Registered Charity No: 1199564 Registered Company No: 13394917 (England & Wales)
KOKO Foundation
(A Company Limited by Guarantee)
Annual Report and Financial Statements
For the period ended
31 December 2022
KOKO FOUNDATION
INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Charity Reference and Administrative Details | 2 |
| Trustees’ Annual Report (incorporating Director’s Report) |
3 - 6 |
| Independent Examiners Report | 7 |
| Statement of Financial Activities (incorporating Income & Expenditure Account) |
8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10 - 13 |
Page 1
KOKO FOUNDATION
CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 DECEMBER 2022
Charity Name:
KOKO Foundation
Charity Registration Number: 1199564
Company Registration Number: 13394917 (England & Wales)
Registered Office:
3[rd] Floor 7 Greenland Street London NW1 0ND
Trustees/Directors:
The directors of the charitable company are also its trustees for the purpose of charitable law. The trustees who have served during the year and since the year end are as follows:
Amarjit Talwar Chair Oliver Bengough Thomas De Rosa Appointed 03/11/2023 Jane Featherstone Appointed 03/11/2023 Chloe Franses Resigned 01/04/2023
All the Trustees are also members of the charity.
Independent Examiner: Stephanie Beeston-Clarke FCCA Beeston-Clarke Accountants Limited Chartered Certified Accountants 242 Leicester Road Markfield Leicester LE67 9RG
Bankers:
Barclays Bank plc
Page 2
KOKO FOUNDATION
TRUSTEE’S ANNUAL REPORT (incorporating Director’s Report) FOR THE PERIOD ENDED 31 DECEMBER 2022
The trustees present their report and financial statements of the charity for the period ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102) in preparing the annual financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity governing document, the Charities Act 2011 and 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 published in October 2019 (second edition).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is constituted as a company limited by guarantee and became a registered charity on 6 July 2022 (charity registration number: 1199564). The objects and powers of the Charity are set out in its governing document which is its Articles of Association.
Sophia Pasetti, who is not a trustee, is responsible for the day to day operation of KOKO Foundation.
The Charity is run by a board of Trustees, with co-opted members. The Trustees are also the only company members of the Charity. The Trustees are currently carrying out a skills audit in the context of further Trustee recruitment and working with the Charity’s legal advisors to ensure good governance and put in place relevant policies. The Trustees plan to host an induction training session with its legal advisors.
Whilst KOKO Foundation is an independent organisation constituted as a company limited by guarantee with Charitable status directed by a board of trustees, it has a close working relationship with The Hope Lease Limited (trading as KOKO).
OBJECTIVES AND ACTIVITIES
The objects of the Charity are:
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To advance the education of the public, but not exclusively the education of young people, with reference to the performing arts, particularly but not exclusively through the provision of workshops, artistic training, performance, public discussion, and other educational programmes.
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To promote sustainable development for the benefit of the public by the conservation, protection and improvement of the physical and natural environment and the prudent use of resources.
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To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society, but not exclusively by working with socially excluded people in and around the area of Camden in London. For this article ‘socially excluded’ means being excluded from society, or part of society, as a result of being a member of a socially and/or economically deprived community including (but not limited to) those that are excluded from society as a result of youth and/or unemployment.
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To advance the arts and culture for the benefit of the general public through promotion, production and encouragement of all art forms, including but without limitation, music, dance and film, with particular but not exclusive reference to live performances.
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For the public benefit to further such purposes as are exclusively charitable according to the laws of England and Wales from time to time.
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KOKO FOUNDATION
TRUSTEE’S ANNUAL REPORT (incorporating Director’s Report) FOR THE PERIOD ENDED 31 DECEMBER 2022
In deciding what activities to pursue the Trustees of the Charity have had regard to guidance issued by the Charity Commission on public benefit.
ACHIEVEMENTS AND PERFORMANCE
The KOKO Foundation is a registered charity - 1199564. Its mission statement is to empower youth, enrich communities, and nurture a green world. Throughout that process, the KOKO Foundation will become a force for positive change throughout the local area, by helping to unlock the potential of its disadvantaged young people, and to nurture the talents of the next wave of essential new artists. And while KOKO Foundation’s initiatives aim to enrich the community around its home in Camden through an array of creative partnerships and initiatives with local enterprises, its longer-term ambition is to ensure that those ideas can be replicated across London and beyond.
