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2023-03-31-accounts

Reduce Our Carbon Charitable Foundation

Trustee’s Annual Report and Financial Statements For the Year Ended 31[st] March 2023

www.reduceourcarbon.org

Registered

Charity Number 1188256

Table of Contents

Charity Information......................................................................3 Message from the Chair................................................................4 Report of the Trustees for the Year ended 31st March 2023............5 Introduction.................................................................................................................5 Objectives and Activities..............................................................................................5 Achievements and Performance..................................................................................6 Structure, Governance, and Management...................................................................6 Nicaraguan Operations................................................................................................6 Sponsorship and Financial Stability..............................................................................7 Risk Management.........................................................................7 Trustee Visits ..............................................................................................................10 Contributions to Sustainable Development Goals (SDGs)...............11 Plans for Future Periods..............................................................11 Goals and Targets......................................................................................................11 New Initiatives...........................................................................................................12 Anticipated Challenges and Mitigation.......................................................................12 Financial Highlights....................................................................12 Notable Financial Developments................................................................................13 Statement of Financial Activities for the year ended 31st March 2023..........................................................................................14 Balance Sheet as at 31st March 2023...........................................15 Notes to the financial statements for the year ended 31[st] March 2023..........................................................................................16 Notes to the financial statements for the year ended 31[st] March 2023 (Continued)........................................................................17

www.reduceourcarbon.org

Registered Charity

2 Number 1188256

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Charity Information

Trustees

Mrs Amanda Spicer (Chair) Ms Megan Neathway Mr Andrew Walsh-Perez Lt Colonel Tim C Edwards

Secretary Ms Megan Neathway Registered Charity Number 1188256 Principal Address Old Church School Butts Hill Frome BA11 1HR

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Message from the Chair

Dear Supporters,

I am delighted to present the Reduce Our Carbon Charitable Foundation’s annual report for the year ended 31st March 2023. This year has been one of significant progress and impactful change, thanks to the dedication and support of our volunteers, donors, and partners.

Year’s Highlights:

Future Outlook: Looking ahead, we are excited about the opportunities to expand our impact. Our goals for the coming year include:

We are deeply grateful for the unwavering support of our donors, volunteers, and partners. Together, we are making a tangible difference in the fight against deforestation and climate change. I look forward to another year of progress and positive impact.

Thank you for your continued support.

Warm regards,

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Amanda Spicer Chair of Trustees

Report of the Trustees for the Year ended 31st March 2023

Introduction

The trustees present their annual report together with the financial statements of the charity for the year ended 31st March 2023. The financial statements have been prepared in accordance with the 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 (FRS102) (effective 1 January 2015) (amended 2 February 2016 and further updated 1st January 2019) as detailed in the accounting policies.

Objectives and Activities

The purpose of the charity is to promote the conservation of the natural environment and the advancement of public education therein with particular reference to deforestation and other effects of the release of carbon dioxide emissions into the atmosphere and the encouragement of afforestation.

To further these purposes for the public benefit, the Charity funded by founding sponsor Your Eco Construction set up a volunteer-supported reforestation pilot project in the Boaco Department, Central Nicaragua. This initiative aims to establish a sustainable, community-based agroforestry model designed to prevent deforestation and provide recurring income for local families through the cultivation of native fruit trees and the introduction of smokeless stoves.

The main participants in the project are rural communities that have limited sources of income and depend primarily on family and community labor to work small holdings.

Each participant in the agroforestry project will receive a “Justa” smokeless stove, which offers multiple benefits: it reduces firewood consumption by 50%, significantly improving indoor air quality and mitigating respiratory and other health issues caused by traditional open fires. This innovation not only enhances health outcomes but also contributes to environmental sustainability by decreasing deforestation and lowering carbon dioxide emissions.

Introduction of Justa Smokeless Stove

The Justa smokeless stove represents a major advancement in promoting sustainable, healthy living practices in rural communities. Designed to replace traditional open fires, the stove offers:

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  2. Health Improvement: Reduces indoor air pollution, mitigating respiratory and other health issues.

  3. Environmental Benefits: Cuts firewood consumption by 50%, reducing deforestation and carbon dioxide emissions.

  4. Economic Impact: Generates carbon credits, providing additional support for our initiatives.

Proven in several Gold Standard accredited projects in Central America, the Justa stove's components are locally sourced and assembled by trained teams, ensuring quality and sustainability. This innovation is central to our strategy to enhance health, protect the environment, and support economic development in rural Nicaraguan communities.

Achievements and Performance

The significant increase in funding, driven by the growth of Your Eco and its commitment to allocate 1.5% of profitable project revenue to our initiatives, has been pivotal in expanding our projects. This financial support has enabled us to integrate the “Justa” smokeless stoves into our agroforestry program.

In FY23, ROC achieved significant outcomes in reforestation, clean cooking solutions, and community empowerment:

Structure, Governance, and Management

Reduce Our Carbon Charitable Foundation (the “Charity”) was registered as a charitable incorporated organization on 27th February 2020, registered number 1188256. Trustees are appointed by the Board of Trustees and meet at least four times a year to approve funding requests and deal with the governance of the Charity. The introduction process for newly appointed Trustees comprises an initial meeting with the Trustees to brief them on their legal obligations under charity law, the decision-making processes of the charity, and its policies and procedures.

