REGISTEREO COMPANY NUMBER: 12330469 (En REGISTEREO CHARITY NUIABER: 119 land and Wales) 874 ortofth Tr tees and ndati Argon & Krypwn Collsulting Ltd (Chart¢red C¢rtifi¢d Accounwits & Tax Advisers) Unli 6 Town Quay Wlwf Abbey Road Barkin Euex IGII 7BZ 'AOCLFDDK*
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CCWPANIES H¢JUSE
nte f rtheye 30 Dece Page Report of the Trustees Independent Examiner's Report Statement of Financial Actluitie5 3to 5 Statement of Financial Position stalenient of Cash Flows 10 Noles to the Statement of Cash Fli)ws Note5 to the Financial Statements 12 to 18 Oetailed Statement of Financial Attiuities 19 to 21
for e Year En O Oecember 2 The trustees who are also directors of the charity for the purposes of Ihe Companies Act 2006. present their re ort Wlth the financial statements of the charity for the year ended 30 December 2023. The trustees haue ted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice app icable lo charities preparin9 their a£counls in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffective l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governin9 document. a deed of trust. and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. REFERENCEANO ADMINISTRATIVE DETAIL5 Registered Company number 12330469 (England and Wales) islered Charity nurnber 874 Re Registered office Suite G041 Quality Court Chancery Lane London WC2A IHR Trustees 18 Adeagbo 8 O Olagundoye- Chair (deceased 15.2.24) A A Ishmael Y A Raimi-odimayo FCA- Treasurer O J Famakhnwa FCA FCCA- Chair {appointed 15.2.24) Com IBA an eag Secretary o FCA FCCA Independent Examiner Olusola Makinwa {MSc FCCA) Argon & Krypton Con5ultin9 Ltd Ichartered Certified Accountants & Tax Advisers) Unit 6. Town Quay Wharf Abbey Road 8arking, E55ex IGII 78Z Approved by order of the board of ttee$ on 26lh September 2024...and signed on its behalf by: O J Famakinwa- Ctriairman
IA- Foundatlo Report of the Tnjslees for the Year Ended 30 Oecember 2023 l am honoured to present the 2023 Trustee's Report, highlighting IA-Foundation's achievements. progress. and impact over the past year. I would like to pay tribute to Late Pastor Babajide Olagundoye, our former Chair who sadly passed away on T51h February 20241. his leadership and impact to our Foundation was enormous. We really miss him and may his soul rest in peace. Mission and Objectives Our mission remains unchan ed. to transform liues through education in Ni School Children" back into c assroom. This year. we focused on increasing expanding programs, and enhancin9 governance. Achieuements oundation hosted its 4th Charity Gala and Fundraislng event in the UK. The event was aimed at raisin9 funds and aujareness for its educational programs. The event featured a dinner, s eeches, live erformances. and an auction. brin ing together supporters and stakeholders. The gala success ullg raised £ 4.000, which were directed towar ursaries and resources for the 20.2 million underpriuileged children In Nigeria. Weals0 hosted our first maiden edition of Out- of-school Children Surnrnil in October2023, themed-panacea to a menace". The summit focused on creating national awareness about the menace of out-of-school children and the potential consequences of continuous rele ation of universal education in Nigeria. The summil gathered experts, educator5. policymakers. and a vocates to discuss strategies for improuing enrolment rates and educational opportunities. It provided a platform to achieve multi-sector awareness. inuolvement, and investnent in addressing the embarrassing statistics of ouer 20.2 million out-of- schoolchildren in the country. As a follow up to the summit. we organized a Charity Walk to raise awareness for out-of-school children. Thirty-three Participants undertook a 5KM walked from Ikeja Under bridge to Lagos Sale House of Assembl Alausa Secretariat to seek the audience of the members of House of Assembly to address the issue of out-o school children in the slate. The participanis were all united in the cause of supporting educational initiatives for children in need. These events hi challenges and fostering opportunities hled IA-Foundation's commitment to addressing educational ildren to succeed. As part of our six strate ic strands. the Foundation launched an advocacy and education awareness campai9n, with our Foun er and CEO, Mrs. Ibironke Adeagbo. makin appearances on various television stations to increase publ(c awareness of the natton'5 Out-of-school chi12ren problem. eria and Africa. 