The KOKO Foundation has quietly taken its first steps towards achieving its goals by focusing upon local environmental initiatives. The most notable of these has been a partnership with Think & Do Camden and Camden Council, which has deployed a selection of activations to help rewild Camden for the benefit of the community ecosystem, one notable example being the Kentish Town fire station.
The KOKO Foundation’s most significant environment initiative to date is the Communi-trees project, which has resulted in 188 mature trees being planted on 10 council estates throughout the borough. Having just planted Camdens first fruit orchard across two local council estates. The project also encourages young people to invest their time into their community by learning about the environment and by paying a small team of KOKO foresters on each estate to care for the trees, rather than using outside council contractors, in the process creating a healthy and positive circular local economy. The KOKO Foundation also funds all of the equipment which is used to maintain the trees on each estate. The programme has been such a success that the KOKO Foundation has partnered with The Ashden Climate Trust with plans to expand into 20 more boroughs. The foundation has also given away 1500 tree whips across 26 community events as has proudly rewilded 26 local schools with fruit trees and jammy hedges focusing on schools who are citied on major roads with pollution to make their environments cleaner and increase biodiversity.
KOKO foundation will launch its new project, Beeline Boxes in partnership with Think&Do and Camden Council this June. Its aim is to increase biodiversity in urban areas in Camden estates and expand encouraging young people to engage with nature. For the pilot, alongside a student of socially responsive design from Central St Martins university, we will be co-designing & manufacturing 90 galvinised metal Beeline Boxes which will be filled with evergreen herbs and installed public on walkways in the ThreeFields estate, Camden.
The foundation has added an estimated 40% to the total public tree planting in the borough of Camden (if replacement trees are not included). Not bad for a little new foundation!
Plans for the future
After a successful pilot, of 12 students aged between 18-30, the foundation will launch the KOKO ARTS ACADEMY in 2024, with its first full academy focusing on Music, launching in May 2024 in partnership with Ivor Novello winning songwriter and producer Sacha Skarbek and his songwriting academy, it will be a 3 day work shop of song writing, mentoring and music industry experts doing Q&A’s about the business side of the industry. The academy will end with a performance in Ellens in KOKO, showcasing the music and songs the students have created across the workshop with a live band.
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KOKO FOUNDATION
TRUSTEE’S ANNUAL REPORT (incorporating Director’s Report) FOR THE PERIOD ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
The accounts for the period to 31 May 2022 have been restated to remove accrued income from donations of £7,400 in accordance with Charities SORP, section 5, which states donations should be recognised on receipt and they were not received by the Charity until June 2023.
During the period to 31 December 2022 KOKO Foundation received donations in kind totalling £63,286 from Hope Lease Ltd. This was for expenses incurred by the charity in the main for grants & funding, marketing & PR services.
At 31 December 2022 the charity had a negative unrestricted reserves balance of £4,873 (31/05/2022: £nil). Donations from Hope Lease Ltd are due to KOKO Foundation in 2023 which will bolster reserves.
RESERVES POLICY
There is no reserves policy at present as there are no overheads that would need to be safeguarded in the event of a lack of funds. However, a policy of retaining a minimum of three months operational costs will be implemented and agreed.
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KOKO FOUNDATION
TRUSTEE’S ANNUAL REPORT (incorporating Director’s Report) FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)
TRUSTEES’ RESPONSIBILITIES STATEMENT
The Trustees, who are also directors of the charity are responsible for preparing the Trustees' Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for the year.
In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities 2019 (FRS 102) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the Trustees/Directors on …………………... and signed on its behalf by:
A Talwar
A Talwar (May 3, 2024 11:18 GMT+1)
_____ Amarjit Talwar Trustee/Director
Page 6
KOKO FOUNDATION
INDEPENDENT EXAMINERS’ REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022
We report to the trustees on our examination of the accounts of the charitable company for the period ended 31 December 2022 which are set out on pages 8 to 13.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act").
