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2023-03-31-accounts

Charity number: 1104682 Company number: 4772972

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

CONTENTS

Page
Legal and administrative information 1
Trustees report 2-26
Auditor’s report 27-29
Statement of financial activities 30
Balance sheet 31
Cash flow statement 32
Notes to the financial statements 33 - 40

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 March 2023

TRUSTEES

Ms. Ndidi Njoku - Chair Ms. Olayinka Ewuola - Treasurer Mr. Ade Daramy Mr. Martin Osengor

CO-FOUNDERS

Mr. Chukwu Emeka Chikezie Dr Nicholas Atampugre

EXECUTIVE DIRECTOR

Mr. Onyekachi Wambu (from January 2023, co-Executive Director with Stella OpokuOwusu)

CHARITY NUMBER

1104682

COMPANY NUMBER

04772972

REGISTERED OFFICE

Rich Mix Building 35-47 Bethnal Green Road Shoreditch London, El 6LA

AUDITORS

CKRD Accountants & Registered Auditors 194 Honeypot Lane, Stanmore Middlesex, HA7 1EE

BANKERS

The Co-operative Bank Lewisham Branch Heaton House 151-155 Lewisham High Street London, SEI3 6AA

Metro Bank 1 Southampton Row London WCIB 5HA

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (updated October 2019).

MISSION, OBJECTIVES AND ACTIVITIES

AFFORD’s mission is to “expand and enhance the contribution that Africans in the diaspora make to Africa's development”. Within the legal framework of Charity law, the main charitable objects of AFFORD are ‘to relief poverty’ and ‘to advance education’ for the benefit of the public and in particular Africans and people of African descent. These objects are pursued through a range of beneficial activities including:

Public benefit

In setting AFFORD’s objectives and planning our activities, the Board of Trustees has given careful consideration to the Charity Commission's guidance on public benefit.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

With the easing of restrictions on the Covid-19 Pandemic, the organisation slowly got into a rhythm of hybrid working. The pandemic continued to have some impact on the organisation’s activities, mainly in relation to developing a new hybrid model and ensuring that the office environment was safe for the organisation’s new working mode. This did not however hamper AFFORD’s ability to implement and deliver its programmes and projects. These included consolidating the engagement of country partners for the ABC West Africa programme, which begun in 2021, having expanded from the pilot in Benin (2020) to a four-country programme with the addition of Ghana, Nigeria and Senegal. This period saw the start of other ABC match-funding programmes including PAMMOD Guinea, PEM WECCO and crowdfunding capacity building for diaspora investors supported by ICMPD/EUDIF. It also involved phase two of the Return of the Icons programme on looted Africa artefacts, as well as continued research work with International Organisation for Migration (lOM) and Facebook/Meta.

The projects continued to be handled under the following thematic and programmatic work areas agreed at the 3-year strategic review held in March 2020, namely:

Thematic Work Area Representative Products
1. Employment & Enterprise •
AFFORD Business Centres (ABC)
•
RemitSkills
(skills
development
&
vocational training)
2. Investment •
RemitPlus
Project
Investment
Fund
(bonds & other financial instruments over
£500,000)
•
SME Growth & Jobs Fund (investments
under £500,000)
3. Engagement, Network Building Services • Diaspora Experience
• Return of the Icons
4. Research, Learning & Policy • AFFORD Institute

Corporate AFFORD is a fifth internally facing thematic work area, which focuses on strengthening the organisation’s performance, effectiveness and governance. The following narrative for this annual statement reports against these five thematic areas.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Thematic area one: Employment and Enterprise

The major activity was the consolidation of, and completion of identifying and signing up partners to the ABC West Africa Programme involving Benin, Ghana, Nigeria and Senegal. Country partners were taken through various capacity-building programmes – mostly related to monitoring and evaluation – to ensure an understanding of the programme. The ABC programme initially began in February 2020 as a pilot in Benin, with a focus on mobilizing Beninois diaspora investors and resources in Europe and local entrepreneurs to strengthen the Small and Medium Enterprise (SME) sector in order to create decent jobs. It also focuses on advocacy to create an enabling environment for business success, as well mentoring and coaching of individual entrepreneurs. On the back of a positive external and independent evaluation, the success of the ABC Benin pilot phase resulted in the scaling up of the programme through the Swiss Agency for Development and Cooperation (SDC) matched funded €3 million ABC West Africa programme. This period also saw some success with securing match fund projects for ABC West Africa and the start of these projects. The following activities, outputs and outcomes were recorded during the period under review.

Innovative Programmes Channelling Diaspora Skills and Investment

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

In this reporting year, through the PEM WECCO project, 18 additional resource persons – diaspora enterepreneurs, based in Belgium - were recruited to work alongside local Senegalese entrepreneurs and to share their skills.

Remittance Guarantee Loan Scheme Approaches Scoped and engagement with financial institutions increased – In the previous year, AFFORD had been exploring a remittance guarantee loan scheme as a response to one of the key issues facing businesses - access to finance at reasonable interest rates. A scoping document was produced for the project by the law firm Reedsmith, indicating different possible options and approaches that the ABC West Africa programme will need to choose from in agreement with a partner bank in order to deliver some of the elements of a remittance guarantee loan scheme. Engagement around this document continued with BeninBiz (a BDS institution) and Foundation of the University of Abomey Calavi (FUAC) in Benin, USAID and DER in Senegal and Fidelity Bank in Ghana.

Job Protection & Creation in the Context of COVID-19:

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Supported local and diaspora SMEs to develop business plans adapted to post-Covid 19 environment and in response to calls for application for Benin, Senegal and Ghana. ABC in Benin led the submission of business profiles of 56 SMEs to the ADAPAMI project which has 10 decentralised financial systems (DFS) in Benin with the intention of providing financial services for 500,000 Beninese.