8ring -out of undrai5ing. building capacity. orc The Foundation recently experienced an increase in the recruitment of ¢i9ht more uolunteers Luith a total of Ihirty-five uolunleers. reflecting its growinp impact and appeal. This increase in uolunteer numbers is driven b the Foundation's expanding outreach ef orts and the compellin9 mission to supp orl educational initiatiues. e Foundation has acttuely en9aged its uolunteers with a uariety of meaningfu activities, one of which is visiting the twent -tLUO schools to check up on the beneficiaries. During these school visits. volunteers assess the students. aca emic rogress. address any challenges they may be facin individual needs. We sa y lost one of our sludents In Abuja, Aisha Zubairu an and offer support tailored to one volunteer In Edo state, Mr5 Joy Odia. May their gentle %>ul rest in peace. The Foundation generously donated to the orphans affected by the terrorist bombin9 of the An91icart Church In Owo Tou)n, Ondo State. ensuring they haue the necessary support to continue thelr educalion. The Foundation took a significant step to enhance its online presence and outreach efforts b revamping the website. ReL)amping the website improves uisibility and makes it easier for uisilors to earn about the Foundation's mission and iniliatiues. Also. the Foundation has deueloped a new portal focused on encouraging donors to sponsor a child. offering a more streamlined and engaging experience for potential sponsors. In our commitment to f05terin education and addressing the challenges that keep children out of school, the Foundalton is sel to empower t e mothers of out-of-school children. This initiatiue reco9nizes Ihe pivotal role that mothers play in the liues of their children and seeks to enhance their capacity to support their children's education. Financial Report Our Foundation continues to operate with strong financial governance ensuring all programs are self- sustainin9. maLntain adequate reserves to ensure continuily for six months in the euent of a material event that temporaril constrains the fundraising of the Foundation. For the ¥ear en ed 30th December 2023, the Foundation delivered a deficit of £4.708. Compared to a surplus of £355 in 2022. The deficit for the current year. this is due to a key change In strat¢9y to employ an Interim
Chlef Executive Office durin full details are coniained in t the eau ear to driue fundrai5in9 and capacity buildin ited financial statements on pages 7 to 21 of t within the Foundation. The is Annual Report. Looking Ahead In the coming year, we will focus on building capacity by emrloying a permanenl in-country Chief Executive officer, recruiting new staff members suitable for the recent y agreed mana ement Structure which I belieue will take our Foundation to the next level where we can increase the number o children we take off the streets. We will improue our reuenue by diuer5ifying the funding streams. we will now host two Charity f undrai51ng events annually (in the UK and Nigeria). We will seek and find le acy donors Icorporate & Personal) to prouide long tern benevolent funds from which we would derive annua operaling income. We will develop a number of project pro osals to assist other NGOS to achiwe our mutual goa15. These proposa15 will also generate funds for our Foun ation. We will build a databank to track current beneficiaries and their guardians. as we belieue they will form the future IA-Foundation Alumni. We will continue to enhance our dlgltal presence on our webslte, ensuring improved user experience and donation functionality. Expandin our social media reach ihrough targeted campai ns and engaging content. lementing a robust online fun raising platform to streanline donations. We wil redouble email marketing orts to keep supporters informed and engaged. 8y strengthening our digital presence. we aim to increase tyjr visibility. reach new audiences, and prouide a seamless experience for our supporters and beneficiaries. Conclusion In conclusion, I want to Èxpress my sincere gratitude to fellow trustees. sub-committee members. patrons, anbassadors. the Founder/CEO. staff niemb¢r$ 6 volunteers, strategic partners. generous donors 8 supporters for contributing to the success of 2023. IA Foundation remain5 commitled to making a meaningful difference in the liues of all children ihal we have taken off the streets and those we are passionately desirin9 to take off the streets. Thank you for your contlnued support. Together, we can achieve even more. O J Famakinwa FCA FCCA MBA Chairman. IA-Foundation
