Registered number.. 8150121 Charity number.. 1153193 ONE ACRE UK LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Gsfi&co Griffin Stone Mos(iop & Co 100 YEARS
Docusign Envelope ID.. 976679C&672C-4DC4_99F7_BB1AE2D7AA1F ONE ACRE UK LIMITED IA company limited by guarantee) CONTENTS Page Reference and adminlstrative details of the Company, its Trustees and advlsers Trustee5' report Statement of financial activities Balance sheet Notes to the financlal ststements 7-16 Griffin Stone Moscrop & Co
DOCsign Envelope ID.. 976679C5472C-4DC4-99F7-BB1AE2D7AA1F ONE ACRE UK LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Matthew Forti, Chair Kanini Mutooni Iresigned 9 February 20241 Saul Sulkover Morris Dr Stephen Lonsdale Wiggins Pooja Mall Sonny Bardham Suveer Kolhari Tilianne Donde {appointed 9 February 20241 Company registered number 8150121 Charity regi$t¢red number 1153193 Reglstered office Kemp House 152-160 City Road London EC1V 2NX Accountants Griffin Stone Moscrop & Co Chartered AccoLJnlants 21-27 Lamb's Conduit Street London WC1N 3GS Page 1 Griffin Stone Moscrop & Co
Docu5wn Envelope ID.. 976679C&672C-4DC4-99F74BIAE207AAtF ONE ACRE UK LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees through their sele¢led representative, present their annual report together with the financial slalemenls of the Company for the period from 1 January 2023 to 31 December 2023. The Annual report Serves the Purposes of both a Trustees, report and a directors. report under company law. The Trustees. through their selected representative. confirm that the Annual report and financial slalemenls of the charitable company comply with the Current slalulory requiiemenls, the requirements of the charitable company's governing document and the provisions ol the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Stralegic report required of medium and large companies under the Companies Act 2006 Islralegic Report and Directors. Report) Regulation5 2013 has been omitted. Objectives and activities a. Policies and oblectives The charitable purposes of One Acre UK Limited aTe'. Prevention or relief of poverty or financial hardship in Afric8 by providing items and services lo individuals or families in need, or other organizalions working lo prevent or relieve poverty., The advancement of education and training". Promotion of sustainable development for the benefit of the chronically hungry African farm families. In selling objectives and planning for activities, the Trustees have gwen due consideration to general guidance published by the Charity Commission relating lo public benefit. including the guidance 'Pub5ic benefit.. running a charity IPB21'. b. Grant-making policies During the year 2023, OA UK Ltd raised grant funding amounting lo £43,446. However, a grant that had a re1vable balance of £45,000 was lerminaled due to a misalignment with the donor's objectives, Management decided lo reverse both weivables and revenue. Achlevewnents and performance a. Main achievements of the CoTnpany In 2023, One Acre UK continued ils efforts lo prevent and relieve povtrty among Africa's chronically hungry smallholder farm families. The charity achieved this Dbjective by raising donations from individuals and inslilulions lo invest in the programs of our lated charity organizalion One Acre FLJnd in Africa,. which provides high-qualily farm inputs and training, among other a¢livilies, lo improve farmers. crop yields,. which laimers in turn use lo reduce hunger and poverty in their households. In 2023, the farmers reached by One Acre UK increased their farm yields and incomes by roughly 40°k compared lo farmers not enrolled in the program. Additionally. through 115 Iruslees, One Acre UK also provided important strategic advice lo management in Africa lo improve the effectiveness and efficiency of ils programs and broader operations. Page 2 Griffin Stone Moscrop & Co
DocLJsign Envelope ID.. 976679C&672C-4DC4-99F7-BB1AE2D7A41F ONE ACRE UK LIMITED IA company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance Icontinugdl b. Review of activitie5 During the financial year 2023, ignoring the impact of the lerminaled grant, the charity recorded income of £43.448 and recorded expenditure of £27,014 for normal operation. Financial review Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources lo continue in operational existence for the lore5eeable lulure. For Ih1s reason, they continue lo adopt the going concern basis in preparing the financial 51alemenls. b. Reserves policy One Acre UK Limited shall endevour lo allain positive nel assets in each reporting period, the fundraising team will strive to raise funds lo cover all the operating CDsls, and in the vnlikely event they do not, the related enlily One Acre Fund US will cover the expenses for Ihal period or extend said