Reseed
Annual Accounts for the period 1[st] Jan 2023 to 31[st] Dec 2023
Charity Commission Registration Number 1197149
20 Stanley Ave, Beckenham, Kent BR3 6PX
https://reseed.org.uk
Eddy Smythe
Chair of Trustees
Approved by the Trustees on 22[nd] February 2024
Doc ID: 01f1cd46b7cf6d9b22cf00a6bb5e4404ab6a85af
Doc ID: 01f1cd46b7cf6d9b22cf00a6bb5e4404ab6a85afDoc ID: 23224e85546c8cbd26e41afdf3aa45b6eee00f22
Reseed
Charity Commission Registration Number 1197149
Balance Sheet – Comparative
As at December 31, 2023
| Current Assets Debtors Cash at Bank and In Hand Creditors Trading Creditors Other Creditors Net Assets Funds & Reserves Restricted Funds Unrestricted Designated Funds Unrestricted General Funds Funds Provided |
31 Dec 2023 2,027 25,841 -115 -627 |
31 Dec 2022 |
|---|---|---|
| 19,230 -3,896 -1,641 13,693 666 801 12,227 13,693 |
||
| 27,125 7,921 3,546 15,657 |
||
| 27,125 |
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Reseed
Statement of Financial Activities (Income and Expenses)
January 1, 2023 to December 31, 2023
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| Income | ||||
| Income and Expenditure | 67,640 | 26,400 | 0 | 94,040 |
| Total Income | 67,640 | 26,400 | 0 | 94,040 |
| Expenses | ||||
| Expenditure | 61,450 | 19,158 | 0 | 80,608 |
| Total Expenses | 61,450 | 19,158 | 0 | 80,608 |
| Net Resources Movement | 6,190 | 7,242 | 0 | 13,432 |
| Transfers Between Funds | -14 | 14 | 0 | 0 |
| Net Movement in Funds | 6,176 | 7,256 | 0 | 13,432 |
| Total Funds Brought Forward | 13,028 | 666 | 0 | 13,693 |
| Total Funds Carried Forward | 19,204 | 7,921 | 0 | 27,125 |
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Period start date from 1[st] Jan 2023 to Period end date 31[st] Dec 2023
Charity name: Reseed Charity registration number: 1197149
Objectives and Activities
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SORP
reference
Summary of the purposes of Para 1.17
the charity as set out in its The relief of poverty by supporting sustainable
governing document livelihoods programmes in Sierra Leone.
Summary of the main Para 1.17
and 1.19
activities in relation to those Our principal activities focus on raising funds to
purposes for the public support and give grants to our partner, Reseed
benefit, in particular, the Sierra Leone, to implement planned sustainable
activities, projects or livelihoods programmes in Sierra Leone.
services identified in the
accounts. Sustainable livelihoods can encompass many
paths of support, our activities in 2023 focused
on three main pillars in urban and rural settings in
Sierra Leone: Microfinance, Agriculture, Up-
skilling & Employability.
We believe that, by creating sustainable
employment and empowering individuals and
communities to reach financial stability, we can
lift thousands of people out of poverty.
We work with a local team embedded within
communities in Sierra Leone to deliver economic
empowerment projects.