Having satisfied ourselves that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respect of our examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out our examination, we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner’s Statement
We have completed our examination. We can confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination; or
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the accounts 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.
Stephanie J Beeston-Clarke FCCA Beeston-Clarke Accountants Limited Chartered Certified Accountants 242 Leicester Road Markfield Leicester LE67 9RG
Dated:
Page 7
KOKO Foundation
STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account) FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2022
| Notes Income and endowments from: Donations & legacies 3 Total income Expenditure: Raising funds Charitable Activities 4 Total resouces expended Net incoming/(outgoing) resources before transfers Transfers between funds Net income/(expenditure) for the year / net movement in funds Fund balances at 01/06/2022 Fund balances at 31/12/2022 |
Unrestricted funds Restricted funds Total Restated Unrestricted funds Restated Restricted funds Restated Total 31/12/2022 31/12/2022 31/12/2022 31/05/2022 31/05/2022 31/05/2022 £ £ £ £ £ £ 63,286 - 63,286 - - - 63,286 - 63,286 - - - - - - - - - 68,159 - 68,159 - - - 68,159 - 68,159 - - - (4,873) - (4,873) - - - - - - - - - (4,873) - (4,873) - - - - - - - - - (4,873) - (4,873) - - - |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006.
Page 8
KOKO Foundation
BALANCE SHEET AS AT 31 DECEMBER 2022
| Restated | ||||||
|---|---|---|---|---|---|---|
| 31/12/2022 | 31/05/2022 | |||||
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible fixed assets | - | - | ||||
| Current assets | ||||||
| Debtors | 8 | - | - | |||
| Cash at bank and in hand | - | - | ||||
| - | - | |||||
| Creditors: amounts falling due within 1 year | 9 | 4,873 | ||||
| Net current assets | (4,873) | - | ||||
| Total assets less current liabilities | (4,873) | - | ||||
| Funds | ||||||
| Restricted funds | - | - | ||||
| Unrestricted funds | (4,873) | - | ||||
| (4,873) | - |
The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 December 2022. No member of the charitable company has deposited a notice, pursuant to section 476, requiring and audit of those accounts.
The Trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Board of Trustees on …............................
A Talwar
A Talwar (May 3, 2024 11:18 GMT+1){{sig2_es_:signer1:signature:dimension(width=80mm, height=15mm)}}
~~….........~~ ....................................................................
Amarjit Talwar Chair of Trustees
Company Number 13394917
Page 9
KOKO Foundation
NOTES TO THE ACCOUNTS FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
KOKO Foundation is a charitable company limited by guarantee, incorporated in England and Wales. The registered office is 3rd Floor 7 Greenland Street, London, England, NW1 0ND.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Companies Act 2006, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), 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 issued in October 2019, UK Generally Accepted Accounting Practice and applicable charity and company law. The charitable company is a Public Benefit Entity as defined by FRS102. The charitable company has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 2 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have reviewed the going concern of the charity and consider that the charity has adequate resources to continue in operational existence for the foreseeable future.
1.3 Charitable funds
Unrestricted funds are available for use at discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Transfers are made between funds when adequate justification and supporting evidence is provided.
1.4 Incoming resources
Grants are accounted for on an accruals basis and allocated between funds according to the basis of the grant being provided. Grant income is recognised when the charity is entitled to it after performance conditions have been met, the amounts can be measured reliably and it is probable that the income will be received. Where the charitable company is required to repay any part of the grant a provision is made for the amount due to be repaid.
Donations and legacies receivable are accounted for where there is entitlement, sufficient certainty of receipt and the amount can be measured reliably. In the case of unsolicited donations this is usually only when received. All other income is accounted for under the accruals concept. No amounts are included in the financial statements for services donated by volunteers. Donated capital items are included withing the financial statements at their current value at the time of donation. Trading income is receivable on a profit share basis. Income received for future periods is deferred until those periods.
1.5 Resources expended
All expenses are accounted for on an accruals basis. Expenditure incurred in connection with the specific objects of the charitable company is included under the heading of direct charitable expenditure, overheads are allocated to activities in proportion to their use of facilities. The irrecoverable element of VAT is included with the item of expense to which it relates.