Strengthened Networks & Enterprise/Employment Structures:

Ongoing Capacity Building, Mentoring and Networking:

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT

For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

in the first stage of the ABC call for applications. These were made up of just over 20 diaspora investors mostly with interest in Senegal. The programme covered theory of change to social enterprise to financial management, leadership and also included case studies of successful diaspora businesses / ABC alumni. An additional 11 local entrepreneurs in Senegal also received capacity building sessions via ABC Senegal.

Research to Inform Advocacy & Articulation of Advocacy Plans

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

African artefacts and human remains in UK heritage institutions.

Participating in various conferences, panels and events focusing on migration, diaspora investment, entrepreneurship, labour mobility and TVET, involving high -level policymakers

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Remitplus Diaspora Bond

The last two financial years saw a change in strategic partnerships and country focus on the development of the Remitplus blended finance instrument that is intended to unlock the capital to deliver 4400 affordable homes. Initially scheduled for a pilot in Rwanda, a new location in Ghana was scoped out following identification of a potential construction partner. To clarify government support for affordable housing schemes, including infrastructure support, the One District, One Factory policy (1D1F), as well as the market for mortgage products, discussions were held with the Ministry of Trade and Industry as well as the Ministry for Works and Housing.

Ghana is already a key country in AFFORD’s existing ABC West Africa programme, and the existing synergies will enable smarter work through the local AFFORD office, now established.

Diaspora Guarantee Loan Scheme

Several meetings were held with AFFORD country partners and ABC financial institutions in Benin and in Ghana to advance discussions on the development of a diaspora guarantee loan scheme. The institutions included Bank of Africa, Boris Bank and PADME MFI in Benin and Fidelity Bank in Ghana. Discussions on co-financing were held with the outcome to submit a fuller proposal in 2023.

Diaspora Guarantee Loan Scheme

Two follow up meetings, including one face to face meeting, were held in June and July with financial institutions and others in Benin. Options of the guarantee loan scheme produced by Reed Smith LLP (via pro bono support) were shared with Bank of Africa and Coris Bank in Benin. There continued to be a great deal of interest in this concept with discussions of a clear proposal agreed on.

Access to finance

In Benin, engagement was made with the ADAPAMI project (Le projet d'appui au développement à la professionnalisation et à l'assainissement de la microfinance). to facilitate access to loans for Beninois entrepreneurs and to learn about the 10 decentralized financial system (DFS) offer of financial services that corresponds to the needs of each entrepreneur. ABC Benin led the submission of business profiles of 56 SMEs to the ADAPAMI projec t.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

The objective of the ADAPAMI project is to increase access to financial services for 500,000 Beninese, including 335,000 women, and to offer financial services that are adapted to the country's economic and financial context and that respect the environment. They contribute to improving the economic situation of disadvantaged Beninese populations, including women and youth, by strengthening the skills of key players in the microfinance sector.

ABC Benin also took part in an assessment of Beninois SMEs in future editions of the Tremplin Startup UEMOA competition. Recommendations were made about preparing in advance the SMEs befor the launch of the competition and raising the level of SMEs in Benin and identifying sustainable and innovative SMEs to participate.

Other small grants

Following the success of phase one small grants supported by the Noel Buxton Trust, AFFORD began the second phase in the 2021-2022 financial year of £12,000 grant to Transleone on behalf of Orbis Investments. This support was completed in 2022. Overall, 10 jobs were created while 66 young people (12 females and 54 males) were supported on areas such as English, Maths, fitness, therapeutic provision on their mental and emotional health as well as their social wellbeing. Transleone use sport to support youth/educational development in Sierra Leone.

Thematic area three: Engagement & Network Building Services

The engagement, network building and training programmatic area seeks to mobilise support for AFFORD’s work by developing partnerships and engaging different stakeholders. It also links this to developing the capacity of different stakeholders to harness diaspora resources in order to implement effective diaspora and development programmes. AFFORD’s Return of the Icons programme, and its ongoing work with Facebook and lOM are organised under this thematic work area.

Return of the Icons

The Return of the Icons (ROI) programme takes forward key conversations around looted African artefacts and human remains held in Western museums and other cultural institutions. It also highlights programmes for their preservation, as well as campaigns which will ensure eventual return to their countries of origin.

Funded by the Open Society Foundations (OSF), the programme kicked off with a ‘Mapping’ phase between December 2019 and August 2020, and a second ‘Maintaining the Momentum’ phase between September 2020 and April 2021 which focused on sustaining structures and partnerships with key stakeholders, including the diaspora, museums and cultural institutions in the UK and Africa. Both phases concentrated on the activities of communities of practice and networks for restitution that are producing tangible results and enhancing key advocacy messages.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

A third year-long phase ‘Foundation Building’ was implemented between December 2021 and November 2022 with an extension to 31 May 2023, with a focus on building robust institutions for restitution programmes. The overall objective was: “To sustain and deepen the work of communities/networks of advocacy and policy practice which advocate effectively around issues concerned with the restitution of African artefacts and human remains, while consolidating Return of the Icons as an authoritative and valuable diaspora resource on restitution issues.” Specific objectives were focused on deepening the structures of different communities of practice networks and continuing targeted advocacy and preparation towards implementation of Pathways 1 & 2 (change in the law & legal test cases respectively); sustaining the capacity of diaspora to campaign on restitution issues particularly around Pathways 3 & 4 (voluntary agreements and other forms of return); and communication and outreach.