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The governance structure of the ROC Charitable Foundation, combined with the operational framework in Nicaragua and the financial backing from Your Eco, ensures effective management and compliance with legal and regulatory requirements. This framework supports the charity’s objectives, promotes sustainable development, and ensures that resources are used efficiently and transparently

Nicaraguan Operations

Nicaraguan activities are delivered using a local legal entity contracted by ROC. The entity operates on a non-profit basis. Local staff are paid above the national minimum wage and are employed on a full-time or temporary basis or as contractors in accordance with local regulations. This model ensures that all activities in Nicaragua are fully compliant with local laws and regulations and in line with international standards.

To ensure ongoing compliance, the local entity also utilizes a local Registered Public Firm of Accountants to provide accounting, tax, and regulatory compliance services. This ensures adherence to both local and international regulatory requirements, maintaining transparency and accountability.

All activities and funding of the local entity are subject to the approval of the ROC Board of Trustees. The Trustees conduct bi-annual visits to review and audit local operations, ensuring that the activities align with the charity’s mission and strategic goals. These measures provide robust oversight and ensure that the highest standards of governance are maintained.

Sponsorship and Financial Stability

The foundation’s financial stability has been significantly bolstered by a sponsorship agreement with Your Eco, which allocates 1.5% of their profitable project revenue to ROC. This sponsorship has been pivotal in funding all operational expenses such as key full-time and part time positions within the organization in Nicaragua, including:

This financial support has allowed ROC to expand its operations, increase its impact, and provide sustainable, long-term benefits to the communities it serves. The stability provided by Your Eco’s sponsorship enables the foundation to focus on its core mission of promoting environmental conservation and improving the quality of life in rural Nicaraguan communities.

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Risk Management

The Trustees have diligently examined the major strategic, operational, and financial risks that the charity faces and have established robust systems to ensure that regular reports are produced, and necessary actions are taken to mitigate these risks.

Key Risks and Mitigation Strategies:

Risk
Category		 Risk
Description		 Mitigation
Strategy		 Controls Reporting
Strategic and Political Risks
Political Risk Variability in
government
support impacting
permits,
partnerships, and
community
engagement.		 Engage with
government entities
and establish
relationships with
high-level
representatives and
communityleaders.		 Regular
communication
with government
entities and
community
leaders.		 Updates to
Trustees on
government
relations and
community
engagement.
Regulatory
Risk		 Changes in
regulations
afecting NGO
operations.		 Maintain fexible
planning and engage
legal expertise for
navigating regulatory
changes.		 Compliance with
local regulations
through legal
expertise.		 Regular legal
updates and
compliance
reports.
Operational Risks
Operational
and Supply
Chain Risk		 Difculty sourcing
materials for
stoves and fruit
trees.		 Monitor supply
availability, source
locally, establish
fabrication
arrangements,
identify multiple
sources, and maintain
bufer stock. Set up
community-led
nurseries.		 Continuous
monitoring of
supply options,
local sourcing,
fabrication setup,
multiple sourcing
strategies, and
bufer stock.		 Reports on
material
availability,
sourcing, and
supply chain
status.
Stove
Performance
Risk		 Stoves may fail to
meet
expectations,
causing
dissatisfaction or
safetyconcerns.		 Implement quality
control in
manufacturing and
installation using
accredited stove
technology.		 Quality control in
manufacturing and
installation, use of
accredited
technology.		 Performance
reviews and
quality control
reports.
Agroforestry
Performance
risk		 Trees not as
described,
inadequately
monitored, or fail
to develop.






 Ensure accurate
documentation,
verifcation, and
robust monitoring
controls including
growth measurement
policies.		 Audit trails, site
visits, independent
verifcations,
regular monitoring,
control audits,
growth
measurement
policies.		 Reports on tree
planting
verifcation,
growth, and
management
practices.
Security Risk Visa and work
permit challenges		 Reduce reliance on
international staf by		 Recruitment and
trainingof local		 Updates on
stafngand