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KOKO Foundation
NOTES TO THE ACCOUNTS (continued) FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2022
1 Accounting policies (continued)
1.6 Creditors and provisions
Creditors and provisions are recognised where the charitable company 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 value.
1.7 Debtors
Debtors are recognised at the settlement amount due.
2 Critical accounting estimates and judgements
In the application of the charitable company´s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
| Donations and legacies Donations and gifts Donations in kind For the restated period ended 31/05/2022 |
Unrestricted funds Restricted funds Total Restated Total 31/12/2022 31/12/2022 31/12/2022 31/05/2022 £ £ £ £ |
|---|---|
| - - - - 63,286 - 63,286 - |
|
| 63,286 - 63,286 - |
|
| - - - |
3 Donations and legacies
| Charitable activity expenditure Grants & Funding - Environmental Support costs (see note 5) Governance costs (see note 5) For the restated period ended 31/05/2022 |
Unrestricted funds Restricted funds Total Restated Total 31/12/2022 31/12/2022 31/12/2022 31/05/2022 £ £ £ £ 43,182 - 43,182 - |
|---|---|
| 43,182 - 43,182 - |
|
| 18,033 - 18,033 - 6,944 - 6,944 - |
|
| 68,159 - 68,159 - |
|
| - - - |
4 Charitable activity expenditure
Page 11
KOKO Foundation
NOTES TO THE ACCOUNTS (continued) FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2022
| 5 Support and governance costs Support Marketing & PR Repairs & small equipment Travel Website Governance Accountancy/Independent Examination Legal and professional fees Trustees' meeting expenses Analysed between Fundraising Charitable Activities Fundraising Charitable Activities For the restated period ended 31/05/2022 For the restated period ended 31/05/2022 |
Support costs Governance costs Total Restated Total 31/12/2022 31/12/2022 31/12/2022 31/05/2022 £ £ £ £ 14,121 - 14,121 - 32 - 32 - 61 - 61 - 2,739 - 2,739 - 1,080 1,512 2,592 - - 5,432 5,432 - - - - - |
|---|---|
| 18,033 6,944 24,977 - |
|
| - - - - - - - 18,033 6,944 24,977 - |
|
| 18,033 6,944 24,977 - |
|
| - - - - - - - - - - - |
Governance costs includes £1,512 (2022: £nil) in respect of the independent examination.
6 Trustees Reimbursed Expenses
Travel expenses of £61 were reimbursed for Amarjit Talway (31.05.22: £nil). No other trustees received any reimbursed expenses in either financial year.
7 Employees
There were no employees of the charity for the period to 31/12/2022 or for the period to 31/05/2022
| 8 Debtors: amounts falling due within one year: Trade debtors Prepayments and accrued income Other debtors 9 Creditors : amounts falling due within one year: Trade creditors Other taxation and social security Other creditors Accruals & deferred income |
Restated 31/12/2022 31/05/2022 £ £ - - - - - - |
|---|---|
| - - |
|
| Restated 31/12/2022 31/05/2022 £ £ 2,281 - - - - - 2,592 - |
|
| 4,873 - |
Page 12
KOKO Foundation
NOTES TO THE ACCOUNTS (continued) FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2022
| 10 Analysis of net assets between funds Fund balances at 31/12/2022 are represented by: Tangible assets Current assets/(liabilities) Restated Prior Period Fund balances at 31/05/2022 were represented by: Tangible assets Current assets/(liabilities) |
Unrestricted funds Restricted Funds Total £ £ £ - - - (4,873) - (4,873) |
|---|---|
| (4,873) - (4,873) |
|
| Unrestricted funds Restricted Funds Total £ £ £ - - - - - - |
|
| - - - |
11 Related Party Transactions
Related party transactions during the period were as follows:
Trustee Chloe Frances was paid £1,500 for marketing consulting work (31/05/22: £nil)
Hope Leasing Ltd, of which trustee Oliver Benough is a director, made donations in kind of £63,286 (31/05/2022 £:nil)
12 Restated Prior Period Accounts
The accounts for the period to 31/05/2022 have been restated to remove accrued donations income of £7,400 in accordance with Charities SORP section 5 which states donations should be recognised on receipt.
Page 13