Charity number: 1048908
Commonwealth Girls Education Fund (CGEF)
Unaudited
Trustees' report and financial statements
For the year ended 31 March 2021
Commonwealth Girls Education Fund (CGEF)
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 21 |
Commonwealth Girls Education Fund (CGEF)
Reference and administrative details of the charity, its Trustees and advisers For the year ended 31 March 2021
Trustees
Roxanne St Clair, Chairman Vimal Shah Noreen Cesareo Bea Hemming Rita Odumosu Louisa Service OBE, deceased (resigned 16 July 2021) Megan Simpkins Jagravi Upadhyay Isabella Weech-Jones Ladi Mudakai Dariya (appointed 9 September 2021)
Patrons
The Right Honourable Baroness Boothroyd OM, PC Baroness Flather JP, DL Baroness Howells
Charity registered number
1048908
Principal office
c/o Kreston Reeves LLP, 168 Shoreditch High St, London, E1 6RA
Accountants and Independent Examiner
Kreston Reeves LLP, A2 Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN13 3QZ
Bankers
Barclays Bank PLC, 210 High Street, Hounslow, TW3 1DL
Secretary and Charity Contact
Danielle Jones-Smith (resigned 29 October 2020) Maxine Hurley (appointed 5 October 2020)
Page 1
Commonwealth Girls Education Fund (CGEF)
Trustees' report For the year ended 31 March 2021
The Trustees present their annual report and unaudited financial statements for the year ended 31 March 2021.
In preparing the accounts, the Trustees have followed the accounting policies set out in note 1 to the financial statements and the requirements of the Statement of Recommended Practice, "Accounting and Reporting by Charities" effective January 2019.
CHARITABLE OPERATIONS
This is a registered charity established to provide sponsorship for the secondary education of girls who are unable or unlikely to continue in secondary school without financial support. The girls must be committed to their education and willing to take responsibility for making a positive difference to their community.
Structure, Governance and Management
The CCLEF was formed in 1967 and was originally known as 'Commonwealth Countries League Educational Fund (CCLEF)'. The CCLEF was registered as a UK charity in 1982 with a charity number of 287174 and it reregistered in 1996 with number 1048908. The charity changed its name from CCLEF to ‘Commonwealth Girls Education Fund’ (CGEF) on 1st April 2016 to more aptly represent the charity’s central purpose and identity. A new LOGO and new livery were introduced at the same time.
The Trustees of the CGEF have always worked closely with other Civil Society Organisations and education establishments to enrich its understanding of the education systems and conditions across the Commonwealth. The Trustees are informed by this on-going exchange of information and expertise from like-minded organisations which help govern its selection of candidates for sponsorship, which may occasionally be sourced through a local charity. It also works closely with the Commonwealth Secretariat and High Commissions in London.
The CGEF's secondary school sponsorship scheme for girls is individually tailored to the needs of each applicant and sponsorship is based on academic potential, merit and need. It is given on an annual basis. Renewal of support is based on each girl's school report, achievements and recommendation from their Head Teacher. The Trustees also require a photograph and an annual letter from the girl with information about her life and ambitions.
The Trustees are appointed with a view to ensuring that the charity has a variety of skills and experience relevant to its main aims.
The Trustees meet regularly throughout the year and are responsible for the overall direction of the charity and for core strategic policies. There are clear responsibilities and procedures for reporting decisions, actions and issues, including recruitment and induction of new trustees.
Risk Management
The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of control; data management, financial, safeguarding and otherwise. The Trustees believe that appropriate controls exist having regard to its size and composition of the board of Trustees.
OBJECTIVES AND ACTIVITIES
Review of activities and performance
Our Vision: To change Commonwealth lives through education and friendship; to educate and empower young women as agents of change in their own communities.
Our Mission: To sponsor girls of ability through secondary education where, without assistance, they would be unable or unlikely to continue in school; to give them a sense of their own value and worth; and to enable them to act as ambassadors for female education within their own communities.
The Board: The Board of Trustees has not changed during the course of the year. A prospective trustee has been invited observe board meeting until the Board meets in September 2021, when they will be formally elected to the Board. The Trustee brings to the CGEF a broad range of skills and experience in administration and educational practice.
