## ACT **(AFRICAN CHILD TRUST)** **----- Start of picture text -----**
A.C.T.
**----- End of picture text -----**
**REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 APRIL 2023** **(African Child Trust)** ## ACT ## **INDEX TO THE FINANCIAL STATEMENTS** ||**Page**| |---|---| |**Trustees’ Report**|**1-7**| |**Independent Examiner’s Report**|**8**| |**Receipts and Payments Accounts**|**9**| |**Statement of Assets and Liabilities**|**10**| |**Notes to the Financial Statements**|**11-15**| ## ACT ## **(AFRICAN CHILD TRUST)** **----- Start of picture text -----**
A.C.T.
**----- End of picture text -----**
## **REFERENCE AND ADMINISTRATION DETAILS** |**TRUSTEES:**|**G. HOWES - CHAIR**| |---|---| ||**C. AMIAKA**| ||**A. OLUFEYIMI**| ||**N. AMIAKA (from July 2022)**| ||**DR. K. ONABOLU (DIRECTOR)**| |**ADDRESS:**|**40 TAMWORTH ROAD**| ||**CROYDON**| ||**SURREY**| ||**CR0 1XU**| |**BANKERS:**|**HSBC BANK PLC**| ||**9 WELLESLEY ROAD**| ||**CROYDON**| ||**SURREY**| ||**CR9 2AA**| ||**METRO BANK PLC**| ||**CENTRALE SHOPPING CENTRE**| ||**CROYDON**| ||**SURREY**| ||**CR0 1TY**| **CHARITY REGISTRATION NO: 1158266** **INDEPENDENT EXAMINER: CHAWEEVAN WILLIAMS FCCA Verdant Accountants 20-22 Wenlock Road London N1 7GU** **(African Child Trust)** ## ACT ## **TRUSTEES’ REPORT ON THE WORK OF THE AFRICAN CHILD TRUST** ## **FOR THE YEAR ENDED 30 APRIL 2023** ## **PURPOSE AND IMPACT** Widows, fatherless children, and orphans in women-led households are among the poorest and the most vulnerable group in rural African communities. African Child Trust (ACT) celebrates this year its 25[th] anniversary. It was formed in 1998 specifically with the vision to support this disadvantaged group, alleviate their poverty and give them hope of a better future. We are delighted that 25 years on, we can demonstrate with clear evidence our achievements and how we are meeting this overarching goal. We are advancing the education of the disadvantaged children and orphans and empowering the widows and women in need through training in sustainable income generation programmes to enable them to support their families. We are able to do this through such charitable activities within the UK, Africa and worldwide that the trustees approve. Our goal is to help the children reach their full potential in life by enabling them to access education from primary school through to higher education and ultimately to employment. In this way, the children can support their families when they grow up and contribute to the overall development of their communities. In the UK we are engaging young people in global citizenship through our Youth International Development Experience and Awareness (IDEA). We are partnering with schools, churches and youth organisations and providing the young people work experience and volunteering opportunities. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting goals for the year. Our core activities are: - Educating disadvantaged children and orphans in Africa from primary school to completion of higher education - Empowering widows and women-led households in-need (typically grandmothers, single mothers, or guardians) to sustain their families through counselling, literacy, setting up and sustaining their small business enterprises and whole life skills training. - Enriching entire communities by carrying out projects in education, sanitation, and health to improve the welfare of people in the community. - Engaging UK youth in international development experience and awareness as global citizens and improving their knowledge and understanding of the world. - Providing placement, internships and volunteering opportunities for UK youth and mature citizens, to support our projects in the UK and in Africa. ## Our Impact Our work is invaluable to the disadvantaged women and children because we are challenging the negative perceptions of widows, fatherless children, and orphans in African communities. Without support many of them will remain in life-long poverty. Our ACT Alumni, comprising several hundreds of youngsters that we supported to completion of their education, is growing. Many of them are gainfully employed, married, having their own children and able to support their mothers or guardians and their siblings. They are also giving back to their communities, materially, providing practical support like mentoring the younger children through their engagement with ACT. Further evidence that our work is having an impact is the decreasing numbers of people living in adject poverty in the communities where we work. Our work continues to be relevant and is very much needed in the effort to alleviate poverty in Africa. - “ _ACT’s work is invaluable to these communities, challenging negative perceptions of widows and providing opportunity for a life that otherwise would have been destitute without the income of the deceased or missing husband/father_ .” (Action Planning 2020) - “ACT is _highly impressive with a huge range of services and support that is changing the lives of many more individuals and communities in Africa and has a reach that is typical of a larger charity. The value for money its projects offer is striking.”