funds lo One Aere UK Limited. Structure, governance and managemont Constitution One Acre UK Limited is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association. b. Methods of appolntment or ele¢tion of Trustees The oversight of the Company is the responsibility of the Trustees, who are elected by the exisiling Trustees and co-opted under the terms of the Memorandum of Association. Plans for future periods One Acre UK intends lo pursue the same strategy in 2024 and beyond, as il did in 2023 and previously. That is to say. One Acre UK will mobilize grant resources from UK and international donors, and deploy those resources to support African smallholder farmers lo increase their ¢rop yields," and ln turn, reduce hunger and poverty in their households. Additionally, One Acre UK will ¢onlinue lo provide strategic counsel to management in Africa lo improve the effectiveness and efficiency of ils programs and broader operations. One Acre UK (Joes recognize that 2023 wasn't a strong year for fundraising compared lo the previous year," hence, the organizalion will continue operating at prudent staffing levels. Page 3 Griffin Stone Moscrop & Co
DoGu$ Enveh)pe ID.. 976S79C5ffj72C4DC4-99F7.BB1AE2D7AA IF ONE ACRE UK LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. responslbilities The Trustees Iwho are also the directors of the Company for the purposes of company lawl are responsible for prepaTing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial slalemenls for each financial year. Under company law, the Tru51ees rllu51 not approve the financial slalements unless they are satisfied that they give a true and lair view of the slate of allairs of Ihe Company and of ils incoming resource5 and application of resources, including ils income and expenditLJre, for that period. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial slalements on the going concern basis unle58 11 is inappropriate to presume that the Company will continue in business. The Trustees ale responsible for keeping adequate accounting records that are sufficient lo show and explain the Company's transactions and disclose wrth reasDnable accuracy al any lime the financial position of the Company ancl enable them lo ensure that the financial 51alemenls comply with the Companies Act 2006. They are also responsible for safeguarLling the assets of the Company and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by represenlalive of the board of Trustees on 10 July 2024 and signed on behatf of all Trustees.. Matthew Fortl TrLJslee Page 4 Griffin Stone Moscrop & Co
DoGusign Envelope ID.. 976e79CS472C4DC4_99F7.BB1AE2D7AA1F ONE ACRE UK LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tol81 funds 2022 Note Income from- Donations and legacies 145,0001 43,446 11.5541 4,496,847 Total Income 45,0001 43.446 11,5541 4,495,847 Expenditure on: Charitable activities 145,0001 27,014 117,9861 4,467.327 Total expenditure 145,0001 27,014 117.9861 4,467,321 Net movement in funds 16.432 16.432 29,526 Reconciliation of funds: Total funds brought forward Nel movement in funds 34,869 16,432 34,869 16,432 5,343 29.526 Total funds carried forward 51,301 51,301 34,869 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 7 10 16 form part of these financial slalements. Page 5 Grlffin Stone Moscrop & Co
Docuslgn Envelo ID.. 976S79C5ffj72C40C4-99F74B1AE2D7PA1F ONE ACRE UK LIMITED IA company limited by guarantee) REGISTERED NUMBER.. 8150121 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Current assets Debtors Cash al bank and in hand 3,585,952 277,402 4,325,649 701,051 3,863,354 4,426, 700 Creditors.. falling due within one year 10 11.872,8461 (q,067,396J Net current assets 1.990,508 3,359.304 Total assets less current liabilities 1,990,508 3.359,304 Creditors.. falling due after more than one year 11,939,207> (3,324,435) Total net asset5 51,301 34,869 Charity funds Re51ncted funds 13 13 Unrestricted funds 51,301 34,869 Total funds 51,301 34,869 The Company was enlilled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in accordance with section 478 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo a¢¢ounting records and preparation of financial slalemenls. The fin8ncial slalemenls have been prepared in accordance with the provision$ applicable to enlilies subject lo the small companies regime. The financial slalements were approved and authorised for issue by the Trustees on 10 July 2024 and signed on their behalf by.. Matthew Forti Trustee The notes on pages 7 10 16 form part of these financial slalements. Page 8 Griffin Stoie Noscrop & Co
