IYANIWURA CHILDREN CARE FOUNDATION

ANNUAL REPORT AND ACCOUNTS
for the year ended 31 December 2018.

CONTENTS PAGE

  • CORPORATE INFORMATION                                              
  • REPORT OF THE BOARD OF TRUSTEES 
  • BOARD OF TRUSTEES RESPONSIBILITY STATEMENT 
  • AUDITORS’ RESPONSIBILITY STATEMENT
  • REPORT OF THE AUDITORS 
  • STATEMENT OF FINANCIAL POSITION 
  • STATEMENT OF COMPREHENSIVE INCOME 
  • STATEMENT OF CASHFLOWS 
  • ACCOUNTING POLICIES 
  • NOTES TO THE ACCOUNTS 

 

IYANIWURA CHILDREN CARE FOUNDATION

CORPORATE INFORMATION

  • BUSINESS OFFICE:

14/16, Ladipo Kuku Street,
Off Allen Avenue,
Ikeja,
Lagos.

TRUSTEES Barrister Bankole Animashaun
Mrs. Olajumoke M. Otitoloju
Mrs. Aseoluwa Otitoloju
Mrs. Bukola Owonifari
Mrs. Olusola T. Ogundipe

GOVERNING BOARD
Chairman Barrister Bankole Animashaun
Grand Patron Prince Sunday Adegeye
Patron Alhaji Tade Adegboyega Azeez
Coordinator Mrs. Olajumoke M. Otitoloju

AUDITORS MBA Adebayo & Co.,
(Chartered Accountants),
20, Boye Adekanmbi Crescent,
Eyita-Estate, Ikorodu,
Lagos.

BANKERS FCMB PLC.

ACCOUNTING YEAR END 31 December,

ANNUAL REPORT AND ACCOUNTS FOR 2018

 

 

  • REPORT OF THE BOARD OF TRUSTEES

The Board of Trustees have pleasure in submitting their Report together with
the Audited Accounts for the year ended 31 December 2018.

LEGAL FORM
Iyaniwura Children Care Foundation was incorporated as an Incorporated Trustee
under the Company and Allied Matters Act of 1999 of the Federal Republic of Nigeria.
The organization was founded as non – profit and non – governmental organization.

PRINCIPAL ACTIVITIES
The principal activity of the organization is an outreach to all Children to give holistic
care in terms of Education, Health, Security, Development and Protection of Children.

RESULTS FOR THE PERIOD 2018
N
Total Income 6,487,675
Surplus/(Deficit) 210,392
==========

  • BOARD OF TRUSTEES

The Board of Trustees members who were in office during the year ended 31 December,
2018 are as listed on page 2.

AUDITORS
In accordance with section 357(2) of the Companies and Allied Mattres Act, 1990, Messrs
MBA Adebayo & Co. Chartered Accountants having indicated their willingness, would continue
in office as Auditors of the Organization.
A resolution wiil be proposed to authorise the Board to fix the Auditors’ remuneration.

BY ORDER OF THE BOARD

SECRETARY
DATE:

 

  • IYANIWURA CHILDREN CARE FOUNDATION

ACCOUNTS 31 DECEMBER, 2018
BOARD OF TRUSTEES RESPONSIBILITY STATEMENT

The following statement, which should be read in conjunction with the auditors’ responsibility
statement on page 5, is made to distinguish the responsibilities of the Board for the
financial statements from those of the Auditors.

The Board is required by the Companies and Allied Matters Act, 1990 to prepare
financial statements which give a true and fair view of the state of affairs of the Organization
and of the surplus or deficit for that period. The financial statements must be prepared on
a going concern basis unless it is inappropriate to presume that the Organization will continue
in operation.

The Board have responsibility for ensuring that the Organization keeps accounting records
which disclose, with reasonable accuracy, the financial position of the Organization and which
enable them to ensure that the financial statements comply with the requirements of the
Companies and Allied Matters Act, 1990 as amended to date.

The Board also have a general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Organization, prevent and detect fraud and other
irregularities.

The Board consider that, in preparing the financial statements on pages 7 and 8, they
have used appropriate accounting policies, consistently applied and supported by
reasonable and prudent judgement and estimates , and that all applicable accounting
standards have been followed.

