**STAKEHOLDER DEMOCRACY NETWORK (Limited by guarantee)** **DIRECTORS’ AND TRUSTEES’ REPORT** **AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024** **Company No: 05101121 Charity No: 1148143** **STAKEHOLDER DEMOCRACY NETWORK (Limited by guarantee)** ## **REPORT AND ACCOUNTS** ## **C O N T E N T S** ## **STATUTORY INFORMATION** ||**Page**| |---|---| |**Directors’ and Trustees’ Report**|**2 - 6**| |**Independent Auditor’s Report**|**7 - 9**| |**Consolidated Statement of Financial Activities**|**10**| |**Statement of Financial Activities**|**11**| |**Group Balance Sheet**|**12**| |**Statement of Cash Flows and Consolidated Statement of Cash Flows**|**13**| |**Notes to the Accounts**|**14 - 31**| **1** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **DIRECTORS’ AND TRUSTEES’ REPORT** ## **FOR THE YEAR ENDED 30 APRIL 2024** The trustees are pleased to present their annual consolidated directors’ and trustees report together with the financial statements of the Stakeholder Democracy Network (the ‘Charity’ or ‘Company’) and its subsidiaries (together the ‘Group’) for the year ended 30[th] April 2024, which are also prepared to meet the requirements for a directors’ report and Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statements 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) (effective 1 January 2019). ## **OUR PURPOSE AND ACTIVITIES** Our vision is a peaceful, prosperous and pollution-free Niger Delta. Our mission is to support the efforts of those affected by the extractive industries and weak governance. We stand alongside citizens, providing expert and innovative solutions to drive sustainable and inclusive development. We work with communities and engage with governments, companies and other stakeholders to ensure the promotion and protection of human rights, including the right to a healthy environment. Our work currently focuses on the Niger Delta. The Stakeholder Democracy Network group supports the efforts of those affected by the extractives industry and weak governance. We work with governments, companies, communities and other stakeholders to ensure the promotion and protection of human rights. The group has operated for over 20 years in the Niger Delta and has offices in Port Harcourt (Nigeria) and London (UK). The group has one subsidiary registered in Nigeria and whose activities aid Stakeholder Democracy Network to carry out its objectives in Nigeria. This is the Niger Delta Stakeholders Initiative for Community Development and Empowerment, a company registered with the Corporate Affairs Commission (CAC) in the Federal Republic of Nigeria with the company number CAC/IT/NO 73022 ## **Achievement and activities** This fiscal year had some significant economic challenges that had the potential to affect our work due to high inflation rates which affected the project budgets and made it mandatory to revise our workplans and even project strategies. However, some donors were gracious enough to adjust our budgets so we could ensure that our work went on unhindered. To compound the economic situation, the political battles in Rivers state, specifically between the former Governor and now FCT Minister, Barrister Nyesom Wike and his successor, Governor Siminalayi Fubara affected the security situation and consequently governance as Commissioners loyal to Wike kept resigning while there were deliberate efforts by others within the government to undermine the authority of the Governor. This affected our governance work which focused on working with the Rivers state government to develop youth development and gender policies as well as promote the passage of the Persons with Disabilities Welfare Enhancement Amendment Bill. The political upheavals within the government caused significant delays in achieving these deliverables and efforts were made to extend the project for another six months so we could finalise these activities. With a new administration sworn-in on May 29[th] , 2023, efforts were made by SDN to engage with the 10[th] National Assembly since one of our key projects required that we seek amendments to the Petroleum Industry Act and include new provisions on the divestment of assets by international oil companies and also the Host Community Development Trust process. The political environment at the Federal level required that we build new relationships with relevant Ministers and ensure they are mutually beneficial and built on trust. This required significant changes to our engagements as new agencies such as the Nigerian Upstream Regulatory Commission (NUPRC) and ministries such as Marine and Blue Economy were created as a result of legislation and political expediency respectively. Although these changes to the political and economic environment posed some challenges, to our work, we were able to implement the following activities: - We continued our work on monitoring the HYPREP Clean up process in Ogoniland where we were able to engage with HYPREP to push for the implementation of recommendations made in our bi-annual progress reports. As a result, HYPREP made a commitment to apply the best remediation technology on simple sites where revegetation is poor. Some of the simple sites visited by SDN showed poor revegetation and needed to be revisited or even **2** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **DIRECTORS’ AND TRUSTEES’ REPORT** ## **FOR THE YEAR ENDED 30 APRIL 2024** reclassified as medium complex to ensure that HYPREP contractors adopt new and effective remediation processes that can substantially reduce contamination and promote and adequate level of remediation. - SDN’s engagements with the 10[th] National Assembly House Committees on Environment, Host Communities and Petroleum Resources were quite fruitful as they made commitments to push for the amendment of the Petroleum Industry Act to include clauses that can govern the regulation of the divestment and sale of oil company assets following concerns by civil society organizations over the lack of transparency and accountability in the process. SDN also made recommendations to amend Section 3 of the PIA which focuses on the Host Community Development Trust (HCDT) during a roundtable organized with these committees during the reporting period. - SDN published a handbook to guide the operationalisation of the Host Community Development Trusts. This handbook was developed by a Working Group consisting of oil companies, community representatives and civil society organisations with input from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The handbook includes steps for establishing an HCDT as indicated in the NUPRC Guidelines, outline of the structure of HCDTs and the role of each stakeholder, HCDT mechanisms for Monitoring, Evaluation, Accountability & Learning as well as a livelihoods guide. This handbook was distributed to several HCDTs, select members of the 10th National Assembly, oil companies and civil society organisations. - 238 beneficiaries of the digital skills training programme graduated after they completed 3-month courses on data analytics, graphic design, web development and digital marketing. SDN also launched the E2S platform which is an Employment Extensions Service which curates’ information on business tips, internships and employment opportunities. We successfully concluded CV/Cover letter Writing classes for the quarter as part of our ongoing efforts to enhance support through our Employment Extension Service (E2S). ## **Public benefit statement** In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the group’s activities. ## **FINANCIAL REVIEW** The Statement of Financial Activities showed a deficit of £186,958 (2023 –surplus of £34,696) for the year and reserves stand at £54,381 (2023 - £241,339). The financial position of the group was challenged, but ultimately maintained, during the reporting period as we, like most other organisations, felt the impact