Trustees’ Annual Report for the period
From 1[st] OCT 2021 Period start date To 30[th] Sept 2022 Period end date
Charity name: Olive Tree Aid Foundation
Charity registration number:1193339
Objectives and Activities
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SORP reference
Summary of the Para 1.17 The relief of those in need, by reason
purposes of the charity of youth, age, ill health, disability,
as set out in its financial hardship or other
governing document disadvantage anywhere in the world,
through the provision of grants and
funding to help those in need of
medical care, housing, food, basic
hygiene products and other essential
items.
Summary of the main Para 1.17 and The Charity has given donations and
1.19
activities in relation to grants to organisations in the U.K who
those purposes for the specialise in the areas of work
public benefit, in
particular, the activities,
projects or services
identified in the
accounts.
Statement confirming Para 1.18 The Charity reviews its work in
whether the trustees relation to the guidance given by the
have had regard to the Charity Commission
guidance issued by the
Charity Commission on
public benefit
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Additional information (optional)
You may choose to include further statements where relevant about:
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SORP reference
Para 1.38 N/A
Policy on grant making
N/A
Para 1.38
Policy on social
investment including
program related
investment
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N/A Para 1.38 Contribution made by volunteers N/A Other
Achievements and Performance
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SORP reference
We focused on helping orphans this
year.
We funded the clothing, feeding and
Summary of the main education of orphans Bangladesh
Para 1.20
achievements of the through a U.K registered charity who
charity, identifying the has worker experienced in this work.
difference the charity’s
work has made to the
circumstances of its
beneficiaries and any
wider benefits to society
as a whole.
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Additional information (optional)
You may choose to include further statements where relevant about:
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n/a
Achievements against Para 1.41
objectives set
n/a
Performance of
fundraising activities Para 1.41
against objectives set
n/a
Investment performance Para 1.41
against objectives
n/a
Other
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Financial Review
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Review of the charity’s Para 1.21 The charity is in a stronger financial
financial position at the position at the end of the financial
end of the period year because our trustee made large
donations and gifts to the Charity.
Statement explaining the Para 1.22 No reserves were held
policy for holding
reserves stating why
they are held
Amount of reserves held Para 1.22 n/a
Reasons for holding zero Para 1.22 n/a
reserves
Details of fund materially Para 1.24 n/a
in deficit
Explanation of any Para 1.23 n/a
uncertainties about the
charity continuing as a
going concern
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Additional information (optional)
You may choose to include further statements where relevant about:
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n/a
The charity’s principal
sources of funds Para 1.47
(including any
fundraising)
n/a
Investment policy and
objectives including any Para 1.46
social investment policy
adopted
n/a
A description of the Para 1.46
principal risks facing the
charity
n/a
Other
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Structure, Governance and Management
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Description of charity’s
trusts:
Type of governing Para 1.25 Trust
document
(trust deed, royal
charter)
How is the charity Para 1.25 CIO
constituted?