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Risk
Category		 Risk
Description		 Mitigation
Strategy		 Controls Reporting
for international
staf.		 recruiting and
training local
personnel.		 personnel. visa/work permit
status.
Natural
Disaster Risk		 Impact of natural
disasters on the
project.		 Implement disaster
preparedness and
response plans
leveraging
community and
government
protocols.		 Disaster
preparedness and
response plans,
collaboration with
community and
government
protocols.		 Updates on
disaster
preparedness
and response
measures.
Community and Engagement Risks
Community
Engagement
Risk		 Lack of support
from community
leaders.		 Ensure the project is
community-led with
liaison staf
promoting positive
perception and
continuous feedback.		 Community-led
approach and
liaison staf
employment.		 Community
engagement
reports and
feedback
sessions.
Rejection of
New
Technology		 Benefciaries
reverting to
traditional
cooking methods.		 Provide
comprehensive
training and follow-up
visits to ensure
proper use and
demonstrate benefts
of smokeless stoves.		 Training programs
and follow-up
visits.		 Training and
follow-up visit
reports.
Financial, Compliance and Ethical Risks
Going
Concern		 Fluctuations in
funding or
fnancial support
afecting project
continuity.		 Diversify funding
sources and create a
reserve fund.		 Financial audits,
budget reviews,
fnancial reserve
establishment.		 Financial health
reports to
Trustees.
Fraud Risk Improper use of
funds or
expenditure,
ensuring money
is used as
intended.		 Trustee approval for
all expenditures,
maintain fnancial
controls in line with
standards (e.g., FRS
102). Complete
verifable audit trail
for funds and tree
references.		 Financial controls,
regular audits,
trustee
expenditure
approval, audit
trails, third-party
accreditation,
independent site
visits.		 Financial reports
and audits
presented to
Trustees,
independent
verifcation
reports.
Unethical
Practices by
Third Party		 Third party acting
unethically.		 Trustee approval for
all third party
engagements,
appointments and
contracts		 Verifcation of
third-party ethics
through references
and regulatory
compliance.		 Ethics and
compliance
reports and third-
party references.
Compliance
Risk		 Non-compliance
with local,
national, and
international laws
and regulations.		 Ensure compliance
with local and global
standards and
regulations; stay
updated on legal and
regulatory changes.		 Conduct regular
compliance audits
and reviews;
implement a
compliance
management
system.		 Regular updates
to Trustees on
compliance
status, audit
fndings, and
areas of concern.

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Risk
Category		 Risk
Description		 Mitigation
Strategy		 Controls Reporting
Risk Area Risk Description Mitigation Control Reporting
Reputational
Risk		 Potential damage
to the
organization's
public image due
to negative
publicity or other
incidents.		 Develop a
comprehensive crisis
management plan
and communication
strategy.		 Regularly monitor
media coverage
and public
perception;
establish a rapid
response team.		 Regular updates
to Trustees on
media mentions,
community
feedback, and
reputational
incidents.
Environment
al Risk		 Negative impacts
on the
environment from
the organization's
activities,
including climate
change and
biodiversityloss.		 Conduct thorough
environmental impact
assessments; develop
strategies to mitigate
environmental
efects.		 Implement best
practices in
environmental
management;
monitor
environmental
performance
indicators.		 Regular reports
on environmental
performance,
compliance, and
progress on
mitigation
strategies.
Stakeholder
Risk		 Misalignment of
expectations and
interests between
the organization
and its
stakeholders.		 Develop clear
communication plans
and regular
engagement
strategies.		 Conduct regular
stakeholder
surveys and
feedback sessions;
implement a
stakeholder
management
system.		 Periodic reports
to Trustees on
stakeholder
engagement
activities, survey
results, and key
issues.

Trustee Visits

Bi-annual trustee visits are integral to our risk management strategy. These visits include:

  1. Independent Verification: Verifying project activities and ensuring trees are planted and maintained as reported.

  2. Governance and Compliance Reviews: Reviewing governance processes, internal controls, and compliance with regulations.

  3. Community and Stakeholder Engagement: Gathering feedback from community leaders, project staff, and beneficiaries.

  4. Audit Trail Validation: Ensuring funds are used appropriately and transparently.

Public Interest

The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit and in planning the activities for the year have kept this in mind.

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Contributions to Sustainable Development Goals (SDGs)

Our projects significantly contribute to the United Nations Sustainable Development Goals (SDGs), reflecting our commitment to promoting environmental sustainability, improving health, and fostering community development. Below is a summary of how our initiatives align with and support key SDGs.

ogo SDG Contribution
SDG 3: Good
Health and
Well-being		 Efcient Cooking Stoves: The introduction of efcient
cooking stoves reduces indoor air pollution, which is a
signifcant health hazard, thereby improving respiratory
health and overall well-beingof households.
SDG 7:
Afordable
and Clean
Energy		 Clean Cooking Solutions: By distributing efcient cooking
stoves, we provide access to clean and afordable energy,
reducing the dependency on traditional biomass fuels
and enhancingenergyefciency.
SDG 13:
Climate
Action		 Carbon Ofset Contributions: Through our reforestation
and efcient stove projects, we have signifcantly
contributed to carbon ofsetting, aligning with global
eforts to mitigate climate change by sequestering
carbon dioxide and reducingemissions.
SDG 15: Life
on Land		 Reforestation and Biodiversity: Our eforts in planting
native trees and establishing live fences contribute to the
restoration of ecosystems, agricultural stability, and the
preservation of biodiversity, promoting sustainable land
managementpractices.
SDG 17:
Partnerships
for the Goals		 Community Engagement: By increasing the number of
community groups involved in our projects and fostering
partnerships, we enhance the capacity for sustainable
development and ensure the long-term success of our
initiatives through collaborative eforts.

By aligning our efforts with these SDGs, we not only address immediate community needs but also contribute to broader global goals, fostering a sustainable and inclusive future for all.

Plans for Future Periods

The Reduce Our Carbon Charitable Foundation aims to expand its impact through specific, measurable goals and targets for the next year, addressing new initiatives, anticipated challenges, and strategies to overcome them.

Goals and Targets

1. Expand Smokeless Stove Project

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  2. Target: Distribute 240 Justa smokeless stoves, reducing indoor air pollution and wood consumption.