_ (Action Planning 2020) We recognise that we have a lot more still to do as we work towards fulfilling our vision. Page 1 ## ACT ## **(African Child Trust)** ## Overseas Partners In Africa we work in collaboration with community-based organisations and Christian churches that share our vision of alleviating poverty and supporting the women and children most in need in their community. We are currently operating in Burkina Faso, Democratic Republic of Congo, Kenya, Malawi, Nigeria, Tanzania, Uganda, and Zambia. Our work in the Democratic Republic of Congo and Malawi have been on hold since 2020 while we work to develop new local partnerships. We raise funds from donors to support the education of children and orphans that are disadvantaged, provide training in whole life skills and business skills for women (widows) and fund development projects in education, health, and sanitation to enrich the communities where we work. We work with local schools to improve the quality of education provided for pupils. We send funds raised to our partners to implement the objectives of the Charity. When planning the activities of the charity the Trustees have given regard to guidance issued on public benefit by the Charity Commission in December 2008. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## Governing Document ACT (African Child Trust) is an incorporated charity registered on 18 August 2014, Charity registration, No.1158266. Its address is at 40 Tamworth Road, Croydon, Surrey CR0 1XU. It was previously known as A.C.T. (African Child Trust) constituted by Deed of Trust dated 29 March 1999, Charity registration No.1074911, but was removed from the register of charities on 12 June 2015 after its assets and operations were transferred to the newly incorporated charity on 30 April 2015. ## Recruitment and Appointment of Trustees The governing document provides for a minimum of three Trustees, with no maximum. The Trustees are appointed by invitation of the Board of Trustees. Trustees are appointed to serve for a period of three years after which they can be reappointed by a resolution of the Trustees passed at a special meeting. Before taking up trusteeship a potential Trustee is invited to attend a meeting as an observer. New Trustees are given an induction and provided with an information pack and guidance notes about being a Trustee and about the work of the Charity. The Charity Trustees during the year ended 30 April 2022 were G. Howes, C. Amiaka, A. Olufeyimi, Dr K. Onabolu. A new Trustee, Mr Nwabueze Amiaka has been appointed and joined the board in July 2022. ## Staff ACT is volunteer led, with a CEO and two paid staff in roles coordinating the work of the charity. Volunteering is at the core of our work both in the UK and in Africa. Our model is based on providing opportunities for people interested in the charity sector to join us as volunteers, interns, and placement students and learn from our work. Our effort in time training them is rewarded with support for our work and minimises our staff costs, so that we can use most of the money raised to support the disadvantaged children, widows and women-led households in need in Africa. The CEO is focussed on operations both in the UK and in Africa. Other staff members in paid roles are focused on our supporters’ care, communications, marketing, events, grant funding, training, and supervising our volunteers. As at 30 April 2023, ACT had one employed staff in the UK, assisted by seven volunteers. Funds designated for the recruitment of new staff in 2022/23 will come into use in the new financial year with the employment of two new staff members who have taken up their role in July 2023 in the 2023/24 financial year. ## Safeguarding ACT Safeguarding Policy is firmly integrated into the general operation of the Charity, with a named Trustee assigned as responsible for both policy and procedures. Further evidence of the trustees’ commitment is their