of the global economy and the international development sector. The group benefited from some long-term funding contracts which helped ensure consistency of funding during the audited period. We also secured new funding relationships through the audited period which sets us up well to further leverage these and carry forward our fundraising momentum into future opportunities. ## **Principal funding sources** The main funding sources for the group are grants awarded from government agencies. During the period under review the main grant authorities were The Netherlands Embassy in Abuja, the UK Foreign, Commonwealth and Development Office via ActionAid in Nigeria, and The Ford Foundation and the Palladium. ## **Investment powers and policy** Under the Memorandum and Articles of Association, the group has the power to invest in any way the Trustees see fit. ## **Reserves policy** The Trustees consider it prudent to maintain an adequate balance of unrestricted reserves to cover the group’s contractual commitments and provide a sound base for the future. This should be equivalent to a minimum level of 2 months of the annual budget. Our targeted reserves is 2 months of expenditure standing at around £50,000 for the Group. At the 30th April 2024 the unrestricted reserves not invested in fixed assets totalled £41,595 (2023 – £73,131). For the purposes of short and medium term financial management, the trustees are closely monitoring the management for working capital and the working capital position is in line with their policy of building free reserves target level. **3** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **DIRECTORS’ AND TRUSTEES’ REPORT (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **FUNDRAISING STANDARD** Stakeholder Democracy Network is not registered with the Fundraising Regulator and the charity has not carried out any significant fundraising activities. ## **FUTURE ACTIVITIES** SDN will continue to build partnerships with government institutions such as the Federal Ministry of Environment, the Parliamentary Committees on Environment, Host Communities, Petroleum Resources and other related stakeholders who have the power and influence to address the issues that SDN works on such as economic diversification, the environment and governance. We will also focus on developing a prototype for the methane tracker after we have finalised the terms of reference for the consultants based in the United Kingdom. We are also expected to complete our Handbook which will provide practical steps towards ensuring the effective implementation of Host Community Development Trusts which will be co-created with a Working Group comprising civil society organisations, oil companies and community representatives. It is expected that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will provide their input and also adopt it as a guide for the Trusts. At least 250 women -owned businesses and unemployed females will benefit from a three -month digital skills training programme in Rivers state where we are expected to launch the Employment Extension Service which will curate information on employment, internship and remote work opportunities for women in Tech. The donor landscape within Nigeria continues to evolve and significant efforts will be made to assess the context and the issues that continue to arise in the polity, the economy and even the environment (climate change). SDN continues to engage with communities in Rivers, Bayelsa and Delta, assessing their needs and working with public institutions to support systemic change in governance so that vulnerable groups such as women, youth and persons with disabilities can benefit from the dividends of democracy. The high inflation rates and continuous devaluation of the naira pose new challenges and also new opportunities in our work as we focus on economic diversification and empowering vulnerable groups such as women, young people and persons with disabilities to build businesses or livelihoods that are not only resilient to economic shocks but to climate change as well ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Company Number:** 05101121 **Charity Number:** 1148143 ## **Directors and Trustees:** J D’Angelo - Chairperson Professor M Anikpo R J Ekperi I D Pedro D M Pearson **Secretary:** Adam Philip Heal (appointed 1st of August 2023) C A Laing (resigned in July 2023) **Senior Management** : C A Laing – Secretary (resigned in July 2023) Adam Heal – Secretary (appointed 1st of August 2023) Maria Rizou, Head of Finance **Registered Office:** The Green House, 244-254 Cambridge Heath Road, London, E2 9DA **Website:** https://www.stakeholderdemocracy.org/ **Auditors:** SCB (Accountants) Ltd, 31 Sackville Street, Manchester, M1 3LZ **Bankers:** Lloyds Bank Plc, Thame Branch, 13 Cornmarket Thame, Oxfordshire OX9 2BN **4** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **DIRECTORS’ AND TRUSTEES’ REPORT (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Stakeholder Democracy Network is a company limited by guarantee and not having a capital divided by shares. The company was incorporated on 14[th] April 2004 and registered as a charity on 16[th ] July 2012. It is a registered charity constituted as a limited company under the Memorandum and Articles of Association. The Charity’s registration number is 1148143 and the company registration number is 05101121. ## **Appointment of trustees** As set out in the Articles of Association, the Chair of the Trustees is nominated by existing Trustees. The Directors of the organisation are also the Trustees for the purposes of charity law. The Board of Trustees has the power to appoint additional Trustees as it considers fit to do so, in line with the company’s governing documents. The Trustees in office in the year are set out on page 3. The Trustees have no beneficial interest in the group other than as members. The Trustees are also the directors of the Parent company. All of the Trustees are members of the Parent company and guarantee to contribute £1 each in the event of a winding up. ## **Trustee induction and training** The Trustees maintain a good working knowledge of charity and company law and best practise through their professional and business interests. New Trustees are given copies of the Memorandum and Articles of Association ## **Organisation** The Board of Trustees, which comprises five members, administers the group. The Board meets periodically to review the affairs of the group and to consider strategies and operations. To facilitate activities, the Board have delegated authority, within terms of delegation approved by the Trustees, for operational matters including financial, employment and other related activities. All decisions relating to strategy and policy are made by the Board of Trustees. ## **Risk management** The Management Committee has conducted a review of the major risk to which the group is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the group faces. ## **Related parties** The Trustees have no beneficial interest in the company other than as members. Four of the Trustees (J D’Angelo, I D Pedro, Professor M Anikpo and R J Ekperi) are also Trustees of Niger Delta Stakeholders Initiative for Community Development and Empowerment which is one of Stakeholder Democracy Network’s subsidiary entities operating in Nigeria. ## **Pay policy for senior staff** The arrangements for setting the pay and remuneration of the group’s staff is done by the group’s Management Team and included within the company’s budgeting process. The setting of pay and remuneration for the Executive Director is approved by the Board and Directors. ## **Members of the Management Committee** Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 4. **5** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **DIRECTORS’ AND TRUSTEES’ REPORT (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** The