ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
BALAD FOUNDATION
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1192626
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
BALAD FOUNDATION
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal & Administrative Information |
|---|---|
| Pages 4 | Trustees' Report |
| Page 5 | Statement of Financial Activities |
| Page 6 | Balance Sheet |
| Pages 7 to 11 | Notes to the Financial Statements |
| Page 12 | Independent Examiner's Report |
2
BALAD FOUNDATION
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1192626 DATE OF REGISTRATION 3rd December 2020 START OF FINANCIAL YEAR 1st January 2022 END OF FINANCIAL YEAR 31st December 2022 TRUSTEES AT 31ST DECEMBER 2022 Monir Arimoku Mona Arimoku Nkechi Rita Adedoyin Ngozi Lola Ogunsanya LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 3rd December 2020
OBJECTS
The prevention or relief of poverty throughout the World by providing grants, items and services to individuals in need and/or Charities, or other organisations working to prevent or relieve poverty.
CORRESPONDENCE ADDRESS
INDEPENDENT EXAMINERS
43 Gervase Road Edgware London HA8 0EW Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
3
BALAD FOU14DATION TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 IV io de rÉport ¥? 3 2030. Mow6. Jre In nw rLth7. lurty thÈ Nv• 1X1¢d tth) th• of Orl) lJo Ol•irtbthw olZk•t rnbj ltyrtds WiimA cla ram ktyTh•g• tath• pow. Thè Cbaroes 201 t t•qUm ity•e4 to ¥ tDJ• l•r ¥•Jw of.'kw Jlate ol aNr% lh• CD al tr• lty Ihtyi pc •t•t•ff•ntJ tr gM•se r•aywed t¢
BALAD FOUNDATION
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 11,577 - 11,577 12,943 11,577 - 11,577 12,943 12,031 - 12,031 10,367 450 - 450 450 12,481 - 12,481 10,817 (904) - (904) 2,126 2,126 - 2,126 - 1,222 - 1,222 2,126 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 7 to 11 form part of these financial statements.
5
8ALAD FOUNDATION aALANCE SHEET ASAT 31ST DECEMBÈR 2022 Tthi J1.D•c.22 T•tsi 31thG-21 Flx¢dAw•ts Tow Flu•d 318 J18 215 2.759 2.•74 Cash ai Z.J7• 2,37• 1.2 447 NET CUltftelUAsseTS 11 1,122 1.122 10 NET lET6 1.122 2,126 FLI$•11¢hvty Gangrèi FunJi R•net•d 1.122 2.1 T•t4 2.126 .18 l Oi'.1 1( tr4QiiiiCcL I
BALAD FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements 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 (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
- the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services have been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
7
BALAD FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st December 2022: None
31st December 2021: None
8
BALAD FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 11,577 - 11,577 12,943 11,577 - 11,577 12,943 |
|---|---|
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Bank Charges Gifts & Donations Project Management Costs Repairs & Maintenance Sundry Expenses ` b) Governance Costs Independent Examiners Fees 9 |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 304 - 304 77 1,006 - 1,006 1,000 1,949 - 1,949 528 8,772 - 8,772 8,760 - - - 2 12,031 - 12,031 10,367 450 - 450 450 450 - 450 450 |
|---|---|
9
BALAD FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
5. RESTRICTED FUNDS
The CIO held no restricted funds during this or the previous financial period.
6. INVESTMENTS
The CIO held no fixed assets investments during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Restricted Total Total Fund Fund 31-Dec-22 31-Dec-21 £ £ £ £ 2,060 - 2,060 2,759 2,060 - 2,060 2,759 Unrestricted Restricted Total Total Fund Fund 31-Dec-22 31-Dec-21 £ £ £ £ 318 - 318 215 318 - 318 215 |
|---|---|
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees Sundry Creditors |
Unrestricted Restricted Total Total Fund Fund 31-Dec-22 31-Dec-21 £ £ £ £ 450 - 450 450 706 - 706 397 1,156 - 1,156 847 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
10
BALAD FOUNDATION
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
11. STAFF COSTS AND NUMBERS
The CIO employed no members of staff during this or the previous financial period.
12. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
13. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
14. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
15. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
11
BALAD FOUNDATION (CharItae Irwporated Organisation) INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS Report lo Ihe truste8sI mombers of B8W FOL1ndat)n on the C{jnIS for the year w)(IwJ 31st Decemtrér 2022 set out on pages 5t011. R•$p¢ctlv• rwionjlbililiej of trust••s and •xamln•r The charfty's trustees are responsib18 f¢x the prep8ralh)n of ihe accounts. The charity's trustees consider that an audit 15 not required for this year under s8ciK>n 144 of the Charities Act 2011 (tho Charities Adl and that an independent examination is n88ded. 1116 my r8Sponsi.Irty to.. examine the acctyjnts under sectNx 145 01 lh8 Charrties Acl. lollow ihe proceiluw laid (lown in the general "r¥¢t5 givon by the Charlty Commlsslon lunder sectlon 145(Sllbl of the Charities Act. ar 8tste whether partiojlar mattor¥ twve cowrrf lo my attention 8•11• of Indop•nd•nt •xamln•r'• ststom•nl My examination was carried out in accordonce th 98neral 'Tect)nS gNen by the Charity Commission. AJ) #xaminalion Includ8s 8 r8v18w of thg a¢Un11n9 records kept by the charity oThJ a comparison ol tho accounts pront& wlil) thosa records. It also Includes wn$ideration ol any unusual items or dis¢k)sures In the cOUnts. and seeking explanation5 from the trustees &mIng any such matters. The prctedures undertaken do not wovide 811 Ihe evidence Ihat would be required In afi audit. and con88quently no wnK)n is giv a$ lo whgth8r thg accounts pr88•nt a Yru8 and lair. viow an¢J tho r¢port is Ilmlled to those matter5 8et out in Ihe staterwil bdow. Ind•11•nf •xamlnerfi •t•t•m•nt In connection with my examinalK. rK) matter has come lo my attention: whi¢h giv08 me rea8onatsle cause to believe that in any mat•rio1 r¢sp¢¢L the requiremenls: to keep accounting records in {rdance wilh secuon 130 of the ChartlSe8 Act.. and lo prgpare acu)unts which acrd wth the accountin9 racorts and comply with the accounting requirem6nl8 of thè Charities Aet hav8 not mt: or to which. in my opinion. attenl*Jn shoukl be drawn in rydfjr to enable a pr(wer understsTraing of the accounts lo be reached. K. Collaku MAAT Castle View Accounting Ltd New Barn MucSb¥rry La 8osham Chichester West Sussex P018 8TS Date.. 19th Ixtoter 2023