 

  • IYANIWURA CHILDREN CARE FOUNDATION

ACCOUNTS 31 DECEMBER, 2018
AUDITORS’ RESPONSIBILITY STATEMENT

The Auditors are responsible for forming an independent opinion on the financial statements
presented by the Board based on their audit, and for reporting their opinion to the
shareholders. They also have the responsibility under the Companies and Allied Matters Act,
1990 as amended to date to report to shareholders if particular requirements are not met.

These requirements are:

that the Organization has maintained proper books of accounts;

that the financial statements are in agreement with the accounting records and give the
information required by the Act in the manner so required and give a true and fair view, in
the case of the balance sheet, of the state of financial affairs of the Organization at the financial
year end and, in the case of the surplus and deficit account, of the surplus or deficit for the year.

that the financial statements have been properly prepared in accordance with the provisions
of the Act so as to give a true and fair view of the state of affairs and deficit of the Organization.

that the auditors have obtained all the information and explanations which, to the best of
their knowledge and belief, were necessary for the purpose of their audit.

The auditors’ opinion does not encompass the Board of Trustees report on page 3 (together with
matters included therein by reference). However, the auditors are to report to members if the
matters contained in the Board of Trustees report are inconsistent with the financial statements.

 

  • REPORT OF THE AUDITORS

To the Board of Trustees of

IYANIWURA CHILDREN CARE FOUNDATION

We have audited the financial statements set out on pages 7 and 8 which have been prepared under
the accounting policies set out on page 8.

RESPECTIVE RESPONSIBILITIES OF THE BOARD OF TRUSTEES AND AUDITORS
As described on page 4, the Board of Trustees is responsible for the preparation of the financial
statements. It is our responsibility to form an independent opinion, based on our audit, on these
statements and to report our opinion to you.

BASIS OF OPINION
We conducted our audit in accordance with generally accepted auditing standards. Audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosure in the financial
statements. It also includes an assessment of the significant estimates and judgements made by the
Board in the preparation of the financial statements, and of whether the accounting policies are
appropriate to the Organization’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary to provide us with sufficient evidence to give reasonable assurance that the
financial statements are free from material misstatements, whether caused by fraud, other
irregularities or error. In forming our opinion, we also evaluated the overall adequacy of the
preparation of the information in the financial statements and assessed whether the Organization’s
books of account have been properly kept.

OPINION
In our opinion, the financial statements are in agreement with the books of accounts which have
been properly kept and we obtained all information we required.
The financial statements give a true and fair view of the state of affairs of the Organization as at 31
December, 2018 and of the surplus and for the period ended on that date, and have been properly
prepared in accordance with the provisions of the Companies and Allied Matters Act, and in the
manner required by the International Financial Reporting Standards in compliance with the Financial
Reporting Council of Nigeria Act 2011.

Michael B.A. Adebayo
FCA, FRC/2015/ICAN/00000012286
For: MBA ADEBAYO & Co.
Chartered Accountants
Lagos, Nigeria
Date: 18 March, 2019

 

  • IYANIWURA CHILDREN CARE FOUNDATION

STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER, 2018.

NOTES 2018
ASSETS EMPLOYED =N=

Property, plant and equipment 2 503,200

Short term investment 3 0
Receivables and prepayments 4 0
Bank balance 173,302
———————-
676,502
———————-
CURRENT LIABILITIES

Payables and accruals 5 50,000

———————-
50,000
———————-
NET ASSETS 626,502
============

FINANCED BY:

Donor’s fund 6 416,110
Accumulated fund 7 210,392
———————-
626,502
============

————————-
BOARD CHAIRMAN

————————-
COORDINATOR

The Accounting policies and notes on pages 9 and 10 form part of these financial statements.
Auditors’ report – page 6

 

  • IYANIWURA CHILDREN CARE FOUNDATION

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER, 2018.

