IYANIWURA CHILDREN CARE FOUNDATION
ANNUAL REPORT AND ACCOUNTS
for the year ended 31 December, 2019.
CONTENTS PAGE
CORPORATE INFORMATION 2
REPORT OF THE BOARD OF TRUSTEES 3
BOARD OF TRUSTEESS RESPONSIBILITY STATEMENT 4
AUDITORS’ RESPONSIBILITY STATEMENT 5
REPORT OF THE AUDITORS 6
STATEMENT OF FINANCIAL POSITION 7
STATEMENT OF COMPREHENSIVE INCOME 8
STATEMENT OF CASHFLOWS 9
ACCOUNTING POLICIES 10
NOTES TO THE ACCOUNTS 11
2
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 2019
3
IYANIWURA CHILDREN CARE FOUNDATION
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 2019.
LEGAL FORM
Iyaniwura Children Care Foundation was incorporated as an Incorporated Trustees 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 activities 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 2019
N
Total Income 13,646,767
Surplus/(Deficit) 1,002,383
==========
BOARD OF TRUSTEES
The Board of Trustees members who were in office during the year ended 31 December 2019 are as listed on page 2.
AUDITORS
In accordance with section 357(2) of the Companies and Allied Matters Act, 1990, Messrs MBA Adebayo & Co. Chartered Accountants having indicated their willingness, would continue in office as Auditors of the Organization. A resolution will be proposed to authorize the Board to fix the Auditors’ remuneration.
BY ORDER OF THE BOARD
SECRETARY
DATE:
4
IYANIWURA CHILDREN CARE FOUNDATION
ACCOUNTS 31 DECEMBER, 2019
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 has responsibility for ensuring that the Organization keeps accounting records that 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 has 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 considers 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 judgment and estimates, and that all applicable accounting standards have been followed.
5
IYANIWURA CHILDREN CARE FOUNDATION
ACCOUNTS 31 DECEMBER, 2019
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.
6
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 underthe 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 includesexamination, 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. Informing 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 2019 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: 6 November, 2020
7
IYANIWURA CHILDREN CARE FOUNDATION
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER, 2019.
NOTES 2019 2018
ASSETS EMPLOYED =N= =N=
Property, plant and equipment 2 2,366,300 503,200
Short term investment 3 0 0
Receivables and prepayments 4 0 0
Bank balance 1,065,776 173,302
———————- ———————-
3,432,076 676,502
———————- ———————-
CURRENT LIABILITIES
Payables and accruals 5 1,803,191 50,000
———————- ———————-
1,803,191 50,000
———————- ———————-
NET ASSETS 1,628,885 626,502
============ ============
FINANCED BY:
Donor’s fund 6 416,110 416,110
Accumulated fund 7 1,212,775 210,392
———————- ———————-
1,628,885 626,502
============ ============
————————-
BOARD CHAIRMAN
————————-
COORDINATOR
The Accounting policies and notes on pages 9 and 10 form part of these financial statements.
8
IYANIWURA CHILDREN CARE FOUNDATION
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER, 2019.
2019 2018
NOTES =N= =N=
INCOME : 8 13,646,767 6,487,675
EXPENDITURE : 9 (12,644,384) (6,277,283)
—————— ——————
Surplus/(Deficit) 1,002,383 210,392
=========== ===========
The Accounting policies and notes on pages 11 to 14 form part of these financial statements.
Auditors’ report – page 6
9
IYANIWURA CHILDREN CARE FOUNDATION
STATEMENT OF CASH FLOWS
for the year ended 31 December, 2019
2019 2018
=N= =N= =N= =N=
CASH FROM OPERATING ACTIVITIES
Surplus/(Deficit) 1,002,383 210,392
Depreciation 150,900 88,800
———————- ———————-
Operating profit before changes in assets/liabilities 1,153,283 299,192
Changes in operating assets and liabilities
Stocks 0 0
Debtors 0 0
Creditors and Accruals 1,753,191 50,000
————————- ————————-
Net cash from operating activities before tax 1,753,191 50,000
Tax paid 0 1,753,191 0 50,000
– ———————- – ———————-
Net cash from operating activities 2,906,474 349,192
Cash from Investing Activities
Purchase of fixed Assets (2,014,000) (592,000)
Cash from Financing Activities
Others 0 416,110
– (2,014,000) – (175,890)
– –
892,474 173,302
Cash and Cash equivalents at the beginning
Bank and cash balances 173,302 0
Bank Overdraft 0 0
– –
1,065,776 173,302
= =
REPRESENTED BY:
Cash and Cash equivalent at the end of the year
Bank and Cash balances 1,065,776 173,302
Bank Overdraft 0 0
– –
1,065,776 173,302
= =
10
IYANIWURA CHILDREN CARE FOUNDATION
ACCOUNTS 31 DECEMBER, 2019
- 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
The 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 provisions made
for any debts considered doubtful of recovery.