regular review of any issues arising at Board level. Safeguarding is a fixed agenda item at the Trustees bi-monthly meeting. New Trustees are inducted in safeguarding and required to sign the safeguarding policy. UK staff and volunteers are made aware of the policy as part of their induction. Our first international Safeguarding Conference (virtual) was held in January 2023 and brought together trustees and staff in the UK with our overseas partners and their staffs responsible for safeguarding. A safeguarding conference will henceforth be held each year. ACT partners overseas are required to adopt and implement Page 2 ## ACT ## **(African Child Trust)** the ACT Safeguarding Policy and be aware of any local or national policies that they may be subject to. Trustees and staff on project monitoring visits overseas are required to review safeguarding with partners, staff and volunteers and follow up whistleblowing from beneficiaries. Learnings from these are shared across the ACT partnership network. Procedures are reviewed regularly internally and by an external consultant annually. ## Risk Management and Policies The Trustees have assessed the major risks to which the charity is exposed, including governance, working overseas, safeguarding, finances, environmental/external, compliance with law and regulation, as well as disaster recovery and risk regulations. These risks are documented in a full risk register and evaluated based on impact and probability using a traffic light system. Changes that might impact a known risk are reported, evaluated, reviewed, and assessed at Trustees bi-monthly meetings, and mitigating action agreed. There is full review of the register every 6 months. ## Investment Policy Our Investment Policy aims to maximise and preserve capital value with a minimum level of risk and to provide income. ## Fundraising We fund our work with income from individual donations, child sponsorships, fundraising events, grants from corporate organisations, churches, trusts and foundations. Our fundraising is not delegated to professional fundraisers or commercial third parties but is managed in-house. Our core costs are mainly staff salaries, with minor expenditure on office costs. Our volunteers and some supporters participate in events and challenges which are organised by the charity or other major national or international events and are guided by our values and code of conduct at the time of registering their participation in such events and challenges. The Trustees ensure that the charity’s fundraising activities comply with recognised standards of fundraising and charity fundraising law and is open and accountable to protect the charity’s reputation and other assets. Our fundraising strategy is documented and updated annually and ensures that it reflects the charity’s ethos and values. ## Covid-19 The impact of the Covid-19 pandemic on our work in the UK is gradually reducing. We now operate a hybrid office with staff working two days in the Croydon office and three days remotely. We have adapted our systems and now operate with remote technology, enabling staff to carry out their work remotely or from the office. Our staffing level is back to normal, with new volunteers and interns joining our team. Lockdowns have been lifted in all the countries of Africa where we work. Trustees have resumed overseas project monitoring visits to meet up with our partners and beneficiary women and children. Schools are open and children have returned to school. The school academic years were adjusted to enable the children to catch up with the curriculum, with shorter holidays and longer school terms imposed. The postponed school leaving exams have been completed and students who passed to go to higher education institutions have been able to resume their studies. Normality within the academic system had resumed in most of the countries where we work by the start of 2023. Feedback and reports from our partners and from our recent visits overseas indicated that while the spread of the Covid disease is mostly over, the negative economic impact that resulted remains and, rather unfortunately, is compounded by the global cost-of-living crisis. ## Cost of living Crisis Russia’s invasion of Ukraine in February 2022 is the cause of the current global Inflation which has crippled the economy of many African countries and led to the high cost of fuel, energy, transportation costs and food inflation. As is often the case, it is the disadvantaged children, orphans and widows who are affected most by these