Return of the Icons

There were several achievements within this financial year including the establishment of an All Party Parliamentary Group (APPG) on Afrikan Reparations, which undertakes the holding of Restitution Hearings, and the organisation of an annual UK Reparations event. There was also the development of the Diaspora Protection & Preservation Network (DPPN) multi-sector partnerships with University of Ghana, Ghana Heritage Committee & Ghana Museums and Monuments Board, Republic of Benin Ministry of Culture, Nnamdi Azikiwe University – Nigeria, AFRIMUHERE, Decolonising Archives, the School of Oriental and African Studies (SOAS) and its Provenance, Access, Restitution and Reparations (PARR) network of academics. AFFORD also completed the Devolving Restitution events with Oxford Pitt Rivers Museum – including further facilitating the commitment of Derby Museum to return 6 items in their collection to Ghana, Nigeria and Sierra Leone.Additional achievements were the publication by Weidenfeld & Nicholson of the anthology, Empire Windrush – Reflections on 75 & More of the Black British Presence – with a specially commissioned essay by British archeologist and anthropologist, Dan Hicks on restitution. The publication was edited by AFFORD’s Director, Onyekachi Wambu, and has received resounding acknowledgement and applause in how it brings together the black and global African diaspora experience over several centuries, connecting Africa, Europe and the Americas, and highlighting issues of economic and social justice, among others, that are still evident today.

Under ROI, there was also the development and launch of a unique online Apologies Directory, extensive advocacy resulting in putting issues of restitution on the agenda of different influential organisations including: the UN’s Global Forum on Migration & Development (GFMD) 2024; Bond, the UK network for organisations working in international development and their post 2030 SDG Futures Dialogue; ONE, its Delivering Britain Reconnected Policy Paper; Wilton Park Post 2030 Development Agenda; FCDO – Global Britain strategy; plus various Christian institutions - including, the Christian Secretary for Global & Intercultural Ministries (Mission); The United Reformed Church, Churches Together Britain and Ireland; Racial Justice Advocacy Forum and Justice Enabler for Baptist Union of Great Britain; Society for the Study of Christian Ethics, and the Church Commissioners for England.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

There was also extensive participation in restitution focused conferences, as well as a high-profile press & media presence, including the maintenance of the Return of the Icons Facebook page (with 650 members).

Facebook

AFFORD continued its collaboration and service delivery contract with Facebook Digital Diasporas who are keen to gain deeper insights into the nature of the African diaspora’s social impact in Europe and in Africa, as well as their use of key online platforms. The diaspora is an increasingly important customer base for social media and messaging platforms such as Facebook, WhatsApp, and Instagram. The continuation of the work involved roundtables of Nigerian Diaspora Stakeholders on the Nigerian Presidential Elections and the use of social media. These were focused on young people (students and second generation diaspora) and also on first generation diaspora and leaders of Nigerian diaspora groups.

ADEPT

ADEPT is the Africa-Europe Diaspora Development Platform, a pan-European network established in 2017 and based in Brussels, for which AFFORD provided earlier Secretariat services prior to it being established in Brussels. AFFORD has continued to support the work of ADEPT as a member and AFFORD’s Executive Director was also elected as the independent organisation’s first Treasurer and re-elected again in January 2021. The Executive Director fulfilled his role as Treasurer, including participating in meetings of the Board Executive Committee (President, Vice President, Secretary and Treasurer). He resigned his position in December 2021 to concentrate on AFFORD’s growing work programme. In 2022, due to a reorganisation at AFFORD and a refocus on other priorities, AFFORD resigned from the membership of ADEPT. The resignations have brought to an end AFFORD’s operational and official involvement with ADEPT after a decade facilitating the development of the diaspora platform.

BOND

AFFORD through its Deputy Executive Director, Stella Opoku-Owusu continued her role as a Board member following her election in 2020/2021 financial year. The past year continued to focus on the challenging financial climate, reviewing and developing a business model that is sustainable and addresses the needs of its members.

Global Forum on Migration and Development (GFMD)

No GFMD took place in 2021 to 2022. Preparatory work began in the reporting period with the French Chair in the lead for GFMD 2022 to 2023, due to take place in Geneva, Switzerland in January 2024. Alongside France, it was understood in this reporting period that Senegal would be joining France in co-chairing the GFMD. As a result activities to launch Civil Society GFMD were planned to begin in West Africa, in Abuja, Nigeria. The co-Executive Director and the Engagement and Capacity Manager, both members of GFMD Civil Society International Steering Committee were heavily involved in the organisation and preparations for the launch event and joint initiative alongside African civil society and diaspora networks (ECDPM, GRFDT, ITUC

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

-Africa, and the Global Research Forum on Diaspora and Transnationalism under PANiDMR), with the support of the GFMD Civil Society Mechanism secretariat. The lanch brought together civil society representatives from all regions of Africa, diaspora participants, trade unions, youth representatives, GFMD Business and

Mayors representatives and international and continental migration agencies.

The event provided a platform for engagement between African stakeholders ahead of the GFMD Summit in early 2024. The three-day forum focused on continental agendas, regional implications and developing GFMD themes with a focus on capacity building and gathering input for the Civil Society GFMD process. The forum was also a result and a reflection of advances made by the GFMD Civil Society Mechanism’s International Steering Committee (ISC) - of which AFFORD continues to be a member -, in ensuring equitable representation and active engagement of African civil society and diaspora organisations over the years in the GFMD process.

The resulting Abuja Statement is a key advocacy document which outlines recommendations on three GFMD priority areas: climate change, diaspora engagement and labour migration. In addition to this, the statement highlights a fourth section assessing financing mechanisms and respect for the principle of self-organising of civil society. The purpose of the statement was to identify key challenges for Africa and its diaspora, within the context of GFMD, and which require prompt action from relevant member states. The Abuja Statement identifies key inputs and recommendations on these three GFMD thematic priorities. It also provides the starting point for civil society to build its process for the GFMD all the way to its summit in Geneva next year.

The three-day forum also resulted in the Africa Forum group which has been effective in propagating the GFMD agenda and influencing the thematic dialogues, to the extent that other regional groups have been inspired to organise similar events and reached out to the Forum organisers for advice. The Group has also engaged and encouraged participation of some African governments in the GFMD process.

While the thematic agenda of Diaspora, Climate change and Labour migration were selected as the three main issues of concern for the Africa Forum, these will continue to be the focus areas throughout various Civil Society-led GFMD processes.

