ANNUAL REPORT 2024-25
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Annual Report 2024-25
INCOME & EXPENDITURE ................................................................................................................................. 3 INCOME AND EXPENDITURE ............................................................................................................................... 3 INCOME .............................................................................................................................................................. 3 EXPENDITURE ..................................................................................................................................................... 3 RESERVES ............................................................................................................................................................ 3 BOARD REPORT ............................................................................................................................................... 4 STATEMENT OF THE BOARD’S RESPONSIBILITIES ............................................................................................................ 4 STATEMENT OF FINANCIAL ACTIVITIES ............................................................................................................ 5 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 ................................................................................ 5 BALANCE SHEET AS AT 31 MARCH 2025 ..................................................................................................................... 5 NOTES TO THE ACCOUNTS ......................................................................................................................................... 6
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Annual Report 2024-25
INCOME & EXPENDITURE
Overall, the charity reported a loss of -£549 for FY 2024-25. Both income and expenditure were less than forecasted. Income from member contributions and public donations was lower than expected. Expenditure also was particularly lower as the board has not been able to fully release funds to the School Meals project because of inconsistency in the standards of financial compliance from delivery partners. Despite the fund raising and delivery challenges the board remains committed to delivering the charity’s mission through the School Meals Project.
INCOME AND EXPENDITURE
£240 £789 -£549 ---------------------------------------------------------------------------------------TOTAL INCOME TOTAL EXPENDITURE SURPLUS OF INCOME OVER EXPENDITURE
INCOME
RESERVES
100% of the charity’s income has been through Trustee donations. The end of year position reflects lower than forecasted donations owing the lack of fundraising resources.
EXPENDITURE
For every £1 donated to The Iyanola Foundation, 70 pence is granted to
beneficiaries . The remainder covers our operating expenses and is used to build the charity’s resilience. 100% of beneficiary expenditure was targeted towards addressing food poverty.
The reserves policy of The Iyanola Foundation is to hold:
A maximum of 3 months expenditure on the School Meals Project to allow us to manage any short falls in donations for this project. The trustees currently believe this amount to be £952.14.
Total expected reserves, is therefore £952.14 against free cash reserves of £1,054 held at year end. The trustees have budgeted to run a surplus in the coming year to start to build up reserves to meet the policy. The policy will be reviewed annually.
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Annual Report 2024-25
BOARD REPORT
The Board present the Financial Statements for the year ended 31 March 2025.
The Board
Chair Eustace Meliat Vice Chair Daron Lubrin Treasurer Bertrand Edward Secretary Sylvette Constable-Wilson Operational Lead David Vitalis
STATEMENT OF THE BOARD’S RESPONSIBILITIES
The Board is required to prepare financial statements for each financial year, which gives a true and fair view of the state of affairs of the organisation and the profit and loss for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently,
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Make judgements and estimates that are reasonable and prudent,
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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The Board is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the organisation.
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The Board is also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
03/04/2025 ……………………………………………………………….. Date: ………………………………………….. Trustee Role: Treasurer
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Annual Report 2024-25
STATEMENT OF FINANCIAL ACTIVITIES
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | ||
|---|---|---|
| £ | ||
| Turnover | 240 | |
| Cost of Sales | Note 1 | 553 |
| Gross Profit | -314 | |
| Administrative | Note 2 | 236 |
| Net Operating Profit/(Loss) | -549 | |
| Profit for the financial year | -549 | |
| BALANCE SHEET AS AT 31 MARCH 2025 | ||
| 2025 | ||
| Current Assets | £ | |
| Debtors and Prepayments | Note 3 | 0 |
| Write-Offs | 0 | |
| Cash at Bank/In hand | 0 | |
| 0 | ||
| Creditors – amount falling due within one year | 0 | |
| Net Current Asset | 0 | |
| Capital and Reserves | ||
| Reserves brought forward | 1603 | |
| Profit and Loss Account Balance | -549 | |
| Retained Earnings | 0 | |
| Total Capital and Reserves | 1054 |
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Annual Report 2024-25
| NOTES TO THE ACCOUNTS | |
|---|---|
| 2025 | |
| £ | |
| 1. Cost of Sales | |
| Financial Donations Made | 553 |
| Donations Of Goods | 0 |
| Shipping & Export Costs | 0 |
| 553 | |
| 2. Administration | |
| Software As A Service | 166 |
| Web Hosting | 70 |
| 236 | |
| 3. Debtors and Prepayments | |
| Membership Fees due | 0 |
| Donation Prepayments | 0 |
| 0 |
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Annual Report 2024-25