  3. Measurable Outcome: Monitor wood usage reduction and household health improvements through surveys.

2. Enhance Agroforestry Efforts

3. Create Jobs and Improve Operations

New Initiatives

Anticipated Challenges and Mitigation

1. Reaching Remote Groups

2. Material Supply and Availability

3. Community Engagement

4. Regulatory Changes

By setting clear goals, implementing strategic initiatives, and proactively addressing challenges, the Reduce Our Carbon Charitable Foundation aims to enhance its

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impact in the coming year, driving progress in environmental conservation and community empowerment

.

Financial Highlights

In FY23, Reduce Our Carbon Charitable Foundation experienced significant financial growth, enabling us to expand our impact and reach more communities in need. Below are the key financial highlights for the year:

**2023 (GBP) ** 2022
(GBP)
Income
Total Income 55,171 5,400
Donations from Your Eco
Construction Ltd		 49,913 5,360
Other Donations 5,259 40
Expenditure
Total Expenditure 37,717 5,250
Net Income 17,455 150
Assets
Current Assets 21,212 150
Liabilities
Trade Payables 4,937 0
Net Assets 17,455 150

Notable Financial Developments

  1. Increased Funding: Significant increase in funding from Your Eco Construction Ltd, contributing 1.5% of their profitable project revenue to our initiatives.

  2. Strategic Expenditures: Investment in wages and salaries to support key full-time positions in Nicaragua, ensuring efficient project execution and oversight.

  3. Financial Stability: Enhanced financial stability allowing us to fund the introduction of smokeless stoves and expand our agroforestry project.

These financial achievements have strengthened our foundation, enabling us to make substantial progress in our mission to promote environmental conservation and improve the quality of life in rural Nicaraguan communities.

Approval

This report was approved by the Board of the Trustees on 25[th] January 2024 and signed on its behalf by:

Amanda Spicer

Chair of Trustees

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Statement of Financial Activities for the year ended 31st March 2023

March 2023
Notes 2023 2022
GBP GBP
Income From:
Sponsorship and 55,171 5,400
Donations
Total Income 55,171 5,400
Expenditure on:
Charitable activities 37,717 5,250
Total expenditure 37,717 5,250
Net income before 17,455 150
other recognized
gains or (losses)
Net movements in 17,605 150
funds for the year
Funds carried 17,605 150
forward as at 31st
March 23

All income and expenditure in the current Statement of Financial Activities was unrestricted.

The Statement of Financial Activities includes all gains and losses recognized in the year.

The notes on pages 8 to 10 form part of these financial statements.

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Balance Sheet as at 31st March 2023

Notes 2023 2022
GBP GBP
Fixed Assets 0 0
Total FixedAssets 0 0
Current Assets
Cash at bank and in 2,178 150
hand 20,212
Accounts
Receivables
22,390 150
Net current assets 22,390 150
Current Liabilities
Trade Payables (4,936)
Net Assets 17,454 150
Funds
Unrestricted funds 17,454 150

The financial statements on pages 8 to 10 were approved by the Trustees on 25[th] January 2023 and were signed on its behalf by:

Amanda Spicer

Chair of Trustees

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Notes to the financial statements for the year ended 31[st] March 2023

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

CIO information

Reduce Our Carbon Charitable Foundation was registered as a charitable incorporated organisation on 28[th] February 2020 and is governed by a constitution dated February 2020 and registered with the Charity Commission under charity number 1188258. The charity’s principal office address Old Church School, Butts Hill, Frome, BA11 1HR

Accounting Convention

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (“Charities SORP (FRS102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015 (amended 2 February 2016 and further updated 1st January 2019)

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Charities SORP (FRS 102) rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Reduce Our Carbon Charitable Foundation meets the definition of a public benefit entity under FRS 102.

Going Concern

The Trustees have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

Income is recognised in full in the Statement of Financial Activities (“SoFA”) in the year in which it is receivable.Gifts in kind are recognised in the SoFA as income at the fair value of the goods, services or assets gifted at the date of the gift.

Interest income from cash deposits and listed investments is recognised in the accounts gross, when receivable.

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Notes to the financial statements for the year ended 31[st] March 2023 (Continued)

Expenditure

Expenditure (excluding grants) is included in the SoFA on an accruals basis.

Grants

Grants payable are commitments (including payments) made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year grants are accounted for as grants payable when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the charity.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Debtors

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the Charity 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, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Fund Accounting

All funds received in the year are unrestricted in their application, the Trustees having full discretion over their use.

Critical accounting and estimates

In the application of the charity’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 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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The Trustees have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

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2. Income

3. 2023
£
2022
£
Income from donations
Your Eco Construction Ltd
49,913
5360
Others
5,259
40
Charitable Activity Expenditure
2023
£
2022
£
Expenditure
Project direct expenditure
37,717
5250

There were no staff employed by the charity (2022– no staff employed).

The Trustees received no remuneration or benefits from the charity during the year (2022: none).

