CHARITY REGISTRATION NUMBER: 802399
Adisadel Old Boys Educational Association Unaudited Financial Statements
31 December 2022
Adisadel Old Boys Educational Association
Trustees' Annual Report
Year ended 31 December 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.
Reference and administrative details
Registered charity name Adisadel Old Boys Educational Association Charity registration number 802399 Principal office
The trustees
Dr Herbert Bukari Mr Joe Wryter Mr Sam Amponsah Mr James Mercer Mr Kweku DeGraft-Johnson Dr Paul Mensah Enoch Owusu Company secretary Francis Laryea Independent examiner Harry Koranteng FCCA, ACMA Chartered Certified Accountant 2nd Floor 6 Greenwich Quay Clarence Road London SE8 3EY
Structure, governance and management
The charity operates as an unincorporated entity and is governed by a constitution which was adopted on 13 February 1989.
Objectives and activities
The main object is to advance the education of pupils attending Adisadel College Cape Coast Ghana by the provision of equipment, facilities and amenities.
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Adisadel Old Boys Educational Association
Trustees' Annual Report (continued)
Year ended 31 December 2022
Achievements and performance
The association had a successful year. We had a good Founders' Day Service in March 2022 which was very well attended, that being the first face-face service after the lockdown as a result of the Covid-19 pandemic. The service comprises a church service at the Holy Redeemers Anglican Church in Exmouth Street in central London followed refreshments and our annual cement party, this was well attended and were joined by old students associations of other similar schools in Ghana.
We also had a dinner dance in collaboration with Mfantsiman Old Girls Association (MOGA)at which funds were raised for the school through special donations and auctions, we hope to be able to continue this collaboration with MOGA.
One remarkable achievement was a membership drive to get as many old boys of the school as possible who are living in the UK to join the association and to be formally registered. To facilitate thiss a whats up platform has been set up with at least over 80 people now registered. Our target in the coming years to have at least over 100 old students formally registered and paying annual dues.
As part of activities to raise funds some members did sponsored walks.
Financial review
This was a particularly good year compared to previous years as total gross income increased by 89.3% to £46,109 (2021 - £24,361).Even though members continued to pay annual dues, this significant increase is mainly due to income generated from special requests from members to fund specific projects in the school and other activities such as a dinner dance and sponsored walks. There was a corresponding increase in total expenditure which increased by 72.8% to £36,142 (2021 - £20,920). This resulted in a net surplus of £9,967 which is a significant increase on last year's surplus of £3,341.
The trustees' annual report was approved on 30 October 2023 and signed on behalf of the board of trustees by:
Dr Paul Mensah Trustee
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Adisadel Old Boys Educational Association
Independent Examiner's Report to the Trustees of Adisadel Old Boys Educational Association
Year ended 31 December 2022
I report to the trustees on my examination of the financial statements of Adisadel Old Boys Educational Association ('the charity') for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Harry Koranteng FCCA, ACMA Independent Examiner Chartered Certified Accountant 2nd Floor 6 Greenwich Quay Clarence Road London SE8 3EY
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Adisadel Old Boys Educational Association
Statement of Financial Activities
Year ended 31 December 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 17,147 | 1,240 | 18,387 | 19,385 |
| Other trading activities | 5 | 23,299 | – | 23,299 | – |
| Other income | 6 | 4,423 | – | 4,423 | 4,976 |
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| Total income | 44,869 | 1,240 | 46,109 | 24,361 | |
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| Expenditure | |||||
| Expenditure on charitable activities | 7,8 | 34,902 | 1,240 | 36,142 | 20,920 |
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| Total expenditure | 34,902 | 1,240 | 36,142 | 20,920 | |
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| Net income and net movement in | |||||
| funds | 9,967 | – | 9,967 | 3,441 | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 21,685 | – | 21,685 | 18,244 | |
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| Total funds carried forward | 31,652 | – | 31,652 | 21,685 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 10 form part of these financial statements.