2018
NOTES =N=
INCOME : 8 6,487,675

EXPENDITURE : 9 (6,277,283)
——————
Surplus/(Deficit) 210,392
===========

The Accounting policies and notes on pages 11 to 14 form part of these financial statements.
Auditors’ report – page 6

 

  • IYANIWURA CHILDREN CARE FOUNDATION

STATEMENT OF CASH FLOWS
for the year ended 31 December, 2018
2018
=N= =N=
CASH FROM OPERATING ACTIVITIES
Surplus/(Deficit) for the year 210,392

Depreciation 88,800
———————-
Operating profit before changes in assets/liabilities 299,192
Changes in operating assets and liabilities

Stocks 0

Debtors 0

Creditors and Accruals 50,000

————————-
Net cash from operating activities before tax 50,000
Tax paid 0 50,000
– ———————-
Net cash from operating activities 349,192

Cash from Investing Activities
Purchase of fixed Assets (592,000)
Cash from Financing Activities
Others 416,110
– (175,890)

173,302
Cash and Cash equivalents at the beginning
Bank and cash balances 0
Bank Overdraft 0

173,302
=
REPRESENTED BY:
Cash and Cash equivalent at the end of the year
Bank and Cash balances 173,302
Bank Overdraft 0

173,302
=

 

  • ACCOUNTS 31 DECEMBER, 2018

 ACCOUNTING POLICIES

Basis of Accounting
The accounts are prepared under the historical cost convention.

INCOME
This represents the Donations received from various donors during the year.

Fixed assets
Fixed assets are stated at cost/valuation less accumulated depreciation thereon.

Depreciation
Depreciation of fixed assets is calculated to write off their cost/valuation on a straight line
basis over the expected useful lives of the assets concerned at the following rates:

Plant and machinery 15%
Office equipment 15%
Furniture and fittings 15%
Motor vehicles 25%

Stocks
Stock has been valued at cost .

Repairs and renewals
All repairs and renewals are written off as incurred.

Debtors
Debtors are stated after known bad debts have been written off and specific provision made
for any debts considered doubtful of recovery.

 

  • NOTES TO THE ACCOUNTS
    for the year ended 31 December, 2018

2. PROPERTY, PLANT AND EQUIPMENT
This is made up as follows:
PLANT & FURNITURE OFFICE TOTAL
MACHINERY & FITTINGS EQUIPMENT
– – – –
COST/VALUATION =N= =N= =N= =N=
At 1/1/18 0 0 0 0
Additions 42,000 200,000 350,000 592,000
– – – –
At 31/12/18 42,000 200,000 350,000 592,000
= = = =

DEPRECIATION
At 1/1/18 0 0 0 0
Charge for the year 6,300 30,000 52,500 88,800
– – – –
At 31/12/18 6,300 30,000 52,500 88,800
= = = =

NET BOOK VALUES
At 31/12/18 35,700 170,000 297,500 503,200
= = = =

 

 

  • NOTES TO THE ACCOUNTS
    for the year ended 31 December, 2018
    2018
    =N=
    3. SHORT TERM INVESTMENT
    Money Market Investment 0
    Capital Market Investment 0
    —————
    0
    ===========

4. RECEIVABLES
Sundry Debtors 0
Prepayments 0
—————
0
===========

5. PAYABLES
Sundry Creditors 0
Accrued Expenses 50,000
—————
50,000
===========

6. DONOR’S FUND
Balance brought forward 0
Assets donated in the year 416,110
—————
416,110
===========

7. ACCUMULATED FUND
Balance brought forward 0
Surplus/(Deficit) for the year 210,392
—————
210,392
===========

 

  • NOTES TO THE ACCOUNTS
    for the year ended 31 December, 2018
    2018
    =N=
    8. INCOME:
    Donations from various Donors 6,487,675
    =============
  • EXPENDITURE:

Children’s Day program 2,220,000
Child Abuse Awareness program 375,000
Smile of Hope for children with disability 290,000
Salaries & Wages 192,000
Transport & Travelling 108,500
Office Running Expenses 140,075
Generator Running Expenses 200,000
Printing & Stationeries 70,000
Honorarium 30,000
500 School Bags 2,000,000
Bank Charges 12,908
Audit Fees 50,000
Gifts & Donation 500,000
Depreciation 88,800
—————-
6,277,283
=========

 

 

  • NOTES TO THE ACCOUNTS

for the year ended 31 December, 2018
2018
=N=

  • SURPLUS OF INCOME OVER EXPENDITURE is stated after charging:

Staff emoluments and welfare 222,000
Auditors remuneration 50,000
Depreciation 88,800
=========

  • 11. CONTINGENT LIABILITIES

There were no contingent liabilities at the balance sheet date.

  • 12. CAPITAL COMMITMENTS

There were no commitments to capital expenditure as at the balance sheet date.