Trustees (who are also directors of Stakeholder Democracy Network for the purposes of company law) are responsible for preparing the preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its income and expenditure for that period. In preparing these financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the group and the financial information included on the group’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. ## **STATEMENT OF DISCLOSURE TO AUDITOR** So far as the Directors are aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the Directors have taken all the necessary steps that we ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the group’s auditors are aware of that information. ## **AUDITORS** A resolution will be proposed and agreed at the Annual General Meeting that SCB (Accountants) Ltd be re-appointed as auditors of the Charity for the ensuing year. ## **SMALL COMPANIES EXEMPTION** The report of the directors has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006. ## **APPROVAL** This report was approved by the Board of Trustees and signed on its behalf by: **28[th] February 2025** **J D’Angelo CHAIRPERSON** **6** **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **(Limited by guarantee)** ## **Opinion** We have audited the financial statements of Stakeholder Democracy Network for the year ended 30[th] April 2024, which comprise the Consolidated Statement of Financial Activities (Summary Income and Expenditure Account), Statement of Financial Activities (Summary Income and Expenditure Account), the Consolidated Balance Sheet, the Statement of Cash Flows and Consolidated 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: - give a true and fair view of the state of the group’s and charitable company’s affairs as at 30[th] April 2024 and of the group’s and charitable company’s incoming resources and application of resources, including the group’s and charitable company’s income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 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. ## **Material uncertainty related to going concern** We draw attentions to note 1 of the financial statements, which explains that the trustees intend to liquidate/ cease the charity’s UK operations from February 2025 and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. 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: - The information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements: and - The directors’ report has been prepared in accordance with applicable legal requirements. **7** **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF (Contd/)** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **(Limited by guarantee)** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the group and 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 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; - the financial statements are not in agreement with the accounting records and returns; - certain disclosures of trustees’ remuneration specified by law are not made; - we have not received all the information and explanations we require for our audit; - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Directors’ and Trustees’ Report. ## **Responsibilities of directors** As explained more fully in the directors’ responsibilities statements, the directors 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 directors 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 directors are responsible for assessing the groups and 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 directors either intend to liquidate the 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. 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our discussions with the charity’s management and the Trustees, we identified that the following laws and regulations are significant to the entity: - Those laws and regulations considered to have a direct effect on the financial statements include UK financial - reporting standards, Charity Act 2011 and SORP 2019 regulations - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, safeguarding and health and safety legislation. These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit. Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and appropriateness of other entries in the nominal ledger; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. **8** **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF (Contd/)** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **(Limited by guarantee)** 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. 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. ## **Use of our report** This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. **JEFFREY BOR FCA (Senior Statutory Auditor) 31 SACKVILLE STREET For and on behalf of SCB (Accountants) Ltd MANCHESTER CHARTERED ACCOUNTANTS M1 3LZ STATUTORY AUDITOR** **Date : 28 February 2025** **9** **(Limited by guarantee)** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 30 APRIL 2024** |**Notes**
**Income**
Grants and donations
**2**
_Income from charitable activities:_
Grants and contracts
**3**
_Investment income:_
Bank Interest
**Total income**
**Expenditure**
_Expenditure on charitable activities_
**6 , 18**
**Total expenditure**
**Net income/(expenditure) and net movement**
**in funds for the year before transfers**
Transfers between funds
**18**
**Net income/(expenditure) and net movement**
**in funds for the year after transfers**
**Reconciliation of funds**
Total funds brought forward
Prior period adjustment
**Total funds, carried forward**
**18**|**Unrestricted**
**Funds**
**£**
2,876
-
106
2,982
30,167
30,167
(27,185)
242
(26,943)
81,324
-
54,381|**Restricted**
**Funds**
**£**
-
872,323
-
872,323
1,032,096
1,032,096
(159,773)
(242)
(160,015)
160,015
-
-|**Total**
**2024**
**£**
2,876
872,323
106
875,305
1,062,263
1,062,263
(186,958)
-
(186,958)
241,339
-
54,381|**Total**
**2023**
**£**
1,909
1,077,917
46| |---|---|---|---|---| |||||1,079,872| |||||1,045,176| |||||1,045,176| |||||34,696
-| |||||34,696
206,643
-| |||||241,339| |||||| The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006 **.** ## **CONTINUING OPERATIONS** None of the company’s activities were acquired or discontinued during the above two financial periods. ## **TOTAL RECOGNISED GAINS AND LOSSES** The company has no recognised gains or losses other than the above movement in funds for the above two financial years. The notes on pages 14 to 31 form part of these accounts. **10** **(Limited by guarantee)** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 30 APRIL 2024** |**Notes**
**Income**
Grants and donations
**2**
_Income from charitable activities:_
Grants and contracts
**3**
_Investment income:_
Bank Interest
**Income**
**Expenditure**
Expenditure on charitable activities:
**8 , 19**
**Total expenditure**
**Net income/(expenditure) and net movement in**
**funds for the year before transfers**
Transfers between funds
**Net income/(expenditure) and net movement in**
**funds for the year after transfers**
**Reconciliation of funds**
Total funds brought forward
**Total funds, carried forward**
**19**|**Unrestricted**
**Funds**
**£**
108,208
-
106|**Restricted**
**Funds**
**£**
-
244,938
-|**Total**
**2024**
**£**
108,208
244,938
106|**Total**
**2023**
**£**
120,121
343,508
11| |---|---|---|---|---| ||108,314|244,938|353,252|463,640| ||131,347|244,938|376,285|451,128| ||131,347|244,938|376,285|451,128| ||(23,033)
-|-
-|(23,033)
-|12,512
-| ||(23,033)
23,736|-
-|(23,033)
23,736|12,512
11,224| ||703|-|703|23,736| |||||| The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006 **.** ## **CONTINUING OPERATIONS** None of the company’s activities were acquired or discontinued during the above two financial periods. ## **TOTAL RECOGNISED GAINS AND LOSSES** The company has no recognised gains or losses other than the above movement in funds for the above two financial years. The notes on pages 14 to 31 form part of these accounts. **11** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **GROUP BALANCE SHEET** ## **AS AT 30 APRIL 2024** |**Notes**