crises. We have increased our funding for the children and widows and doubled the amount of support we give to children at university and higher education, as tuition fees, accommodation and cost of food have gone up. Despite the loss of about 10 percent of our income from cancelled fundraising events, our finances have withstood the challenge of the cost-of-living crisis. This is testimony to the strong support we continue to receive from our core donors and child sponsors. Page 3 ## ACT ## **(African Child Trust)** ## **ACHIVEMENTS AND PERFORMANCE** Our 5-year plan to 2025 is to increase the number of children, widows, and community projects we carry out by over 100% of its provision in 2020/21. We continue to work through the plan that sets out how we will reach our goals and monitoring the indicators that tell us whether we are making progress. Our achievements in 2022/23 indicate that we are making progress towards this end, but at a slower pace than we had hoped due to the impact of the Covid-19 pandemic followed by the recent cost of living crisis. These have impacted on our work and affected our progress as described above. ## Sponsored Children In 2022/23 we increased the numbers of orphans and disadvantaged children benefitting directly from our support. Thirty-two (32) additional children received full education and welfare support, bringing the number of children in this category to one thousand seven hundred and twenty-seven (1,727), an increase of nearly two percent (1.9%). The newly supported children are in Uganda, Tanzania and Kenya. Fifty-six percent are girls (56%) which is an increase of 6% from the previous year. In 2022/23 twenty-one percent (21%) of children receiving on-going educational support were attending primary school, fifty-eight per cent (58%) were in secondary school, nearly ten per cent (9.7%) in universities and eight per cent (8.1%) were studying for a diploma or certificate at a tertiary institution. Nearly three percent (2.9%) of the children completed their studies in this period. Among them two (2) graduated from university, nine (9) received national diplomas and three (3) received certificates of learning. In addition to children receiving education and welfare support, five thousand one and twenty (5,120) siblings received welfare support including food, clothing, and health care support. In 2022/23 £66,951 was spent on educational and welfare support for the disadvantaged vulnerable children and orphans. ## Widows Project The Women’s whole-life skills programme continues to empower widows in need in the countries where we work. Significant numbers of the women (widows) who had benefitted from the training programme have set up their own small enterprises and trades. Our project in Tanzania combines education support for children with sustainable income generation for families. Each family is provided with a male and female goat or pig. Income is generated from sales of the offspring of the animals and milk products of goats. By selling the offspring of their goats, some families have been able to buy a cow. In 2022/23 there were 136 new animal births, increasing the total number of animals to more than four-fold and provided significant nett income for the supported families. ## Countries of Operation ACT is currently working with ten (10) partner organisations in eight (8) countries of Africa namely Burkina Faso, the Democratic Republic of Congo, Kenya, Malawi, Nigeria, Tanzania, Uganda and Zambia. ## Missions Visits There were monitoring missions’ trips to Nigeria and Tanzania in 2022/23. ## Expenditure In 2022/23 the expenditure of the charity was £185,654 compared to £152,275 in the previous year, an increase of £33,379 (21.92%). Expenditure on our Dignity (Period Poverty) community project in Nigeria accounts for much of the increase. Page 4 ## ACT ## **(African Child Trust)** ## **FINANCIAL REVIEW** ## _Financial information_ The Charity’s financial activities are set out on pages 8 and 9. The Charity’s income during the year amounted to £210,420 and the split is as follows: |_Donations:_|£| |---|---| |Donations - Child Sponsorship (CSP)|65,919| |Donations - Other Gifts|59,537| |Grants|61,625| |Tax Reclaim|19,429| |Others|50| |_Other income:_|| |Fundraising Events|2,980| |Interest Received|880| There has been an increase (3.77 percent) in the Charity's income in 2023, voluntary donations increased compared to 2022. ## Reserves Policy The reserves policy is focussed on achieving the outcomes that are integral to the objects of the charity and mitigating