The forum was also symbolic in its representation of diasporan-African collaboration. At the international negotiation level, AFFORD was also requested, as one of two diaspora organisations, and by the Civil Society Mechanism for GFMD, to represent the theme of ‘diaspora as actors of economic, social and cultural development of regions’.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

AFFORD was actively involved in various events and processes leading up to the International Migration Review Forum (IMRF) Progress Declaration, commenting on all drafts of the Declaration, which was finalised prior to IMRF beginning on 16th May, 2022 in New York. AFFORD provided language drafts and input on diaspora references and engagement, as well as the link between systemic racism and migration governance. Other IMRF-related preparatory events and consultations included consultative and stakeholder hearings held by ICMC's Civil Society Action Committee, Friends of Migration, IOM, the Overseas Development Institute (ODI) and People’s Migration Challenge. These hearings were opportunities for stakeholders to directly feed into the discussions ahead of the IMRF and highlight ways forward.

AFFORD also contributed to the UK civil society consultation on the Global Compact on Migration (GCM), organised by ODI and IOM UK, which acknowledged the significant role the UK had played in the GCM negotiation process and the aftermath of this. The consultation happened against a background of increasing civil society engagement in the GCM process towards the IMRF. It brought together actors from civil society, academia, migrant and diaspora voices, public and private sector and international organisations and was a true reflection of a whole of society approach.

AFFORD was well-represented by its executive and deputy directors at the first International Migration Review Forum (IMRF) which took place at the United Nations Headquarters in New York between 17th and 20th May, to review the progress made at the local, national, regional and global levels in implementing the Global Compact for Safe, Orderly and Regular Migration (GCM). The quadrennial International Migration Review Forum was hosted by the President of the UN General Assembly and consisted of four interactive multistakeholder roundtables, a policy dialogue and a plenary, and resulted in an intergovernmentally agreed Progress Declaration. In the General Assembly resolution, member states agreed to review the progress made at the local, national, regional and global levels in implementing the GCM in the framework of the United Nations through a state-led approach and with the participation of all relevant stakeholders.

AFFORD staff also took part in online discussions such as the virtual side event on diaspora engagement and the launch of Senegal's diaspora framework.

Training

Given the engagement of diaspora and local entrepreneurs across four countries in West Africa and across Europe, AFFORD provided online training and in-person capacity building through its ABC and ROI programmes to over 900 diaspora professionals and business-people (the devolving restitution events built the capacity of over 600 people over the entire period of the project). In this period, AFFORD – through its Executive Director also developed and delivered an African Diaspora Leadership Masterclass, as part of the Africa 2.0 Spain initiative - an hour-long interactive session using case studies and group work to improve understanding of key leadership issues through the prism of diaspora organisations and practice. The Africa 2.0 Spain Initiative is funded by the European Union Global Diaspora Facility (EUDiF) - a project implemented by the International Centre for Migration Policy Development (ICMPD).

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Meanwhile, AFFORD continued to provide on the job training to interns and volunteers, who support the operational activities of the organisation. During the period under review twelve (12) (most of them young) people went through this programme (see below in Corporate AFFORD section for the names of interns and volunteers).

Thematic area four: Learning, Policy & Advocacy

The learning, policy and advocacy work of AFFORD is produced under AFFORD Institute. It is focused on providing the evidence base to understand the impact of diaspora development interventions, which then leads to setting out policy recommendations that create an enabling environment which seeks to further enhance the impact of diaspora contributions. AFFORD's advocacy model aims to improve understanding, raise awareness, establish stakeholder collaborations for action, in order to effect policy changes. AFFORD Institute’s work is advanced through the combination of:

Research Publications & Articles

The demand from clients for research data, coupled with AFORD’s own internal project data driven needs - meant the completion and production of the following publications:

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Advocacy Platforms & Events

AFFORD has adopted a dual advocacy strategy, involving its own self organised platforms and events and participation in strategic events organised by others. AFFORD has expanded the number of its own platforms for engaging policy makers and other stakeholders. It continued to hold its flag ship conference, the annual African Diaspora and Development Day (AD3). It also developed the Diaspora Investment and Policy Forums (DIPFs) to bring together stakeholders to tackle specific issues in the investment and business ecosystem, especially the challenges faced by diaspora SMEs.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

African Diaspora and Development Day (AD3)

The 22[nd] edition of the annual African Diaspora and Development Day (AD3 2022) took place in partnership with Chatham House was a policy focused conversation on the theme of ‘African Resilience and Diaspora Action: The Challenge of the Ukraine Crisis’. AD3 2022 continued its usual agenda of highlighting Africa’s opportunities in challenging times and was held as a virtual event, taking place online (on Zoom and streamed via Facebook).

Moderated by Ndidi Njoku, AFFORD’s Chair, speakers were Professor Gibril Faal, Hannah Wanjie Ryder, and Professor William Gumede who addressed key questions and shared their thoughts on the impact on Africa of the Ukraine crisis, resulting from the Russian invasion. Speakers highlighted the fact that strategic cooperations are needed at all levels as Africa does not want to be an afterthought or see a continuation of new forms of dependency and pity. Speakers discussed the need for strategic cooperation that aligns with Africa’s own strategic objectives that lead to development impact, such as the AU Agenda 2063.

AD3 2022 was a wide-ranging discussion, with lots of ideas, recommendations and thought-provoking ideas. The recommendations noted were essential advocacy and action points that will continue to enhance AFFORD’s work in partnership with relevant partners.

Diaspora Investment and Policy Forum (DIPF)

No DIPF’s were organised in the period under review.

