REGISTERED CHARITY NUMBER: 1185516
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
ACORN INITIATIVE
Ark Accountancy Limited Chartered Certified Accountant 56-58 High Street Ewell Epsom Surrey KT17 1RW
ACORN INITIATIVE
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 12 |
| Detailed Statement of Financial Activities | 13 |
ACORN INITIATIVE
for the Year Ended 31 December 2024
Report of the Trustees
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the CIO (Charitable Incorporated Organisation) are:
To relieve poverty of persons who are in internally displaced person (DP) camps in Nigeria, particularly in Benue State, by the provision of first aid kits, books, access to potable water and the teaching of skills to adults to enable them to earn a living when they are resettled
To advance the education of children and young people in Hampshire and Bedfordshire by providing supplementary schools and support with homework
Significant activities
ACORN Initiative over the years has undertaken projects in all our program focus areas which includes, Health, Water Hygiene and Sanitation (WASH), Education and Skills Acquisition. With over 102,000 Internal Displaced Persons as beneficiaries.
Health in A Box: Provided 45 fully equipped first aid boxes to 11 camps with one-year medical supplies and check up with treatments.
WASH: Provided clean safe water for over 27,000 IDPs, by setting up 5 x 2000 litres GP tanks with weekly supply of water. Setting up WASH Committee executive for effective sustainability of project. Skill Toolbox: Trained and empowered over 954 women in IDP in soap making, craft making, and pastry and honey production.
Library in A Box: Provided Information Education & Communication Materials for over 6910 IDPs and paid tuition fees for over 92 orphans and vulnerable children.
2023 activities.
A grant from Ferguson to support our HIB campaign for medical care for 3 camps, funds were used for check up, medicine and treatments.
A Bi-weekly visitation of IDP camps by ACORN medical team to deliver hand sanitizers, toilet papers, detergent, and other palliatives.
Working with local NGOs to train and educate women with regards to birth control, immunisation, vaccination to ensure their children are kept safe at the camps.
Water supply to few other camps with no access to portable and clean water. 300,000 Liters in 2023.
Our Skill in Box project is providing basis tailoring, knitting and soap making skills to over 170 women with 4 camps with the aid of grant which will run for a duration of 12 months.
Our LIB project provided school materials including books, shoes and uniform for over 60 students under the age of 10 as they prepare to resume school in September also payment for after school coaching classes
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ACORN INITIATIVE
Report of the Trustees for the Year Ended 31 December 2024
OBJECTIVES AND ACTIVITIES
Public benefit
Under the guidance of the UK charity commission on public benefit, we have carried out charitable activities in the following areas.
WASH and Health Care: Provision of WASH and Health care services to 12 IDP camps which targeted over 143,100 and their dependents in the past 14 months, Our WASH services have provided clean and hygienic drinking water to persons in camps, first aid boxes and medical supplies.
Skills Toolbox. Our Charity efforts in this area has provided relevant skills to women in camp providing them with the knowledge of soap making, handbag, pastry, and shoe making.
Health in a Box. Our Charity efforts in this aspect has provided basic health care to occupants of different IDP camps ranging from the provision of First Aid Boxes, delivery of health and hygiene awareness talks.
Library in a Box. Educational materials aimed at developing and maintaining a reading culture in both children and adults in IDP camps have been provided over the past months. Books with varying degrees of educational content designed to engage the minds of children and adults have been provided.
Volunteers
Our charity efforts have been made possible working with a team of volunteers to offer humanitarian services. With a team of over 23 Volunteers in Nigeria and 2 in the UK have helped in all our efforts aimed at bringing hope to the physically displaced, mentally distressed, and emotionally desolated in communities.