(e.g unincorporated
association, CIO)
Trustee selection Para 1.25 Charity founder members became
methods including trustees
details of any
constitutional provisions
e.g. election to post or
name of any person or
body entitled to appoint
one or more trustees
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Additional information (optional)
You may choose to include further statements where relevant about:
N/A
Policies and procedures
adopted for the Para 1.51
induction and training of
trustees
N/A
The charity’s
organisational structure Para 1.51
and any wider network
with which the charity
works
N/A
Relationship with any Para 1.51
related parties
N/A
Other
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Reference and Administrative details
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Charity name Olive Tree Aid Foundation
Other name the charity
uses
Registered charity 1193339
number
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Charity’s principal 4 Charnwood Drive
address London E181PE
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Names of the charity trustees who manage the charity
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Name of person (or body)
Dates acted if not for
Trustee name Office (if any) entitled to appoint trustee
whole year
(if any)
BOZLUR CHAIRPERSON
1
RAHMAN
2 ANEEQA BHUIYA SECRETARY
3 SAFEER BHUIYA TREASURER
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
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Corporate trustees – names of the directors at the date the report was approved Director name
n/a
Name of trustees holding title to property belonging to the charity
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Trustee name Dates acted if not for
whole year
N/A
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Funds held as custodian trustees on behalf of others
Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements N/A for safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser N/A
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Charity has no key personnel apart from Trustees
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) B.Rahman Full name(s) Bozlur Rahman
Position (eg Chairperson Secretary, Chair, etc)
Date 28 July 2023
Olive Tree Aid Foundation
Charity No. 1193339
Company No. CE024768
Trustees' Report and Unaudited Accounts
30 September 2022
Olive Tree Aid Foundation Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Summary Income and Expenditure Account | 5 | |
| Balance Sheet | 6 | |
| Statement of Cash flows | 7 | |
| Notes to the Accounts | 8 | |
| Detailed Statement of Financial Activities | 9 to | 12 |
Page 1
Olive Tree Aid Foundation Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. CE024768
Charity No. 1193339
Principal Office
4 Charnwood Drive London E181PE
Registered Office
4 Charnwood Drive London E18 1PE
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
Aneeqa Kaniz Bhuiya Bozlur Rahman Safeer Rahman Bhuiya
Accountants
Ace Accountants and Tax Consultants Ltd 127 Fencepiece Road
Ilford Essex IG6 2LD
OBJECTIVES AND ACTIVITIES
The relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage anywhere in the world, through the provision of grants and funding to help those in need of medical care, housing, food, basic hygiene products and other essential items and also property gifted to charity during the financial year.
ACHIEVEMENTS AND PERFORMANCE
Since the charity is relatively new and fund raising has been limited, our achievements was less than expected. We hope to improve our achievments in the coming year.
PLANS FOR FUTURE PERIODS
Page 2
Olive Tree Aid Foundation Trustees Annual Report
We hope to increase our charity giving in the coming financial year to more worthy charitables causes in the U.K.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Bozlur Rahman Trustee 26 July 2023
Page 3
Olive Tree Aid Foundation Independent Examiners Report
Independent Examiner's Report to the trustees of Olive Tree Aid Foundation
I report to the charity trustees on my examination of the financial statements of Olive Tree Aid Foundation for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Pathmanathan Valluvar FCCA Ace Accountants and Tax Consultants Ltd 127 Fencepiece Road Ilford
Essex IG6 2LD 26 July 2023