Statement confirming Para 1.18
whether the trustees have In planning our activities for the year, we
had regard to the guidance continued to keep in mind the Charity
issued by the Charity
Commission on public
benefit
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Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Policy on grant making | Para 1.38 | We have no plans at present to make grants to anyone else other than to our existing and dedicated local partner and team embedded in Sierra Leone |
| Policy on social investment including program related investment |
Para 1.38 | As indicated above our Policy on Social Investment is key to all our activities in Sierra |
| Leone, focussing on Microfinance, Agriculture, Up-skilling and Employability |
||
|---|---|---|
| Contribution made by volunteers |
Para 1.38 | We have a small team of Volunteers in the UK assisting with managing all the finance, governance and admin issues required of a registered charity. We are very grateful for their efforts and expertise. |
| Other | N/A |
Achievements and Performance
| SORP reference |
||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | 1. In 2023 we provided 243 local people with a micro-finance loan so they can set up or expand their business. With a stable and reliable income, they can escape the cycle of poverty and are empowered to make their own decisions, plan for the future and are more resilient to health and environmental shocks. Our Level 1 loans are the most in demand, with many people living in poverty and unable to access finance in any other way. Some cannot provide collateral for the loan so we offer group loans where 2-4 people become a group and act rs. In our most recent project cycle, in November 2023 we distributed: - children and grandparents - who benefit also. We estimate that 685 extra people will benefit from our most recent round of support. 2. We supported six young people to start, continue or complete their further education and gain essential skills to start their careers 3. We provided compost training and on- going support to six agricultural communities, allowing them to boost their yields and start selling produce locally for a profit. |
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Additional information (optional)
You may choose to include further statements where relevant about:
Achievements against Para 1.41
objectives set The 243 Microfinance loans we provided in the
year was a great increase on the 89 we provided
in our very first year of operation in 2022 and
proved that our locally based operational model
worked.
Our last November loan cycle enabled us to
specifically support 24 people with disabilities or
caregivers with children. This was a key objective
for last year (and for this one too) to support the
most vulnerable in society.
Performance of fundraising Para 1.41
activities against objectives A concerted effort to identify and contact with
set potential funders resulted in a total of £21,200 in
grant funding from 7 different funders being
received in the year.
Of this, £3,500 was for Upskilling Projects and
£17,700 for Microfinance projects, based
throughout Sierra Leone
Additionally, over £3,500 has now been raised for
conjunction with Bigfoot Cycle Club based in
Bromley, with a new shop opening just before
Christmas 2023 in Fadugu, Northern Sierra
Leone.
In December 2023, we ran a successful
fundraising campaign on social media and
through our newsletters which specifically
focused on increasing our monthly donors as we
look forward to 2024.
Investment performance Para 1.41
against objectives N/A
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| Achievements against objectives set |
Para 1.41 | The 243 Microfinance loans we provided in the year was a great increase on the 89 we provided in our very first year of operation in 2022 and proved that our locally based operational model worked. Our last November loan cycle enabled us to specifically support 24 people with disabilities or caregivers with children. This was a key objective for last year (and for this one too) to support the most vulnerable in society. |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | A concerted effort to identify and contact with potential funders resulted in a total of £21,200 in grant funding from 7 different funders being received in the year. Of this, £3,500 was for Upskilling Projects and £17,700 for Microfinance projects, based throughout Sierra Leone Additionally, over £3,500 has now been raised for conjunction with Bigfoot Cycle Club based in Bromley, with a new shop opening just before Christmas 2023 in Fadugu, Northern Sierra Leone. In December 2023, we ran a successful fundraising campaign on social media and through our newsletters which specifically focused on increasing our monthly donors as we look forward to 2024. |
| Investment performance against objectives |
Para 1.41 | N/A |
| Other | N/A |
Financial Review
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Review of the Para 1.21
financial position at the end We have improved the diversity of our cashflow
of the period with increased regular donations from both our
16 founder members and other supporters
donating as and when, thereby making
ourselves less reliant on donations from our
founder that will continue at present however.
The debtor ratio from our Micro-finance projects
has proved much lower than we anticipated
meaning the amount of funds available for
recycling back into the project on the ground is
more, hence we can help more people.
Our increased cashflow has meant we have
been able to more than double our cash
reserves during 2023 to provide greater security
for our employees and potential funders alike.
Statement explaining the Para 1.22
policy for holding reserves As a charity with very low running costs in order
stating why they are held to focus all our efforts on working with the
people of Sierra Leone, and only now in our
second year of operation, we have calculated
that the level of cash reserves required by us to
ensure we could meet any winding up
obligations to our employees, plus provide a
buffer for unforeseen circumstances should be
the equivalent of three months expenditure
amounting to £20,000 approx based on our
2024 budget.