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ACORN INITIATIVE
Report of the Trustees
for the Year Ended 31 December 2024
FINANCIAL REVIEW Reserves policy
Purpose
The purpose of the Operating Reserve Policy for ACORN Initiative is to ensure the stability of the mission, programs, employment, and ongoing operations of the organization. The Reserve is intended to provide an internal source of funds for situations such as a sudden increase in expenses, onetime unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The Reserve may also be used for one-time, nonrecurring expenses that will build long-term capacity, such as staff development and other sustainability efforts of programs and projects. Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of ACORN initiative for the Reserves to be used and replenished within a reasonably short period of time. Our Reserve Policy will be implemented in concert with the organizations missions, objectives, definitions and goals .The Reserve Fund is defined as a designated fund set aside by action of the Board of Trustees. The minimum amount to be designated as Reserve will be established in an amount sufficient to maintain ongoing operations and programs for a set period of time, measured in months. The Reserve serves a dynamic role and will be reviewed and adjusted in response to internal and external changes. The target minimum Reserve Fund is equal to three months of average operating costs. The calculation of average monthly operating costs includes all recurring, predictable expenses such as benefits, occupancy, office, travel, program, and ongoing professional services. The calculation of average monthly expenses also excludes some expenses which are Capital in nature and usually one time. The amount of the Reserve Fund target minimum will be calculated each year after approval of the annual budget, reported to the Finance Committee/Board of Trustees, and included in the regular financial reports.
Accounting for Reserves :
The Reserve Fund will be recorded in the financial records as Reserves. The Fund will be funded and available in cash. Reserves of Acorn Initiative will be maintained in the same bank with the general cash of the organization.
Funding of Reserves :
The Reserve Fund will be funded with surplus unrestricted operating funds. The Board of Trustees may from time to time direct that a specific source of revenue be set aside for funding the Reserves which may include one-time gifts or bequests, special grants, or special appeals.
Use of Reserves :
Use of the Reserves involves 3 steps which includes,
1. Identification of appropriate use of reserve funds. The Co-Founders and staff will identify the need for access to reserve funds and confirm that the use is consistent with the purpose of the reserves as described in this Policy. This step requires analysis of the reason for the shortfall, the availability of any other sources of funds before using reserves, and evaluation of the time period that the funds will be required and replenished.
2. Authority to use Reserves : Our approach to use reserves in Acorn initiatives shall be subject to authorization and consultation between the Board of Trustees and the Treasurer and/ or Chair of the Finance Committee. The use of Reserves will be reported to the Executive committee in the next scheduled meeting accompanied by a description of the analysis and determination of the use of funds and plans for replenishment to restore the Reserve to the target minimum amount. Approval must however be received before the use of Reserves of any given amount.
3. Reporting and monitoring. The Board of Trustees is responsible for ensuring that the Reserve Fund is maintained and used only as described in this Policy. Upon approval for the use of Reserve funds, the Treasurer will maintain records of the use of funds and plan for replenishment. He/she will provide regular reports to the Finance Committee/ Board of Directors of progress to restore the Fund to the target minimum amount.
4. Review of Policy. This Policy will be reviewed every other year, at minimum, by the Finance Committee, or sooner if warranted by internal or external events or changes. Changes to the Policy will be recommended by Acorn initiatives Finance Committee to the Board of Trustees.
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ACORN INITIATIVE
Report of the Trustees
for the Year Ended 31 December 2024
FUTURE PLANS
The initiative has drawn out plans with certain time frames ranging from 2 to 3 and 5 years encompassing all her charity activities and services to IDPs both in the UK and Nigeria.
WASH . Building 3 boreholes and over 8 latrines in the next 24 months in 2 communities in addition to offering proper hygiene and sanitation awareness programs to IDPs on how to maintain proper health and sanitation efforts in both the camps and communities.
Skills Toolbox: Training and empowerment of over 450 women and dependents on various skills and crafts development with the necessary sustainability guidelines in place within the period of 2 years. Health in a Box: ACORN seeks to build 1 mobile health units in sheltered camps within 1 year in order to assist the health crisis in camps site.
Migration: ACORN intends to provide systematic approach with the local communities in the UK where migrant's families will have the opportunity to continue to network together either utilizing online web facilities or brick & mortar to learn, integrate, assist each other during homework classes periodically, hence strengthen diversity, culture and also social independence.