**FIXED ASSETS**
Tangible assets
**14**
Investments
**15**
**CURRENT ASSETS**
Debtors
**16**
Cash at bank and in hand
**Total Current Assets**
**Liabilities**
Creditors falling due within one year
**17**
**Net Current Assets/(Liabilities)**
**Net assets**
**The funds of the charity:**
Unrestricted funds
**18 & 19**
Restricted funds
**18 & 19**
**Total Charity Funds**|**GROUP**
**2024**
**£**
12,786
-
12,786
71,177
78,078
149,255
(107,660)
41,595
54,381
54,381
-
54,381|**GROUP**
**2023**
**£**
8,193
-
8,193
56,524
853,028
909,552
(676,406)
233,146
241,339
81,324
160,015
241,339|**CHARITY**
**2024**
**£**
3,437
-
3,437
12,030
32,750
44,780
(47,514)
(2,734)
703
703
-
703|**CHARITY**
**2023**
**£**
3,645
-| |---|---|---|---|---| |||||3,645| |||||9,705
110,631| |||||120,336| |||||(100,245)| |||||20,091| |||||| |||||23,736| |||||23,736
-| |||||23,736| |||||| The Trustees have prepared group accounts in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. These accounts were approved by the Board of Directors and Trustees on 28[th] February 2025 and signed on its behalf by: **…………………………………………………………. J D’Angelo (Chairperson)** ## **Company Registration No: 05101121** The notes on pages 14 to 31 form part of these accounts. **12** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS** ## **FOR THE YEAR 30[TH] APRIL 2024** |**Notes**
**Cash inflow / (outflow) in operating activities**
**21**
**Cash flows from investing activities**
Interest income
Purchase of tangible fixed assets
Disposal of tangible fixed asset
**Cash provided by / (used in) investing activities**
Increase / (decrease) in cash & cash equivalents in the
year
Cash & cash equivalents at the beginning of the year
**Total cash & cash equivalents at the end of the year**|**GROUP**
**2024**
**£**
(809,494)
105
(10,591)
45,030
34,544
(774,950)
853,028
78,078|**GROUP**
**2023**
**£**
364,880
46
(1,891)
38,574
36,729
401,609
451,419
853,028|**CHARITY**
**2024**
**£**
(77,394)|**CHARITY**
**2023**
**£**
99,096| |---|---|---|---|---| ||||106
(593)
-|11
(790)
-| ||||(487)|(779)| |||||| ||||(77,880)|98,317| ||||110,631|12,314| ||||32,750|110,631| |||||| **13** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **1. ACCOUNTING POLICIES** ## **1.1 Basis of preparation of accounts** The financial statements have been prepared in accordance with 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) (effective 1 January 2019) – (Charity SORP (FRS 102) Revised), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The group has opted for an early adoption of Charity SORP (FRS 102) Revised. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. Stakeholder Democracy Network meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. ## **1.2 Preparation of accounts on a going concern basis** The Group’s Financial Statements show net deficit for the year of £186,958 (2023 -surplus of £34,696) and unspent reserves of £54,381 (2023- 241,339). The Trustees have expressed their intention to cease UK operations from February 2025 but the company will be in existence until being fully struck off from company house. On this basis, the financial statements have been prepared using other than going concern basis. ## **1.3 Group financial statements** The group financial statements consolidate the accounts of Stakeholder Democracy Network (the ‘company’) and its subsidiary, Niger Delta Stakeholders Initiative for Community Development and Empowerments. The Directors have taken advantage of the provisions of Section 408 of the Companies Act 2006 and do not present an individual profit and loss account for the company. ## **1.4 Income** Income is recognised when the group has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and amount can be measured reliably. - Income received by way of grants, donations and legacies are included in full in the Statement of Financial Activities when received, unless they relate to a specified future period, in which case they are deferred. - Income from charitable activities received by way of revenue grants and donations are credited to restricted incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. - Grants, donations and legacies of general nature which are not conditional on delivering certain levels of service are included as part of Grants, Donations and Legacies as shown under note 2 and 3. - Membership fees are credited to incoming resources in the period to which they relate. - Facility hire income is recognised as earned (that is, as the related goods or services are provided) - Investment income is included when receivable. - Income from activities includes income recognised as earned (as the related goods and services are provided) under contract. Course fees received in advance for the subsequent year are recognised as deferred income until the following year. **14** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **1.5 Volunteers and donated services and facilities** Donated professional services and donated facilities are recognised as income when the group has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the group of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refers to the trustees’ annual report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the group which is the amount the group would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. No such donations were received during the year. ## **1.6 Expenditure recognition and irrecoverable VAT** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - (a) Costs of generating funds are those cost incurred in attracting voluntary income, running a bar and those incurred in other trading activities that raise funds. - (b) Expenditure on charitable activities includes the costs directly associated holding classes, events and running a sailing centre, to further the purposes of the group and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. ## **1.7 Allocation of support costs** Support costs are those functions that assist the work of the group but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel, payroll and governance costs which support the group’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 6 and 8. ## **1.8 Funds structure** The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Management Board. The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor imposed conditions. ## **1.9 Tangible Fixed Assets And Depreciation** Tangible fixed assets are stated at cost less depreciation. Individual fixed assets costing £500 or more are capitalised at cost. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures, fittings & equipment - 20% Net book value Motor vehicle - 25% Net book value ## **1.10 Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. **15** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **1.11 Cash at bank and in hand** Cash at bank and in hand includes cash deposits and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.12 Creditors and provisions** Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **1.13 Pension costs** The charity operates a defined contribution pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable. The assets of the scheme are held separately from those of the charity in an independently administered fund. ## **1.14 Financial instruments** The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.15 Operating leases** The charity classifies the lease of property as operating leases. The rentals are charged to the Statement of Financial Activities on a straight-line basis over the lease duration. No assets are held under hire purchase agreements. ## **1.16 Judgement and key sources of estimation uncertainty** In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying a mounts of assets and liabilities within the next financial year are addressed below. ## (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## (iii) Allocation of shared cost between multiple activities Support costs relate to those functions that assist the work of the charity but do not directly relate to charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. All the general support and governance costs are allocated to activities at different percentages, on the basis of staff time relating to each activity. **16** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **2. GRANTS AND DONATIONS** |**GRANTS AND DONATIONS**|||| |---|---|---|---| |Space for Change
