2023-12-31-accounts

ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

BALAD FOUNDATION

(Charitable Incorporated Organisation)

CHARITY REGISTRATION No: 1192626

Castle View Accounting Ltd Ground Floor Offices

53 High Street Arundel West Sussex BN18 9AJ

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

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BALAD FOUNDATION

(Charitable Incorporated Organisation)

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER 1192626 DATE OF REGISTRATION 3rd December 2020 START OF FINANCIAL YEAR 1st January 2023 END OF FINANCIAL YEAR 31st December 2023 TRUSTEES AT 31ST DECEMBER 2023 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 Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ

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BALAD FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 ThoTrL15tees proEent treif rcF(¥l xctrtmts ILY Il 31 DtteM1￿ 2023. Tlw Tnmteos vrt￿ sthed and tsp to tho daio alths rtyort any sét paotr 3. StrUC￿r•, Go¥•rn•n¢•ar￿ M•n•g•m•nt 8al•Y Fow¥Jai"cm ts • reglsiered chwr¥ is kV•m•d cimtit￿W tIK• Ck) - Fowda1￿ regIstor￿j 3" OeKernL 2020. Obl•et prc4rarr4 A¢llvltk• The CMrity t• rn￿￿ loss than tsst >tar. due b tho fM •) val￿1 ol tho thg•ri¥4 Naira, wo ton atr￿ to cKtr rerLwakn rthJrbffjhmvm Lyknndered ¢xpwt ¢Jrywtm to lo te Iimiied lo Iho in tho cc61 ol ty¥￿g. th) (wr wrxk tho cor.DnuJ woam ol ih• NwJorian Naira. Thi olknws us to carry on our on a conlinuws trffwghcxA thj y￿. TnMt•••' A•￿￿bIll￿ Tha trusie•s aro reSrth9￿ lor prerh)nThJ iho Tfuiioes. Reron ar¥J Ihts ffftarr￿ sthiemmts •i •CCorda￿e wth applu￿0 Law Dnd Genorany Acceplod kcounirg Pri￿1p1a8 IGAPI F￿￿nC￿nI ReFertSng Slllndard 102: The Fir￿[￿￿1 RopJrtin9 S￿￿￿ard appr￿LIf$ in the UK Rewbk ol IT•knrnl IUrtod Kwkni Go￿T￿lY Acceked Acc￿ming PradKo). Th• Ch#rll88 Ad 201 I roa￿1• Iho ￿￿Tea$ io b¥￿￿t• fin•￿1•1 •%h fmnc41 gi¥• a la y￿W ol Iho state o1311airs of th• CL) tr• d•frt ¢1 tIKI CIO thy lh¥ P￿1. th F¥VPOrn0 Ihwo firkwri•l Shtmonis the trusltes rowrtd 10: so￿1 Sulla￿ wkios and Wy Ifm Cl￿sSI￿1￿. Otstrw• t￿ mètheds arKI in tm ChaMN•s SORP. Mako iudBernents 051imates thai are rea5w￿bIl and psWOnt. stsio %yh)blcr UK A¢cowtry l)oen lolot ol Iho th￿ty and fortaknng reasonaDi $iep for [0¥ent￿n th)￿¢br￿ of1r4￿j Oltter 2 OCTOBER 2024 SKJned on Ihtxr behatf by TrLtst•e ...... Prinied Namtr. MONIRARIMOKU

BALAD FOUNDATION

(Charitable Incorporated Organisation)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

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 2023 2022 £ £ £ £ 10,666 - 10,666 11,577 10,666 - 10,666 11,577 8,946 - 8,946 12,031 540 - 540 450 9,486 - 9,486 12,481 1,180 - 1,180 (904) 1,222 - 1,222 2,126 2,402 - 2,402 1,222

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.

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BALAD FOUNDATION BALANCE SHEET AS AT 31ST DECEMBER 2023 Tol•l 31.D•¢.22 FUNIS Fur4J• 31-Dx-23 Flx•d Al￿1$ TarrtjI￿• ￿￿Ots Inv¢JStmont• Tothl Flx•d A•••is Cwf•nt Ais•is Del1￿5 & prepatrff￿ Cash at Bank arml in H￿d Totll CufTni A•••i• 31B 2.of D 2.378 2.942 1942 2.942 2.942 Cr•dIto￿. mounts It￿r￿j thjo wsllin orn )•v 1.156 NET CURREiif ASSETS 1402 2￿￿2 1,222 TOTAL ASSETS leu cwrert li•f•%tJ• 2A02 2.402 1322 Cr•dltorn: Aftwts ki tr ono year 10 NET ASSErs ZA02 1.222 Fundi oflh• Chlty Furkls Rastrictod FuTrJ 1402 Total Fut 2.402 2.402 1,222 2 OCTOBER 2024 Awoveltby ifteTn￿teQson.......-... $4fi•d on Ih•if b•h¥lby Trvsts• ...... Prini•J Naff*: MONIRARIMOKU

BALAD FOUNDATION

(Charitable Incorporated Organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.

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BALAD FOUNDATION

(Charitable Incorporated Organisation)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

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 2023: None

31st December 2022: None

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BALAD FOUNDATION

(Charitable Incorporated Organisation)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

3. INCOMING RESOURCES

|a) Donations, Grants & Legacies
Gifts & Donations
4. RESOURCES EXPENDED
a) Cost of Charitable Activities
Bank Charges
Gifts & Donations
Project Management Costs
Repairs & Maintenance
<br>**b) Governance Costs**<br>Independent Examiners Fees<br>**9**|Unrestricted<br>Restricted<br>**TOTAL**<br>**TOTAL**<br>Funds<br>Funds<br>**2023**<br>**2022**<br>£<br>£<br>£<br>£<br>10,666<br>-<br>10,666<br>11,577<br>**10,666**<br>**-**<br>**10,666**<br>**11,577**<br>Unrestricted<br>Restricted<br>**TOTAL**<br>**TOTAL**<br>Funds<br>Funds<br>**2023**<br>**2022**<br>£<br>£<br>
£
21
-
21
304
2,396
-
2,396
1,006
671
-
671
1,949
5,858
-
5,858
8,772
8,946
-
8,946
12,031
540
-
540
450
540
-
540
450| |---|---|

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BALAD FOUNDATION

(Charitable Incorporated Organisation)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

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-23 31-Dec-22 £ £ £ £ 2,942 - 2,942 2,060 2,942 - 2,942 2,060 Unrestricted Restricted Total Total Fund Fund 31-Dec-23 31-Dec-22 £ £ £ £ - - - 318 - - - 318

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Independent Examiners Fees Sundry Creditors	Unrestricted Restricted Total Total Fund Fund 31-Dec-23 31-Dec-22 £ £ £ £ 540 - 540 450 - - - 706 540 - 540 1,156

10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

The CIO held no long term liabilities during this or the previous financial period.

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BALAD FOUNDATION

(Charitable Incorporated Organisation)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023

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.

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BALAD FOUNDATION

(Charitable Incorporated Organisation)

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

Report to the trustees/ members of Balad Foundation on the accounts for the year ended 31st December 2023 set out on pages 5 to 11.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

• examine the accounts under section 145 of the Charities Act,

• follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and

• state whether particular matters have come to my attention

Basis of independent examiner’s statement

My examination was carried out in accordance with 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 the trustees 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 a ‘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:

1. which gives me reasonable cause to believe that in any material respect, the requirements:

2. to keep accounting records in accordance with section 130 of the Charities Act; and

3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ

Date: 8th October 2024

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