:
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Teaching of techniques in agriculture, animal husbandry, fisheries and poultry;
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Granting loans for small scale projects and businesses for the very poor to better their lives;
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Offering of grants and funding of apprenticeship training in various vocations;
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Financially support orphans, widows and orphanages;
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The provision of items (either outright or on loan) such as furniture, bedding, clothing, food, fuel, heating appliances, washing machines and fridges;
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Payment for services such as essential house decorating and repairs, laundering, meals on wheels, outings and entertainment, and utilities;
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The provision of facilities such as the supply of tools or books, payments of fees for instruction, examination or other expenses connected with vocational training, language, literacy, numerical or technical skills, travelling expenses to help the recipients to earn their living, equipment and funds for recreational pursuits or training intended to bring the quality of life of the beneficiaries to a reasonable standard.
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(b) For public benefit, to promote the education (including social and physical training) of people in such ways as the charity trustees think fit, including by:
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Awarding to such persons scholarships, maintenance allowances or grants tenable at any school, university, college or institution of higher or further education
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Providing their education, to undertake travel in furtherance of that education or to prepare for entry to any occupation, trade or professional on leaving any educational establishment.
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(c) For the benefit of the public, to advance Christian religion mainly, but not exclusively by means of publishing or broadcasting messages of an evangelistic and teaching nature, supporting churches, missions, ministries and ministers.
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(d) For the benefit of the public, to carryout programmes for health promotion and disease prevention, provision of health and medical advice and provision of essential medicines.
The company is limited by guarantee with registration number 11540488. It was registered as a charity with the Charity Commission on 24 February 2020 and has charity number 1188133.
Directors’ responsibilities for preparing the accounts
Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those accounts, the directors are required to
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~ select suitable accounting policies and then apply them consistently;
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~ make judgments and estimates that are reasonable and prudent;
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~ prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
3
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
DIRECTORS’ REPORT (continued)
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who served during the year are as noted on page 1 of these accounts. They are also the trustees for charitable purposes.
Review of financial position
These details are set out in the Statement of Financial Activities on page 5 of the accounts. Total reserves of the company at 31 August 2024 were £4,255 (2023: £1,349).
Public benefit statement
The directors have considered the general guidance on public benefit issued by the Charity Commission in carrying out its objectives and activities and are satisfied the charity is compliant with its constitution and the provisions of the Charities Act 2011.
Reserves policy and risk management
The directors have formulated policies to ensure that the company maintains adequate reserves to finance its operations. Risk management procedures are in place to help safeguard the on-going viability of the company and to protect its assets.
Guarantee
The company has no share capital and the liability of members is limited by guarantee. In the event of the company being wound up, the members can be called upon to contribute up to a maximum of £10 each.
Small companies
This report has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
On behalf of the board
DR S ASALU T ASALU Director Director 29 May 2025 29 May 2025
4
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
REPORT OF THE INDEPENDENT EXAMINER TO THE DIRECTORS
I report on the accounts of Deborah Asalu & Jide Olokundun Foundation International for the year ended 31 August 2024 which are set out on pages 5 to 8.
Respective responsibilities of directors
As the directors you are responsible for the preparation of the accounts. The directors consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Act;
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to follow the procedures laid down in General Directors given by the Charity Commission (under section 145(5)(b) of the Act); and
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to state whether particular matters have come to my attention.
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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention
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i. which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act have not been met; or
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ii. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Strategii (Formerly Fintab)
85 Great Portland Street London W1W 7LT
29 May 2025
5
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
STATEMENT OF FINANCIAL ACTIVITIES for the year ended
31 AUGUST 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| Notes | £ | £ | |
| Incoming resources | |||
| 2 | Charitable revenues | 36,343 | 45,221 |
| 3 | Investment income | - | - |
| ────── | ────── | ||
| Total incoming resources | 36,343 | 45,221 | |
| ────── | ────── | ||
| Resources expended | |||
| 4 | Charitable expenditure | 33,040 | 51,463 |
| 5 | Management and administration | 398 | 816 |
| ────── | ────── | ||
| Total resourced expended | 33,438 | 52,279 | |
| ────── | ────── | ||
| 6 | Net (outgoing) incoming resources for the year | 2,905 | (7,058) |
| Total funds at 1 September 2023 | 1,349 | 8,407 | |
| ────── | ────── | ||
| Total funds at 31 August 2024 | 4,255 | 1,349 | |
| ══════ | ══════ |
The notes on pages 7 to 8 form part of these accounts.
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DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
BALANCE SHEET
31 AUGUST 2024
| Notes | Notes | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| 7 | Debtors | - | - |
| Cash at bank | 4,397 | 775 | |
| ────── | ────── | ||
| 4,397 | 775 | ||
| ────── | ────── | ||
| 8 | Creditors:amounts falling due within one year | - | - |
| ────── | ────── | ||
| Net assets | 775 | ||
| ══════ | ══════ | ||
| Reserves | |||
| 9 | Unrestricted funds | 4,397 | 775 |
| ══════ | ══════ |
For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The accounts on pages 5 to 9 were approved by the board of directors on 29 May 2025 and signed on its behalf by
Dr S Asalu
Directors
Company registration number 11540488
Charity number 1188133
The notes on pages 7 to 8 form part of these accounts.
7
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
NOTES TO THE ACCOUNTS
31 AUGUST 2024
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and include the results of the charity’s operations which are described in the directors’ report and all of which are continuing.
The financial statements have been prepared in accordance with Accounting and Reporting for Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity is exempt from preparing a cash flow statement.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general activities of the charity and which have not been designated for other purposes.
Taxation
The company is not liable for corporation tax by reason of its charitable objects and status.
Incoming resources
All incoming resources are included in the Statements of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Value added tax
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on management and administration of the charity
Administration expenditure not directly related to the charitable activity predominantly includes professional fees.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
| 2 | Charitable revenues | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Donations, grants and subscriptions | 36,343 | 45,221 | |
| ══════ | ══════ |
8
DEBORAH ASALU & JIDE OLOKUNDUN FOUNDATION INTERNATIONAL
NOTES TO THE ACCOUNTS (continued)
31 |
AUGUST 2024 | ||
|---|---|---|---|
3 |
Investment income | 2024 | 2023 |
| £ | £ | ||
| Interest on bank deposits | - | - | |
| ══════ | ══════ | ||
| 4 | Charitable expenditure | ||
| Donations to other charities | 33,040 | 51,463 | |
| ══════ | ══════ | ||
| 5 | Management and administration | ||
| Admin and professional costs | 398 | 816 | |
| ══════ | ══════ | ||
| 6 | Net incoming resources for the year | ||
| This is stated after charging: | |||
| Directors’ remuneration | - | - | |
| ══════ | ══════ | ||
| The company had no employees during the year. | |||
| 7 | Debtors | ||
| Accrued income | - | - | |
| ══════ | ══════ | ||
| 8 | Creditors:amounts falling due within one year | ||
| Accruals | - | - | |
| ══════ | ══════ | ||
| 9 | Funds |
Funds are allocated between unrestricted and restricted based upon any conditions imposed by the donors. At 31 August 2024 and 31 August 2023 all funds were designated as unrestricted.
10 Guarantee
The company has no share capital and the liability of members is limited by guarantee. In the event of the company being wound up, the members can be called upon to contribute up to a maximum of £10 each.
11 Related party disclosures
The directors are not aware of any material transactions that require disclosure.
There is no one controlling party of the company.