Nigel Delta Stakeholders Initiative for Community
Development and Empowerment|**Unrestricted**
**Funds**
**£**
2,876
2,876
**Unrestricted**
**Funds**
**£**
108,208
108,208|**Restricted**
**Total**
**Funds**
**2024**
**£**
**£**
-
2,876
-
2,876
**Restricted**
**Total**
**Funds**
**2024**
**£**
**£**
-
108,208
-
108,208
**GROUP**
**CHARITY**|**Total**
**2023**
**£**
1,909| ||||1,909| ||||**Total**
**2023**
**£**
120,121| ||||120,121| ||||| The donations income in 2023 totalling £1,909 for the Group and £120,121 for the Charity was attributed to unrestricted funds. **17** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **3. GRANTS AND CONTRACTS INCOME – GROUP** |Action Aid
Ford Foundation
Foreign & Common wealth Office
SOMO
Greenpeace
European Union/SFCG
Netherlands Embassy - HYPREP & SEPAG
Palladium/SCALE
OSIWA
University of Copenhagen
Other Income|**Unrestricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-|**Restricted**
**Total**
**Funds**
**2024**
**£**
**£**
7,756
7,756
101,407
101,407
85,000
85,000
42,370
42,370
3,473
3,473
263,645
263,645
320,206
320,206
43,534
43,534
-
-
4,933
4,933
-
-
872,323
872,323
**GROUP**|**Restricted**
**Total**
**Funds**
**2024**
**£**
**£**
7,756
7,756
101,407
101,407
85,000
85,000
42,370
42,370
3,473
3,473
263,645
263,645
320,206
320,206
43,534
43,534
-
-
4,933
4,933
-
-
872,323
872,323
**GROUP**|**Total**
**2023**
**£**
232,196
69,678
-
-
-
61,164
560,956
97,289
15,000
41,577
57| |---|---|---|---|---| ||-|872,323|872,323|1,077,917| |||||| Grants and contracts income in 2023 totalling £1,077,917 consist of £57 unrestricted funds and £1,077,860 restricted funds. ## **GRANTS AND CONTRACTS INCOME – CHARITY** |Action Aid
Ford Foundation
Foreign & Common wealth Office
SOMO
Greenpeace|**Unrestricted **
**Funds**
**£**
-
-
-
-
-|**Restricted**
**Total**
**Funds**
**2024**
**£**
**£**
7,756
7,756
101,407
101,407
85,000
85,000
42,370
42,370
3,473
3,473
**CHARITY**|**Restricted**
**Total**
**Funds**
**2024**
**£**
**£**
7,756
7,756
101,407
101,407
85,000
85,000
42,370
42,370
3,473
3,473
**CHARITY**|**Total**
**2023**
**£**
232,196
69,678
-
-
-| |---|---|---|---|---| |University of Copenhagen|-|4,933|4,933|41,577| |Other Income|-|-|-|57| ||-|244,938|244,938|343,508| |||||| Grants and contracts income in 2023 totalling £343,508 consist of £57 unrestricted funds and £343,451 restricted funds. ## **4. TAXATION** Stakeholder Democracy Network is a registered charity in the UK and its subsidiary Niger Delta Stakeholders Initiative for Community Development and Empowerments is a not-for-profit company registered in Nigeria. Therefore, both are exempt from corporation tax on income and gains to the extent they are applied to its charitable objects. **18** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **5. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY** During the year, the Charity had one subsidiary: Niger Delta Stakeholders Initiative for Community Development and Empowerments (NDSICDE) is a company limited by guarantee registered with the Corporate Affairs Commission (CAC) in the Federal Republic of Nigeria. The subsidiary was incorporated on 29 October 2014 with the company number CAC/IT/NO73022 and commenced its operations in the year 2014. The Charity is the ultimate controlling party of the subsidiary company as it has control over its operations as prescribed by the subsidiary’s constitution. The purpose of the subsidiary is to aid Stakeholder Democracy Network carry out their objectives in Nigeria. Set out below is a summary of the subsidiary’s results before intra group adjustments for the year. |**Income**
_Income from charitable activities:_
Grants and contracts
_Investment income:_
Bank Interest
**Total Income**
**Expenditure**
_Expenditure on charitable activities_
**Total expenditure**
**Net income/(expenditure) and net**
**movement in funds for the year**
**Reconciliation of funds**
Total funds brought forward
Prior period adjustment
Net Adjustments in Retained Earnings
**Total funds, carried forward**|**Charitable**
**Subsidiary**
**2024**
**£**
740,368
-|**Charitable**
**Subsidiary**
**2023**
**£**
777,529
35| |---|---|---| ||740,368|777,564| ||(675,244)|(742,509)| ||(675,244)|(742,509)| ||65,124
228,006
(80,484)
(116,815)|35,055
195,859
-
(2,908)| ||95,831|228,006| |||| **19** **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **6. ANALYSIS OF EXPENDITURE – GROUP** |**Basis of**
**allocation**
**_Costs directly allocated to activities:_**
Staff costs
Direct
Consultancy
Direct
Travel and motor expenses
Direct
Premises
Direct
Other direct costs
Direct
Donations and grants (Note 10)
Direct
Support costs (Note 7)
Governance costs (Note 7)
**Total resources expended**|**Capacity**
**Building &**
**Awareness**
**Raising**
**£**
284,144
67,930
146,580
17,123
138,127
70,700
326,519
-
1,051,121
**GROUP**|**Governance**
**£**
-
-
-
-
-
-
-
11,141|**Total**
**2024**
**£**
284,144
67,930
146,580
17,123
138,127
70,700
326,519
11,141|**Total**
**2023**
**£**
349,010
49,853
139,238
16,304
186,786
25,573
265,671
12,741| |---|---|---|---|---| |||11,141|1,062,263|1,045,176| |||||| Of the £1,062,263 expenditure in 2024 (2023 - £1,045,176), £30,167 was charged to unrestricted funds (2023 - £-2,843) and £1,032,096 to restricted funds (2023 - £1,048,019). ## **7. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS - GROUP** The Group initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. All the general support and governance costs have been apportioned to the various charitable activities on the basis of transactions, allocated to each activity. |General and office finance staff
Premises
Travel, accommodation and insurance
Professional fees
Office supplies and communications
Computer and Information technology
Depreciation
Bad debts written off
Advertising
Bank charges
Foreign exchange (gains) / loss
Repairs and maintenance
Accounting fees
Audit fees|**Support**
**costs**
**£**
43,573
13,674
80,288
1,605
23,115
271
4,313
1,924
13,135
2,643
140,559
1,419
-
-
326,519|**Governance**
**costs**
**2024**
**£**
**£**
-
43,573
-
13,674
151
80,439
-
1,605
-
23,115
-
271
-
4,313
-
1,924
-
13,135
-
2,643
-
140,559
-
1,419
1,440
1,440
9,550
9,550
11,141
337,660
**GROUP**|**2023**
**£**
41,897
54,128
66,678
3,442
29,365
373
12,543
102
18,257
3,671
30,807
4,559
1,440
11,150| |---|---|---|---| ||||278,412| ||||| **20** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **8. ANALYSIS OF EXPENDITURE – CHARITY** ## **CHARITY** |**Basis of**
**allocation**
**_Costs directly allocated to activities:_**
Staff costs
Direct
Consultancy
Direct
Travel and motor expenses
Direct
Premises
Direct
Other direct costs
Direct
Support costs (Note 9)
Governance costs (Note 9)|**Nigerian**
**Subsidiary**
**£**
29,324
3,818
9,164
10,386
6,300
17,373
-|**Capacity**
**Building &**
**Awareness**
**Raising**
**£**
174,291
6,185
30,147
17,123
39,242
24,743
-
291,730|**Governance**
**£**
-
-
-
-
-
-
8,191|**Total**
**Total**
**2024**
**2023**
**£**
**£**
203,615
183,413
10,003
23,381
39,310
34,950
27,508
21,909
45,542
100,315
42,116
83,046
8,191
4,116| |---|---|---|---|---| ||76,364||8,191|376,285