the risks that might accrue as a result. Trustees consider the key measure of sustainability of the charity to be current and future liquidity cover rather than the surplus or deficit accounting position. Consequently, trustees have set an appropriate reserves policy, which is reviewed annually relating to liquidity, based on the balance between readily realisable assets and the cash required to settle grant liabilities and sustain ACT operations for an anticipated period. Integral to the grant liabilities is the need to ensure adequate funds are available to support sponsored children that are continuing in education all through from primary, secondary, and up to university or other tertiary level. This means that in most cases the Charity commits to support each child on our programme, possibly for 14 years or more, while also continuing to take on additional disadvantaged children in need into our programme, as funds permit. The majority of the charity’s income consists of donations and gifts from individuals which can be influenced by predictable factors in the UK such as inflation and the general well-being of the economy. But it is also subject to unexpected events such as the Covid pandemic and the recent rise in the cost of living due to the war in Ukraine. The risks for the overseas beneficiaries include high inflation resulting in increasing education costs, in addition to rising cost of living, weakness in currencies, climate change factors and political unrest, all of which can affect the intended outcomes, as are currently being experienced by the beneficiaries in the countries where we work in Africa. Trustees therefore require that sufficient funds are retained to cover the costs of the children’s educational support, including university fees for each following year. In addition to cover staff salaries for 3 months. Based on the current grants position, this policy requires us to hold between £82k and 88k as funds designated for the children’s educational support in the 2023/24 financial year. Trustees have also designated £36,000 to account for 6 months’ salary for two new staff expected to take up their roles in July 2023 as part of the strategic investment for growth and 3 months operational running costs. ## CSP CSP is the Child Sponsorship Programme. ACT is contracting for costs in Africa, and to facilitate the process we work through local Partners in-country who must comply with the accounting and reporting requirements, which is reviewed and monitored through the ACT review process in the UK. ACT funds the education of disadvantaged children and orphans who have completed an application form for support. Children must meet the criteria for child sponsorship as set out in the ACT Operational Handbook which forms part of the collaboration agreement signed with our partners. Our partners facilitate the child support process, oversee care for the families and manage utilisation of the funds received. We send funds to the partners at the beginning of each school term (four monthly). Partners are required to submit accounting returns and reports at the end of each term, using our reporting template. The reports provide updates about the sponsored children and their welfare and progress at school. Approval of the partner return and report triggers release of funds for the following school term. Page 5 ## ACT ## **(African Child Trust)** Below is a summary of the CSP disbursement to ACT partner organisations. CSP spending 2022/23 |Country|Number of
Partners|Number of children as
at end of financial year|Amount Spent|Percent of total CSP
spend| |---|---|---|---|---| |Burkina Faso
Congo DR
Kenya
Malawi
Nigeria
Tanzania
Uganda
Zambia|1
1
2
1
1
2
1
1|26
0
56
0
86
260
43
12|4,496
0
29,001
0
19,637
21,992
9,776
4,656|5.0%
0%
32.4%
0%
21.9%
24.6%
10.9%
5.2%| |Total|10|483|89,558|100| In 2022/23 the CSP spending breaks down as follows: In Burkina Faso the amount spent was as follows: Hope Mission (£4,496). In Congo - no fund was sent, as partners are in transition (£0) In Kenya the amount spent were as follows: JTAN, Webuye (£6,747) and I-Afrika, Lusigetti (£22,254) In Malawi - no fund was sent. We currently have no partnership in country (£0) In Nigeria the amount spent was as follows: CDLI, Ipaja (£19,637). In Tanzania the amount spent was as follows: Tanzania Assemblies of God, Chumbageni (£1,111) and ADA, Kagera (£20,881). In Uganda the amount spent was as follows: Christian Vision/Elim Church, Jinja (£9,776). In Zambia the amount spent was as follows: Hands of Mercy, Ndola (£4,656). ## Donors