The Registered Compary Number is'. 12330469 (Entsnd and Wales) The Charity Registratton Number : 1197874 IA- FOUNDATION Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 Dernber 2024 Trni&Co Unkt One lfjngs Eslate Homchurch RM12 4RS
IA- FOUNDATION Roport and a¢counts lor thg year •ndgd 30 Decembgr 2024 cOntts Page Chaylty Infonnation Trustees, AnnLFal Report Indgpend&nt Audltor8' R•port Funds St•tmts... Statemènt of Financi81 Adiirit488 Balante ¥heet No8 to th• &¢¢ount8
IA- Foundatlon R¢port of the Tee5 fwtheyear End¢d30 December 2024 The trustees are also directors of the charity for the purposes of the Companles Act 2006. present thelr rt wlth the financlal statements of th¢ charlty for th¢ year ended 30 Oecember 2024. The trustees have ed the proulsions of Accounting and ReF1ftg bj Charities: Statement of Recommended Practice app icable to charities preparing thÈLr accounts in accordance with the Financ1 Rewrting Standard applicable in the UK and Republlc of Ireland IFRS102) (effecti l January 2019). STRUCTURE, GOVERNANCEAND MANAGEMENT GOVERNING i)OCUMENT The charity is controlled by Its governing document. a deed of trust. andconstitutes a ilmlted company, limited by guarantee, as deflned by the Companles Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Re9iStered Ccrfnpany number 12330469 (En9land and Wales) Registered Charlty number 1197874 RÈgistered office Ttmi 6 Co (Chartered Certified Act(rttants) Kings Estate Broadu)ay Parade Horrtchurch RM12 4RS Trustees O J Famaklnwa FCA FCCA- Chalr lappotnted1&124) l B Adeagbo FCA FCCA A A Ishrnael Y A Ralml-OdlTnayo FCA- Treasurer Company Secretary l B Adeagbo FCA FCCA Independent Examiner Timi & Co {Chartered CertlfledAccountants) Kings Estate Broadway Parade Hornchurch RM12 4RS Approued by orderof the board of trusteeson 27th Septemkn 2025..And signed on its behalf by.. O J FaMakirUa- Chalrman
IA- Foundatlon Report of the Trustees for the Year Ended 30 Decemr 2024 l am honoured to present the 2024 Tntstee'5 ReyL hlghllghting IA-Foundation's achleuement$. progress. and Impact over the past year. Mission and Obiectiues Our mission reTnains unchanged. to transforni lives thrgh edu¢ation in Nlgeria and Africa. Brirng "Out of School Chlldren" back Into classroom. This year. uje focLwd on increasing fundralslng. Iwilding capaclty. expanding progrnms. and enhancing 9¢)emance. Key Achleuements IA-Foundatlon hosted Its 5th Chartty C4la and Fundraising event In Nlgerfa for the first time. The event was aimed at raising funds and awareness for its educatlonal program5. The euent featured a dlnner, speeches. liue perforniarkces, andanauction. bringingtogethersupporters and stakeholders. The gala successfully raised £16.000. which were dire¢ted t(xuard bursarles and resources for the 20.2 mllllon underprtvileged children in NTgerla. We also hostedthe 2nd edition of Out- of -school Chlldren Summit in October 2024, themed°Street to school- A tech-based solution". The summit focused on creatlng natlonal awar¢rtess about the how Information Technology can contribute to the effectlve reduction of the scorge OUtf-SchOol chIldn in Nlgerla. The summit gatheredexperts, educators. poEicymakers. and advocates todiscuss strategies for improving enrolment rates and educatÈonal opportunltles. It proulded a platform to achieue multi-sector awarene. Involvement, and inuestment in addressing the embarrassing statistics of over 20.2 million wt-of5thoolchiidTen in the cntry. As a follow up to the summit. Lue oryanized a Charity Walk to rnise awareness for out-of-school chlldren from Ikeja Under bridge to Lagos Sate House of Assembly. Alausa Secretariat to seek the audience of the members of House of Assembly to address the issue of out-of-school children in the state. The partlcipants were all united in the cause of supporting educational Initiati for children In need. These events highlighted IA-Foundation's commitment to addressing educational ¢hallgnges and fostering 1)pytunities for children to succee We leuera ed on our UK reijlstration to organlze two ke events. It is at the heart of UK Public Sector to hlghli t the scourge of Out of school Children and t e international dlmension to the issue. The Ma oro London 8orough of Southwarkand the MembÈrs of the UK House of