451,128| Of the £376,285 expenditure in 2024 (2023 - £451,128), £131,347 was charged to unrestricted funds (2023 - £107,677) and £244,938 to restricted funds (2023 - £343,451). ## **9. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS – CHARITY** The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. All the general support and governance costs have been apportioned to the various charitable activities on the basis of a proportion of direct costs, allocated to each activity. |General and office finance staff
Premises
Staff training and subsistence
Travel, accommodation and insurance
Legal and professional fees
Office supplies and communications
Computer and Information technology
Depreciation
Bank charges
Foreign exchange loss
Accounting fees
Audit fees|**Support**
**costs**
**£**
50,904
8,304
2,577
25,748
1,494
3,371
1,560
815
2,088
(54,746)
-
-
42,116|**Governance**
**costs**
**2024**
**£**
**£**
-
50,904
-
8,304
-
2,577
151
25,899
-
1,494
-
3,371
-
1,560
-
815
-
2,088
-
(54,746)
1,440
1,440
6,600
6,600
8,191
50,307
**CHARITY**|**2023**
**£**
45,853
6,836
1,391
10,112
163
3,186
1,069
812
1,912
11,862
1,440
2,525| |---|---|---|---| ||||87,161| ||||| **21** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **10. GRANTS PAYABLE** |Centre for Environment, Human Right and Development|**GROUP**
**2024**
**2023**
**£**
**£**
70,700
25,573
70,700
25,573|**CHARITY**
**2024**
**2023**
**£**
**£**
-
-
-
-|**CHARITY**
**2024**
**2023**
**£**
**£**
-
-
-
-| |---|---|---|---| ||||-| ||||| Grants payable represents grants made to institutions to support activities in the Niger Delta area. ## **11. NET INCOME / (EXPENDITURE) FOR THE YEAR** This is stated after charging: |This is stated after charging:||| |---|---|---| ||**2024**|**2023**| ||**£**|**£**| |Depreciation|4,313|12,543| |Audit fees|9,550|11,150| ## **12. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL** |**STAFF COSTS**
Salaries
Pension
National Insurance|**2024**
**£**
295,832
14,891
16,993
327,717|**2023**
**£**
315,202
21,528
54,178| |---|---|---| |||390,908| |||| No employees had employee benefits in excess of £60,000 (2023 - £nil). No Trustee received any remuneration during the year (2023 - £Nil). During the year, trustees were reimbursed expenses amounting to £185 (2023 - £468). The key management personnel based in the UK are the Directors, Head of Finance and Secretary. The key management personnel based in Nigeria are the Nigeria Country Director, Nigerian Programmes Manager and the Finance & Admin Manager. The total employee benefits of the key management personnel of the group both in the UK and Nigeria were £134,579 (2023 - £105,545). ## **13. STAFF NUMBERS** The average monthly number of staff employed, calculated as full time equivalent, during the year was as follows: |Direct charitable work
Administrative work
Total|**2024**
**2023**
17
18
9
10
26
28
**GROUP**|**2024**
**2023**
4
4
1
1
5
5
**CHARITY**|**2024**
**2023**
4
4
1
1
5
5
**CHARITY**| |---|---|---|---| ||||5| ||||| **22** **(Limited by guarantee)** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **14. TANGIBLE FIXED ASSETS – GROUP AND CHARITY** **----- Start of picture text -----**
GROUP: 2024 2023
£ £
NET BOOK VALUES
Office equipment 11,211 7,985
Motor vehicle 1,575 208
12,786 8,193
MOVEMENTS IN YEAR
Cost Opening Disposal/ Closing
Balances Additions fx difference Balances
£ £ £ £
Office equipment 52,541 8,700 (29,320) 31,920
Motor vehicle 25,019 1,891 (18,907) 8,004
77,560 10,591 (48,227) 39,924
Opening Charge For Closing
Depreciation Balances Year Disposal Balances
£ £ £ £
Office equipment 44,556 2,422 (26,269) 20,710
Motor vehicle 24,811 378 (18,760) 6,429
69,367 2,800 (45,029) 27,138
CHARITY: 2024 2023
£ £
NET BOOK VALUES
Office equipment 3,437 3,645
3,437 3,645
MOVEMENTS IN YEAR
Cost Opening Closing
Balances Additions Disposals Balances
£ £ £ £
Office equipment 10,835 593 - 11,428
10,835 593 - 11,428
Depreciation Opening Charge Closing
Balances For Year Disposals Balances
£ £ £ £
Office equipment 7,191 801 - 7,991
7,191 801 - 7,991
**----- End of picture text -----**
**23** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **15. FIXED ASSET INVESTMENTS – GROUP AND CHARITY** |Investment at cost|**GROUP**
**2024**
**2023**
**£**
**£**
-
-|**CHARITY**
**2024**
**£**
-|**2023**
**£**
-| |---|---|---|---| ||||| Subsidiary undertaking, Niger Delta Stakeholders Initiative for Community Development and Empowerments, is an incorporated company limited by guarantee in the Federal Republic of Nigeria. There is no share capital in a “limited by guarantee” company. The results for subsidiary are set out in note 5. ## **16. DEBTORS – GROUP AND CHARITY** |Amounts owed from subsidiaries
Prepayment
Staff Advances
Project advances
Other debtors-deposit|**GROUP**
**2024**
**2023**
**£**
**£**
-
-
9,165
37,795
11,408
17,134
49,009
-
1,595
1,595
71,177
56,524|**CHARITY**
**2024**
**2023**
**£**
**£**
9,412
-
1,023
8,110
-
-
-
-
1,595
1,595
12,030
9,705|**CHARITY**
**2024**
**2023**
**£**
**£**
9,412
-
1,023
8,110
-
-
-
-
1,595
1,595
12,030
9,705| |---|---|---|---| ||||9,705| ||||| ## **17. CREDITORS FALLING DUE WITHIN ONE YEAR – GROUP AND CHARITY** |Taxation and social security
Deferred income (Note 22)
Accruals
Amounts owed to subsidiaries
Other creditors|**GROUP**
**2024**
**2023**
**£**
**£**
3,693
6,469
85,589
639,889
18,273
24,370
-
-
105
5,678
107,660
676,406|**CHARITY**
**2024**
**2023**
**£**
**£**
3,693
6,469
27,129
49,025
16,587
24,370
-
20,380
105
-
47,514
100,245|**CHARITY**
**2024**
**2023**
**£**
**£**
3,693
6,469
27,129
49,025
16,587
24,370
-
20,380
105
-
47,514
100,245| |---|---|---|---| ||||100,245| ||||| **24** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **18. ANALYSIS OF CHARITABLE FUNDS – GROUP** |**Restricted Funds:**
European Union/SFCG
Netherlands Embassy - HYPREP & SEPAG
Palladium/SCALE
University of Copenhagen
Greenpeace
SOMO
Foreign & Common wealth Office
Ford Foundation
Action Aid
**Total restricted funds**
**Unrestricted Funds:**
General funds
**Total Funds:**|**Balance at**
**01.05.23**
**£**
47,070
98,735
14,209
-
-
-
-
-
-|

**Income**
**£**
263,645
320,206
43,534
4,933
3,473
42,370
85,000
101,407
7,756|**Expenditure**
**£**
(310,715)
(418,941)
(57,501)
(4,933)
(3,473)
(42,370)
(85,000)
(101,407)
(7,756)|**Transfer**
**£**
-
-
(242)
-
-
-
-
-
-
**(242)**
242
**-**|**Balance at**
**30.04.24**
**£**
-
-
-
-
-
-
-
-
-| |---|---|---|---|---|---| ||**160,015**|**872,323**|**(1,032,096)**||**-**| ||81,324|2,982|(30,167)||54,381| ||**241,339**|**875,305**|**(1,062,263)**||**54,381**| ||||||| Transfer of £242 made from Palladium/SCALE to unrestricted fund. ## **Analysis of movements in funds - previous year** |**Restricted Funds:**
European Union
Netherlands Embassy - HYPREP & SEPAG
Palladium/SCALE
OSIWA
Yaradua
University of Copenhagen
Ford Foundation
FCDO/AAN
**Total restricted funds**
**Unrestricted Funds:**
General funds
**Total Funds:**|**Balance at**
**01.05.22**
**£**
-
104,801
16,167
4,262
-
-
-
-|

**Income**
**£**
61,164
560,956
97,289
15,000
-
41,577
69,678
232,196|**Expenditure**
**£**
(14,094)
(567,021)
(99,247)
(20,755)
(3,450)
(41,577)
(69,678)
(232,196)|**Transfer**
**£**
-
-
-
1,494
3,450
-
-
-
**4,944**
(4,944)
**-**|**Balance at**
**30.04.23**
**£**
47,070
98,735
14,209
-
-
-
-
-| |---|---|---|---|---|---| ||**125,230**|**1,077,860**|**(1,048,018)**||**160,015**| ||81,413|2,012|2,843||81,324| ||**206,643**|**1,079,872**|**(1,045,176)**||**241,339**| ||||||| Transfer of £4,944 made from unrestricted funds to Yar’Adua Foundation of £3,450 and to OSIWA of £1,494 amounts of core funds used to fund the project before monies have been forwarded to the Charity by the funder. **25** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **19. ANALYSIS OF CHARITABLE FUNDS – CHARITY** |**Restricted Funds:**
Action Aid
Ford Foundation
Foreign & Common wealth Office
SOMO
University of Copenhagen
Greenpeace
**Total restricted funds**
**Unrestricted Funds:**
General funds
**Total unrestricted funds**
**Total Funds:**|**Balance**
**at 01.05.23**
**£**
-
-
-
-
-
-|**Income**
**£**
7,756
101,407
85,000
42,370
4,933
