OAK INITIATIVE UK CIC

Company limited by guarantee

Company Registration Number:
13690647 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2023

Period of accounts

Start date: 1 November 2022

End date: 31 October 2023

OAK INITIATIVE UK CIC

Contents of the Financial Statements

for the Period Ended 31 October 2023

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

OAK INITIATIVE UK CIC

Profit And Loss Account

for the Period Ended 31 October 2023

2023 2022


£

£
Turnover: 1,651 1,000
Cost of sales: ( 521 ) ( 500 )
Gross profit(or loss): 1,130 500
Administrative expenses: ( 1,299 ) ( 400 )
Other operating income: 0
Operating profit(or loss): (169) 100
Profit(or loss) before tax: (169) 100
Profit(or loss) for the financial year: (169) 100

OAK INITIATIVE UK CIC

Balance sheet

As at 31 October 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 50 50
Total fixed assets: 50 50
Current assets
Cash at bank and in hand: 110
Total current assets: 110
Prepayments and accrued income: 50
Creditors: amounts falling due within one year: 4 ( 328 )
Net current assets (liabilities): (218) 50
Total assets less current liabilities: (168) 100
Total net assets (liabilities): (168) 100
Members' funds
Profit and loss account: (168) 100
Total members' funds: ( 168) 100

The notes form part of these financial statements

OAK INITIATIVE UK CIC

Balance sheet statements

For the year ending 31 October 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 July 2024
and signed on behalf of the board by:

Name: Olushola Kolawole
Status: Director

The notes form part of these financial statements

OAK INITIATIVE UK CIC

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

OAK INITIATIVE UK CIC

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 0

OAK INITIATIVE UK CIC

Notes to the Financial Statements

for the Period Ended 31 October 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 November 2022 50 50
Additions
Disposals
Revaluations
Transfers
At 31 October 2023 50 50
Amortisation
At 1 November 2022 0 0
Charge for year 0 0
On disposals
Other adjustments 0 0
At 31 October 2023 0 0
Net book value
At 31 October 2023 50 50
At 31 October 2022 50 50

OAK INITIATIVE UK CIC

Notes to the Financial Statements

for the Period Ended 31 October 2023

4. Creditors: amounts falling due within one year note

2023
£
Trade creditors 328
Total 328

COMMUNITY INTEREST ANNUAL REPORT

OAK INITIATIVE UK CIC

Company Number: 13690647 (England and Wales)

Year Ending: 31 October 2023

Company activities and impact

The company runs a Cultural education offering educational support services and other human health activities and also providing residential care activities for learning difficulties, mental health and substance abuse. During the financial year 2022-2023, the shop’s activities have benefited the community in the following ways:- local residents (particularly those with learning disabilities) have been able to assess tailored educational programs that cater to individual learning needs, especially for those with learning difficulties. This has enabled many individuals to achieve academic success who might otherwise struggle in traditional educational settings.Skill Development: By offering diverse educational support, the company helps individuals develop essential skills, both academic and vocational, thereby improving their employability and contributing to the local economy.Improved Mental Health and Well-being: Mental Health Support: The company’s focus on mental health activities provides much-needed resources and support for individuals struggling with mental health issues. This includes counseling, therapy sessions, and other interventions that promote mental well-being.Substance Abuse Rehabilitation: Providing care for those dealing with substance abuse helps individuals recover and reintegrate into society, reducing the negative impacts of substance abuse on families and the community at large.Employment Opportunities: By operating a range of support services, the company creates job opportunities for educators, healthcare providers, and support staff, thereby boosting the local economy.Reduced Social Costs: Effective educational and health support can reduce the long-term social costs associated with untreated mental health issues and substance abuse, such as crime, homelessness, and unemployment.Awareness and Advocacy: Raising Awareness: The company plays a crucial role in raising awareness about learning difficulties, mental health, and substance abuse, breaking down stigmas, and encouraging a more compassionate and informed community.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
30 July 2024

And signed on behalf of the board by:
Name: Olushola Kolawole
Status: Director