Other Events & Conferences

With migration and development issues moving up the policy agenda, AFFORD’s perspectives and insights have been sought at a large number of events, roundtables and conferences. There have also been a high level of requests from UK and international media on the impact of remittances and diaspora investment and entrepreneurship, on diaspora skills sharing, volunteering and African job creation, on political economy, and on security and political conflicts. There was also increased engagement and requests for AFFORD’s input on matters related to restitution, arts and culture. AFFORD continues to maintain visibility, credibility and expertise on these issues at the international level. Below are selected highlights of online events and conferences AFFORD participated in the period under review:

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Thematic area five: Corporate AFFORD

Sustainability

The matched €3 million contract signed with the SDC in 2021 for a four country ABC West Africa programme secured AFFORD’s flagship enterprise and employment thematic work for the next 3 to 4 years. It provides an anchor for the expansion of the Growth & Jobs Fund which the organisation continues to diligently pursue with its enhanced fundraising strategy - targeting foundations, high net worth individuals and African institutions. The original target of €5m was scaled back as we continued to face further challenges given the developments in the funding environment - i.e. cuts in Official Development Assistance (ODA) announced by the UK and other governments, the impact of the pandemic on budgets, and the refocusing of budgets towards Ukraine since the Russian invasion in February 2022.

As per the organisational development plan developed in 2021 in line with the organisation’s strategic goals from 2020 to 2024, AFFORD continued to explore opportunities for unrestricted income, pursued more sustainable funding engagement with impact investors and long-term strategic partnerships such as with Nigerian states, (also in light of the geographical expansion in West Africa).

The above reasons also reinforced the need to deepen the new strategies which were developed in response to the pandemic in 2020/2021, particularly focusing on a lean operational delivery infrastructure and team, and the pivot to bring in new income by targeting more research and consultancy work. The latter has continued to help diversify the funding base and raise some unrestricted income. Though not as high as the first year of the pandemic, the period under review saw new service delivery contracts signed with lOM, Meta, Dutch NGO SNV and also with ICMPD.

It also saw new match-fund projects for the ABC secured through partnerships under the AFFORD Europe entity and contracts signed with the Belgian Development Agency (Enabel) and GRDR.

The one-year contract with OSF for $200,000 from 2021 was extended on a budget-neutral basis to May 2023 for the Return of the Icons (ROI) project.

Finally AFFORD continued to benefit from in-kind pro-bono support for its work, particularly from A4ID which facilitates pro bono legal support. Pro Bono, in-kind support, or other donations include:

AFFORD wishes to thank all these contributors to its work, particularly those providing support and advice on the Investment Advisory Committee and Fundraising Committees.

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Beyond that AFFORD wants to acknowledge the invaluable support provided by volunteers, interns and other resource people who give freely of their time. During the period under review, which continued to be impacted as it was by the pandemic, this contribution was made mostly virtually, including the process of inducting and holding induction meetings. Below, is a list of interns and volunteers who supported the organisation:

List of AFFORD Interns & Volunteers 2022-2023

List of AFFORD Interns & Volunteers 2022-2023 List of AFFORD Interns & Volunteers 2022-2023 List of AFFORD Interns & Volunteers 2022-2023
Name of Volunteer/Intern Start Date End Date
Faith Abiola Ellison ongoing
Diane Tang 25/08/2022 24/11/2022
Joseph Smith 12/09/2022 04/12/2022
Esma Karuv 28/11/2022 01/09/2023
Ayaah Beshir 28/11/2022 20/03/2023
Sakina Yusuf 28/11/2022 20/03/2023
Klarke Stricklen 06/12/2022 ongoing
Victoria Arias 16/01/2023 21/03/2023
Geneve Sara May Harmitt-Williams 27/01/2023 27/06/2023
Kobby Parker 01/02/2023 16/06/2023
Cindy Boa 01/02/2023 16/06/2023
Iben Bø 16/03/2023 ongoing

Page 21

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Communications

The comms team have continued to maintain the website, including the ABC and Diaspora Experience microsites. They also continued to review the effectiveness of the database, now on a single CRM. They continued to raise AFFORD’s profile and visibility as well as support the work of other departments, in particular the ABC, the ROI, the launch of new projects under the Europe entity (PEM WECCO, PAMMOD Guinea, Crowdfunding capacity building of diaspora investors, and so on) and the organisation of various events (African Diaspora and Development Day, ABC – match-fund project launches, the Return of the Icons Devolving Restitution partnership with Pitt Rivers, etc).

Governance

The Diaspora Investment and Board Advisory Committee members: (Ndidi Njoku, Gibril Faal, Olu Olanrewaju, Vinod Tailor and David White) continued its work providing advice and support for the development of a Diaspora Bond, this time to finance affordable housing in Ghana. The Programme Impact and Fundraising Committee members (Ndidi Njoku, Rupal Mistry, Dilys Winterkorn, Malik Njok, Faith Abiola Ellison) also continued to support AFFORD to strategise around its fundraising goals.

FINANCIAL REVIEW

The accounts declared in this report have been prepared in accordance with Statement of Recommended Practice: Accounting for Charities (SORP 2019) and with relevant companies and charities legislation and regulations. The Statement of Financial Activities shows AFFORD’s income from all sources and how this was expended, and the split of activity between restricted and unrestricted funds.

The charity’s income was £543,323 for the year ended 31 March 2023 compared to £655,188 for the year ended 31 March 2022. The total expenditure amounted to £507,337 for the year ended 31 March 2023 compared to £439,738 in the year to 31 March 2022. The total net assets balance carried forward at 31 March 2023 is £178,211 compared to £142,225 in the year ended 31 March 2022. The surplus for the year 2022/23 was £35,986 compared to 2021/22 £215,450. Restricted funds stood at £177,517 (2022: £185,322).

Reserves policy

AFFORD is committed to using its resources in pursuit of its charitable objectives. It is also committed however to maintaining a level of reserves that is prudent to meeting ongoing liabilities, sufficient to ensure that all delivery commitments can be met and to protect the long-term future of AFFORD’s operations. AFFORD’s policy seeks to balance these priorities by holding a level of reserves which equate to between three and six months expenditure of the charity (£140-280k); unrestricted fund balance at the year-end was £694. The Board of Trustees monitors the level of reserves quarterly and takes appropriate action if reserves fall outside the desired range. In the coming year AFFORD will continue to build its consultancy services and income generating services through ABC, in order to reduce the deficit on unrestricted funds with a medium to long term aim of building up reserves in line with the commitment for 3-6 months of running costs.