3,473|**Expenditure**
**£**
(7,756)
(101,407)
(85,000)
(42,370)
(4,933)
(3,473)|**Transfer**
**£**
-
-
-
-
-
-
-|**Balance**
**at 30.04.24**
**£**
-
-
-
-
-
-| |---|---|---|---|---|---| ||**-**|**244,938**|**(244,938)**|**-**|**-**| ||23,736|108,314|(131,347)|-|703| ||**23,736**|**108,314**|**(131,347)**|**-**|**703**| ||**23,736**|**353,252**|**(376,285)**|**-**|**703**| ||||||| |**Analysis of movements in funds - previous year**|||||| |**Restricted Funds:**
AAN / FCDO
University of Copenhagen
Ford Foundation
**Total restricted funds**
**Unrestricted Funds:**
General funds
**Total unrestricted funds**
**Total Funds:**|**Balance**
**at 01.05.22**
**£**
-
-
-|**Income**
**£**
232,196
41,577
69,678|**Expenditure**
**£**
(232,196)
(41,577)
(69,678)|**Transfer**
**£**
-
-
-|**Balance**
**at 30.04.23**
**£**
-
-
-| ||**-**|**343,451**|**(343,451)**|**-**|**-**| ||11,224|120,189|(107,677)|-|23,736| ||**11,224**|**120,189**|**(107,677)**|**-**|**23,736**| ||**11,224**|**463,640**|**(451,128)**|**-**|**23,736**| ||||||| ## **Description, nature and purpose of funds:** **Fund** **Purpose and restrictions in use** **Netherlands Embassy – HYPREP & SEPAG - Monitoring the Ogoni clean-up & Strengthening Environmental Policy and Accountability in Governance** The aim of this project is to ensure communities in the Niger Delta fairly benefit from the proceeds of the oil and gas industry and that local and global environmental impact from the oil and gas industry is reduced. It seeks to scaleup some of the most successful areas of our work and innovate new solutions to environmental challenges in the region. We want communities in the Niger Delta to experience fewer negative impacts from the oil and gas industry, and to fairly benefit from its revenues. We also want to ensure that both local and global environmental impact from the oil and gas industry is reduced. **26** ## **STAKEHOLDER DEMOCRACY NETWORK** ## **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** This project will also strengthen the ability of civil society to hold the Federal Government of Nigeria to account for a major clean-up of oil spills in the Niger Delta. The project focuses on the scheduled clean-up of the major environmental disaster in Ogoniland, generated by over 50 years of oil spills in the region. We will do this by training and supporting local civil society organisations (CSOs) to physically visit and assess the actual progress of the clean-up in a systematic way. This independent checking will help rebuild trust in government to protect Nigerians from the negative health, environmental, and economic impacts of the oil industry, following a poor track record of oil spill clean-up, remediation, and restoration in Nigeria. The results of these independent CSO assessments of the Ogoni oil spill clean-up will be made easily accessible to the public. ## **European Union** This project aims to reduce the digital gender gap by providing tailored digital skills training for women and establishing links between them and job providers in the tech sector and supporting women-owned businesses to grow through the provision of digital training. The project seeks to contribute to bridging the digital gender gap in employment aspirations, opportunities and outcomes in the Niger Delta by - a. Increasing awareness of the existing digital gender divide and addressing the barriers imposed by cultural and social norms; empowering women with digital and soft skills, and supporting women-led businesses to develop knowledge on and enhance the use of digital skills and tools to grow their businesses; - b. Supporting CSOs and similar initiatives in improving their capacity to advocate for increased digital literacy for women; - c. Fostering evidence-based gender related policy changes and collaboration between CSOs, the public and private sector to address the digital gender divide by increasing access to digital literacy and skills programmes for women, - d. Ensure women can equally access digital support services, - e. Tech companies and telecommunications have gender policies that encourage women to apply for open positions. ## **University of Copenhagen** ## **Ford Foundation** COPIGoG contributes knowledge for both academic and policy audiences. Examining flows in and across piracy and counterpiracy infrastructures provides knowledge about what enables and disables piracy and maritime security more broadly in the GoG. The purpose is (i) to develop a novel analytical approach to maritime security and broader intervention studies and; (ii) to generate empirical insights that can help point to ways of enhancing beneficial vectors and preventing harmful ones from the perspective of maritime security. This project which will be implemented in three Niger Delta states (Bayelsa, Delta and Rivers in six host communities: Otuasega, Imiringi, Eruemukhuwarien, Owevwe, Umuebulu 2-Oyigbo and Komkom, with an estimated population of 250,000) aims to shape Host Community Development Trust’s (HCDT) implementation to maximise the potential for community benefit and minimise the risks HCDTs and the associated legislative framework potentially present. This will be done through supporting host communities to better understand HCDTs and collectively represent their interests; developing a shared set of recommendations for the implementation of HCDTs which emphasise community participation, transparency, equity and fairness, and the prioritisation of community development. We aim to convene a coalition of stakeholders representing host community interests (host community members, civil society and groups such as **27** **STAKEHOLDER DEMOCRACY NETWORK (Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** HOSTCOM) to provide collective representation; convene this group with the oil and gas sector and government to develop a shared set of guidance for the operation of HCDTs; create a HCDT Guide, which will be disseminated to; a. Host communities to help them better represent their collective interests, b. Oil and gas companies to encourage alignment with the guide’s approach, and c. Nigeria Upstream Petroleum Regulatory Commission to promote further improvements to framework for implementation of HCDTs; and by supporting implementation of the guide in six pilot host communities, with a focus on supporting HCDTs to design effective livelihood/economic development projects where these have been identified as priorities in needs assessments. ## **Yar'Adua Foundation** **OSIWA - Strengthening Food Production in Riverine Communities** This project aims to contribute to the promotion of gender equality in political representation and decision-making in Rivers State, and to contribute to greater understanding of women’s status in politics across Akwa Ibom, Bayelsa and Rivers states. It involves consulting women across Rivers State on their priorities in advance of the 2023 elections and working with women’s groups to engage with electoral candidates on these policy priorities. We will also be working with the Nigeria Women’s Trust Fund to conduct research across the three states to generate original research and greater understanding of the status of women’s political engagement and the barriers they face to entering politics in the Niger Delta, and to establish a mentoring scheme for young women interested in entering politics. This project aims to improve the livelihoods of smallholder farmers in three riverine communities across the Southern Ijaw and Nembe Local Government Areas of Bayelsa State, by supporting growth in their incomes and businesses, and protecting them from shocks such as climate change. Climate change and oil pollution contribute to challenging conditions for agricultural production in these communities, increasing the risk of food insecurity and further inflating the rates of unemployment. This project targets communities living in the coastal riverine areas as they are