Commons were visited tos owcase the work5. impacts and key findings of the Foundation and to attrdct the attentlon of the Nigerian diaspora communtty and international communities touiards building shared visions and moblllzlng resources to combat the menace of Outfh0o1 children in Nigeria. Our key objectiue of demonstrating the relationship/corrdatlon bellw illiteracy and insecurity in Nlgeria was achleued at both events. As part of our six strnte9iC Strands. the Foundation Is relentles5 in his campalgn of advocacy and education awareness, Wlth our Fnder and CEO, Mrs. Ibironke Adea9bo. maknng appearances on uarlous television stattons to increase public auweness of the natson's out-of-5th001 chÉldren problem. The FoundatÈon conlinues to retain and deuelop its crop of volunteers lThirty-Fiue) reflectlng Street to school- A tech-based solution the Foundatlon's expandlng outreach efforts and the compelltng misslon to support educational initÉatives. The Foundation has actively engaged its uolunteers Luith a uariety of meanlngful acliuities. one of which is vtsiting the tnty-twO schoo15 to check up on the benefictaries. During these school visits. volunteers assess the sdents. academic progress, address any challenges they may be faclEW. and offer support tallored to individual needs. The Foundation Staff Wlt some beneficiarles tn EdiKare School. Lagos to assess the academic progress of the beneficlaries as well as the donation of gift item to the benefLCtarles. In a simuar manner. we donated Donation of N250.000 to Saint Academy SchooL Jos ouer the collapsed of the School buildhn and their fami the donation was to aid in the Fecovery and support efforts of the affected students The Foundation uiews its online presence a5 a 5tTategic opportunity to reach the Lvidest possible audience beyond Ni eria's boarders. We hosted a Vlebinar in Ottober 2024 to telebrate the International Day of t Cdrl Child. The event created the online platform to address the challer4ges girls face and lo promote girls, education. equality and human rights. The hosting of the Webinar ort (wr website impr(HJed visibility and created a dlfferent umndow for {tOrS to learn about the Foundation's mission aT initiatiLJes. Our enhanted p)rtal &s also slgn wstlng donors to sponsor a child, offering a more streamlined and erwing experience fDr potential swjnsors.
In our commitment to fostering education and addressing the challenges that keep children out of
school. the Foundation is set to empower the mothers of t-Of-sChOoL children. This inrtiatlue
reco9nizes the plvotal role that mothers play in the lives of theiTthildrenand seeks to enhance their
capacity to support thelr children's education.
Flnanclal Report
Our Foundation cont4nues to operate with strong flnanclal gouernance ensuring all
self sustalning, malntain adequate reseTh to ensure continuity for six month5 in t
material euent that temporarily constrdins the fundraising of the F¢)undation.
For the year ended 30th Oecember 2024. the Foundatlon delivered a deficit of £3,284. Compared to
£4.708 dEficit in 2023. The deficit for the current year. thts is due to hosting the Annual Fundraising
Gaia in Nigerla ujhere the deterioratlon of the currency lead to low funds receipts. Also. we notice
after 5 years that the Foundalion is facing donor fatigue. To address this fatlgue, we are extending
our service offering5 and reaching out to new and tradltional sponsors in Nigeria to reverse the
two years cumulatiue defLCLt flnancial perforrnance. The full detalis are contained in the audited
flnandal statements on pages 7 to 21 of thls Annual RewL
rograms are
e euent of a
Looking Ahead
In the tomin9 year, We will improve our reL*nue by diversifying the funding streams. we wlll now
erla). We u)111 seek and find legacy
host two Charlty fundralsing nts annually fin the UK and NikTLds from u¥hlch we ujould deriue
donors (Corporate 6 Personal) to pr(Mxde long terni beneuolent
annual operating Income.
We wlll detjelop a number of project proposals to assist other NGOS to achieoe our mutual goals.
These proposals will also
enerate funds for our Foundation. We will build a databank to track
current beneficlaries and t
eir guardian& as we bdleve thwj wtll forni the future IA-Foundatlon
Alumni.