11
IYANIWURA CHILDREN CARE FOUNDATION
NOTES TO THE ACCOUNTS
for the year ended 31 December, 2019
- PROPERTY, PLANT AND EQUIPMENT
This is made up as follows:
LAND PLANT & FURNITURE OFFICE TOTAL
MACHINERY & FITTINGS EQUIPMENT
– – – – –
COST/VALUATION =N= =N= =N= =N= =N=
At 1/1/19 0 42,000 200,000 350,000 592,000
Additions 1,600,000 110,000 45,000 259,000 2,014,000
– – – – –
At 31/12/19 1,600,000 152,000 245,000 609,000 2,606,000
= = = = =
DEPRECIATION
At 1/1/19 0 6,300 30,000 52,500 88,800
Charge for the year 0 22,800 36,750 91,350 150,900
– – – – –
At 31/12/19 0 29,100 66,750 143,850 239,700
= = = = =
NET BOOK VALUES
At 31/12/19 1,600,000 122,900 178,250 465,150 2,366,300
= = = = =
At 31/12/18 0 35,700 170,000 297,500 503,200
= = = = =
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IYANIWURA CHILDREN CARE FOUNDATION
NOTES TO THE ACCOUNTS
for the year ended 31 December, 2019
2019 2018
=N= =N=
- SHORT TERM INVESTMENT
Money Market Investment 0 0
Capital Market Investment 0 0
————— —————
0 0
=========== ===========
- RECEIVABLES
Sundry Debtors 0 0
Prepayments 0 0
—– —–
0 0
=== ====
- PAYABLES
Sundry Creditors 1,753,191 0
Accrued Expenses 50,000 50,000
————— —————
1,803,191 50,000
=========== ===========
- DONOR’S FUND
Balance brought forward 416,110 0
Assets donated in the year 0 416,110
————— —————
416,110 416,110
=========== ===========
- ACCUMULATED FUND
Balance brought forward 210,392 0
Surplus/(Deficit) for the year 1,002,383 210,392
————— —————
1,212,775 210,392
=========== ===========
13
IYANIWURA CHILDREN CARE FOUNDATION
NOTES TO THE ACCOUNTS
for the year ended 31 December, 2019
2019 2018
=N= =N=
- INCOME:
Donations from various Donors 13,646,767 6,487,675
==========================
- EXPENDITURE:
Children’s Day program 3,195,000 2,220,000
Child Abuse Awareness Walk 1,260,000 375,000
Smile of Hope for Children with Disability 2,120,000 290,000
Salaries & Wages 2,760,000 192,000
Transport & Travelling 400,000 108,500
Office Running Expenses 160,000 140,075
Repairs & Maintenance 165,000 200,000
Printing & Stationeries 50,000 70,000
Honorarium 100,000 30,000
100 School uniforms donated 400,000 2,000,000
Rent 600,000 0
Training Expenses 150,000 0
Portrait/Awards 80,000 0
Calender 100,000 0
Visit to Oni of Ife 70,000 0
International Day of the Girl Child 120,000 0
Bank Charges 13,484 12,908
Audit Fees 50,000 50,000
Gifts & Donation 700,000 500,000
Depreciation 150,900 88,800
—————- —————-
12,644,384 6,277,283
========= =========
14
IYANIWURA CHILDREN CARE FOUNDATION
NOTES TO THE ACCOUNTS
for the year ended 31 December, 2019
2019 2018
=N= =N=
- SURPLUS OF INCOME OVER EXPENDITURE
is stated after charging:
Staff emoluments and welfare 2,760,000 222,000
Auditors remuneration 50,000 50,000
Depreciation 150,900 88,800
========= =========
- CONTINGENT LIABILITIES
There were no contingent liabilities at the balance sheet date.
- CAPITAL COMMITMENTS
There were no commitments to capital expenditure as at the balance sheet date.