2020

IYANIWURA CHILDREN CARE FOUNDATION

ANNUAL REPORT AND ACCOUNTS
for the year ended 31 December, 2020.

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

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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 2020

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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, 2020.

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 2020
N
Total Income 18,337,344
Surplus/(Deficit) 1,578,241
==========
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 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:

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IYANIWURA CHILDREN CARE FOUNDATION

ACCOUNTS 31 DECEMBER, 2020
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.

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IYANIWURA CHILDREN CARE FOUNDATION

ACCOUNTS 31 DECEMBER, 2020
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.

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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, 2020 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: 13 January, 2021

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IYANIWURA CHILDREN CARE FOUNDATION

STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER, 2020.

NOTES 2020 2019
ASSETS EMPLOYED =N= =N=

Property, plant and equipment 2 2,915,400 2,366,300

Short term investment 3 0 0
Receivables and prepayments 4 0 0
Bank balance 1,211,824 1,065,776
———————- ———————-
4,127,224 3,432,076
———————- ———————-
CURRENT LIABILITIES

Payables and accruals 5 920,098 1,803,191

———————- ———————-
920,098 1,803,191
———————- ———————-
NET ASSETS 3,207,126 1,628,885
============ ============

FINANCED BY:

Donor’s fund 6 416,110 416,110
Accumulated fund 7 2,791,016 1,212,775
———————- ———————-
3,207,126 1,628,885
============ ============

————————-
BOARD CHAIRMAN

————————-
COORDINATOR

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

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IYANIWURA CHILDREN CARE FOUNDATION

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER, 2020.

2020 2019
NOTES =N= =N=
INCOME : 8 18,337,344 13,646,767

EXPENDITURE : 9 (16,759,103) (12,644,384)
—————— ——————
Surplus/(Deficit) 1,578,241 1,002,383
=========== ===========

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

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IYANIWURA CHILDREN CARE FOUNDATION

STATEMENT OF CASH FLOWS
for the year ended 31 December, 2020
2020 2019
=N= =N= =N= =N=
CASH FROM OPERATING ACTIVITIES
Surplus/(Deficit) 1,578,241 1,002,383

Depreciation 150,900 150,900
———————- ———————-
Operating profit before changes in assets/liabilities 1,729,141 1,153,283
Changes in operating assets and liabilities

Stocks 0 0

Debtors 0 0

Creditors and Accruals (883,093) 1,753,191

————————- ————————-
Net cash from operating activities before tax (883,093) 1,753,191
Tax paid 0 (883,093) 0 1,753,191
– ———————- – ———————-
Net cash from operating activities 846,048 2,906,474

Cash from Investing Activities
Purchase of fixed Assets (700,000) (2,014,000)
Cash from Financing Activities
Others 0 0
– (700,000) – (2,014,000)
– –
146,048 892,474
Cash and Cash equivalents at the beginning
Bank and cash balances 1,065,776 173,302
Bank Overdraft 0 0
– –
1,211,824 1,065,776
= =
REPRESENTED BY:
Cash and Cash equivalent at the end of the year
Bank and Cash balances 1,211,824 1,065,776
Bank Overdraft 0 0
– –
1,211,824 1,065,776
= =

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IYANIWURA CHILDREN CARE FOUNDATION

ACCOUNTS 31 DECEMBER, 2020

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
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.

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IYANIWURA CHILDREN CARE FOUNDATION

NOTES TO THE ACCOUNTS
for the year ended 31 December, 2020

2. 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 1/1/20 1,600,000 152,000 245,000 609,000 2,606,000
Additions 700,000 0 0 0 700,000
– – – – –
At 31/12/20 2,300,000 152,000 245,000 609,000 3,306,000
= = = = =

DEPRECIATION
At 1/1/20 0 29,100 66,750 143,850 239,700
Charge for the year 0 22,800 36,750 91,350 150,900
– – – – –
At 31/12/20 0 51,900 103,500 235,200 390,600
= = = = =

NET BOOK VALUES
At 31/12/20 2,300,000 100,100 141,500 373,800 2,915,400
= = = = =
At 31/12/19 1,600,000 122,900 178,250 465,150 2,366,300
= = = = =

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IYANIWURA CHILDREN CARE FOUNDATION

NOTES TO THE ACCOUNTS
for the year ended 31 December, 2020
2020 2019
=N= =N=
3. SHORT TERM INVESTMENT
Money Market Investment 0 0
Capital Market Investment 0 0
————— —————
0 0
=========== ===========

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

5. PAYABLES
Sundry Creditors 870,098 1,753,191
Accrued Expenses 50,000 50,000
————— —————
920,098 1,803,191
=========== ===========

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

7. ACCUMULATED FUND
Balance brought forward 1,212,775 210,392
Surplus/(Deficit) for the year 1,578,241 1,002,383
————— —————
2,791,016 1,212,775
=========== ===========

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IYANIWURA CHILDREN CARE FOUNDATION

NOTES TO THE ACCOUNTS
for the year ended 31 December, 2020
2020 2019
=N= =N=
8. INCOME:
Donations from various Donors 18,337,344 13,646,767
============= =============

9. EXPENDITURE:
Children’s Day Program 750,000 3,195,000
Child Abuse Awareness Walk 3,920,000 1,260,000
Smile of Hope for Children with Disability 4,270,046 2,120,000
Salaries & Wages 2,700,000 2,760,000
Transport & Travelling 250,000 400,000
Office Running Expenses 85,000 160,000
Repairs & Maintenance 125,000 165,000
Printing & Stationeries 36,000 50,000
Honorarium 100,000 100,000
School Bags/Uniform 0 400,000
Rent 500,000 600,000
Training Expenses 0 150,000
Portrait/Awards 0 80,000
Calender 0 100,000
Visit to Oni of Ife 0 70,000
International Day of the Girl Child 0 120,000
Bank Charges 22,157 13,484
Audit Fees 50,000 50,000
Gifts & Donation 950,000 700,000
Covid 19 Palliative 2,000,000 0
Parent Retreat 500,000 0
Hanging Out Big Mummy 350,000 0
Depreciation 150,900 150,900
—————- —————-
16,759,103 12,644,384
========= =========

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IYANIWURA CHILDREN CARE FOUNDATION

NOTES TO THE ACCOUNTS
for the year ended 31 December, 2020
2020 2019
=N= =N=
10. SURPLUS OF INCOME OVER EXPENDITURE
is stated after charging:

Staff emoluments and welfare 2,700,000 2,760,000
Auditors remuneration 50,000 50,000
Depreciation 150,900 150,900
========= =========

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.

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IYANIWURA CHILDREN CARE FOUNDATION