Amount of reserves held Para 1.22
As at 31 [st] December 2023 we have £8,700
reserves (up from £4,000 at 31/12/22) in a
designated bank account held with the Co-op
Bank in the UK and are committed to paying a
minimum of £100pm by DDM to this account
plus other unrestricted funds as available
following a review at each Trustee board
meeting and at the end of each calendar year.
Reasons for holding zero Para 1.22 N/A
reserves
Details of fund materially in Para 1.24 N/A
deficit
Explanation of any Para 1.23 N/A
uncertainties about the
charity continuing as a going
concern
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Additional information (optional)
You may choose to include further statements where relevant about:
Para 1.47
sources of funds (including Our core funding source remains our many
any fundraising) individual members and supporters who both
contribute monthly by Standing Order and/or
one off contributions.
Such funds attracted Gift Aid from UK taxpayers
which we diligently follow up with HMRC.
Funds for
Functions organised in conjunction with Bigfoot
Cycle Club including Quiz Nights, sales of
branded caps and ruffs, raffles and generous
contributions made by the Club itself for which
we are grateful.
Investment policy and Para 1.46
objectives including any Currently all funds are held in in three cash
social investment policy bank accounts in the UK
adopted
A description of the principal Para 1.46
risks facing the charity They are primarily political and economic, over
which regrettably we have no control.
Sierra Leone is a very young democracy with
deep seated problems primarily caused by past
internal conflicts and poverty, the relief of which
is the reason we exist.
Grant funding remains challenging to source
and the UK economy is affecting donations but
as economies worldwide improve post Covid we
are optimistic.
On the ground in Sierra Leone our operating
model proven very workable and extremely
resilient and we now have a motivated, well
managed and experienced team.
Other N/A
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Structure, Governance and Management
| trusts: | ||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | CIO Association (model constitution) |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Charitable Incorporated Organisation (CIO) |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustees are appointed or re-appointed at each AGM by the Trustee Board |
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Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures Para 1.51
adopted for the induction Referral to relevant Charity Commission website
and training of trustees Trustee information and other sites such as
NVCO etc
Para 1.51
structure and any wider Sierra Leone based; our COO is based there for
network with which the approx 6 months of the year working with our
charity works implementation partner, Reseed Sierra Leone on
the ground. The RSL team consists of 9 Sierra
Leoneans including 1 Operations Director, 2
Programme Managers, 4 Field Staff and 2
night/weekend Security.
UK based; our COO as indicated plus two
Finance/Admin volunteers.
Relationship with any Para 1.51
related parties Reseed Sierra Leone as our on-site
implementation partner
Other N/A
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Reference and Administrative details
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Charity name Reseed
Other name the charity uses N/A
Registered charity number 1197149
20 Stanley Avenue
BECKENHAM
Kent
BR3 6PX
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Names of the charity trustees who manage the charity
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Dates acted if not for Name of person (or body) entitled
Trustee name Office (if any)
whole year to appoint trustee (if any)
1 Edward Anthony Smythe Chair of Trustees Trustee Board
2 Donald Rust
3 Daniel Paul Harris
4
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Corporate trustees names of the directors at the date the report was approved
Director name N/A
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year | |
|---|---|---|
| N/A | ||
Funds held as custodian trustees on behalf of others
Description of the assets held in this capacity N/A Name and objects of the charity on whose behalf the N/A assets are held and how this falls within the custodian Details of arrangements for safe custody and N/A segregation of such assets assets
Additional information (optional)
Names and addresses of advisers (Optional information)
| Type of | Name | Address |
|---|---|---|
| adviser | ||
| N/A | ||
Name of chief executive or names of senior staff members (Optional information)
Roxanne Hargreaves Chief Operating Officer
Exemptions from disclosure
Reason for non-disclosure of key personnel details
N/A
Other optional information
N/A
Declarations
Signed
Signature(s) Full name(s) Edward Anthony Smythe Position (eg Secretary, Chair of Trustees Chair, etc) Date