Library in a Box : ACORN wishes to build 2 schools dedicated to IDPs to serve whilst leaving within the communities, alongside pay tuition and provide scholarship for over 1300 orphans in 1 year
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The chanty is controlled by its governing document, a constitution, and constitutes a charitable incorporated organisation, company number CE018988. a charity registered as a body corporate under part 11 of the Charities Act 2011
Organisational structure
ACORN initiative has a generic structure of nonprofit organizations which comprises of a Board of Trustees, Advisors, Administrative, Program, and Communication Managers. Underneath the managerial cadres are assistants and other members of staffs who volunteer in different capacities.
Our organizational structure is modelled to make everyone get involved in the process of serving the core mission of the organization as it positions everyone to be a field staff during our outreaches. We have a total of 2 international staff (UK) trustees, and 4 Domestic staff (Nigeria) including over 56 volunteers.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1185516
Principal address
7 Bell Yard London WC2A 2JR
Trustees
A J Igoche Mrs L E Igoche (resigned 12.10.24) Ms S Saduwa
Independent Examiner
Mary E Ryan Ark Accountancy Limited Chartered Certified Accountant 56-58 High Street Ewell Epsom Surrey KT17 1RW
Page 4
ACORN INITIATIVE
Report of the Trustees
for the Year Ended 31 December 2024
Approved by order of the board of trustees on ............JAI................................. and signed on its behalf by:
John Adah Igoche ........................................................................ A J Igoche - Trustee
Page 5
Independent Examiner's Report to the Trustees of ACORN INITIATIVE
Independent examiner's report to the trustees of ACORN INITIATIVE
I report to the charity trustees on my examination of the accounts of ACORN INITIATIVE (the Trust) for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mary E Ryan
Ark Accountancy Limited Chartered Certified Accountant 56-58 High Street Ewell Epsom Surrey KT17 1RW
19/10/2025 Date: .............................................
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ACORN INITIATIVE
Statement of Financial Activities for the Year Ended 31 December 2024
| 31.12.24 | 31.12.23 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 2 | 2,073 | - | 2,073 | 1,700 | |
| EXPENDITURE ON | ||||||
| Charitable activities | ||||||
| Support costs | 472 | - | 472 | 140 | ||
| Skills | 54 | 279 | 333 | 1,884 | ||
| Total | 526 | 279 | 805 | 2,024 | ||
| NET INCOME/(EXPENDITURE) | 1,547 | (279) | 1,268 | (324) | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | (4,781) | 1,000 | (3,781) | (3,457) | ||
| TOTAL FUNDS CARRIED FORWARD | (3,234) | 721 | (2,513) | (3,781) |
The notes form part of these financial statements
Page 7
ACORN INITIATIVE
Balance Sheet 31 December 2024
| 31.12.24 | 31.12.23 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Cash at bank | 256 | 721 | 977 | 1,000 | ||
| CREDITORS | ||||||
| Amounts falling due within one year | 5 | (2,971) | - | (2,971) | (3,357) | |
| NET CURRENT ASSETS/(LIABILITIES) | (2,715) | 721 | (1,994) | (2,357) | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | (2,715) | 721 | (1,994) | (2,357) | ||
| CREDITORS | ||||||
| Amounts falling due after more than one year | 6 |
(519) | - | (519) | (1,424) | |
| NET ASSETS/(LIABILITIES) | (3,234) | 721 | (2,513) | (3,781) | ||
| FUNDS | 8 | |||||
| Unrestricted funds | (3,234) | (4,781) | ||||
| Restricted funds | 721 | 1,000 | ||||
| TOTAL FUNDS | (2,513) | (3,781) |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A J Igoche - Trustee
The notes form part of these financial statements
Page 8
ACORN INITIATIVE
Notes to the Financial Statements for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Donations | 2,073 | 1,700 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
continued...