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Reduce Our Carbon Charitable Foundation

Trustee’s Annual Report and Financial Statements For the Year Ended 31[st] March 2023

www.reduceourcarbon.org

Registered

Charity Number 1188256

Table of Contents

Charity Information......................................................................3 Message from the Chair................................................................4 Report of the Trustees for the Year ended 31st March 2023............5 Introduction.................................................................................................................5 Objectives and Activities..............................................................................................5 Achievements and Performance..................................................................................6 Structure, Governance, and Management...................................................................6 Nicaraguan Operations................................................................................................6 Sponsorship and Financial Stability..............................................................................7 Risk Management.........................................................................7 Trustee Visits ..............................................................................................................10 Contributions to Sustainable Development Goals (SDGs)...............11 Plans for Future Periods..............................................................11 Goals and Targets......................................................................................................11 New Initiatives...........................................................................................................12 Anticipated Challenges and Mitigation.......................................................................12 Financial Highlights....................................................................12 Notable Financial Developments................................................................................13 Statement of Financial Activities for the year ended 31st March 2023..........................................................................................14 Balance Sheet as at 31st March 2023...........................................15 Notes to the financial statements for the year ended 31[st] March 2023..........................................................................................16 Notes to the financial statements for the year ended 31[st] March 2023 (Continued)........................................................................17

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Charity Information

Trustees

Mrs Amanda Spicer (Chair) Ms Megan Neathway Mr Andrew Walsh-Perez Lt Colonel Tim C Edwards

Secretary Ms Megan Neathway Registered Charity Number 1188256 Principal Address Old Church School Butts Hill Frome BA11 1HR

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Message from the Chair

Dear Supporters,

I am delighted to present the Reduce Our Carbon Charitable Foundation’s annual report for the year ended 31st March 2023. This year has been one of significant progress and impactful change, thanks to the dedication and support of our volunteers, donors, and partners.

Year’s Highlights:

Future Outlook: Looking ahead, we are excited about the opportunities to expand our impact. Our goals for the coming year include:

We are deeply grateful for the unwavering support of our donors, volunteers, and partners. Together, we are making a tangible difference in the fight against deforestation and climate change. I look forward to another year of progress and positive impact.

Thank you for your continued support.

Warm regards,

www.reduceourcarbon.org 4 Registered Charity Number 1188256

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Amanda Spicer Chair of Trustees

Report of the Trustees for the Year ended 31st March 2023

Introduction

The trustees present their annual report together with the financial statements of the charity for the year ended 31st March 2023. The financial statements have been prepared in accordance with the 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 (FRS102) (effective 1 January 2015) (amended 2 February 2016 and further updated 1st January 2019) as detailed in the accounting policies.

Objectives and Activities

The purpose of the charity is to promote the conservation of the natural environment and the advancement of public education therein with particular reference to deforestation and other effects of the release of carbon dioxide emissions into the atmosphere and the encouragement of afforestation.

To further these purposes for the public benefit, the Charity funded by founding sponsor Your Eco Construction set up a volunteer-supported reforestation pilot project in the Boaco Department, Central Nicaragua. This initiative aims to establish a sustainable, community-based agroforestry model designed to prevent deforestation and provide recurring income for local families through the cultivation of native fruit trees and the introduction of smokeless stoves.

The main participants in the project are rural communities that have limited sources of income and depend primarily on family and community labor to work small holdings.

Each participant in the agroforestry project will receive a “Justa” smokeless stove, which offers multiple benefits: it reduces firewood consumption by 50%, significantly improving indoor air quality and mitigating respiratory and other health issues caused by traditional open fires. This innovation not only enhances health outcomes but also contributes to environmental sustainability by decreasing deforestation and lowering carbon dioxide emissions.

Introduction of Justa Smokeless Stove

The Justa smokeless stove represents a major advancement in promoting sustainable, healthy living practices in rural communities. Designed to replace traditional open fires, the stove offers:

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  2. Health Improvement: Reduces indoor air pollution, mitigating respiratory and other health issues.

  3. Environmental Benefits: Cuts firewood consumption by 50%, reducing deforestation and carbon dioxide emissions.

  4. Economic Impact: Generates carbon credits, providing additional support for our initiatives.

Proven in several Gold Standard accredited projects in Central America, the Justa stove's components are locally sourced and assembled by trained teams, ensuring quality and sustainability. This innovation is central to our strategy to enhance health, protect the environment, and support economic development in rural Nicaraguan communities.

Achievements and Performance

The significant increase in funding, driven by the growth of Your Eco and its commitment to allocate 1.5% of profitable project revenue to our initiatives, has been pivotal in expanding our projects. This financial support has enabled us to integrate the “Justa” smokeless stoves into our agroforestry program.

In FY23, ROC achieved significant outcomes in reforestation, clean cooking solutions, and community empowerment:

Structure, Governance, and Management

Reduce Our Carbon Charitable Foundation (the “Charity”) was registered as a charitable incorporated organization on 27th February 2020, registered number 1188256. Trustees are appointed by the Board of Trustees and meet at least four times a year to approve funding requests and deal with the governance of the Charity. The introduction process for newly appointed Trustees comprises an initial meeting with the Trustees to brief them on their legal obligations under charity law, the decision-making processes of the charity, and its policies and procedures.

