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2023-06-30-accounts

Charity Registered No: 1194747

LAYOLE

Report and Financial Statements For the Year ended 30 June 2023

LAYOLE

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2023

Contents Page
Legal and Administrative Information 2
Report of the Trustees 3-7
Independent Examiner's report 8
Statement of Financial Activities 9
Balance sheet 10
Notes forming part of the Financial statements 11-13

1

LAYOLE

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2023

LEGAL AND ADMINISTRATIVE INFORMATION

Officers and Professional advisers

TRUSTEES

Ojo Abiodun Ajayi Oluwatobi Folaranimi Osinaike Aisha Oyindamola Martins

REGISTERED OFFICE

3 Brindley Close Walsall WS2 7LG

BANKERS

NatWest Bank

EXAMINER

E&E Accounting & Tax Services 19 Cedar Corner Stotfold Hertfordshire England SG5 4SS

LAYOLE REGISTERED NUMBER

1194747

2

LAYOLE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 June 2023

The Trustees, for the purposes of the Charities Act 1993 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 30 June 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the Charity. Ojo Abiodun Ajayi, Oluwatobi Folaranimi Osinaike, and Aisha Oyindamola Martins are the first Trustees of the above charity. The Charity is governed by a Memorandum and Articles of Association.

PRINCIPAL ACTIVITIES, AIMS AND ORGANISATION OF THE CHARITY

The principal activities of the charity continue to be the provision of charitable activities. The objects of the charity ("the objects") are:

  1. To provide humanitarian, charitable and empowerment services to children, youths, and other vulnerable groups in Walsall and in the UK at large.

  2. We intend to assist the vulnerable in the community through physical, emotional support and skills acquisition training that will build their capacity and improve their lives.

  3. Organizing youth activities to take them away from crimes in the local community.

  4. Organizing mental health support for both the elderly and the youth in the local community.

  5. To organize various programs to stabilize and settle new immigrants in the local community including providing significant information.

  6. Supporting the local residents with healthy foods to reduce living costs and hunger in the community.

  7. To continue to provide employment skills to the residents in West Midlands and UK at large.

THE MAIN ACHIEVEMENTS OF THE ORGANISATION DURING THE PERIOD WERE:

During the period of July 2022 to June 2023, this charity has actively involved in the following activities.

  1. . Holiday Program (HAF programme through the ministry of education sponsored by Walsall council. We have delivered winter session, easter session and summer Session.

  2. Education and Training—digital skills for employability

  3. Support to those experiencing hardship/mental health issues.

  4. Back to work employment training in West Midlands area.

  5. Food programme for the local community

3

LAYOLE

REPORT OF THE TRUSTEES (Continued)

FOR THE YEAR ENDED 30 June 2023

PLANS FOR THE FUTURE

To set up a Centre for recreation and provision of advice for the needy members of the Walsall community. Such assistance and guidance will cover issues relating to education, housing, welfare rights, employment, health, immigration, translation /interpretation, etc. We plan to organise youth activities to discourage them from crimes and social vices in the local community of Walsall. We also plan to support our elderly in the community by organising mental health support programs and provisions of healthy meals. We also plan to help new migrant in the community with settlement by providing necessary information and support.

INCOME GENERATION

The charity was able to raise a total of £124,078.00 from July 2022 to June 2023. This comprises of grants from the council of £39,097.00 and £84,990.00 from members (trustees and non-trustees), hopefully we hope to do better in the following year by more promotional work and support from other non-trustees.

RISKS

The factors that may affect the Charity’s delivery of its objectives include:

LAYOLE produces an annual plan for delivery against its objectives. This plan sets out the targets for the year and is then broken down to a work plan. LAYOLE has developed a strategy, which specifies how it will deliver the key programmes of work. The strategy also identifies targets and performance indicators.

RESERVES POLICY

The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds is held to meet the above policy of the Charity going forward.

4

LAYOLE

REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED 30 June 2023

GOVERNANCE AND INTERNAL CONTROL

A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election. The chairman is subject to election every four years. Other members of the trustee are subject to re-election every 2-3years. As of 30 June 2023, the Board had a membership of three people.

The Board meets quarterly a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day-to-day activities of the charity. None of the committee members is being remunerated.

All Trustees receive the handbook for Trustees provided through the Charity Regulator (OSCR). Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this the Charity follows the code of practice for governance produced by the Governance Hub.

The Charities Accounts Regulations 2006 requires Trustees to prepare financial statements for each year which follow their regulations.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

They include:

5

STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Charity Regulator (OSCR) requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the situation of the charitable company and of the excess of income over expenditure for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Accounts Regulations 2006 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

6

LAYOLE

REPORT OF THE TRUSTEES (continued)

YEAR ENDED 30 June 2023

DISCLOSURE OF INFORMATION TO EXAMINER

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the Charity’s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity’s examiner is aware of that information.