We will conttnueto enhance
Foundatlon Company knmited By Guarantee Independont Examiner's Report on the unwditgd Aecountsof IA-Found•tlon Y•orended 30 0ocemb8r2024 I report on the accounts ofthe charit8ble comp8nyforthe yeaTende(I De¢ember2024. Ra¥ptIve responsibilitios of trn#t•ttand •xamtsber. The tru*eeswho are 8Lso the directors of the comparyforthe purposes of company (8W8T8 responsible foTlhe prgparation of Ihe accounts. ThetTuslees coft$idèrth8t an audit is not reqLrired torthis year under section 43121 of the Charities Act 1993 (the 1993 Act) and th8t8n independentexamination ts needed. Havingsatisfied myself thatthe charity is not subjectto an au(Jitundercompanylaw and is8ligible for independent examsnation. it is my responsibilttyto= examinethe 8ccounts undef SelOn 43ofthe 1993Ac¢ followthe procedures laid down inthe gewalDirections giwen bythe Charity Commission lunder8ection 43171 Ibl of the Act. asamended}: and state whether p8ni¢ular matter# hav• cometo myatt8ntson Ba¥ls of lttd8p•ndent &X8rn1nefs ststem8nt My examinationwas carTted out in 8¢¢ordBnce vhth general DIrelonS bythe Charty Commisslon. An examination includes 8 revlewoythe accounting record3 kept lrythe charityand a comp8ri80n of the accounts presented wrththose records. It also inciu¢Jes consideration of any unusual items or disclosures in the accounts and seeking explanationsfrom yoy 8S tnJsteBs conceming8ny8uch m8tters. The procedures undertaken do not provide all the evtdence thatwouLd be requlred in an audit. 8nd con8equ8ntLy no oplnion 1$ given 8Sto whether theaccounts present8 Irue 8rKI fairww and thg report is limited to those m8tt8rs 38t tsut Trnthè st8tsment bew. Independent examiner's st8tement In connection wtth my eXarnIT0n. no matter has cometo my attention: whlch us reasonable causeto believe thaL In arymaterial r88pect.the Tequirements: to keep accountingrecofds in COrdanceW1lh section 386 of the Comp8niesAct 2006 and to prepare accounts which Èccord withthe accounting records. comptywith the accounting fequirements otsection 396 of the CompaniesAct 2006 and the methods and pfincipLes of the Statement of RecommetKled Practice: Account and RepoTting by Chariiles have nol been met: or tovthich in ryry opinion. attention thouid be drawn In oroertoenable a proper undeTSlandingofthe Accounisto be reached. D8niel Dele-ojo FCCA rimi and Co. Ch8rtefgd Certrfi8dAccourrtants D8te- 27 September2024
.107 T.184 4015 61815 7.134 4q15 IBll 67.523 67.*23 4143 p2MI {470BI &743 13284) {4MI ?43 1ZW8 1U11 10,$20 13M11
9.702 1719 2957 f13 1931 11958 11858 O J F4mthrtwA
IA-Found•tfon Notes to the Financial Statements l Accounting Pollcies Accounting conventlon The financial statements have been prepared under the historical cost convention 3nd in accordance with the Financial Report1 Standard for smaller Entities (effective 20081. the Companies Act 2006 and the Statement of Recommended Practice, Accounting and Reporting by Charitie5 ISORP 20051 issued in March 2005. No separate income and expenditure account has beèn included because thè company has no endowment fvnds. bl Oon*lons and grants Income from donations and Brants, Including capital grants, is include(i in illcomin8 re50urce5 when these a receivable, except as follows.. When donors specify that donations and grants given to the charity must be used in future accountSng periods. the income is deferred untTrl those periods When donor5 impose conditions. which must be fijtrfilled, before the chartty becomes entitled to use such income, the income is deferred and not included in incoming sOurCeS untll the pre-conditions for use hove been met. When donors specify that donations are ft)r restricted purposes. whkh do not amount to pre- conditions regarding entitlement, this income Is Included in IncomlnB resources of restritted funds when receivable. Inwme Income Is accounted of on accrual basis. The ChalitS income is mainly from grants and donations. Resources expended Expenditure is recognized on an accrual basi5 as a liability is incurred. Expenditure includes VAT as the Charity is not registere(I forVAT and therefore is pOrted as part of the expenditure to which it relates Costs of generating funds comprise the costs associated with attractin8 8rant income. No such cost has been recognized in the year. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its charitable activities of Advocacy and Sltpport, Children and Family Services and Resplte & Support. It includes both costs that can be allocated directly to suth activrties and those costs of an Éndirect nature necessary to support them. Support costs are therefore not shown separately in the statement of finanual activities. Governance costs include those costs assoclated wlth meetlng the con5titLrtlonal and statutory requirements of the Charity ènd include accountsncy fees and costs linked to the strategic management of the Charity. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activÈty are allocated directty,. others are apportioned on an appropriate basis e.g.. time based and used. Taxatlon There is no liability to any UK Tax arisln8 neither from the results norfrom any activity of the Charity.