particularly vulnerable to crop losses due to increased flooding from sea-level rise or erratic and extreme weather associated with climate change. Resilience among these communities to crop losses is then frustrated by limited access to, or awareness of, financial support. This project seeks to reduce crop losses by working with small-scale farmers to develop climate-smart agricultural practices, in collaboration with the Bayelsa Ministry of Agriculture and Agricultural Development Programme. Where crop losses do occur, this project aims to bolster local resilience by facilitating access to financial services that support farmers’ recovery. SDN uses an inclusive and gender-sensitive community-led participatory approach, with at least 60% of the 6,000 farmers we aim to reach being women. The benefits of this approach will be felt long after the project funding comes to an end. This project aims to support a reduction in losses and bolster the resilience of 300 farmers and small agriculture and aquaculture businesses through improved climate-smart agricultural practices and increased access to financial services. **28** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** **Action Aid - We - YOU Project/ Foreign & Common wealth Office** We-YOU-Project is a 19-month project in partnership with ActionAid Nigeria with funding from the UK Foreign, Commonwealth and Development Office (FCDO). The project is being implemented in 24 communities across Okrika, Ogu/Bolo, Port Harcourt and Obio-Akpor Local Government Areas (LGAs) in Rivers State. The project will work with communities across four LGAs to mobilise grassroots engagement in advance of the 2023 elections, and support at least 300 women and young people to build campaigning, policy and influencing skills via a training programme. Through this, we will develop a Women and Youth Agenda for Rivers State, to document the priorities of women and young people that they want to see their political leaders respond to, and launch a large-scale campaign and advocacy initiative to build public interest and put pressure on political aspirants, representatives, and political parties to act on the demands of women and young people. This project aims to increase political participation and representation of women and young people in River’s state in the run up to 2023 election and secure policy commitments and actions from political aspirants, representatives, and political parties, in response to the demands of women and young people. **Palladium - Enabling Civic Space in the Niger Delta** This project focusses on the trend of closing civic space in Akwa Ibom, Bayelsa and Rivers state in the Niger Delta region and focuses on three areas of concern. These are: high levels of harassment, violence and illegal detention inflicted on citizens and civil society by state agencies when exercising their rights, such as freedom of assembly and association; lack of opportunities for civil society to engage constructively with government on human rights issues; and the lack of collaboration of civil society actors on civic space concerns. The project establishes a cluster of civil society organisation – ‘Civic Space Watch’ – that will develop campaigns to influence policy makers on the domestication of the Administration of Criminal Justice Act (ACJA) in Akwa Ibom and its implementation in Rivers and Bayelsa. **SOMO** To carry out additional research supporting the agenda of SOMO in relation to divestment and building on the findings of research by SOMO and others; and to raise awareness and advocate for better divestment, abandonment, and decommissioning (DAD) policies and regulations. **Greenpeace** The purpose of that mission was to provide security and logistics assistance to the Greenpeace team. Their goals were to: conduct interviews with the locals, collect samples from various remediation sites, and have discussions with the leadership and other stakeholders in the Bodo community to assess the level of cleanup done and other issues concerning the remediation process. **29** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **20. ANALYSIS OF GROUP ASSETS BETWEEN FUNDS – GROUP AND CHARITY** |**GROUP**
Fixed assets
Net current assets
**CHARITY**
Fixed assets
Net current assets|**Unrestricted**
**funds**
**£**
12,786
41,595
54,381
3,437
(2,734)
703|**Restricted**
**funds**
**£**
-
-
-
-
-
-|**Total**
**2024**
**£**
12,786
41,595
54,381
3,437
(2,734)
703|**Total**
**2023**
**£**
8,193
233,146| |---|---|---|---|---| |||||241,339| |||||3,645
20,091| |||||23,736| |||||| |**Analysis of net assets between funds - previous year**||||| |**GROUP**
Fixed assets
Net current assets
**CHARITY**
Fixed assets
Net current assets|**Unrestricted**
**funds**
**£**
8,193
73,131
81,324
3,645
20,091
23,736|**Restricted**
**funds**
**£**
-
160,015
160,015
-
-
-|**Total**
**2023**
**£**
8,193
233,146
241,339
3,645
20,091
23,736|**Total**
**2022**
**£**
19,389
187,254| |||||206,643| |||||3,784
7,440| |||||11,224| |||||| ## **21. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES – GROUP AND CHARITY** |Net movement in funds
Add back depreciation/loss on disposal/impairment
Deduct interest income shown in investment activities
(Increase) / decrease in debtors
Increase / (decrease) in creditors
**Net cash inflow / (outflow) in operating activities**|**GROUP**
**2024**
**2023**
**£**
**£**
(186,958)
34,696
(39,032)
(25,488)
(106)
(46)
(14,652)
(30,081)
(568,746)
385,799
(809,494)
364,880|**CHARITY**
**2024**
**2023**
**£**
**£**
(23,033)
12,512
801
930
(106)
(11)
(2,325)
4,129
(52,730)
81,537
(77,394)
99,096|**CHARITY**
**2024**
**2023**
**£**
**£**
(23,033)
12,512
801
930
(106)
(11)
(2,325)
4,129
(52,730)
81,537
(77,394)
99,096| |---|---|---|---| ||||99,096| ||||| **30** ## **STAKEHOLDER DEMOCRACY NETWORK** **(Limited by guarantee)** ## **NOTES TO THE ACCOUNTS (Cont/d)** ## **FOR THE YEAR ENDED 30 APRIL 2024** ## **22. DEFERRED INCOME – GROUP AND CHARITY** |Balance as at 1st May
Amount released to income in the year
Amount deferred in the year
Balance as at 30th April|**2024**
**2023**
**£**
**£**
639,889
259,455
(639,889)
(259,455)
85,589
639,889
85,589
639,889
**GROUP**|**2024**
**2023**
**£**
**£**
49,025
-
(49,025)
-
27,129
49,025
27,129
49,025
**CHARITY**|**2024**
**2023**
**£**
**£**
49,025
-
(49,025)
-
27,129
49,025
27,129
49,025
**CHARITY**| |---|---|---|---| ||||49,025| ||||| The grant was deferred at the year-end as it relates to project expenses specifically for the period after year end. The above deferred income movements relate to Grants received from the Leigh Day and SOMO. ## **23. OPERATING LEASE COMMITMENTS – GROUP AND CHARITY** At 30 April there were the following future minimum lease payments under non-cancellable operating leases: |Office premise
Not later than one year
Later than 1 year not later than 5 years|**GROUP**
**2024**
**2023**
**£**
**£**
11,422
15,230
-
29,191
11,422
44,420|**CHARITY**
**2024**
**2023**
**£**
**£**
11,422
15,230
-
29,191
11,422
44,420|**CHARITY**
**2024**
**2023**
**£**
**£**
11,422
15,230
-
29,191
11,422
44,420| |---|---|---|---| ||||44,420| ||||| ## **24. PENSION COSTS** The pension contributions payable by the Charity and its subsidiary amounted to £14,891 (2023 - £21,528). Contributions totalling £878 (2023 - £1,272) were due at the year end and are included in creditors. ## **25. SHARE CAPITAL** The Company is a company limited by guarantee and does not have share capital divided by shares. Under the terms of the Memorandum and Articles of Association each member is liable to contribute a sum not exceeding £1.00 in the event of the company being wound up. ## **26. RELATED PARTY TRANSACTIONS** No related party transactions took place in the year except the transactions disclosed in note 12. ## **27. ULTIMATE CONTROLLING PARTY** For the whole of the year, the charity was under the control of the Directors and Trustees as shown on page 4. **31**