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The governance structure of the ROC Charitable Foundation, combined with the operational framework in Nicaragua and the financial backing from Your Eco, ensures effective management and compliance with legal and regulatory requirements. This framework supports the charity’s objectives, promotes sustainable development, and ensures that resources are used efficiently and transparently

Nicaraguan Operations

Nicaraguan activities are delivered using a local legal entity contracted by ROC. The entity operates on a non-profit basis. Local staff are paid above the national minimum wage and are employed on a full-time or temporary basis or as contractors in accordance with local regulations. This model ensures that all activities in Nicaragua are fully compliant with local laws and regulations and in line with international standards.

To ensure ongoing compliance, the local entity also utilizes a local Registered Public Firm of Accountants to provide accounting, tax, and regulatory compliance services. This ensures adherence to both local and international regulatory requirements, maintaining transparency and accountability.

All activities and funding of the local entity are subject to the approval of the ROC Board of Trustees. The Trustees conduct bi-annual visits to review and audit local operations, ensuring that the activities align with the charity’s mission and strategic goals. These measures provide robust oversight and ensure that the highest standards of governance are maintained.

Sponsorship and Financial Stability

The foundation’s financial stability has been significantly bolstered by a sponsorship agreement with Your Eco, which allocates 1.5% of their profitable project revenue to ROC. This sponsorship has been pivotal in funding all operational expenses such as key full-time and part time positions within the organization in Nicaragua, including:

This financial support has allowed ROC to expand its operations, increase its impact, and provide sustainable, long-term benefits to the communities it serves. The stability provided by Your Eco’s sponsorship enables the foundation to focus on its core mission of promoting environmental conservation and improving the quality of life in rural Nicaraguan communities.

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Risk Management

The Trustees have diligently examined the major strategic, operational, and financial risks that the charity faces and have established robust systems to ensure that regular reports are produced, and necessary actions are taken to mitigate these risks.

Key Risks and Mitigation Strategies:

Risk
Category		 Risk
Description		 Mitigation
Strategy		 Controls Reporting
Strategic and Political Risks
Political Risk Variability in
government
support impacting
permits,
partnerships, and
community
engagement.		 Engage with
government entities
and establish
relationships with
high-level
representatives and
communityleaders.		 Regular
communication
with government
entities and
community
leaders.		 Updates to
Trustees on
government
relations and
community
engagement.
Regulatory
Risk		 Changes in
regulations
afecting NGO
operations.		 Maintain fexible
planning and engage
legal expertise for
navigating regulatory
changes.		 Compliance with
local regulations
through legal
expertise.		 Regular legal
updates and
compliance
reports.
Operational Risks
Operational
and Supply
Chain Risk		 Difculty sourcing
materials for
stoves and fruit
trees.		 Monitor supply
availability, source
locally, establish
fabrication
arrangements,
identify multiple
sources, and maintain
bufer stock. Set up
community-led
nurseries.		 Continuous
monitoring of
supply options,
local sourcing,
fabrication setup,
multiple sourcing
strategies, and
bufer stock.		 Reports on
material
availability,
sourcing, and
supply chain
status.
Stove
Performance
Risk		 Stoves may fail to
meet
expectations,
causing
dissatisfaction or
safetyconcerns.		 Implement quality
control in
manufacturing and
installation using
accredited stove
technology.		 Quality control in
manufacturing and
installation, use of
accredited
technology.		 Performance
reviews and
quality control
reports.
Agroforestry
Performance
risk		 Trees not as
described,
inadequately
monitored, or fail
to develop.






 Ensure accurate
documentation,
verifcation, and
robust monitoring
controls including
growth measurement
policies.		 Audit trails, site
visits, independent
verifcations,
regular monitoring,
control audits,
growth
measurement
policies.		 Reports on tree
planting
verifcation,
growth, and
management
practices.
Security Risk Visa and work
permit challenges		 Reduce reliance on
international staf by		 Recruitment and
trainingof local		 Updates on
stafngand

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Risk
Category		 Risk
Description		 Mitigation
Strategy		 Controls Reporting
for international
staf.		 recruiting and
training local
personnel.		 personnel. visa/work permit
status.
Natural
Disaster Risk		 Impact of natural
disasters on the
project.		 Implement disaster
preparedness and
response plans
leveraging
community and
government
protocols.		 Disaster
preparedness and
response plans,
collaboration with
community and
government
protocols.		 Updates on
disaster
preparedness
and response
measures.
Community and Engagement Risks
Community
Engagement
Risk		 Lack of support
from community
leaders.		 Ensure the project is
community-led with
liaison staf
promoting positive
perception and
continuous feedback.		 Community-led
approach and
liaison staf
employment.		 Community
engagement
reports and
feedback
sessions.
Rejection of
New
Technology		 Benefciaries
reverting to
traditional
cooking methods.		 Provide
comprehensive
training and follow-up
visits to ensure
proper use and
demonstrate benefts
of smokeless stoves.		 Training programs
and follow-up
visits.		 Training and
follow-up visit
reports.
Financial, Compliance and Ethical Risks
Going
Concern		 Fluctuations in
funding or
fnancial support
afecting project
continuity.		 Diversify funding
sources and create a
reserve fund.		 Financial audits,
budget reviews,
fnancial reserve
establishment.		 Financial health
reports to
Trustees.
Fraud Risk Improper use of
funds or
expenditure,
ensuring money
is used as
intended.		 Trustee approval for
all expenditures,
maintain fnancial
controls in line with
standards (e.g., FRS
102). Complete
verifable audit trail
for funds and tree
references.		 Financial controls,
regular audits,
trustee
expenditure
approval, audit
trails, third-party
accreditation,
independent site
visits.		 Financial reports
and audits
presented to
Trustees,
independent
verifcation
reports.
Unethical
Practices by
Third Party		 Third party acting
unethically.		 Trustee approval for
all third party
engagements,
appointments and
contracts		 Verifcation of
third-party ethics
through references
and regulatory
compliance.		 Ethics and
compliance
reports and third-
party references.
Compliance
Risk		 Non-compliance
with local,
national, and
international laws
and regulations.		 Ensure compliance
with local and global
standards and
regulations; stay
updated on legal and
regulatory changes.		 Conduct regular
compliance audits
and reviews;
implement a
compliance
management
system.		 Regular updates
to Trustees on
compliance
status, audit
fndings, and
areas of concern.