IA- FOUNDATION Detslled analy5N of hKomg and exwdlurefortheyw 8nded 30 December 3)24 as rnqulreql by tho SORP 2015 2 Inc<)me and Endowm Tclal FundB T1 Furm 2023 Donallon• and 18ga¢l•• Donations- lThJivyYual 4.475 4N76 6,728 1.414 1A14 20 &t35 8porwa thlbj 5.738 4738 7,410 off Mt 5,397 2.910 2.677 6,788 1,018 Totsl donatiom and glfts from Indlvlduols 16J 8M5 Funth Tatsl Funds Charttable a¢1¢$ Donations- Dinn 17.2WJ 17393 15,331 Event. Oinnertick8ts and Rair t•£b 5.837 16,566 Charity walk 7.114 T4)ts5 23.130 23,1 39,031 Total In¢ome and Endowments Total Income and Endowments 39.187 4615 47.802 62M15 3 Oth•r Income and gains 10
IA- FOUNDATION Detalled anatysls of incoTh and eXndrn forth&yw ended 30 2024 a5 required by the SORP 2015 Tt)W FwHth Tolal Fur Fun 2024 Summary of RlISed Gaints Exchange gain 7.134 7.134 Total Inc 7,134 7.134 4 Expendlture on charilablo actlvitl•s. Dlrectgpgndlttg T41ial Ftsn Toial Fun Current Yeor FuThJs 2023 T(avel and subsi8t. Chwit Event. Anniversary D1nnerexpSes Educational ejonations l En(knb Advoc¥¢y Hospitalty 17.627 17.627 19.381 8.on 7.092 2.221 12. 11899 Totsl dlractsFlTrg 37,992 Supry)rt costs for Critable actlvlu Tirtal Fund5 Totsl Funthb Curnent Yoar FuThJ 2023 VDlunte¢rcosts Trustees expenses Training gnd devekwent VolunteeTS' C05ts- Nigw 8,631 1.293 6,397 TeOne. fax and intemet Staliontry, printing and F¥lStaJe Subscripti¢)ns Membership Subs1p1A]n- xc Websita and sclwe Health and safety costs Advertising and marketing Re31riGted eApE¥Jditur¢ General A(imin 81 551 547 Bl $51 047 760 341 187Z 371 11
IA- FOUNDATION Detailed analysls of IncoTh and exwrPfOrtheYear ended 30 DeMb•r 21)24 as ¥•qulrgd by the SORP 2015 Suspense I Vdunteers Small a88et Books Donations 561 1.oni Legal and professional fees Consukn fees 7.162 Financial costs Bank charges- Nigeria Depreciation & AMOrtisat in tclal fur 220 1,396 1742 22M14 29.531 Total support c¢)¥ts- Current Y•ar 11742 21614 29,531 AJI Ihe exrenditure in 54r¥$ ufyESItw Other EXPdtUre. GOv•M¥n ¢osts Cunwrt Y 2024 YJ24 2D23 Indepen Ex8miErfs fees Total Charltablo gxpendltyre Tolal FLmdB Total FLm 2023 Tolal diTeGt swding Tolal support costs Total Govemaneo ¢0 37.992 29.531 19.742 2i614 12
IA- FOUNDATION Deta51ed ana1 of in¢om? and •xpondltur• for the 30 Deffiber 2024 r8qulT8d ty the SORP 2015 Tolal Fun Prfor Year FUF Total direct SFqJiThJ Totsl support Costs 37,W2 29.531 29W1 fj73 67.S23 13
- Creditors: Amounts falling due wlthin one year CuFrenty2•r Cu¥Yent >w CyrrvY0er Piioryear Fd5 Flmds Total Funds 2024 2023 479 275 Tradg ¢YwJtlot¥ 61B 1013 1288