In IA- Foundation Independent examiner's report to the trustees of IA- FoundatloA {'the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 DeceTnber 2023. Res nslbilities and basls of report Ast e charily's trustees of the Company (and also its directors for the purposes of com responsible for the preparation of the accounts.in accordance with the requirernents of t 2006 ('Ihe 2006 Act,). an lawl you are ompanie5 Act Hauing satisfied m self that the accounts of the Company are not required to be audited under Part 16 of the 200fj Act and are e ible for inde endent examination, I report in res ect of my examination of your charity's accounls as carrie out under lion 145 of the clritieS Act 2 11 ('the 2011 Act'l. In carr in out my examination I have followed the Directions given by the Charity Commission under Section 145¥51 Ibl of the 2011 Act. Independent exarnlner's stalement I have completed my examination. I confirm that no matters haue come to my attention In connection with the examination giving me cause to believe: accounting records were not kept in respect of ihe Company as required by Section 386 of the 2006 Act: or the accounts do not accord with those records: or the accounts do not compl than any requirement that t with the accounting requirements of Section 396 of the 2006 Act other e accounts give a true and fair view which is not a rnaller considered as parl of an independent exarnination: or the accounts haue not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reportin9 by charities {ap licable to charities their accounts In accordance with the Financial Reporting Standard app icable in the UK an of Ireland (FRS 102)). Republic I have no concern5 and haue come across no other matters in connection u>ith the examlnation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Olusola Makinwa (Msc FCCA) Ar (c on & Krypton Consulting Ltd artered Certified Accountants 8 Tax Aduisers) Unit 6 ToLun Quay Wharf Abbey Road Barking Essex IGII 78Z Date.. 26th September 2024
In oratin he Year Ended mean Ex en iture Account 30.12.23 Total funds 30.12.22 Total furtds Unrestricted Restricted fund fund Notes INCOME AND ENOOWMENTS FROM Donations and legacies 16.299 7.484 23.783 22.377 Charilable actiuilies Events Income 39,031 39.031 12.609 Total 55.330 7.484 62.814 34,986 EXPENDITURE ON Charllable activities Events 19.381 19,381 1.879 Others 39,552 8.590 48.143 32.752 Total 58.933 8.589 67.523 34,631 NET INCOMEI{EXPENDITURE) (3.603) (1.105) (4.708) 355 RECONCILIATION OF FUNDS Total funds brought forward 16.562 1.958 18,520 18.165 TOTAL FUNDS CARRIED FORWARO 12.959 853 13.812 18,520 The notrs forni part of these flnancial statem
Financi 30 December 2023 30.12.23 Restricted 30.12.22 Total Unrestricted Toial fund fund funds funds Notes FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash al bank 2.719 2.719 4.115 12 2.957 8,570 2,957 9.423 853 14.406 11,527 853 12,380 14.406 CREDITORS Amounts falling due ujithin one year 13 (1,013) (1.013) NETCURRENT ASSETS 10.514 853 11.367 14.405 TOTAL ASSETS LESS CURRENT UABILITIES 13.233 853 14.086 18,520 ACCRUALS ANO DEFERREO INCOME 14 1275) 1275) NET ASSETS 12.958 853 13.811 18.520 FUNOS Unrestricted funds= General fund Restricted funds: Restricted 15 12.958 16.562 853 1.958 TOTALFUNDS 13.811 18.520 The charitable company is entitled to exemption from audit under Section 477 of the Conipanie5 Act 2006 for the year ended 30 Oecember 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keep5 accounting records that comply with Sections 386 and 387 of the Com anies Act 2006 and preparing inancial statements which 9ive a true and fair view of the state of affairs of the charltable company as at the end of each financial year and of its surplu5 or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatin9 to financol statements. so far as applicable to the tharitable company. (bl The nores forni pan of these fjnancial statem
ial Posi in These financial statement5 have been prepared in accordance with the prouisions applicable to charltable companies subject to the small companies regime. The financial statements were approved by the 8oard of Trustees and authorised for issue on ..26th September 2024...and were signed on its behalf by: O J Famakinwa- Chairman A Raimi-odimay Treasurer The notes fi)rm w of diese fancial ststem
IA- Foundation 30.12.23 30.12.22 Note5 Cash flows from operatlng actiuities Cash generated from operations (3.690) 4.058 Net cash (used in)/provided by operating activities (1.263) 4.058 Cash flows from inu¢sting activitie$ Purchase of tangible fixed assets (5.0001 Net cash used in investing activities (5,000} Change In cash and cash equlvalents In the reporting period Cash and cash equivalents al the beglnnln9 of the reportlng period Cash and cash equiualents al Ihe end of the reporting period (3,690) 942) 14.406 f5,348 9.423 14.406 The notes form part of tiiese fthancial statem