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ACORN INITIATIVE
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||||
| fund | funds | funds | ||||
| £ | £ | £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 1,700 | - | 1,700 | |||
| EXPENDITURE ON | ||||||
| Charitable activities | ||||||
| Support costs | 140 | - | 140 | |||
| Skills | 566 | 1,318 | 1,884 | |||
| Total | 706 | 1,318 | 2,024 | |||
| NET INCOME/(EXPENDITURE) | 994 | (1,318) | (324) | |||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | (5,775) | 2,318 | (3,457) | |||
| TOTAL FUNDS CARRIED FORWARD | (4,781) | 1,000 | (3,781) | |||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31.12.24 | 31.12.23 | |||||
| £ | £ | |||||
| Bank loans and overdrafts (see note 7) | 913 | 822 | ||||
| Other creditors | 2,058 | 2,535 | ||||
| 2,971 | 3,357 | |||||
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||||
| 31.12.24 | 31.12.23 | |||||
| £ | £ | |||||
| Bank loans (see note 7) | - | 1,424 | ||||
| Other creditors | 519 | - | ||||
| 519 | 1,424 | |||||
| 7. | LOANS | |||||
| An analysis of the maturity of loans is given below: | ||||||
| 31.12.24 | 31.12.23 | |||||
| £ | £ | |||||
| Amounts falling due within one year on demand: | ||||||
| Bank overdrafts | 913 | 822 | ||||
| Other loans | 1,698 | 2,055 | ||||
| 2,611 | 2,877 | |||||
| Amounts falling between one and two years: | ||||||
| Other loans - 1-2 years | 519 | - |
continued...
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Page 10 continued...
ACORN INITIATIVE
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
| 7. | LOANS - continued | |||
|---|---|---|---|---|
| 31.12.24 | 31.12.23 | |||
| £ | £ | |||
| Amounts falling due in more than five years: | ||||
| Repayable by instalments: | ||||
| Bank loans more 5 yr by instal | - | 1,424 | ||
| 8. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.24 | in funds | 31.12.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (4,781) | 1,291 | (3,490) | |
| Tano | - | 256 | 256 | |
| (4,781) | 1,547 | (3,234) | ||
| Restricted funds | ||||
| Gilchrist Educational Trust | 500 | (279) | 221 | |
| Allan& Nesta Ferguson Trust | 500 | - | 500 | |
| 1,000 | (279) | 721 | ||
| TOTAL FUNDS | (3,781) | 1,268 | (2,513) | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 1,763 | (472) | 1,291 | |
| Tano | 310 | (54) | 256 | |
| 2,073 | (526) | 1,547 | ||
| Restricted funds | ||||
| Gilchrist Educational Trust | - | (279) | (279) | |
| TOTAL FUNDS | 2,073 | (805) | 1,268 |
continued...
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ACORN INITIATIVE
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.23 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (5,775) | 994 | (4,781) |
| Restricted funds | |||
| Gilchrist Educational Trust | 500 | - | 500 |
| Allan& Nesta Ferguson Trust | 818 | (318) | 500 |
| Tesco | 1,000 | (1,000) | - |
| 2,318 | (1,318) | 1,000 | |
| TOTAL FUNDS | (3,457) | (324) | (3,781) |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,700 | (706) | 994 |
| Restricted funds | |||
| Allan& Nesta Ferguson Trust | - | (318) | (318) |
| Tesco | - | (1,000) | (1,000) |
| - | (1,318) | (1,318) | |
| TOTAL FUNDS | 1,700 | (2,024) | (324) |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
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ACORN INITIATIVE
| Detailed Statement of Financial Activities | ||||
|---|---|---|---|---|
| for the Year Ended 31 December 2024 | ||||
| 31.12.24 | 31.12.23 | |||
| £ | £ | |||
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | ||||
| Donations | 2,073 | 1,700 | ||
| Total incoming resources | 2,073 | 1,700 | ||
| EXPENDITURE | ||||
| Charitable activities | ||||
| Other project costs | 333 | 1,318 | ||
| Support costs | ||||
| Management | ||||
| Sundries | - | 140 | ||
| Finance | ||||
| Bank charges | 112 | 86 | ||
| Governance costs | ||||
| Accountancy and legal fees | 360 | 480 | ||
| Total resources expended | 805 | 2,024 | ||
| Net income/(expenditure) | 1,268 | (324) |
This page does not form part of the statutory financial statements
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