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COMPANY REGISTRATION NUMBER: 07045610
CHARITY REGISTRATION NUMBER: 1139063
AOG Foundation Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2023
AOG Foundation Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Directors' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
4
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7
The following pages do not form part of the financial statements
Chartered certified accountants report to the board of trustees on the preparation of the unaudited statutory financial statements
12
AOG Foundation Limited
Company Limited by Guarantee
Directors' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .
Reference and administrative details
Registered charity name
AOG Foundation Limited
Charity registration number
1139063
Company registration number
07045610
Principal office and registered
Kimberley House
office
31 Burnt Oak Broadway
Edgware
Greater London
HA8 5LD
UK
The directors
Dr M Patel
Dr R Patel
Mr P Datta
Dr R Austin
Dr M Vasant
Company secretary
Dr Mahesh Patel
Accountants
Shah Gillani and Company
Chartered Certified Accountants
Kimberley House
31 Burnt Oak Broadway
Edgware
London
HA8 5LD
Structure, governance and management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 15 October 2009 and registered as a charity on 16 November 2010. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
Risk Management
The trustee board has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate risks. The charity relies on funding through sponsorships with the dental trade. The funding is secure for the foreseeable future.
Internal risks are minimised by the implantation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they meet the needs of the charity.
Investment powers
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit.
Objectives and activities
The Principal objects are:
Advancement of the Education in the UK and abroad by funding equipment, educational material, conferences & courses and infrastructure that are healthcare related in general, but dentistry in particular including specific training, grants for vocational training and community training.
Advancement of Health and saving lives by setting up dental clinics and operating theatres and supporting surgical interventions, such as treatment of cleft lip and palate, mobile clinics for relief of dental pain in the third world communities.
Advancement of community development by contributing towards community building infrastructure and supporting training and allied services for its proper functioning.
Strategic report
The AOG Foundation Limited will continue to take a more proactive approach to support its activities.
Achievements and performance
During the year, no funds were raised and donations of £10,000 was made.
Financial review
The annual financial statements are set on pages 4 to 11. The net assets at 31 March 2023 are £178,232.
The directors' annual report and the strategic report were approved on 26 September 2023 and signed on behalf of the board of trustees by:
Dr M Patel
Director
AOG Foundation Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
2,001
----
----
-------
Total income
2,001
----
----
-------
Expenditure
Expenditure on charitable activities
6,7
10,000
10,000
5,001
Other expenditure
8
1,063
1,063
825
--------
--------
-------
Total expenditure
11,063
11,063
5,826
--------
--------
-------
--------
--------
-------
Net expenditure and net movement in funds
( 11,063)
( 11,063)
( 3,825)
--------
--------
-------
Reconciliation of funds
Total funds brought forward
189,295
189,295
193,120
---------
---------
---------
Total funds carried forward
178,232
178,232
189,295
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
AOG Foundation Limited
Company Limited by Guarantee
Balance Sheet
31 March 2023
2023
2022
Note
£
£
Current assets
Cash at bank and in hand
179,018
190,021
Creditors: amounts falling due within one year
10
786
726
---------
---------
Net current assets
178,232
189,295
---------
---------
Total assets less current liabilities
178,232
189,295
---------
---------
Net assets
178,232
189,295
---------
---------
Funds of the charity
Unrestricted funds
178,232
189,295
---------
---------
Total charity funds
11
178,232
189,295
---------
---------
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 26 September 2023 , and are signed on behalf of the board by:
Dr M Patel
Director
AOG Foundation Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Net expenditure
(11,063)
(3,825)
Adjustments for:
Accrued expenses/(income)
60
( 120)
--------
-------
Cash generated from operations
( 11,003)
( 3,945)
--------
-------
Net cash used in operating activities
( 11,003)
( 3,945)
--------
-------
Net decrease in cash and cash equivalents
( 11,003)
( 3,945)
Cash and cash equivalents at beginning of year
190,021
193,966
---------
---------
Cash and cash equivalents at end of year
179,018
190,021
---------
---------
AOG Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, Greater London, HA8 5LD, UK.
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 Companies Act 2006.
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 directors 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.
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: - 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. - legacy income is recognised when receipt is probable and entitlement is established. - 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. - 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: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - 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. - 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Limited by guarantee
AOG Foundation Limited is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
2,001
2,001
----
----
-------
-------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable activities
10,000
10,000
5,001
5,001
--------
--------
-------
-------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2023
Total fund 2022
£
£
£
Charitable activities
10,000
10,000
5,001
--------
--------
-------
8. Other expenditure
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Sundry expenses
19
19
19
19
Accountancy
480
480
300
300
Legal and professional
564
564
504
504
Bank charges
2
2
-------
-------
----
----
1,063
1,063
825
825
-------
-------
----
----
9. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
10. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
786
726
----
----
11. Analysis of charitable funds
Unrestricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
189,295
(11,063)
178,232
---------
----
--------
---------
At 1 April 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
General funds
193,120
2,001
(5,826)
189,295
---------
-------
-------
---------
12. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
179,018
179,018
Creditors less than 1 year
(786)
(786)
---------
---------
Net assets
178,232
178,232
---------
---------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
190,021
190,021
Creditors less than 1 year
(726)
(726)
---------
---------
Net assets
189,295
189,295
---------
---------
13. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
190,021
(11,003)
179,018
---------
--------
---------
AOG Foundation Limited
Company Limited by Guarantee
Management Information
Year ended 31 March 2023
The following pages do not form part of the financial statements.
AOG Foundation Limited
Company Limited by Guarantee
Chartered Certified Accountants Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of AOG Foundation Limited
Year ended 31 March 2023
As described on the balance sheet, the directors of the charity are responsible for the preparation of the financial statements for the year ended 31 March 2023, which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes.
You consider that the charity is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Shah Gillani and Company Chartered Certified Accountants
Kimberley House 31 Burnt Oak Broadway Edgware London HA8 5LD
26 September 2023
AOG Foundation Limited
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 March 2023
2023
2022
£
£
Income and endowments
Donations and legacies
Donations
2,001
----
-------
----
-------
Total income
2,001
----
-------
Expenditure
Expenditure on charitable activities
Charitable activities
10,000
5,001
--------
-------
Other expenditure
Sundry expenses
19
19
Accountancy
480
300
Legal and professional
564
504
Bank charges
2
-------
----
1,063
825
-------
----
--------
-------
Total expenditure
11,063
5,826
--------
-------
--------
-------
Net expenditure
(11,063)
(3,825)
--------
-------
AOG Foundation Limited
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2023
2023
2022
£
£
Expenditure on charitable activities
Charitable activities
Activities undertaken directly
Charitable activities
10,000
5,001
--------
-------
--------
-------
Expenditure on charitable activities
10,000
5,001
--------
-------