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Risk
Category		 Risk
Description		 Mitigation
Strategy		 Controls Reporting
Risk Area Risk Description Mitigation Control Reporting
Reputational
Risk		 Potential damage
to the
organization's
public image due
to negative
publicity or other
incidents.		 Develop a
comprehensive crisis
management plan
and communication
strategy.		 Regularly monitor
media coverage
and public
perception;
establish a rapid
response team.		 Regular updates
to Trustees on
media mentions,
community
feedback, and
reputational
incidents.
Environment
al Risk		 Negative impacts
on the
environment from
the organization's
activities,
including climate
change and
biodiversityloss.		 Conduct thorough
environmental impact
assessments; develop
strategies to mitigate
environmental
efects.		 Implement best
practices in
environmental
management;
monitor
environmental
performance
indicators.		 Regular reports
on environmental
performance,
compliance, and
progress on
mitigation
strategies.
Stakeholder
Risk		 Misalignment of
expectations and
interests between
the organization
and its
stakeholders.		 Develop clear
communication plans
and regular
engagement
strategies.		 Conduct regular
stakeholder
surveys and
feedback sessions;
implement a
stakeholder
management
system.		 Periodic reports
to Trustees on
stakeholder
engagement
activities, survey
results, and key
issues.

Trustee Visits

Bi-annual trustee visits are integral to our risk management strategy. These visits include:

  1. Independent Verification: Verifying project activities and ensuring trees are planted and maintained as reported.

  2. Governance and Compliance Reviews: Reviewing governance processes, internal controls, and compliance with regulations.

  3. Community and Stakeholder Engagement: Gathering feedback from community leaders, project staff, and beneficiaries.

  4. Audit Trail Validation: Ensuring funds are used appropriately and transparently.

Public Interest

The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit and in planning the activities for the year have kept this in mind.

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Contributions to Sustainable Development Goals (SDGs)

Our projects significantly contribute to the United Nations Sustainable Development Goals (SDGs), reflecting our commitment to promoting environmental sustainability, improving health, and fostering community development. Below is a summary of how our initiatives align with and support key SDGs.

ogo SDG Contribution
SDG 3: Good
Health and
Well-being		 Efcient Cooking Stoves: The introduction of efcient
cooking stoves reduces indoor air pollution, which is a
signifcant health hazard, thereby improving respiratory
health and overall well-beingof households.
SDG 7:
Afordable
and Clean
Energy		 Clean Cooking Solutions: By distributing efcient cooking
stoves, we provide access to clean and afordable energy,
reducing the dependency on traditional biomass fuels
and enhancingenergyefciency.
SDG 13:
Climate
Action		 Carbon Ofset Contributions: Through our reforestation
and efcient stove projects, we have signifcantly
contributed to carbon ofsetting, aligning with global
eforts to mitigate climate change by sequestering
carbon dioxide and reducingemissions.
SDG 15: Life
on Land		 Reforestation and Biodiversity: Our eforts in planting
native trees and establishing live fences contribute to the
restoration of ecosystems, agricultural stability, and the
preservation of biodiversity, promoting sustainable land
managementpractices.
SDG 17:
Partnerships
for the Goals		 Community Engagement: By increasing the number of
community groups involved in our projects and fostering
partnerships, we enhance the capacity for sustainable
development and ensure the long-term success of our
initiatives through collaborative eforts.

By aligning our efforts with these SDGs, we not only address immediate community needs but also contribute to broader global goals, fostering a sustainable and inclusive future for all.

Plans for Future Periods

The Reduce Our Carbon Charitable Foundation aims to expand its impact through specific, measurable goals and targets for the next year, addressing new initiatives, anticipated challenges, and strategies to overcome them.

Goals and Targets

1. Expand Smokeless Stove Project

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  2. Target: Distribute 240 Justa smokeless stoves, reducing indoor air pollution and wood consumption.

  3. Measurable Outcome: Monitor wood usage reduction and household health improvements through surveys.

2. Enhance Agroforestry Efforts

3. Create Jobs and Improve Operations

New Initiatives

Anticipated Challenges and Mitigation

1. Reaching Remote Groups

2. Material Supply and Availability

3. Community Engagement

4. Regulatory Changes

By setting clear goals, implementing strategic initiatives, and proactively addressing challenges, the Reduce Our Carbon Charitable Foundation aims to enhance its

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impact in the coming year, driving progress in environmental conservation and community empowerment

.