Page 4
Olive Tree Aid Foundation Statement of Financial Activities
for the year ended 30 September 2022
| Notes Income and endowments from: Donations and legacies 3 Gift 4 Rental Income 5 Total Expenditure on: Charitable activities 6 Other 7 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 236,550 242,973 6,400 |
Total funds 2022 £ 236,550 242,973 6,400 |
Total funds 2021 £ 1,200 - - |
|---|---|---|---|
| 485,923 3,300 607 |
485,923 3,300 607 |
1,200 700 - |
|
| 3,907 - |
3,907 - |
700 - |
|
| 482,016 - |
482,016 - |
500 - |
|
| 482,016 | 482,016 | 500 | |
| 482,016 500 |
482,016 500 |
500 - |
|
| 482,516 | 482,516 | 500 |
Page 5
Olive Tree Aid Foundation Summary Income and Expenditure Account for the year ended 30 September 2022
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2022 £ 485,923 485,923 3,907 3,907 482,016 482,016 |
2021 £ 1,200 |
|---|---|---|
| 1,200 | ||
| 700 | ||
| 700 | ||
| 500 | ||
| 500 |
Page 6
Olive Tree Aid Foundation Balance Sheet
at 30 September 2022
| Company No. CE024768 Notes 2022 £ Fixed assets Tangible assets 9 455,000 Investments 10 10,200 465,200 Current assets Cash at bank and in hand 17,916 17,916 Creditors:Amount falling due within one year 11 (600) Net current assets 17,316 Total assets less current liabilities 482,516 Net assets excluding pension asset or liability 482,516 Total net assets 482,516 The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds 482,516 482,516 Reserves 12 Total funds 482,516 |
2021 £ - - |
|---|---|
| - 500 |
|
| 500 - |
|
| 500 500 |
|
| 500 | |
| 500 | |
| 500 | |
| 500 | |
| 500 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 September 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 26 July 2023
And signed on its behalf by:
Bozlur Rahman Trustee 26 July 2023
Page 7
Olive Tree Aid Foundation Notes to the Accounts
for the year ended 30 September 2022
- 1 Accounting policies
Basis of preparation
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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Olive Tree Aid Foundation Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
Olive Tree Aid Foundation Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 10
Olive Tree Aid Foundation Notes to the Accounts
3 Income from donations and legacies
| 4 Income from charitable activities 5 Other income 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs 7 Other expenditure General administrative costs Legal and professional costs |
Unrestricted £ 236,550 236,550 Unrestricted £ 242,973 242,973 Unrestricted £ 6,400 6,400 |
Total 2022 £ 236,550 236,550 Total 2022 £ 242,973 242,973 Total 2022 £ 6,400 6,400 |
Total 2021 £ 1,200 |
|---|---|---|---|
| 1,200 | |||
| Total 2021 £ - |
|||
| - | |||
| Total 2021 £ - |
|||
| - | |||
| Unrestricted £ 3,300 3,300 Unrestricted £ 7 600 607 |
Total 2022 £ 3,300 3,300 Total 2022 £ 7 600 607 |
Total 2021 £ 700 |
|
| 700 | |||
| Total 2021 £ - - |
|||
| - |
8 Staff costs
No employee received emoluments in excess of £60,000.
Page 11
Olive Tree Aid Foundation Notes to the Accounts
9 Tangible fixed assets
| Cost or revaluation Additions At 30 September 2022 Net book values At 30 September 2022 10 Investments Cost or revaluation Additions At 30 September 2022 Net book values At 30 September 2022 11 Creditors: amounts falling due within one year Accruals 12 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 13 Analysis of net assets between funds Fixed assets Investments Net current assets |
At 1 October 2021 500 500 |
2022 £ 600 600 Incoming resources (including other gains/losses ) £ 485,923 485,923 Unrestricted funds £ - 10,200 17,316 27,516 |
£ 455,000 455,000 455,000 Other investments - Unlisted £ 10,200 10,200 10,200 Resources expended £ (3,907) (3,907) Restricted funds £ 455,000 - - 455,000 |
£ 455,000 |
|---|---|---|---|---|
| 455,000 | ||||
| 455,000 | ||||
| Total £ 10,200 |
||||
| 10,200 | ||||
| 10,200 | ||||
| 2021 £ - |
||||
| - | ||||
| At 30 September 2022 £ 482,516 |
||||
| 482,516 | ||||
| Total £ 455,000 10,200 17,316 |
||||
| 482,516 |
Page 12
Olive Tree Aid Foundation Notes to the Accounts
14 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 October 2021 £ |
Cash flows £ |
At 30 September 2022 £ |
| 500 | 17,416 | 17,916 | |
| 500 500 |
17,416 17,416 |
17,916 | |
| 17,916 |