EXAMINER

In line with the provision exemption in the Charities Act 1993 as amended, the trust decided to appoint an examiner, which will review the accounts for the year ended 30 June 2023. In accordance with this appointment, E&E Accounting & Tax Services was appointed as examiner.

Approved by the Board of Trustees and signed on behalf of the Board by:

Ojo Abiodun Ajayi on behalf of the trust. Trustee 02 July 2023.

7

Independent Examiner’s Report to the Trustees of LAYOLE

I report to the trustees on my examination of the accounts of the LAYOLE for the year ended 30 June 2023, which are set out on pages 9 to 13.

Responsibilities and basis of report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. The accounts do not accord with those records.

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 accounts to be reached.

E&E Accounting & Tax Services 19 Cedar Corner Stotfold Hertfordshire England SG5 4SS

02 July 2023

8

LAYOLE STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) for the year ended 30 June 2023

Notes
INCOMING RESOURCES
Donations, Legacies and similar incoming resources
TOTAL INCOMING RESOURCES
2
RESOURCES EXPENDED
Cost of generating funds:
Cost of generating voluntary Income
Charitable Activities:
Community Projects /Other Resources Expended
Governance
TOTAL RESOURCES EXPENDED
3
Net income/(expenditure)
Funds brought forward
Net movement in funds and funds balance carried
forward as at 31 March 2021		 Un-restricted
funds
2023
£
84,991
84,991
99,978
-
300.00
100,278
(15,288)
7,965
7,322
-		 Restricted
Funds
2023
£
39,087		 Total Funds
Total
Funds
2023
2022
£
£
124,078
35,406
39,087 124,078
35,406
99,978
27,141
-
-
-
-
-
-
-
-
-
-
300.00
300.00
-
-
- 100,278
27,441
39,087 23,799
7,965
-
-
7,965
-
-
-
31,765
7,965
39,087

9

LAYOLE Balance Sheet for the year ended 30 June 2023

Notes
CURRENT ASSETS
Debtors and accrued income
Cash at bank and in hand
CREDITORS: amount falling due within one year
5
Net Current assets/(Liabilities)
TOTAL ASSETS LESS CURRENT LIABILITIES
FINANCED BY:
Unrestricted funds
Restricted Funds
TOTAL FUNDS
6		 2023
Total
£
32,065
32,065
(300)
31,765
31,765
(7,322)
39,087
31,765		 2022
Total
£
8,265
8,265
(300)
7,965
7,965
7,965
7,965

For the year ending 30 June 2023, the Charity was entitled to exemption from audit under section 477(2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Accounts was approved by the Board of Trustees and signed on behalf of the Board by:

Ojo Abiodun Ajayi Trustee 02 July 2023.

10

LAYOLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 June 2023

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” (2005), the Charity Act 1993 and applicable UK accounting standards.

Cash flow statement

Under FRS 1 the Charity is exempt from the requirement to prepare a cash flow statement on the grounds that the charity is below the threshold specified in Appendix 2 of the FRS1.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in Note 2.

Investment income and gains are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The grant income where related to performance and specific deliverables are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with the use of resources. Premise’s overheads have been allocated on a floor basis and other overheads have been allocated based on the head count.

Community project costs are those costs incurred directly in support of the objects of the Charity. The community project cost includes other support costs incurred in support of the objects of the Charity. Governance costs are those incurred in connection with governance arrangement of the Charity, which relate to the general running of the Charity and compliance with constitutional and statutory requirements. The basis of allocation for support costs and governance costs has been explained in Note 3.

11

LAYOLE

NOTES TO THE ACCOUNTS for the year ended 30 June 2023

Note 2. TOTAL INCOMING RESOURCES

Voluntary Income
Un-restricted:
Donations, Legacies and similar incoming resources
Restricted:
Other direct Collections
Note 3.
TOTAL RESOURCES EXPENDED
Cost of generating funds
Event cost
Telephone/ Internet
Equipment
Training
Governance Costs		 2023
84,991
39,087
124,078
Direct
Support
2023
Costs
Costs
Total
£
£
£
35,400
35,400
46,640
46,640
523
523
7,861
7,861
9,554
9,554
300
300		 2022
13,650
21,756
35,406
2022
Total
£
27,141
-
-
-
-
300
100,278
-
100,278		 27,441

The trust allocates all costs as shown in the table above. Costs are allocated between direct costs and support costs based on the actual expenditure and nature of transactions.

Note 4. TRUSTEES REMUNERATION

The Trustees did not receive any emoluments and no out of pocket expenses were paid during the year

Note 5. CREDITORS: amount falling due within one year

This is made up as follows:
Accruals
Note 6.
Total Funds
Reserve brought Forward
Surplus/(Defict) for the year		 2023
£
300		 2022
£
300
300 300
2023
£
7,965
23,799		 2022
£
-
7,965
31,765 7,965

12

LAYOLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 June 2023

Note 7. TAXATION

LAYOLE is a registered charity and is thus exempt from taxation of its income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

13