Rating reports

African Initiatives
Input

Director, Rosie Martin, joined the charity in April 2008. She has been in the international development sector since 1994, with Concern Worldwide in Ethiopia, Haiti, Cambodia and Malawi, and through her academic studies. An experienced fundraiser has been employed. All employees are currently working part-time as the charity restrains costs and works to develop income and growth. Trustees and advisors contribute development, NGO, social justice, local government, business and finance experience. In Tanzania and Ghana, two knowledgeable and experienced local people have been recruited on a part-time, volunteer basis to monitor and review projects locally until such time as the charity is able to resume regular field visits.

Key Financials  

 

       
Year end 31 March (£000s) 2004 2005 2006 2007 2008 2009E
Income            
Project restricted income 186 233 177 165 52 150
Unrestricted income 8 8 16 32 25 50
Investment income 2 3 3 2 4 1
Total income 196 244 196 199 81 201
Expenses            
Project expenses 196 196 216 142 118 145
Costs of generating funds 0.5 5 5 4 15 20
Administration expenses 3 17 15 17 24 28
Total expenses 200 218 235 163 157 193
             
Balance of project restricted funds 52 94 58 93 13 30
Reserves
42 25 23 23 28 36
Number of employees
2 3 3 3 4 3
             

Some institutional funding commitments ended in 2008/early 2009. Substantial time was spent in 2007 pursuing a major funding proposal, which came to nothing. After a difficult 2008/9 period, income has resumed for some programmes. Another year’s operations has been secured, through calendar year 2009, but it is critical that new donors are attracted to resume full programme funding and maintain or increase the impact on beneficiaries. 2008 has not been a typical year in terms of finances and fundraising efficiency.


Key ratios            
  2004 2005 2006 2007 2008 2009E
Proportion of restricted income 95% 95% 90% 83% 64% 75%
Proportion of income used on projects 100% 80% 110% 72% 146% 72%
Programme ratio 98% 90% 92% 87% 75% 75%
Administration ratio 2% 8% 6% 10% 15% 15%
Fundraising efficiency 0p 2p 2p 2p 18p 10p
Reserve development 19% -40% -10% 2% 22% 29%
Number of months of cost coverage 3 2 2 4 2 3
   
Development Ratings estimates            

In 2008, expenditure was split between countries as follows: Tanzania 77%, Ghana 23%.

In 2008, income was derived from the following sources: institutions, trusts and foundations 65%; individuals 29%, sale of fair trade goods 6%.


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