2019

 

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

 

  1. 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

 

  1. 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

=                           =                          =                           =                           =

 

12

 

IYANIWURA CHILDREN CARE FOUNDATION

 

NOTES TO THE ACCOUNTS

for the year ended 31 December, 2019

2019       2018

=N=      =N=

  1. SHORT TERM INVESTMENT

Money Market Investment                                                          0             0

Capital Market Investment                                                          0             0

—————        —————

0             0

===========      ===========

 

  1. RECEIVABLES

Sundry Debtors                                                 0             0

Prepayments                                                     0             0

—–        —–

0             0

===      ====

 

  1. PAYABLES

Sundry Creditors                                                              1,753,191            0

Accrued Expenses                                                           50,000               50,000

—————        —————

1,803,191               50,000

===========   ===========

 

  1. DONOR’S FUND

Balance brought forward                                                              416,110                0

Assets donated in the year                                                           0                           416,110

—————        —————

416,110                416,110

===========    ===========

 

  1. 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=

  1. INCOME:

Donations from various Donors            13,646,767          6,487,675

==========================

 

  1. 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=

  1. 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

=========        =========

 

  1. CONTINGENT LIABILITIES

 

There were no contingent liabilities at the balance sheet date.

 

  1. CAPITAL COMMITMENTS

 

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