Financial Highlights

In FY23, Reduce Our Carbon Charitable Foundation experienced significant financial growth, enabling us to expand our impact and reach more communities in need. Below are the key financial highlights for the year:

**2023 (GBP) ** 2022
(GBP)
Income
Total Income 55,171 5,400
Donations from Your Eco
Construction Ltd		 49,913 5,360
Other Donations 5,259 40
Expenditure
Total Expenditure 37,717 5,250
Net Income 17,455 150
Assets
Current Assets 21,212 150
Liabilities
Trade Payables 4,937 0
Net Assets 17,455 150

Notable Financial Developments

  1. Increased Funding: Significant increase in funding from Your Eco Construction Ltd, contributing 1.5% of their profitable project revenue to our initiatives.

  2. Strategic Expenditures: Investment in wages and salaries to support key full-time positions in Nicaragua, ensuring efficient project execution and oversight.

  3. Financial Stability: Enhanced financial stability allowing us to fund the introduction of smokeless stoves and expand our agroforestry project.

These financial achievements have strengthened our foundation, enabling us to make substantial progress in our mission to promote environmental conservation and improve the quality of life in rural Nicaraguan communities.

Approval

This report was approved by the Board of the Trustees on 25[th] January 2024 and signed on its behalf by:

Amanda Spicer

Chair of Trustees

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Statement of Financial Activities for the year ended 31st March 2023

March 2023
Notes 2023 2022
GBP GBP
Income From:
Sponsorship and 55,171 5,400
Donations
Total Income 55,171 5,400
Expenditure on:
Charitable activities 37,717 5,250
Total expenditure 37,717 5,250
Net income before 17,455 150
other recognized
gains or (losses)
Net movements in 17,605 150
funds for the year
Funds carried 17,605 150
forward as at 31st
March 23

All income and expenditure in the current Statement of Financial Activities was unrestricted.

The Statement of Financial Activities includes all gains and losses recognized in the year.

The notes on pages 8 to 10 form part of these financial statements.

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Balance Sheet as at 31st March 2023

Notes 2023 2022
GBP GBP
Fixed Assets 0 0
Total FixedAssets 0 0
Current Assets
Cash at bank and in 2,178 150
hand 20,212
Accounts
Receivables
22,390 150
Net current assets 22,390 150
Current Liabilities
Trade Payables (4,936)
Net Assets 17,454 150
Funds
Unrestricted funds 17,454 150

The financial statements on pages 8 to 10 were approved by the Trustees on 25[th] January 2023 and were signed on its behalf by:

Amanda Spicer

Chair of Trustees

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Notes to the financial statements for the year ended 31[st] March 2023

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

CIO information

Reduce Our Carbon Charitable Foundation was registered as a charitable incorporated organisation on 28[th] February 2020 and is governed by a constitution dated February 2020 and registered with the Charity Commission under charity number 1188258. The charity’s principal office address Old Church School, Butts Hill, Frome, BA11 1HR

Accounting Convention

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (“Charities SORP (FRS102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015 (amended 2 February 2016 and further updated 1st January 2019)

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Charities SORP (FRS 102) rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Reduce Our Carbon Charitable Foundation meets the definition of a public benefit entity under FRS 102.

Going Concern

The Trustees have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

Income is recognised in full in the Statement of Financial Activities (“SoFA”) in the year in which it is receivable.Gifts in kind are recognised in the SoFA as income at the fair value of the goods, services or assets gifted at the date of the gift.

Interest income from cash deposits and listed investments is recognised in the accounts gross, when receivable.

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Notes to the financial statements for the year ended 31[st] March 2023 (Continued)

Expenditure

Expenditure (excluding grants) is included in the SoFA on an accruals basis.

Grants

Grants payable are commitments (including payments) made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year grants are accounted for as grants payable when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the charity.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Debtors

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the Charity 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, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Fund Accounting

All funds received in the year are unrestricted in their application, the Trustees having full discretion over their use.

Critical accounting and estimates

In the application of the charity’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 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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The Trustees have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

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2. Income

3. 2023
£
2022
£
Income from donations
Your Eco Construction Ltd
49,913
5360
Others
5,259
40
Charitable Activity Expenditure
2023
£
2022
£
Expenditure
Project direct expenditure
37,717
5250

There were no staff employed by the charity (2022– no staff employed).

The Trustees received no remuneration or benefits from the charity during the year (2022: none).

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Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/
members of
On accounts for the year
ended		 Charity Name
Reduce Our Carbon Charitable Foundation		 Charity Name
Reduce Our Carbon Charitable Foundation		 Charity Name
Reduce Our Carbon Charitable Foundation
31stMarch 2023 Charity no
(if any)		 1188256

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the 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 which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Date: 31/05/24 Name: Barrie Roche Relevant professional ACA 1997 qualification(s) or body (if any): Address: Back Cottage Buckland SN7 8RG

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

October 2018

IER

1

Give here brief details of any items that the examiner wishes to disclose .

October 2018

IER

2