DOC{ign Erwelope ID.. 976679C&672C4DC4.99F7.BB1AE2D7AAIF ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information One Acre UK Limited is a charitable company, limited by guarantee and registered wh the Registrar of Companies in England & Wales (company number.. 081501211 as well as the Charities Commission (charity number". 11531931. The Registered Office address is Kemp House, 152-160 City Road, London, EC1V2NX. Accounting policie5 2.1 Basis of preparatlon of financial statement5 The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities. Slalemenl of Recornmended Practi¢e applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. One Acre UK Limited meets the defi'nition of a publr benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the reSevant accounting policy. 2.2 Income All income is recognised once the Company has entrtlemenl lo the income, il is probable that the income will be rece1ved and the amount of income receivable can be measured reliably. Grants are included in the Slalemenl of financial activities on a receivable basis. The balance of income re¢eived for Specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. whe inctsme Is received in advance of enlillemenl of receipt, its recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs before income is received, the income is a¢¢rued. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to Iransler economic benefit lo a third party, il is probable th81 a transfer of economic benefits will be required in selllemenl and the amount of the obligation Can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lolal of direct Costs and shared costs. including support costs involved in undertakillg each activity. Direct costs allribulable lo a single aclivty are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support C051s which are not attributable lo a single activity are apportioned between those activities on a ba515 consislenl with the use of resources. Expenditure on charitable activities 15 incurred on diredly undertaking the activities which furthei the Company's objectives. as well a5 any associated support costs. Grants payable are Charged in the year when the offer is mad& except in those cases where the offer is conditional. such grants being recogni5ed as expenditure when the conditions allaching are fulfilled. Grants offered subject to colldilions which have not been met at the year end are noted as commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 7 Griffin Stone Moscrop & Co
t)ocu519n Envek)pe ID". 976679C5.672C.4DC4-99F7-gY1AE2D7M1F ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.4 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.5 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investment5 with a short maturity of three month5 or less from the dale of acquisition or opening of the deposit or similar account. 2.6 Liabilities and provlsions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, il 15 probable that a transfer of economic benefit will be required in selllement, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised al the amount that the Company anlicipales il will pay to settle the debt or the amount il has reiVed as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discoLJnl is re¢oynised in the Statement of financial a¢livilies as a finance cost. 2.7 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al Iransa¢tion valuè and subsequently measured al their selllemenl value with the exception of bank loans which are subseqLJenlly measured al amortised cost using the effective interest method. 2.8 Fund accounting General funds are unrestricted funds which are available for use al the discretion ol the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specifie reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the note5 to the financial stalemenls. Page 8 Griffin Stone Moscmp & Co
Docusign Envelope ID. 976679CM72C-4DC4-99F7-BB1AE2D7AA1F ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Restrlcted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Grants 145,0001 43,446 11,5541 4,496,847 Tolal 2022 4,396,072 100, 775 4,496,847 Analysis of grants Grants to Institutions 2023 Total funds 2023 Total funds 2022 Grants 145,0001 145,0001 4,396,072 Total 2022 4,396,072 4,396,072 The Company has made the following material grants to inslilulions during the year.. 2023 2022 Name of institution One Acre Fund - Kenya Project One Acre Fund - Rwanda Project One Acre Fund - Malawi Project One Acre Fund - Kenya, Rwanda, Tanzania 146,0001 150,000 90,000 100,000 4,056,072 {45,0001 4,396,072 Page 9 Grlffin Stone Moscrop & Co
Docusign Envelope ID.. 976679C&672C4DC¢99F7-BB1AE2D7AA1F ONE ACRE UK LIMITED A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expondlture on charitable activities Summary by fund type Re$tricled Unrestricted funds funds 2023 2023 Total 2023 Total 2022 Charitsble activities 145,0001 27,014 117,9861 4,467,321 Total 2022 4,396,072 71,249 4,467.321 Analysis of expenditure by activitie5 Grant funding of activilies Support costs 2023 Total funds 2023 Total funds 2022 2023 Charitable activities 145,0001 27,014 117.9861 4,467,321 Total 2Q22 4.396.072 Tl,249 4.467,321 Analysis of support costs Total funds 2023 Tolal funds 2022 Activities 2023 Staff costs Bank charges Professional fees Difference on foreign exchange 13,629 568 3,777 9,040 13,629 568 66,415 677 3,777 9,040 4, 757 27,014 27.014 71,249 Page 10 Griffin Stone M05crop & Co
