2023-08-31-accounts - Olayinka Aderinkola Akinrinola Foundation UK

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OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK

Charity No. 01195179

Company No.

Trustees' Report and Unaudited Accounts

31 August 2023

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report		4
Statement of Financial Activities		5
Balance Sheet		6
Statement of Cash flows		7
Notes to the Accounts	8 to	13
Detailed Statement of Financial Activities	14 to	15

Page 1

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK 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 31 August 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No.

Charity No. 01195179

Principal Office

Flat 10 Cornick House Slippers Lane London SE16 2EL

Registered Office

10 Cornick House Slippers Place London SE16 2EL

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:

Aderinkola Akinrinola Babatunde Adeyemo Olayinka Akinrinola

Key Management Personnel

Babatunji Adeyemo (Trustee) Aderinkola Akinriona (Chair) Olayinka Akinrinola (Trustee)

Accountants

TAXCA Accountants Ltd 353 High Street North Manor Park London E12 6PQ

Bankers

Lloyds Bank Victoria BX1 1LT UK

OBJECTIVES AND ACTIVITIES

Page 2

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Trustees Annual Report

The prevention or relief of poverty by providing grants, items and services to Individuals in need and/or charities, or other organisations working to prevent or relieve proverty.

1) The main activities undertaken in relation to those purpose to providing support, welfare and comfortable life of widows, widowers and orphans

2) Monitoring and assisting any minority group who under a disadvantage.

3) Supporting interested children and adults to further their education and career skills and to locate them to apprenticeship schemes and employments.

4) Seeking justice for oppressed and innocent individuals as well as victims of any crime and oppression.

5) Rehabilitating prisoners working alongside any and working alongside any government schemes including visiting prisoners or detainees at custody centres.

FINANCIAL REVIEW

Reserves are needed to cover the deficit of the charity and trustees made donations during the year to cover the overheads of the trustees . The trust average monthly spending was £563 a month during the period ended 31st August 202. This was due to inherited bounced back loan interest payments and provided more grants to Nigeria than what trust had received during the period. The extra grants were provided from inherited reserves.

Trustees are considering the host events to generate donations and will approach organisations for grants donations and some of the organisations have agreed to provide grants and donations to cover the trust's overheads and will bring the charity into healthy position in next 6 months, hence trustees believes that trust is going concern.

PLANS FOR FUTURE PERIODS

The trustees are planning the fund raising events to raise donations and grants into local churches to facilities to poor in Nigeria and aliens with local other charities which are working same directions as Olayinka Aderinkola Akinriola Foundation UK is working towards.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust has adopted the Charity Commissions model constitutions and will follow the adopted method and process to recruit and appointment of new trustees as per the model constitutions.

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

Aderinkola Akinrinola

Trustee

31 August 2023

Page 3

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Independent Examiners Report

Independent Examiner's Report to the trustees of OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK

I report to the charity trustees on my examination of the financial statements of OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK for the year ended 31 August 2023.

Responsibilities and basis of report

As the charity's trustees of the company (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

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:

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 methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.

Mr Mohsin Patel FCCA, FMAAT Association of Chartered Certified Accountants TAXCA Accountants Ltd 353 High Street North Manor Park London E12 6PQ 31 August 2023

Page 4

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Statement of Financial Activities

for the year ended 31 August 2023

Unrestricted funds 2023 £ 560 -	Total funds 2023 £ 560 -	Total funds 2022 £ - 31,520
560 - 911	560 - 911	31,520 36,603 2,239
911 -	911 -	38,842 -
(351) -	(351) -	(7,322) -
(351)	(351)	(7,322)
(351) (7,322)	(351) (7,322)	(7,322) -
(7,673)	(7,673)	(7,322)

Page 5

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK

Balance Sheet

at 31 August 2023

at 31 August 2023
Company No. Notes 2023 £ Current assets Cash at bank and in hand 42,496 42,496 Creditors:Amount falling due within one year 11 (12,197) Net current assets 30,299 Total assets less current liabilities 30,299 Creditors:Amounts falling due after more than one year 12 (37,972) Net liabilities excluding pension asset or liability (7,673) Total net liabilities (7,673) The funds of the charity Restricted funds 13 Unrestricted funds 13 General funds (7,673) (7,673) Reserves 13 Total funds (7,673)	2022 £ 42,484
	42,484 (11,834)
	30,650 30,650 (37,972)
	(7,322)
	(7,322)
	(7,322)
	(7,322)
	(7,322)

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 31 August 2023 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 31 August 2023

And signed on its behalf by:

Aderinkola Akinrinola

Trustee

31 August 2023

Page 6

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Statement of Cash flows

for the year ended 31 August 2023

Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Increase in trade and other payables Net cash provided by/(used in) operating activities Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances	2023 £ (351) 363 12 - - 12 42,484 42,496 42,496 42,496	2022 £ (7,322) 191
		(7,131)
		-

		49,615

		42,484
		-
		42,484

		42,484

		42,484

Page 7

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Notes to the Accounts

for the year ended 31 August 2023

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

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK 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.

