CHANGE NIGERIA PROJECT REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 AUGUST 2017

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1 Charity Number: CHANGE NIGERIA PROJECT

2 Dear Donors, Supporters and Volunteers, Thank you, as without you the Change Nigeria Project will not be where it is today. Constance Neneh Maduka-Umusu Founder, Monitoring and Evaluation Manager

3 Founders Special Note of Thanks Starting with one and building upon its success was the best advice I received this financial year. Thank you, Diane Eyre.

4 CONTENTS PAGE Legal and Administrative Information 2 Constitution 2 Principle Objectives, Aims and Activities 2 Structure Governance and Management 2 Review of the Year 2 Achievements and Performances 4 A Look Ahead 6 Trustees Responsibilities 7 Risk Management 7 The Trustees 8 Equal Opportunity Policy 8 Financial Statement of Activities 9 Financial Statement of Activities Notes 11

5 TRUSTEES Constance Neneh Maduka-Umusu Aisha Keeney Irene McCarthy Isabel Udeh FOUNDER, MONITORING AND EVALUATION MANAGER Constance Neneh Maduka-Umusu PRINCIPLE ADDRESS Change Nigeria Project The Lansdowne Building 2 Lansdowne Road Croydon London CR9 2ER NIGERIA ADDRESS Change Nigeria Project Landmark Towers (6th Floor) Water Corporation Road Victoria Island Lagos Nigeria BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Avenue West Malling Kent ME19 4JQ Guaranty Trust Bank plc (GTBank) 714 Adetokunbo Ademola Street Victoria Island Lagos State Nigeria 1

6 LEGAL AND ADMINISTRATIVE INFORMATION The Trustees present their Report and Financial Statements for the Year Ended 31st August CONSTITUTION The Change Nigeria Project is a Charitable Incorporated Organisation governed by a Constitution dated 7th September 2015 and registered under the Charities Act 2011, Registration No The Change Nigeria Project commenced operations on 1st September 2015 and became a registered UK charity on the 06 January PRINCIPLE OBJECTIVES, AIMS AND ACTIVITIES The Charity s objective as set out in Clause 3 of the constitution is for the relief of unemployment for the public benefit within Nigeria in such ways as may be thought fit, including assistance to find employment. The Change Nigeria Project finds and funds apprenticeship placements and awards placements to the ( target beneficiaries ): - n Long-term unemployed youth n Long-term underemployed youth STRUCTURE GOVERNANCE AND MANAGEMENT Although volunteers work remotely, the charity operates from its principal London office, where the Monitoring and Evaluations Officer communicates daily with the Human Resources Manager at the charity s office in Nigeria. The Nigeria office manages the screening, advisory and placement of apprentices. Trustees meetings are held quarterly to receive reports on activities and monitor routine operations. REVIEW OF THE YEAR 2016/2017 was our first full year operating as a registered charity. I must say, it has been an eventful one. Thankfully we have had more up s than downs and it has been a great learning curve in my role as Monitoring and Evaluations Manager and as Founder of this young charity. The Apprentice9ja! Programme is the first project to be created under the charity. We have received over 3,120 registrations for the Programme and receive approximately 20 telephone and enquiries daily. Unfortunately, the funds we have raised are only enough to support 12-apprentices 2

7 on the programme and we have had to make some tough decisions in order to support the 12. One of the tough decisions we have made is to lower the maximum the charity is able to fund per placement per month, which has now dropped from 50,000.00/pcm to the lesser of 30,000.00/pcm or 30% of the monthly entitlement, however, this is still % over the 18,000.00/pcm national minimum wage. The Apprentice9ja! Programme has brought to light gaps in the way we deliver support to our target beneficiaries, which has led to us taking a step back and developing a programme targeting secondary school students. We aim to release this programme in Q3/Q4 of our next financial year. My prayer for the next year is to continue to carry out our charitable purpose, forge mutually beneficial partnerships with students and their parents and build lasting relationships with secondary schools, businesses and the local community. I pray we continue to work towards our target of having at least 3,000 youths benefit from our projects by the end of 2019 and to see our first set of apprentices follow in the footsteps of Shola Olumodeji and land their first permanent role and progress in their chosen careers. I pray we continue to grow from strength to strength and foster a network of charity supporters, fundraisers and volunteers in the diaspora. And I pray those reading this end of year report, will lend their support and help an unemployed youth help themselves out of poverty. Constance Neneh Maduka-Umusu Founder, Monitoring and Evaluations Manager 3