Found tion hes f the Year End hFI r 2023 RECONCILIATION OF NET I£XPENDITURE>/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.12.23 30.12.22 Net {expendilure)/income for the reportlng perlod (as per the Statement of FlrMncia( Actiuities) Adjustments for: Depreciation charges {Increase)/decrease in debtors Increase in creditor5 (4.709) 355 2.689 {2.9571 .287 1.433 2.270 Net cash (used in)/prouided by operations (3.690) 4.058 ANALYSIS OF CHANGES IN NET FUNDS At 31112122 Cash flouj At 30112123 Net cash Cash at bank 14.406 (4.983) 9.423 14.406 (4.9831 9.423 Tolal 14.406 (4.9831 9.423 Th¢ notes for part of these fancIal statem
io ial Sta Ended 30 December 2023 ACCOUNTING POLICIES Basis of pre The financia aring the financlal statements statements of the charitable company. which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102)'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparin9 their accounls in accordance with the Financial fieporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effectiue l January 20191, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Re under Ihe ublic of Ireland, and the Companies Act 2006. The financial statemenls haue been prepared istorical cost convention. Incorne All income is reco funds, it is probab ExpenditUTe Liabilities are recognised as expenditure as soon as there is a le committing the charity to that expendtture, it is probable that a trans al or constructive obligation er of economic benefits Lvill be required in settlement and the amount of the obli accounted for on an accruals basis and has been ation can be measured reliably. Expenditure is assified under headings that aggregate all cost related to the cate9ory. Where costs cannot be directly attributed to particular headings they have been allocated to aCtIlieS on a ba515 con515tent with the use of resources. nised in the Statement of Financial Actiuities once the charity has entltlement to the e that the income will be receiued and the amount can be measured reliably. Grants offered subject to conditions which have not been met at the year end date are noted as a commltment but not accrued as expendilure. Tangible fixed assets Depreciation is provided at the following annual rates irt order to write offeach asset over its estimated useful life. 1. Computer Systems written off over 4 years with nil Residual value 2. Photographic Equipment written off ouer 5 years Wlth nil Residual Value Taxatlon The charity is exempt from corporation tax on 115 charitable activities. Fund accounting Unrestricted fund5 can be used in accordance with the charitable objectives al the discretiort of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise whert specified by the donor or when funds are raised for particular restricted purp05e5. Further explanation of the nature and purpose of each fund is included In the notes to the financial statements. Hire purchase and leasin9 commitrnents Rentals paid under operatin line basis ouer the period of t leases are charged to the Statement of Financial Activitles on a stralght e lease.
IA-F undation Note ial Statements- continued r 2023 Donallons and Legacies 30.12.23 30.12.22 Donations Ilndividua15 & Corporate Trustees. Donation Sponsor A Child Donations (Off ice Rent) 7.765 3,211 7,410 5.397 8,905 2.841 3,206 7,426 Events Income Euents UK Out90ing Resowces Euents Activilies Rental, Travels. and Raffle Tickets Drinks, Food. & Entertainment Brochure. PhotO9raphy. & Publicity 3.106 11.986 1.260 450 Charilable Activilies Direct Charitable Costs Educational Donations Rent of Office Space 6.290 10.315 9,023 6,528 other Charitable Actluities Le al fees Ot er Charitable Cost Consultancy Cost 3,382 7,312 1.468 ,702 NET INCOME/(EXPENOITURE) Net income/(expenditure) is stated after charging/(crediting): 30.12.23 30.12.22 Oepreciation- owned assets 1.396 1,433 TRUSTEES. REMUNERATION AND BENEFITS There Lvere no trustees, remuneration or other benefits for the year ended 30 Oecember 2023 nor for the year ended 30 Oecember 2022. A trustee was paid the sum of £8.531 for the seruices rendered In the furtherance of ihe charitable objects and not as a trustee COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Reslricled fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Events Incorne 19.803 2,574 22,377 12.609 12.609 Total 32.412 2.574 34.986
LXPENOITURÉ ON Charitable activities Events 1.879 1.879 other 32,136 616 32,752 Tolal 34.015 616 34,631 NET INCOMEI(EXPENDITURE) (1.603) 1.958 355 14 IPa