Our expanding base of individual donors form the core of our Child Sponsorship Programme (CSP) with increasing support received from UK Churches. During the year the charity received grants from UK Trusts and other organisations. The Trustees are grateful to all donors who provided funding during the year in support of the Charity. The Trustees would like to acknowledge the following organisations that made grants and donations during the financial year: |Annies Orphans|Amlwch Pentecostal Church, Anglesey|Croydon Tabernacle, Croydon| |---|---|---| |Billingshurst Family Church|Chiltern Church, Sutton|New Life Christian Centre, Croydon| |Corporate Messengers|Samaritan's Purse Canada|House of Hope International Church| |Nilec Limited|The Oak Trust|RCCG Builders House, Croydon| |The Connop Trust|The Souter Charitable Trust|RCCG The Sanctuary, London| |The Forrester Family Trust|Thriplow Charitable Trust|RCCG Victory House, London| |The Haramead Trust|Tobi Adeyemi Foundation|St George’s Church, Waterlooville| ||Warwick African Society|Wales AOG, Bangor| ## Internal Controls The Trustees continue to uphold and improve on the charity’s system of internal controls and accounting procedures to enhance funds accountability. The Trustees would also like to thank the several volunteers who have contributed to the operation of the charity during the year. Page 6 ## ACT ## **(African Child Trust)** ## **PLANS FOR FUTURE PERIODS** - Increase numbers of beneficiary children supported to twelve thousand by 2025. - Increase the numbers of widows and women supported through training in sustainable whole life skills to five thousand by 2025. - Extend the widows sustainable whole life skills programme to all countries where ACT is operating by 2025. - Support the expansion of the ACT Alumni Initiative and leadership programme across the countries where are our alumni exist. - Enhance quality of life in communities by implementing at least one community project each year ## **ON BEHALF OF THE TRUSTEES:** ## Kunle Onabolu Mrs G. Howes Dr. K. Onabolu Date: 22 November 2023 Page 7 ## ���� ## **������������� ���!"#�** ## **�� &(&� &�#��-�.��&�?"��&()�#�#)�#�&���!"#&&"�)�������������� ���!"#** "���������������������������������������-������������������������������������������������������������������������� ������D7 ����� 7 D�� ## **�&"(&�#�@&��&"()�"�2���#�&"�)��#�!"#&&"��� �&-�.��&�** ������������������������������������������������������������������������������������������������������������������� ��<������������������������������� 7##��K�������K��� E����������������������������������������������������������������<���������������������������������������������������� �-�����������"��������������������������-����������������������K�������������������������������������#>!������� �������������� 7##��K���� 7##����K���"�������������������-����������"�������������������+���������������������� ���������������������������������#>!�!������������� 7##������ ## **�� &(&� &�#�&-�.��&�?"�"#�#&.&�#�** "��������������������-�����������"������������������������������������������������������������������������� �-������������������������������������1� - #� ����������������������������.�����������������������������������<�����������������D%?�������� 77?����L���� - ���������������������������������������������L���� - D� �������������������������������������������������<���������������������D$?�������� 77?������������������� ��<��������������������������������������������������������������������������������������������������� �������������-���������L���� - >� �����������������������������������������������������������������������������������������@����������� 9�����������2������������������������������������������������������������������������������������������ ��������������������������������4���������9���������@��������������������������&'�����9�����������"������ �49@�#7 ���� "��������������������������������������������������������������������������������-���������������������������� ������������������������������������������������������������������������������������������������������� �������������������4��� F������������������ 7� �������.�9��� H����� :#�B=& +���1�� D�:�������� 7 D 2����% ## ACT ## **(African Child Trust)** ## **RECEIPTS AND PAYMENTS ACCOUNTS** ## **FOR THE YEAR ENDED 30 APRIL 2023** |**Notes**
**Receipts**
_Voluntary receipts_
Donations - Child Sponsorship (CSP)
Donations - Other Gifts
Grants
Tax Reclaim
Others
_Other Trading Activities_
Fundraising Events
_Investments_
Interest Received