Docusign Envelope ID. 976679¢5472C-4C)C4-99F7-BB1AE207AA1F ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salaries 13,629 66,415 13,629 66,415 The Company employed two staff - however il applied the cost allocation methodology lo determine st8ff cosls based on staff lime. No employee eiVed remuneration amounting to more than £60,000 in either year. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred (2022- £NIL). Debtors 2023 2022 Due after more than one year Grants receivable 3,545,567 3,324,435 3,545.567 3,324,435 Due within one year Grants re1vable 40.385 1,001,214 3,585,952 4,325, 649 Page11 Griffin Stone Moscrop & Co
Docusign Envelope ID.. 976679C&672C4DC4.99F7-BB1AE2D7A41F ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Crodltors- Amounts falling due withln one year 2023 2022 Other creditors 1,872,846 1.067,396 11. Creditors: Amounts falling due after more than one year 2023 2022 other ¢dItorS 1,939,207 3,324.435 12. Financial instruments 2023 2022 Flnancial assets Financial assets measured al fair value through income and expenditure 277,402 101,051 Financial 8s5els measured al fair value through income and expenditure comprises cash al bank. Page 12 Griffin Stone Moscrop & Co
Docusign Envebpe10'. 976879CS_672C_4DC4.99F7.BB1AE2D7AAIF ONE ACRE UK LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds Statement of funds - current year Balance at 31 Balance at 1 January 2023 December 2023 Income Expenditurg Unrestricted funds General Funds 34.869 43,446 127,0141 51,301 Restrlcted funds One Acre Fund 45,0001 45,000 Total of funds 34,869 11,5541 17.986 51,301 In the prior year 120221, a UK based foundation granted a lolal of £150,000 towards One Acre Fund programmes in Kenya. In 2023. the partners of the foundation agreed to re-purpose funds towards projects positioned lo deliver against charitable adivilie5 and this grant was revised. A5 a result, £45,000 previously recognised as income in 2022 was repaid and the corresponding liability has been redud. Page 13 Griffin stone Moscrop & Co
Docusign Envelope ID.. 976679C5-672C4DC4-99F7-BBIAE2D7AAIF ONE ACRE UK LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds Icontinuedl Statement of funds - prlor year Balance al 31 Dgcember 2022 Balance at l January 2022 Incorne Expendilu Unrestricted funds General Funds 5,343 100, 775 (71,249) 34.869 Restricted funds One Acr& Fund 4,396,072 (4,396,072) Total of funds 5,343 4,496.847 (4,467,321) 34,869 14. Summary offund$ Summary offunds- currentyear Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure General funds Reslricled funds 34,869 43,446 {45,0001 127,0141 45,000 51,301 34,869 11,5541 17,986 51,301 Page 14 Griffln Stone M05crop & Co
Docusign Envelope ID.. 976679C5472C-4DC4-99F7-881AE2D7M1F ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Summary of funds l¢ontinuedl Summary offunds- prioryear Balance al 31 December 2022 Balance al l Jartuary 2022 Income Expenditure General funds Restricted funds 5,343 100, 775 (71,249) 4,396,072 (4,396,072) 34,869 5,343 4,496,847 (4,467,321) 34,869 15. Analysis of net assets between funds Analysis of net assets between funds- current year Unr&stricted funds 2023 Total fund5 2023 Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year 3.545,567 3.545,567 317,787 317,787 11,872,846) 11,872,846) 11,939,207) 11,939,207) Total 51,301 51,301 Allalysis of net assets between funds - prlor year R8slricl&d Unreslricted funds funds 2022 2022 Total fuft?ds 2022 Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year 3,324,435 975, 769 (975, 769) (3,324,435) 3,324,435 126,496 7, 102.265 (91,627) (7,067,396) (3,324,435) Total 34,869 34.869 Page15 Grlffin Stone Moscrop & Co
Docusign Envebpe ID.. 976679C5-672C4DC4-99F7-BB1AE2D7AA1F ONE ACRE UK LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Related party transactions The charity TeceNes grants lo invest in the programs of a related charity organizalion One Acre Fund in Africa,. which provide high-qualily farm inputs and training, among other activities, lo irnprove farmers, crop yields.. which farmers in turn use to reduce hunger and poverty in their households. Al the balan¢e sheet dale, amounts lolalling £3,708,904 were payable lo One Acre Fund12022- £4,300.2041. Other staff and operational costs of £103,14912022 £91,6271 were also payable lo One Acie Fund al the balance sheet date. Page16 Griffin Stone Noscrop & Co CH7[HEDC0JKTth151ETE&LUfAiCS