AFRICAN AGRICULTURAL TECHNOLOGY FOUNDATION
Latest income
£21.3m
Latest spending
£14.6m
Registered
2005
Accounts read
FY2024
Financial health, per its FY2024 accounts
The accounts state that the group recorded a net operating profit of US$8.8 million for the year ended 31 December 2024, compared to a net operating loss of US$4.3 million in the prior year. Per the trustees' report, unrestricted reserves stood at US$7.1 million, which is below the stated policy target of approximately US$7 million (equivalent to four months of the US$21 million annual budget). The trustees confirmed that the organization has adequate resources to continue in operational existence for at least twelve months from the date of approval.
What the accounts disclose
Reserves policy: four months of annual budget
“As per policy, AATF will maintain a general cash reserve equivalent to at least four months of annual budget unless explicitly authorised by the board to operate on a lower reserve level. This translates to about US$7 million (considering the budget of US$21 million).” — page 36
Per its FY2024 accounts as filed with the Charity Commission.
Payments to trustees: C Kanangire received remuneration of $317,949 as Executive Director and Trustee.
“During the year remuneration was paid to C Kanangire, Trustee, of $317,949, inclusive of pension of $30,714 (2023: $301,227) in his capacity as Executive Director of the Charity, as permitted by the provisions in the Charity's Governing Document.” — page 60
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Remuneration paid to C Kanangire, Trustee, in his capacity as Executive Director.
“During the year remuneration was paid to C Kanangire, Trustee, of $317,949, inclusive of pension of $30,714 (2023: $301,227) in his capacity as Executive Director of the Charity, as permitted by the provisions in the Charity's Governing Document.” — page 60
“During the year advances were paid to C. Kanangire of $61,548 relating to advances in accordance with his role as Executive Director at the Charity. During the year $56,811 was repaid by C. Kanangire and the year-end balance was $20,733 (2023: $15,996)” — page 60
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Advances paid to C Kanangire, Trustee/Executive Director.
“During the year remuneration was paid to C Kanangire, Trustee, of $317,949, inclusive of pension of $30,714 (2023: $301,227) in his capacity as Executive Director of the Charity, as permitted by the provisions in the Charity's Governing Document.” — page 60
“During the year advances were paid to C. Kanangire of $61,548 relating to advances in accordance with his role as Executive Director at the Charity. During the year $56,811 was repaid by C. Kanangire and the year-end balance was $20,733 (2023: $15,996)” — page 60
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Loans to senior management personnel.
“During the year remuneration was paid to C Kanangire, Trustee, of $317,949, inclusive of pension of $30,714 (2023: $301,227) in his capacity as Executive Director of the Charity, as permitted by the provisions in the Charity's Governing Document.” — page 60
“During the year advances were paid to C. Kanangire of $61,548 relating to advances in accordance with his role as Executive Director at the Charity. During the year $56,811 was repaid by C. Kanangire and the year-end balance was $20,733 (2023: $15,996)” — page 60
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Sub-grants to subsidiaries (Agridrive, QBS, ECOBasic).
“During the year remuneration was paid to C Kanangire, Trustee, of $317,949, inclusive of pension of $30,714 (2023: $301,227) in his capacity as Executive Director of the Charity, as permitted by the provisions in the Charity's Governing Document.” — page 60
“During the year advances were paid to C. Kanangire of $61,548 relating to advances in accordance with his role as Executive Director at the Charity. During the year $56,811 was repaid by C. Kanangire and the year-end balance was $20,733 (2023: $15,996)” — page 60
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Trustee honoraria.
“During the year remuneration was paid to C Kanangire, Trustee, of $317,949, inclusive of pension of $30,714 (2023: $301,227) in his capacity as Executive Director of the Charity, as permitted by the provisions in the Charity's Governing Document.” — page 60
“During the year advances were paid to C. Kanangire of $61,548 relating to advances in accordance with his role as Executive Director at the Charity. During the year $56,811 was repaid by C. Kanangire and the year-end balance was $20,733 (2023: $15,996)” — page 60
Per its FY2024 accounts as filed with the Charity Commission.
Trading subsidiary: Qualibasic Seed Company Limited, Agridrive Nigeria Limited, Ecobasic Seed Company Limited
“AATF has fully owned subsidiaries in Kenya (1) and Nigeria (2) namely Qualibasic Seed Company Ltd (Kenya); and Ecobasic Seed Company Ltd. and AgriDrive Nigeria Ltd (Nigeria).” — page 11
Per its FY2024 accounts as filed with the Charity Commission.
Structured financials (annual return, FY ending 31/12/2024)
Total income
£21.3m
Total spending
£14.6m
Cost of raising funds
£2.4m
Reserves (reported)
£5.5m
Employees
63
Trustees
- Dr Aggrey John Douglas Ambali Profchair
- Dr Abubakar Adamu
- Dr BERNARD SLIPPERS Prof.
- Dr Canisius Kanangire
- Dr Evelyn Margaret Gill
- Dr Gilbert Muthee Mwoga
- Dr Grace Wairimu Kamau PhD, CPA
- Dr Katrin Glatzel
- Jacob Saudin Jacob Mwakaje Prof.
- Professor Muhammadou Momodou Omar Kah
- Sylvia Nanteza Kyeyune
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £21.3m | £14.6m |
| 31/12/2023 | £10.7m | £13.4m |
| 31/12/2022 | £9.6m | £11.8m |
| 31/12/2021 | £12.8m | £11.1m |
| 31/12/2020 | £11.9m | £10.7m |
Common questions
Is AFRICAN AGRICULTURAL TECHNOLOGY FOUNDATION financially healthy?
The accounts state that the group recorded a net operating profit of US$8.8 million for the year ended 31 December 2024, compared to a net operating loss of US$4.3 million in the prior year. Per the trustees' report, unrestricted reserves stood at US$7.1 million, which is below the stated policy target of approximately US$7 million (equivalent to four months of the US$21 million annual budget). The trustees confirmed that the organization has adequate resources to continue in operational existence for at least twelve months from the date of approval. Its FY2024 accounts were audited by Crowe U.K. LLP.
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| AKO FOUNDATION | 1 | £1.2m |
| WINCHMORE HILL BAPTIST CHURCH | 1 | £137k |
| THE MARK ANTHONY TRUST | 1 | £100k |
| EDUCATIONAL OPPORTUNITY FOUNDATION | 1 | £90k |
| THE ALLEN OVERY SHEARMAN STERLING FOUNDATION | 1 | £50k |
| THE COLES-MEDLOCK FOUNDATION | 1 | £40k |
| THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL NEW MALTON | 1 | £39k |
| THE BATCHWORTH TRUST | 1 | £35k |