Page 22

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Investment policy and performance

The Memorandum and Articles of Association provides that the organisation invests monies not immediately required for its own purposes or upon such investments, securities or property, as may be thought fit. At the present time, the trustees’ policy is to maintain all such monies on deposits earning a market rate of interest.

PLANS FOR THE FUTURE

AFFORD Business Centres (ABC): Work will continue on completing the ABC West Africa Programme in Benin, Ghana, Nigeria and Senegal. ABC West Africa provides end to end business support for investors and SMEs; awareness raising activities to promote enterprise as a viable and productive career path for young people, one-to-many and one-to-one enterprise and business development training to attain sustainable growth and increase turnover and profits, establishing a networking and BDS hubs; plus support for TVET institutions in Ghana and Nigeria. AFFORD has been in discussions with a number of states and will seek to conclude an MOU with at least one Nigerian state as part pf a partnership to upgrade its TVET institution, linking this to business development and job creation for young people.

AFFORD Invesment Fund: A crowdfunding programme will be developed as part of the ongoing fundraising efforts to endow a fund that will provide grants and loans as part of the ABC West Africa and TVET programme. The fund is now being structured to absorb the Remitplus initiative to finance student accommodation and affordable housing initiatives in Ghana, in partnership with construction partner, Dartwood Ltd.

Diaspora Experience: Diaspora Resource People and volunteers will continue to be recruited to support the existing AFFORD ABC West Africa and Return of the Icons programmes. AFFORD will seek to formalise regular volunteering and other partnerships with academic institutions such as the School of Oriental and African Studies (SOAS) following the signing of an MOU. It will also continue to partner with A4ID/Morrison and Foerster LLP to implement diaspora specific pro bono legal support.

RemitSkills: The RemitSkills programme will be continued in Ghana and Nigeria via its ABC West Africa programme. RemitSkills™ links modem vocational training to diaspora technical input, modem apprenticeships, new enterprise development in Africa, new job opportunities in Europe, and temporary and circular migration.

AD3, APPG-Nigeria, DIPF Policy Forums: Under our on-going activities of African Diaspora Development Day (AD3) we will launch a special year-long series of events focused on commemorating 30 years of AFFORD – we plan to work with Chatham House, School of Oriental and African Studies (SOAS) and other partners to celebrate 30 years of achievements, reconnect with old friends and engage with a new generation to support their vision and ambitions for the next 30 years; Following the conclusion of an agreement to provide joint secretariat services for the APPG-Nigeria, we will organise a series of events bringing together UK and Nigerian policy makers alongside diaspora and Nigerian civil society. Diaspora Investment and Policy Forums (DIPFs) will continue to be held, linked to the annual upgrading of ‘The Doing Business in..’ and Remittance Factsheets’.

Page 23

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Diaspora Engagement and Network Services: AFFORD continues to seek opportunities to advance this area of its expertise in supporting the development of diaspora professional networks in different sectors and geographical areas, through engagement and capacity building. It anticipates continuing its work with existing partners such as Facebook, lOM, ICMPD as well as the Global Forum on Migration and Development (GFMD).

Return of the Icons: AFFORD will continue to expand its Return of the Icons project for the restitution of looted African artefacts, especially completing the Hearings in the House of Commons on artefact provenance and restitution legal issues for the The All-Party Parliamentary Group (APPG) Afrikan Reparations and linking the publication of the report and its recommendations to an Early Day Motion (EDM). AFFORD acts as the joint secretariat, overseeing the restitution work of the APPG, and alongside the Hearings to also implement other recommendations from the 2020 restitution mapping – namely working with the APPG to hold an annual reparations conference and to continue advocacy that would raise these issues amongst different stakeholders, including African governments, especially of Ghana and Benin, the African Union, CARICOM, GFMD, and the newly formed Heirs of Slavery, descendants of those who owned enslaved people. As part of the work with the latter, we intend to develop an online Apologies and Reparations Directory. We hope to conclude an MOU with the School of Oriental and African Studies (SOAS) which will enable deepened support for the Diaspora Preservation and Protection Network (DPPN) which partners with African cultural institutions and governments around upgrading their cultural centers. Through the Facebook page and campaigns such as ‘One of our Icons is Missing’, the ROI programme will continue to raise awareness of restitution issues through media and public engagements.

Page 24

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and Organisational Structure: The charity is a company limited by guarantee and was incorporated 21 May 2003. It was registered as a charity on 1 July 2004. AFFORD was established in 1994 and, prior to incorporation, was an unincorporated charity registered on 9 October 1996. The old charity number was 1058570. AFFORD was established by Memorandum and Articles of Association which describes the objects and powers of the charitable company; it is governed under its Articles of Association. Under those Articles, the trustees are appointed at the Annual General Meeting. The members of the company are also the directors/trustees of the charitable company. The organisational structure of AFFORD consists of a Board of Trustees which delegates the day-to-day management of the charity to Executive and Programme Directors. The Board is assisted by Advisory Committees which are chaired by the trustees. The key committees are now known as the Finance, Human Resource and Remuneration Committee (FHRRC) (formerly Finance and Human Resources Committee), the Programme Impact and Fundraising Committee (PIFC) (formerly Project Development and Fundraising Committee) and the Investment and Bond Advisory Committee established to provide additional expertise on the launch of financial instruments. The operations, projects and programmes of the charity are carried out by the Executive and Programme Directors, Project Managers and other staff. Consultants are also hired to undertake work for the charity. Consultants working for AFFORD report to Project Managers or Programme Directors. The staff report directly to the Executive Director, who in turn is line managed by the Chair.