15 Related party disclosures Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 13
Olive Tree Aid Foundation Detailed Statement of Financial Activities
for the year ended 30 September 2022
| Income and endowments from: Donations and legacies Charitable activities Other Total income and endowments Expenditure on: Charitable activities Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Bank charges Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward |
Unrestricted funds 2022 £ 236,550 236,550 242,973 242,973 6,400 6,400 485,923 3,300 3,300 3,300 7 7 600 600 607 3,907 - 482,016 482,016 - 482,016 500 |
Total funds 2022 £ 236,550 236,550 242,973 242,973 6,400 6,400 485,923 3,300 3,300 3,300 7 7 600 600 607 3,907 - 482,016 482,016 - 482,016 500 |
Total funds 2021 £ 1,200 |
|---|---|---|---|
| 1,200 | |||
| - | |||
| - | |||
| - | |||
| - | |||
| 1,200 700 |
|||
| 700 | |||
| 700 - |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| 700 - |
|||
| 500 | |||
| 500 - |
|||
| 500 | |||
| - |
Page 14
Olive Tree Aid Foundation Detailed Statement of Financial Activities
Total funds carried forward
482,516
500
482,516
Page 15
Olive Tree Aid Foundation
Charity No. 1193339
Company No. CE024768
Trustees' Report and Unaudited Accounts
30 September 2022
Olive Tree Aid Foundation Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Summary Income and Expenditure Account | 5 | |
| Balance Sheet | 6 | |
| Statement of Cash flows | 7 | |
| Notes to the Accounts | 8 | |
| Detailed Statement of Financial Activities | 9 to | 12 |
Page 1
Olive Tree Aid Foundation Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. CE024768
Charity No. 1193339
Principal Office
4 Charnwood Drive London E181PE
Registered Office
4 Charnwood Drive London E18 1PE
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
Aneeqa Kaniz Bhuiya Bozlur Rahman Safeer Rahman Bhuiya
Accountants
Ace Accountants and Tax Consultants Ltd 127 Fencepiece Road
Ilford Essex IG6 2LD
OBJECTIVES AND ACTIVITIES
The relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage anywhere in the world, through the provision of grants and funding to help those in need of medical care, housing, food, basic hygiene products and other essential items and also property gifted to charity during the financial year.
ACHIEVEMENTS AND PERFORMANCE
Since the charity is relatively new and fund raising has been limited, our achievements was less than expected. We hope to improve our achievments in the coming year.
PLANS FOR FUTURE PERIODS
Page 2
Olive Tree Aid Foundation Trustees Annual Report
We hope to increase our charity giving in the coming financial year to more worthy charitables causes in the U.K.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Bozlur Rahman Trustee 26 July 2023
Page 3
Olive Tree Aid Foundation Independent Examiners Report
Independent Examiner's Report to the trustees of Olive Tree Aid Foundation
I report to the charity trustees on my examination of the financial statements of Olive Tree Aid Foundation for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Pathmanathan Valluvar FCCA Ace Accountants and Tax Consultants Ltd 127 Fencepiece Road Ilford
Essex IG6 2LD 26 July 2023
Page 4
Olive Tree Aid Foundation Statement of Financial Activities
for the year ended 30 September 2022
| Notes Income and endowments from: Donations and legacies 3 Gift 4 Rental Income 5 Total Expenditure on: Charitable activities 6 Other 7 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 236,550 242,973 6,400 |
Total funds 2022 £ 236,550 242,973 6,400 |
Total funds 2021 £ 1,200 - - |
|---|---|---|---|
| 485,923 3,300 607 |
485,923 3,300 607 |
1,200 700 - |
|
| 3,907 - |
3,907 - |
700 - |
|
| 482,016 - |
482,016 - |
500 - |
|
| 482,016 | 482,016 | 500 | |
| 482,016 500 |
482,016 500 |
500 - |
|
| 482,516 | 482,516 | 500 |
Page 5
Olive Tree Aid Foundation Summary Income and Expenditure Account for the year ended 30 September 2022
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2022 £ 485,923 485,923 3,907 3,907 482,016 482,016 |
2021 £ 1,200 |
|---|---|---|
| 1,200 | ||
| 700 | ||
| 700 | ||
| 500 | ||
| 500 |
Page 6
Olive Tree Aid Foundation Balance Sheet
at 30 September 2022