8 ACHIEVEMENTS AND PERFORMANCES Placements We have been fortunate to have developed host employer relationships with five varied Lagos based employers. The below table highlights how the funds raised were distributed per host employer: - BY HOST EMPLOYER Number of placements Number of months /pcm Novus Agro , OCP Africa Hello Suya , Majik Juice , Bespoke Events TOTAL , Novus Agro Established in 2009 Novus Agro is a full-fledged Agricultural market and professional service firm offering Argic based information and consulting services to all direct and indirect participants of the Agricultural sector. In 2016 Novus Agro became the Change Nigeria Project first host employer and placement provider offering six apprenticeship placements in the Agribusiness industry; two in Kaduna which were fully-funded by Novus Agro and four in Lagos on a 50%/50% funding split between Change Nigeria Project and Novus Agro. Now in their ninth month Novus Agro continues to successfully train Chioma Ekechukwu, Nurudeen Adetoro, Modupe Gbede and Babatunde Ogun, developing their knowledge, skill, confidence and experience in agricultural statistical data gathering and analysis (commodities). In month eight of his apprenticeship Shola Gabriel Olumodeji took advantage of an external vacancy; something we like to encourage further into a placement. He applied for a vacancy and was offered a permanent role, a role he admits he would never have gotten without the experience and support he received from Novus Agro during his placement. 4

9 Hello Suya Formerly known as Suya Café, Hello Suya is a fast-growing restaurant chain based in Lagos. We created two opportunities on a 37.5%/62.5% funding split between the Change Nigeria Project and Hello Suya; Logistics Manager and Customer Relations Manager. As a fast-paced business Hello Suya required two young people who are quick to learn with a little knowledge in both areas and Lagos. Now in their sixth month of training both Motunrayo Otun and Nelson Ogwuche, continue to enjoy their placement and opportunity it provides. Majik Juice As a young business offering raw, organic and 100% natural juices, smoothies, salads and wraps. Majik Juice needed the social media marketing skills of a young person to get their business online and on the social network. A Customer Marketing Manager placement, working under the supervision of the owner was created on a 37.5%/62.5% funding split between the Change Nigeria Project and Majik Juice. Now in her sixth month of training Mayowa Owoeye-Wise continues to put her theoretical knowledge and interest to work on this placement. OCP Africa OCP Africa is a global fertiliser company based in Lagos, Nigeria. In March 2017 OCP Africa became the charity s fourth host employer and took on an Ayokanmi Oluwabuyide as an Apprentice Accounts Assistant on a fully-funded placement. Now in their fifth month of training OCP Africa continues to be supportive in their role as trainer and employer. Bespoke Events An Apprentice Business Development Manager opportunity had been created by the established high-profile events and decorating company. Bespoke Events became a host employer and on-thejob training provider in June Andre Abiwo successfully filled the position and joined Bespoke Events on a 42.86%/57.14% funding split between the Change Nigeria Project and Bespoke Events. Microsoft Change Nigeria Project successful qualified for the Microsoft Non-profit discounted software programme and receives a range of donated and discounted Office 365 licences. SAGE Change Nigeria Project became the recipients of the SAGE Foundation, SAGE ONE Accounting and Payroll licence to the value of per annum. 5