Governance and Decision-Making: The Board of Trustees govern AFFORD and meet quarterly to discuss and review strategy, planning, development and financial matters. Day-to-day management of the organisation is delegated to the staff. Every three years, a strategic review is undertaken, involving trustees, staff, funders, partners, beneficiaries and other stakeholders. The review leads to the production of a new strategic plan. The last strategic review took place on 29 February 2020 (key recommendations, included the creation of a standalone investment fund, a wholly owned AFFORD social enterprise to support the issue of RemitPlus Diaspora Bonds and other financial instruments; as well as the establishment of an AFFORD African office in West Africa and Rwanda). The next strategic review, due in 2023, will now take place in 2024.

Recruitment and Appointment of New Trustees: The trustees are recruited according to their knowledge, skill and experience of the themes and activities undertaken by the charity; commitment to AFFORD’s mission, objectives and activities; and in accordance with the requirements for the governance of charities. AFFORD provides information and updates about operations to the trustees. Board and relevant committee meetings consider and discuss matters relating to the strategic direction and focus of the charity.

Induction and Training of New Trustees: New trustees receive induction training on: their legal responsibilities as charity trustees; the management and operational structure of the charity; and the key management issues, e.g. policy, personnel, finance, projects and funding matters. They are also guided on how to have optimum input and influence in the current and future development of the charity.

Risk Management: The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees maintain a risk register.

Page 25

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

TRUSTEE’S REPORT For the year ended 31 March 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of African Foundation for Development (AFFORD) for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the trustees is aware at the time the report is approved:

This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

APPROVAL

This report was approved by the Board of Trustees on 26[th] January 2024 and signed on its behalf by:

Ndidi Njoku - Chair

Ade Daramy – Acting Treasurer

Page 26

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AFFORD For the year ended 31 March 2023

Opinion

We have audited the financial statements of African Foundation for Development for the year ended 31st March 2023 which comprise the Statement of Financial Activities, Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 27

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AFFORD For the year ended 31 March 2023

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 21, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 28

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AFFORD For the year ended 31 March 2023

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Page 29

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 31 March 2023

Income from:
Notes
Voluntary income
Donations and legacies
2
Income from charitable activities
Relieving poverty and advancement of education
3
Total income
Expenditure on:
Charitable activities
Relieving poverty and advancement of education
4
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
Restricted
Funds
£
Total 2023
£
Total 2022
£
-
-
-
15,167
45,117
498,206
543,323
640,021
45,117
498,206
543,323
655,188
1,326
506,011
507,337
439,738
1,326
506,011
507,337
439,738
43,791
(7,805)
35,986
215,450
-
-
-
-
43,791
(7,805)
35,986
215,450
(43,097)
185,322
142,225 (73,225)
694
177,517
178,211
142,225

All recognised gains and losses are included in the Statement of Financial Activities.

Ail the charity’s activities are classified as continuing.

The notes on pages 33 to 40 form part of these financial statements.

Page 30

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

BALANCE SHEET As at 31 March 2023

Fixed assets
Notes
Tangible fixed assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors:amounts falling due
within one year
10
Net Current Assets
Net assets
Funds:
Restricted funds
Unrestricted funds
Total funds
18		 2023
2022
£
£
£
£
-
-
16,943
3,417
203,187
307,001
220,130
310,418
(41,919)
(168,193)
178,211
142,225
178,211
142,225
177,517
185,322
694
(43,097)
178,211
142,225		 2023
2022
£
£
£
£
-
-
16,943
3,417
203,187
307,001
220,130
310,418
(41,919)
(168,193)
178,211
142,225
178,211
142,225
177,517
185,322
694
(43,097)
178,211
142,225
142,225
185,322
(43,097)
142,225

The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the board an authorised for issue on 26[th] January 2024 and signed on its behalf by:

……………………………………. Ndidi Njoku Director/Trustee

The notes on pages 33 to 40 form an integral part of these financial statements.

Company registration number: 04772972

Page 31

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

CASH FLOW STATEMENT For the year ended 31 March 2023

Net income for the reporting period
Adjustments for:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities
Changes in cash in the reporting period
Cash at the beginning of the period
Cash at the end of the period		 2023
£
2022
£
35,986
215,450
(13,526)
(126,274)
3,680
73,790
(139,799)
77,470
(103,813)
292,920
307,001
14,081
203,187
307,001

Page 32

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT For the year ended 31 March 2023

1. ACCOUNTING POLICIES

1.1. Basis of accounting

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (Updated October 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

1.2. Going Concern

The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis. The Trustees have taken the deficit on unrestricted funds at the balance sheet date into account when coming to this conclusion and have a recovery plan in place to fund the shortfall. This includes a tight control over the cost base, including limiting grants payable where possible and appropriate. The Trustees also plan to increase unrestricted donations and income from other unrestricted charitable activities. The ongoing restricted fund projects are expected to continue to cover a significant portion of salaries over the 12 months following approval of these financial statements.

1.3. Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The aim and uses of the restricted funds are set out in the notes to the financial statements.

1.4. Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, there is probability of receipt and the amount can be quantified with reasonable accuracy, except as follows:

When donors specify that income given to the charity must be used in future accounting periods, then the income is deferred to the specified period.

When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the preconditions for use are met.

When donors specify that income is for a particular restricted purpose which does not amount to preconditions regarding entitlement, the income is recognised as income when receivable.

No amounts are included in the financial statements for services donated by volunteers.

1.5. Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred i.e. where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Support costs which cannot be directly attributed to particular projects are apportioned in proportion to the direct staff cost allocated to the project. Governance costs, which form part of Support costs include expenditure on the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Charitable expenditure consists of all expenditure relating to the objects of the Charity. All costs are directly attributable to the activities under which they have been analysed.

Page 33

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

1.5. Depreciation and Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, which in all cases is estimated at 2 years.

1.6. Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor or are charged to the SOFA as incurred.