**Total receipts**
**Payments**
_Cost of raising funds_
Fundraising Costs
3
_Costs of charitable activities_
Child Sponsorship Programme (CSP)
Missions Programme
UK Support Cost of Programmes
4
Community Project
**Total payments**
**Net (payments) / receipts**
Transfers between funds
**Net movement in cash funds**
**Reconciliation of cash funds**
Total cash funds brought forward
**Total cash funds carried forward**|**Unrestricted**
**funds**
**Restricted**
**funds**
**£**
**£**
38,720
27,199
43,322
16,215
6,024
55,601
18,929
500
50
-
2,980
-
880
-
**110,905**
**99,515**
18,369
115
26,054
40,897
4,748
-
68,209
712
1,289
25,261
**118,669**
**66,985**
**(7,764)**
**32,530**
703
(703)
**(7,061)**
**31,827**
135,523
54,031
**128,462**
**85,858**|**Total**
**2023**
**Total**
**2022**
**£**
**£**
65,919
61,889
59,537
52,281
61,625
58,756
19,429
19,211
50
30
2,980
9,123
880
1,491
**210,420**
**202,781**
18,484
15,725
66,951
62,613
4,748
-
68,921
51,033
26,550
22,904
**185,654**
**152,275**
**24,766**
**50,506**
-
-
**24,766**
**50,506**
189,554
139,048
**214,320**
**189,554**| |---|---|---| The notes on pages 11 to 15 form part of these accounts. Page 9 ## ACT ## **(African Child Trust)** ## **STATEMENT OF ASSETS AND LIABILITIES** ## **AS AT 30 APRIL 2023** |**Notes**
**Cash funds**
Cash on deposit
Cash at bank and in hand
5
**Other monetary assets**
Tax reclaim
Grants
**Assets retained for the**
**charity's own use**
Donated computer equipment
**Liabilities**
PAYE - Tax and NIC|**General**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**Total**
**2022**
**£**
**£**
**£**
**£**
**£**
795
108,500
31,300
140,595
-
117
19,050
54,558
73,725
189,554
**912**
**127,550**
**85,858**
**214,320**
**189,554**
-
-
-
-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
988
-
-
988
845
**988**
**-**
**-**
**988**
**845**| |---|---| ## **APPROVED BY THE TRUSTEES ON 2023 AND SIGNED ON THEIR BEHALF BY:** ## Kunle Onabolu **----- Start of picture text -----**
Mrs G. Howes
**----- End of picture text -----**
Dr. K. Onabolu The notes on pages 11 to 15 form part of these accounts. Page 10 **(African Child Trust)** ## ACT ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. ACCOUNTING POLICIES** The principal accounting policies are summarised below. ## a) **Basis of accounting** The accounts (financial statements) have been prepared in accordance with section 133 of the Charities Act 2011 using the Receipts and Payments basis. ## b) **Fund accounting** - Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. - Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. - Restricted funds are subjected to restrictions of their expenditure imposed by the donor or through the terms of an appeal. ## **2. TRUSTEE REMUNERATION** Dr. K Onabolu, Trustee received remuneration of £42,000 for the year, together with payment of £2,400 to his pension plan. Payment to Dr K. Onabolu was approved by the Charity Commission. The sealed Order was signed on 15 January 2007. He is remunerated to manage and develop the Charity, to direct its projects, to oversee the administration, to promote it to other organisations, trusts and companies and to communicate effectively with the Charity’s many stakeholders. No other Trustee received a remuneration during the year. Page 11 ## ACT ## **(African Child Trust)** ## **3. COSTS OF GENERATING VOLUNTARY INCOME** |**Basis**
**of**
**Allocation**
**Allocation**
Fund raising costs
100%
Printing, postage and stationery
50%
Travel and subsistence
20%
Telephone, internet and website costs
40%
Marketing, entertainment and related expenses
50%
Office rent & business rates
25%
Insurance
25%
Wages, national insurance and pension
20%
Training courses
20%
Subscriptions
50%
Governance costs
25%
Accountancy and examiner's fees
25%
Office maintenance
25%
Bank charges and interest
0%
Heat, light and water rates
25%|

**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**Total**
**2022**
**£**
**£**
**£**
**£**
307
-
307
1,273
22
-
22
92
135
-
135
284
322
-
322
1,099
132
-
132
217
2,060
-
2,060
2,073
58
-
58
58
13,988
115
14,103
8,989
14
-
14
180
68
-
68
38
324
-
324
578
180
-
180
180
474
-
474
480
-
-
-
-
285
-
285
184
18,369
115
18,484
15,725| |---|---| ## **4. UK SUPPORT COSTS OF PROGRAMMES** |**Basis**
**of**
**Allocation**
**Allocation**
Printing, postage and stationery
50%
Travel and subsistence
80%
Telephone, internet and website costs
60%
Marketing, entertainment and related expenses
50%
Office rent & business rates
75%
Insurance
75%
Wages, national insurance and pension
80%
Training courses
80%
Subscriptions
50%
Governance costs
75%