nc ed 30 Decem io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted fund fund Total funds RECONCILIATION OF FUNDS Total funds brought forward 18.165 18.165 TOTAL FUNDS CARRIEO FORWARO 16.562 1,958 18.520 TANGIBLE FIXED ASSETS Computer equipment COST At 31 December 2022 and 30 December 2023 5.730 DEPRECIATION At 31 December 2022 Charge for year 1,615 1.396 At 30 December 2023 3.011 NET BOOK VALUE At 30 December 2023 2.719 At30 December2022 4,115 12. OEBTOR5: AMOUNTS FALUNG DUE WITHIN ONE YEAR 30.12.23 30.12.22 Prepayments 2.957
IA- Foundation 13. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 30.12.23 30.12.22 Trade creditors 1.013 ACCRUALS AND DEFERRED INCOME 30.12.23 30.12.22 Accrua15 and deferred income 27S 15. MOVEMENTIN FUNDS Net mouement in funds At 31112122 30112123 Unrestricted funds General fund 16.562 (3.6041 12.958 Restricted funds Restricted 1,958 (1.1051 853 TOTAL FUNDS 18.520 14.7091 13.811 Net mouement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 55.330 (58.934) (3.604) Restricted fuA(ts Restricted 7.484 {8.5891 11,105) TOTAL FUNOS 62.814 (67,523) {4.709)
IA-F es t the Financia 16. MOVEMENT IN FUNDS- conlimied Coniparatlves lor movement in funds Net mouement in funds At 31112121 At 30112122 Unrestricted funds General fund 18.165 (1.603) 16.562 Restricted funds Restricted 1.958 1.958 TOTAL FUNDS 18.165 355 18.520 Comparatiue net mouemenl in funds. included in the aboue are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 32.412 (34,015) (1.603) Restricted funds Restricted 2.574 {616) 1,958 TOTAL FUNDS 34.986 {34.631) 355 A current year 12 months and prior year12 months combined position is as follows: Net movement in funds At 31112121 At 30/12123 Vnrestrlcted fun¢ts General fund 18,165 (5.207) 12,958 Restrlcled funds Re5tricled 853 853 TOTALFUNDS 18.165 {4.354) 13.811
Financial Statements- continued for the Year Ended 30 December 2023 17. MOVEMÉNT IN FUNDS- continued A current year 12 monlhs and prior year 12 months cornbined net mouement in funds, included in the above are a5 follows.. Incoming resources Resources expended Mouement in funds Unrestricted funits General fund 87,742 (92.949) (5.2071 Restricted fun¢ts Restrhcted 10.058 19,205) 853 TOTAL FUNDS 97.800 (102.154) {4,3541 18. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 30 December 2023. Ouring the ear a trustee rovided the office space asgift to the charity. the cash equiualent tvas £3.135 relatin9 lo t e London Off ice.
he Year Ended 30 Decembe 30.12.23 30.12.22 INCOME AND ENDOWMENTS Donatlons and !e9acies Oonation5 - Individual Oonation5 - Corporate Donations - Website Roducate Oevices TruslEes' Donation other Restricted Income Office Rent other Donations 6.727 20 26 7,932 972 3.135 7.410 5.397 1.018 2.842 3,205 7,426 23.783 22.377 Charitable activities Dinner- Advert Income Oinner Raffle Ticket Incorne Oonation towards Dinner Dinner Tickets Income Pro Bono Raffle Prizes Charity Walk goo 1.005 8,227 1.120 .267 16.586 15.331 7.114 39.031 12.609 Total incoming r¢sr¢¢$ 62.814 34,986 EXPENDITURE Charltable ac¢ivltie$ Pro bono Raffle Pri2es OJ Dinner Orinks Dinner Entertainment Dinner Food Dinner Health 6 Safety Hire of Hall Dinner- Publicity Photogralhy I Video Dinner - tationeryl 680 800 450 1.230 1.900 8,156 700 2.427 1,590 706 1.992 460 raphy ertificate 169 19.381 1,879 Other Aduertising/Promotion/Markeling Carried forward 50 50 735 735 This page does not fonn pan of the statu(ory fwpncial $tat¢m
30.12.23 30.12.22 other Brought fonuard General Office Administration Small Asset Office Space Rent Travel and Accommodation Books Printing, Postage 6 Stationery Telephon£ & Mobile Working 735 128 143 7,426 2.422 .257 135 839 561 5,397 1.225 1,070 77 662 9,042 13,085 Support costs Managemenl Educational Donations Other Donation Volunteers Cost Subscriptions Accountin9 Software Website-Hostin & Maintenance Training & Deue opment others 10.315 20 247 6,528 39 381 682 205 78 734 616 1.084 1.293 12,959 9,263 Finance Hospitality other Charltable Expenses .Consultancy other Volunteers (Nigeria) Marketin9 (Nigeria) Advocacy {Ni9erial Hospitality (Nigenal Computer equipment 643 8,531 25 7,092 2.221 1.396 1,661 .432 11,025 3,093 Other2 Consultant Bank Charges (Nigerial 5.520 220 5.159 41 5.740 5.200 This page does not frimh Part of the statutory fancIal statem 20 |Pa
e Year End r 2023 30.12.23 30.12.22 other 2 Gouernance costs Legal & Prof Fees 845 1.468 Total resources expended 67.523 34,631 Not {exp¢nditure)/income {4.7091 355 This page d(Ks not foruL part of the ststutory flnancial stole