1.7. VAT

The charity is registered for VAT and irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.8. Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

2 DONATIONS AND LEGACIES

Donations and gifts
Government grant receivable
INCOME FROM CHARITABLE ACTIVITIES
Small Grants
Other income
ABC Benin
Transleone
ABC - membership fees
AFF-ADF-SDC
Return of icons		 Unrestricted
Restricted
2023
2022
funds
funds
£
£
£
£
-
-
-
250
-
-
-
14,917
-
-
-
15,167
Unrestricted
Restricted
2023
2022
funds
funds
£
£
£
£
38,022
-
38,022
33,198
7,095
-
7,095
25,145
-
-
-
21,036
-
-
-
12,000
-
-
4,449
-
400,490
400,490
495,335
-
97,716
97,716
48,858
45,117
498,206
543,323
640,021

Page 34

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted funds Restricted funds 2023 2022
£ £ £ £
Charitable activities:
Relieving poverty and advancement of
education
Staff salaries - 212,287 212,287 329,690
Direct project costs 1,121 223,332 224,453 20,742
Donations given - - 459 459
Grants made (net of withdrawals) - - 32,572 32,572
Support costs (note 5) 205 70,392 70,597 56,275
1,326 506,011 507,337 439,738
Net expenditure is stated after charging:
Auditors’ remuneration:
Audit of these financial statements 6,000 6,000
Project audit - -

Page 35

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

5. SUPPORT COSTS

SUPPORT COSTS
Premises
Staff costs
Other costs
Governance costs		 2023
£
2022
£
37,189
22,618
17,388
15,061
3,899
12,934
12,120
5,662
70,597
56,275

6. TRUSTEES

During the year, no Trustees received remuneration for acting as Trustees. Trustee reimbursement of expenses totalled £Nil (2022:£Nil).

The total amount of employee remuneration received by key management personnel is £115,923 (2022: £54,636). The charity considers its key management personnel comprise of the executive director and other project leaders.

AFF COSTS
Wages and salaries
Social security costs
Pension costs		 2023
2022
£
£
198,166
302,171
9,461
18,577
22,049
8,942
229,675
329,690

7. STAFF COSTS

The average monthly employee headcount during the year was 5 (2022: 5) and the average monthly number of full-time equivalent staff during the year was as follows:

Charitable
Support		 2023 2022
No No
3 3
2 2
5 5

No employee received remuneration amounting to more than £60,000 in either year.

The pension scheme is a defined contribution scheme. No contributions were outstanding for payment as at 31st March 2023 (2022: £Nil).

Included in charitable activities (note 4) is the payment of project consultants during the year for various project related work undertaken for the charity. An amount of £74,495 (2022: £24,119) was paid to consultants in the year under review.

Page 36

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

8. TANGIBLE FIXED ASSETS




At 31 March 2023 and at 1 April 2022
Depreciation
At 31 March 2023 and 1 April 2022
Net Book Value
At 31 March 2023
At 31 March 2022
DEBTORS
Accrued income
Other debtors
CREDITORS: amounts falling due
within one year
Trade creditors
Other tax and social security
Accruals
Deferred income
Cost		 Fixtures &
Equipment
£
12,536
12,536
Total
£		 Fixtures &
Equipment
£
12,536
12,536
Total
£		 Fixtures &
Equipment
£
12,536
12,536
Total
£
(12,536) (12,536)
- -
- -
2023
£
1,712
15,231		 2022
£
3,417
16,943 3,417
2023
£
-
28,599
13,320
-		 2022
£
-
25,815
44,662
97,716
41,919 168,193

9. DEBTORS

10. CREDITORS: amounts falling due within one year

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AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

LYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 March 2023 as represented by: Current
assets
Current liabilities
Fund balances at 31 March 2022 as represented by: Current
assets
Current liabilities		 Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
694
219,436
220,130
-
(41,919)
(41,919)
694
177,517
178,211
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
27,380
283,038
310,418
(70,477)
(97,716) (168,193)
(43,097)
185,322
142,225

12. TAXATION

The charity is not liable to tax on its charitable grants, donations or fee income earned in the course of its charitable activities, so long as the income is applied for the purposes of its charitable aims.

13. SHARE CAPITAL

AFFORD is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

14. RELATED PARTY TRANSACTIONS

There were no related party transactions in the year.

Page 38

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

15. ANALYSIS OF MOVEMENT IN FUNDS

Restricted Funds:

Restricted Funds:
ADG
Return of icons
AFF-ADF-SDC
Restricted Funds:
ABC-Benin
-Transalone/Invest Salone
ADG
Return of icons
AFF-ADF-SDC
¤		 At
At
1 April
Income
Expenditure
Transfers
31 March
2022
2023
£
£
£
£
£
9,163
-
-
-
9,163
11,286
97,716
(86,889)
-
22,113
164,873
400,490
(419,122)
-
146,242
185,322
498,206
(506,011)
-
177,518
At
At
1 April
Income
Expenditure
Transfers
31 March
2022
2023
£
£
£
£
£
(30,199)
21,036
(15,217)
24,380
-
-
12,000
(13,282)
1,282
-
9,163
-
-
-
9,163
-
48,858
(37,572)
-
11,286
-
495,385
(330,462)
- 164,873
(21,036)
577,229
( 396,533)
25,662
185,322

Page 39

AFRICAN FOUNDATION FOR DEVELOPMENT (AFFORD)

NOTES TO FINANCIAL STATEMENT (CONTINUED) For the year ended 31 March 2023

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2022)

Income from:
Notes
Voluntary income
Donations and legacies
2
Income from charitable activities
Relieving poverty and advancement of education
3
Total income
Expenditure on:
Charitable activities
Relieving poverty and advancement of education
4
Total expenditure
Net income
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds £
Restricted
Funds £
Total 2022
£
15,167
-
15,167
62,792
577,229
640,021
77,959
577,229
655,188
43,205
396,533
439,738
43,205
396,533
439,738
34,754
180,696
215,450
(25,662)
25,662
-
9,092
206,358
215,450
(52,189)
(21,036)
(73,225)
(43,097)
185,322
142,225

Page 40