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Adisadel Old Boys Educational Association
Statement of Financial Position
31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Cash at bank and in hand | 31,652 | 21,685 | |
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| Net current assets | 31,652 | 21,685 | |
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| Total assets less current liabilities | 31,652 | 21,685 | |
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| Funds of the charity | |||
| Unrestricted funds | 31,652 | 21,685 | |
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| Total charity funds | 11 | 31,652 |
21,685 |
These financial statements were approved by the board of trustees and authorised for issue on 30 October 2023, and are signed on behalf of the board by:
Dr Paul Mensah Trustee
The notes on pages 6 to 10 form part of these financial statements.
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Adisadel Old Boys Educational Association
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Unity Hall, Balham, London, SW2.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Adisadel Old Boys Educational Association
Notes to the Financial Statements (continued)
Year ended 31 December 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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Adisadel Old Boys Educational Association
Notes to the Financial Statements (continued)
Year ended 31 December 2022
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Donations | |||||
| Annual Dues | 5,735 | – | 5,735 | ||
| Cadet project | – | – | – | ||
| Aglionby House project | 150 | – | 150 | ||
| Fouders day service brochures | 372 | – | 372 | ||
| Scarves and tie pins | – | – | – | ||
| Other | 8,012 | 1,240 | 9,252 | ||
| National Science & Maths Quiz Fund | – | – | – | ||
| Acropolis refurbisment | – | – | – | ||
| Sponsored walks | 381 | – | 381 | ||
| Hamlyn House project | 415 | – | 415 | ||
| Elliott House | 2,082 | – | 2,082 | ||
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| 17,147 | 1,240 | 18,387 | |||
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| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Donations | |||||
| Annual Dues | 4,620 | – | 4,620 | ||
| Cadet project | 70 | – | 70 | ||
| Aglionby House project | 2,355 | – | 2,355 | ||
| Fouders day service brochures | 586 | – | 586 | ||
| Scarves and tie pins | 12 | – | 12 | ||
| Other | 2,421 | – | 2,421 | ||
| National Science & Maths Quiz Fund | 580 | – | 580 | ||
| Acropolis refurbisment | 1,905 | – | 1,905 | ||
| Sponsored walks | 3,461 | – | 3,461 | ||
| Hamlyn House project | 1,465 | – | 1,465 | ||
| Elliott House | 1,910 | – | 1,910 | ||
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| 19,385 | – | 19,385 | |||
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| 5. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Fundraising activities (DinnerDance | |||||
| and Barbecue) | 23,299 | 23,299 | – | – | |
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| 6. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gift aid received | 4,423 | 4,423 | 4,976 | 4,976 | |
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Adisadel Old Boys Educational Association
Notes to the Financial Statements (continued)
Year ended 31 December 2022
7. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Charitable activity | 34,865 | 1,240 | 36,105 | |
| Support costs | 37 | – | 37 | |
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| 34,902 | 1,240 | 36,142 | ||
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Charitable activity | 20,920 | – | 20,920 | |
| Support costs | – | – | – | |
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| 20,920 | – | 20,920 | ||
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| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Activity | 36,105 | 37 | 36,142 | 20,920 |
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8. Expenditure on charitable activities by activity type
9. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2022 2021 £ £
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
10. Trustee remuneration and expenses
No trustee received remuneration.
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Adisadel Old Boys Educational Association
Notes to the Financial Statements (continued)
Year ended 31 December 2022
11. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 January | 20 | 31 December | |||
| 22 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 21,685 | 44,869 | (34,902) | 31,652 | |
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| At | At | ||||
| 1 January | 20 | 31 December | |||
| 21 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 18,244 | 24,361 | (20,920) | 21,685 | |
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| Restricted funds | |||||
| At | At | ||||
| 1 January | 20 | 31 December | |||
| 22 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| Restricted Fund | – | 1,240 | (1,240) | – | |
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| At | At | ||||
| 1 January | 20 | 31 December | |||
| 21 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| Restricted Fund | – | – | – | – | |
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