10 Google Change Nigeria Project became the recipient of the Google Ad Grants award. The Google Ad Grants programme supports registered non-profit organisations that share Google's philosophy of community service to help the world in areas such as science and technology, education, global public health, the environment, youth advocacy and the arts. Google Ad Grants is an in-kind advertising programme that awards free online advertising to non-profits via Google AdWords to the value of $10,000 per annum. Salesforce Change Nigeria Project became successful members of the Salesforce 'The Power of Us' program, which gives Non-profit organisations access to Salesforce products and resources to help expand their collective impact. The 'Power of Us' Program includes 10 donated subscriptions and deep discounts on additional subscriptions, products and/or services from Salesforce. Women4Africa Awards 2017 In May 2017, Constance Neneh Maduka-Umusu was awarded UK Humanitarian of the year for her work at the Change Nigeria Project. A LOOK AHEAD The Trustees will continue supporting unemployed young Nigerians as part of their poverty reduction strategy. They will continue to monitor the apprentices and the impact and of course the financial performance of each placement. The Trustees will continue to work towards their longer-term strategy of diversifying the Change Nigeria Projects income stream with a greater emphasis on the sustainability of the charity. Website redesign The Trustees have agreed that the current website is no longer fit for purpose. Work on the redesign of the website will commence in the next financial year, with a tentative roll-out date of July Gift Aid Scheme The Trustees are in support of the Change Nigeria Project registering for the Gift Aid scheme to benefit from an additional 2.5% from the UK Government made on donations by, registered UK taxpayers. 6

11 TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations and the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state-of-affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: n Select suitable accounting policies and then apply them consistently. n Observe the methods and principles in the Charities Statement of Recommended Practice (SORP). n Make judgments and accounting estimates that are reasonable and prudent. n Follow applicable UK Accounting Standards and the Charities SORP, disclosing and explaining any departures in the accounts. n Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. RISK MANAGEMENT The Trustees and management assess the major risks to which the charity is exposed, and this process continued during the year. In the opinion of the Trustees the charity has established and continues to operate, systems and controls to mitigate the risks to an acceptable level in day-to-day operations 7

12 THE TRUSTEES No Trustee had any beneficial interest in any contract with the charity during the year. EQUAL OPPORTUNITY POLICY The Change Nigeria Project is an equal opportunities employer and will apply objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability. Selection criteria and procedures are reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees are given equal opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation. The Change Nigeria Project is committed to a programme of action to make this policy effective and has brought it to the attention of all employees. Approved by the Trustees on 21st June 2018 and signed on their behalf by: Constance Neneh Maduka-Umusu 8

13 FINANCIAL STATEMENT OF ACTIVITIES SOURCES OF INCOME Notes Income Income Total (Unrestricted) (Restricted) Donations 9, , Host Employer - Contribution - 4, , Job Listing Buy & Keep CV Bolt-on Total Incoming Resources 9, , , OPERATING AND PROGRAMME EXPENDITURE Apprentice9ja Placement Funding - 8, , Travel and Sustenance 2, , Marketing Software and Licences Rent Mobile/Telephone General Admin Expenses Bank Charges Insurance Mobile Equipment (MiFi) Broadband/Data (Wi-Fi) Dues and Subscription General Admin Expenses Account Maintenance Charge Training and Development Purchase Discounts Commission (Bank) Stamp Duty Charge Business Registration Fees Value Added Tax (Bank) Accounting Fees , , ,880.95

14 NET MOVEMENT OF FUNDS 3, (4,042.90) (816.64) RECONCILIATION OF FUNDS Total funds brought forward Arrears Exchange -/+ (7.90) - (7.90) Total funds carried forward 3, (3,758.97) Approved by the Trustees on 21st June 2018 and signed on their behalf by: Constance Neneh Maduka-Umusu THE NOTES ON PAGE 11 FORM PART OF THIS FINANCIAL STATEMENT OF ACTIVITIES. 10

15 THE CHARLES HAYWARD FOUNDATION GRANTS PAID FOR THE YEAR ENDED 31 DECEMBER 2014 FINANCIAL STATEMENT OF ACTIVITIES NOTES Arrears Income received in September 2017, however, relates to August Average Exchange Rate The Trustees agreed to use an average exchange rate of for the period August August 2017 in computing the GBP exchange in this financial report. Host Employers Contribution Host Employers Contributions are contractually agreed with the placement provider and payable monthly. Donations Received from private individuals. Buy & Keep CV Add-on service provided by the Apprentice9ja programme. The fee is a discounted administrative cost. Job Listing Discounted administrative cost for the listing of placements. Stamp Duty This is an imposed 50 duty by the Federal Government of Nigeria, on every banking transaction Business Registration The process to register the charity name in Nigeria begins with the registration of the name. Unfortunately, we have been unsuccessful in having our name approved. Henceforth halting the registration process. Commission (Bank) 100 commission per banking transaction. VAT 5% tax on commission and account maintenance fees. 11