Accountancy and examiner's fees
75%
Office maintenance
75%
Bank charges and interest
100%
Heat, light and water rates
75%|

**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**Total**
**2022**
**£**
**£**
**£**
**£**
22
-
22
92
538
-
538
1,134
483
-
483
1,648
132
-
132
217
6,180
-
6,180
6,220
174
-
174
174
55,954
459
56,413
35,957
57
-
57
720
68
-
68
38
972
-
972
1,734
540
-
540
540
1,422
-
1,422
1,439
812
253
1,065
568
855
-
855
552
68,209
712
68,921
51,033| |---|---| Page 12 ## ACT ## **(African Child Trust)** ## **5. MOVEMENTS IN FUNDS** |**Restricted funds**
Anicet Donard Medical Scholarships
Individual Donations (Community Proj)
Charles Hayward Foundation
Accenture
Investment One (Dignity)
Samaritan's Purse (Dignity)
Jepthah Mulenga-Mutale
Jesus House Church (WSBT Malawi)
Individual Donations (Widows Proj )
IAfrika
IAfrika (Mazars)
CSP Direct
Martin Philips Girls' Education Trust
Mummy Fowler Fund
Individual & CAF Donations (CSP)
Ashworth Trust (CSP Nigeria)
Haramead Trust (Ngara)
Peter Stebbings (Tanzania)
Oak Trust
Souter Trust
A Trust
Tobi Adeyemi Foundation
**Total restricted funds**
**Unrestricted funds:**
Designated funds
General funds
**Total unrestricted funds**
**Total funds**|**As at 1 May**
**2022**
**Receipts**
**Payments**
**Net**
**transfers**
**As at 30 April**
**2023**
**£**
**£**
**£**
**£**
**£**
15,147
6,636
(1,200)
-
20,583
1,882
2,495
-
-
4,377
7,713
-
(6,314)
-
1,399
278
-
(201)
-
77
3,839
550
(2,164)
-
2,225
-
10,888
-
-
10,888
3,440
2,200
-
-
5,640
703
-
-
(703)
-
365
200
(525)
-
40
697
2,670
(3,015)
-
352
-
15,000
(15,000)
-
-
5,341
23,723
(20,565)
-
8,499
1,945
8,760
(1,146)
-
9,559
240
-
-
-
240
159
880
-
-
1,039
197
-
(197)
-
-
-
10,000
(2,282)
-
7,718
5,000
-
(1,348)
-
3,652
-
750
-
-
750
5,000
5,000
(7,275)
-
2,725
-
2,100
(1,108)
-
992
2,085
7,663
(4,645)
-
5,103| |---|---| ||54,031
99,515
(66,985)
(703)
85,858| ||133,340
53,124
(34,367)
(24,547)
127,550
2,183
57,781
(84,302)
25,250
912| ||135,523
110,905
(118,669)
703
128,462| ||| ||**189,554**
**210,420**
**(185,654)**
**-**
**214,320**| Page 13 **(African Child Trust)** ## ACT ## **RESTRICTED FUNDS** ## **Restricted funds are for the following purposes:** ## Souter Trust Grant awarded towards the support of 6 students at university in Africa has been expended. ## University Students Support Donations from individual sponsors to support university students in Africa is on-going and was partially expended. ## Anicet Donard Medical School Fund Fund to support disadvantaged children to study medicine at a university in Africa is on-going and was partially expended. ## Tobi Adeyemi Foundation Grant to support exceptionally gifted children in secondary school in Africa is on-going and was partially expended. ## A. Trust Grant was made to support the education of 8 children was partly expended. ## I.Afrika Donations from individual towards the welfare support of children at I.Afrika are forwarded as received. ## Widows Business Skills Training (WBST) Donations for skills training of widows in Africa were brought forward from the previous year and were partially expended. ## Individual Donations (Community Project) Donations from individual towards Community Projects were partially expended. ## Jephthah Fund Fund to support children born in extremely unfortunate circumstances to an ACT supported school girl. The fund was partially expended. ## Martin Phillips Girls Education Fund Funds to support the education of girls who have received admission to University in Africa was partially expended. ## Mummy Fowler Fund Fund to support the education of a university student in Nigeria was partially expended. Page 14 ## ACT ## **(African Child Trust)** ## **6. LIABILITIES** There are no outstanding debts at the date of the statement of assets and liabilities, which are owed, and which are secured by an express charge on any of the assets of the charity. ## **7. OPERATING LEASE COMMITMENTS** The Charity leases its office accommodation on non-cancellable operating lease. At 30 April, the charity had annual commitments of £6,988 (2022 - £6,988) under the lease which is renewed yearly. ## **8. GUARANTEES** No guarantees have been made, which result in an outstanding potential liability as at the year-end date . ## **9. RELATED PARTY TRANSACTIONS** Dr. K Onabolu, a Trustee, received remuneration of £42,000 for the year (2022: £42,000), together with payment of £2,400 to his pension plan (2022: £2,400). Further details can be found in note 2 above. There were no other related party transactions for the year (2022: none). Page 15