| Company No. CE024768 Notes 2022 £ Fixed assets Tangible assets 9 455,000 Investments 10 10,200 465,200 Current assets Cash at bank and in hand 17,916 17,916 Creditors:Amount falling due within one year 11 (600) Net current assets 17,316 Total assets less current liabilities 482,516 Net assets excluding pension asset or liability 482,516 Total net assets 482,516 The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds 482,516 482,516 Reserves 12 Total funds 482,516 |
2021 £ - - |
|---|---|
| - 500 |
|
| 500 - |
|
| 500 500 |
|
| 500 | |
| 500 | |
| 500 | |
| 500 | |
| 500 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 September 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 26 July 2023
And signed on its behalf by:
Bozlur Rahman Trustee 26 July 2023
Page 7
Olive Tree Aid Foundation Notes to the Accounts
for the year ended 30 September 2022
- 1 Accounting policies
Basis of preparation
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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Olive Tree Aid Foundation Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
Olive Tree Aid Foundation Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 10
Olive Tree Aid Foundation Notes to the Accounts
3 Income from donations and legacies
| 4 Income from charitable activities 5 Other income 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs 7 Other expenditure General administrative costs Legal and professional costs |
Unrestricted £ 236,550 236,550 Unrestricted £ 242,973 242,973 Unrestricted £ 6,400 6,400 |
Total 2022 £ 236,550 236,550 Total 2022 £ 242,973 242,973 Total 2022 £ 6,400 6,400 |
Total 2021 £ 1,200 |
|---|---|---|---|
| 1,200 | |||
| Total 2021 £ - |
|||
| - | |||
| Total 2021 £ - |
|||
| - | |||
| Unrestricted £ 3,300 3,300 Unrestricted £ 7 600 607 |
Total 2022 £ 3,300 3,300 Total 2022 £ 7 600 607 |
Total 2021 £ 700 |
|
| 700 | |||
| Total 2021 £ - - |
|||
| - |
8 Staff costs
No employee received emoluments in excess of £60,000.
Page 11
Olive Tree Aid Foundation Notes to the Accounts
9 Tangible fixed assets
| Cost or revaluation Additions At 30 September 2022 Net book values At 30 September 2022 10 Investments Cost or revaluation Additions At 30 September 2022 Net book values At 30 September 2022 11 Creditors: amounts falling due within one year Accruals 12 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 13 Analysis of net assets between funds Fixed assets Investments Net current assets |
At 1 October 2021 500 500 |
2022 £ 600 600 Incoming resources (including other gains/losses ) £ 485,923 485,923 Unrestricted funds £ - 10,200 17,316 27,516 |
£ 455,000 455,000 455,000 Other investments - Unlisted £ 10,200 10,200 10,200 Resources expended £ (3,907) (3,907) Restricted funds £ 455,000 - - 455,000 |
£ 455,000 |
|---|---|---|---|---|
| 455,000 | ||||
| 455,000 | ||||
| Total £ 10,200 |
||||
| 10,200 | ||||
| 10,200 | ||||
| 2021 £ - |
||||
| - | ||||
| At 30 September 2022 £ 482,516 |
||||
| 482,516 | ||||
| Total £ 455,000 10,200 17,316 |
||||
| 482,516 |
Page 12
Olive Tree Aid Foundation Notes to the Accounts
14 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 October 2021 £ |
Cash flows £ |
At 30 September 2022 £ |
| 500 | 17,416 | 17,916 | |
| 500 500 |
17,416 17,416 |
17,916 | |
| 17,916 |
15 Related party disclosures Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 13
Olive Tree Aid Foundation Detailed Statement of Financial Activities
for the year ended 30 September 2022
| Income and endowments from: Donations and legacies Charitable activities Other Total income and endowments Expenditure on: Charitable activities Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Bank charges Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward |
Unrestricted funds 2022 £ 236,550 236,550 242,973 242,973 6,400 6,400 485,923 3,300 3,300 3,300 7 7 600 600 607 3,907 - 482,016 482,016 - 482,016 500 |
Total funds 2022 £ 236,550 236,550 242,973 242,973 6,400 6,400 485,923 3,300 3,300 3,300 7 7 600 600 607 3,907 - 482,016 482,016 - 482,016 500 |
Total funds 2021 £ 1,200 |
|---|---|---|---|
| 1,200 | |||
| - | |||
| - | |||
| - | |||
| - | |||
| 1,200 700 |
|||
| 700 | |||
| 700 - |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| 700 - |
|||
| 500 | |||
| 500 - |
|||
| 500 | |||
| - |
Page 14
Olive Tree Aid Foundation Detailed Statement of Financial Activities
Total funds carried forward
482,516
500
482,516
Page 15