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.

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.

Page 9

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Notes to the Accounts

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.

3 Statement of Financial Activities - prior year

Income and endowments from: Charitable activities Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds carried forward 4 Income from donations and legacies Grant Receivables 5 Income from charitable activities Grant made to local Charities in Nigeria	Unrestricted £ 560 560	Unrestricted funds 2022 £ 31,520 31,520 36,603 2,239 38,842 (7,322) (7,322) (7,322) (7,322) Total 2023 £ 560 560 Total 2023 £ - -	Total funds 2022 £ 31,520
			31,520 36,603 2,239
			38,842
			(7,322)
			(7,322)
			(7,322)
			(7,322)
			Total 2022 £ -
			-
			Total 2022 £ 31,520
			31,520

Page 10

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK

Notes to the Accounts

6 Expenditure on charitable activities

Expenditure on charitable activities Grant made to local Charities in Nigeria Governance costs 7 Analysis of grants Activity or programme Grants provided to local charities in Nigeria Activity or programme Grants provided to local charities in Nigeria 8 Other expenditure Bank loan and overdraft interest payable Employee costs Motor and travel costs Legal and professional costs 9 Net expenditure before transfers This is stated after charging: Independent Examiner's fee 10 Staff costs No employee received emoluments in excess of £60,000.	Unrestricted £ - 100 211 600 911 2023 £ 600	Total 2023 £ - - Total 2023 £ - - Total 2023 £ - - Total 2023 £ - 100 211 600 911	Total 2022 £ 36,603
			36,603
			Total 2022 £ (5,083)
			(5,083)
			Total 2022 £
			(5,083)
			(5,083)
			Total 2022 £ 1,339 - - 900
			2,239
			2022 £ 900

Page 11

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Notes to the Accounts

11 Creditors: amounts falling due within one year Bank loans and overdrafts Other creditors Accruals 12 Creditors: amounts falling due after more than one year Bank loans and overdrafts 13 Movement in funds At 1 September 2022 Restricted funds: Unrestricted funds: General funds (7,322) Total funds (7,322) 14 Analysis of net assets between funds Net current assets Creditors due in more than one year and provisions	2023 £ 11,644 553 - 12,197 2023 £ 37,972 37,972 Incoming resources (including other gains/losses ) £ 560 560	Resources expended £ (911) (911) Unrestricted funds £ 30,299 (37,972) (7,673)	2022 £ 11,644 190 -
			11,834
			2022 £ 37,972
			37,972
			At 31 August 2023 £ (7,673)
			(7,673)
			Total £ 30,299 (37,972)
			(7,673)

Page 12

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Notes to the Accounts

15 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents Bank loans Net debt	At 1 September 2022 £	Cash flows £	At 31 August 2023 £
	42,484	12	42,496
	42,484 (49,616) (49,616) (7,132)	12 0 0 12	42,496 (49,616)
			(49,616)
			(7,120)

16 Related party disclosures Controlling party

Page 13

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Detailed Statement of Financial Activities

for the year ended 31 August 2023

Income and endowments from: Donations and legacies Grant Receivables Charitable activities Grant made to local Charities in Nigeria Total income and endowments Expenditure on: Charitable activities Grant made to local Charities in Nigeria Total of expenditure on charitable activities Other expenditure Bank loan and overdraft interest payable Employee costs Staff welfare Motor and travel costs Vehicles - General costs Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains	Unrestricted funds 2023 £ 560 560 - - 560 - - - - - 100 100 211 211 600 600 911 911 - (351) (351) -	Total funds 2023 £ 560 560 - - 560 - - - - - 100 100 211 211 600 600 911 911 - (351) (351) -	Total funds 2022 £ -
			-
			31,520
			31,520
			31,520 36,603
			36,603
			36,603 1,339
			1,339
			-
			-
			-
			-
			900
			900

			2,239
			38,842 -
			(7,322)
			(7,322) -

Page 14

OLAYINKA ADERINKOLA AKINRINOLA FOUNDATION UK Detailed Statement of Financial Activities

Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	(351) (7,322) (7,673)	(351) (7,322) (7,673)	(7,322)
			-
			(7,322)

Page 15

Virtual Cabinet Portal Digital Signatures

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Signature 1

Signed by Aderinkola Akinrinola using authentication code T3BPPERLKHVhPDxl at IP address 80.42.36.254, on 2024/07/05 13:20:41 Z. Aderinkola Akinrinola's e-mail address is: derin4xt@yahoo.com.