Page 2
Commonwealth Girls Education Fund (CGEF)
Trustees' report (continued) For the year ended 31 March 2021
Key achievements
Sponsorship of Girls
During the year the charity sponsored 217 girls through secondary schools in 28 low economy Commonwealth Countries (262 girls/ 28 countries in 2019/20) and the Trustees are pleased to report that 47 girls completed their final year of secondary school during the year (40 girls in 2019/20).
Direct spend on sponsorships was £33k (2020: £61k). Individual grants ranged from £115 per girl (Sierra Leone) to the maximum amount, £500 (Delhi and Uganda).
Due to the COVID19 pandemic the number of girls sponsored has decreased this year. A large number of applications and renewals are usually processed during March, however, due to the respective regional lockdowns, and subsequent closures of schools, a number of them were put on hold until confirmation is received that schools have reopened. Furthermore, with the imposed challenges to large in person fundraising events Trustees had voted to suspend the processing of new sponsorship applications in order to focus on the girls already approved for sponsorship in March 2020. Invitations will be extended to schools in selected countries to submit new applications post April 2021.
Board meetings take place quarterly and there are three additional meetings where the Trustees focus purely on ‘our girls’ and the particular conditions and events they face in each country. Due to the extended lockdown all meetings have been held virtually.
Barclays’ current banking policies has meant that the online payment service is not compatible with the charity’s complex mandate, so manual postal payments have been resumed until an alternative means of dispersing sponsorship funds can be sought. This has seen an increase in bank fees.
The Trustees remain vigilant to the need to comply with data management laws and regulations. Each girl or her guardian has given their written permission for her personal data to be held by the CGEF and used appropriately. Great care is taken to protect the girls’ personal identities. The Alumnae Association is under the umbrella of the CGEF.
Fundraising Activities
In person fundraising activities were not possible, so new online activities were created. This was achieved with the help of our many supporters:
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Our inaugural Commonwealth Cook-Off invited supporters to “Cook a Dish and Fulfil a Wish”,
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raising just under £5k for the CGEF
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A Commonwealth Cookbook, sharing a selection of the recipes, will be published at the end of
-
-
The Friends of the CGEF scheme continues to be promoted online and in the annual report.
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Recurring income from Trusts and Foundations and Corporate bodies were as follows:
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• The Royal Overseas League Golden Jubilee Trust originally agreed to donate £2,000 pa for a period of 4 years and requested that this be designated to cover the costs of CGEF sponsored girls in Pakistan. In this final year they once again increased their donation to £3,000.
The Trustees are also grateful to numerous Corporates, SMEs and individuals who donated money and gifts in kind and who participated in fundraising activities to support the aims of the charity, especially:
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The CCL whose Annual Fair in aid of the CGEF held at Kensington Town Hall is the largest and
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most diverse fundraising event in the Commonwealth Calendar year. Although the fair did not take place the CCL made a donation in lieu of the fair.
-
Eric Peake, who runs the Annual Grand Draw for the CCL in aid of the CGEF, invited regular
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supporters to make a donation in lieu of the raffle. Together the funds donated to the CGEF were £20k.
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Clarity English, an award winning, Hong Kong based company who again donated £10k.
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The Canadian Federation of University Women (CFUW) Salt Spring Island branch members for
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their award winning Hope Project in aid of the CGEF with a donation of £5.9k.
Page 3
Commonwealth Girls Education Fund (CGEF)
Trustees' report (continued) For the year ended 31 March 2021
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The following donors: The Madrinha Trust and various other Trusts and individual donors, some
-
who wish to remain anonymous.
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The following Friends of the CGEF: Louisa Service OBE, Mrs V Easom George, Mrs Jenny Ives,
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Tessa Smith, David Fredericks and those who wish to remain anonymous.
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The following professionals who donate their time and expertise: Alan Marshall, Hazleford Ltd for
-
payroll services
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The High Commissioners and their staff who encouraged their nationals to take part in the
-
Commonwealth Cook-Off, and were able to assist the CGEF with queries relating to matters in their respective countries.
The Trustees wish to thank the CGEF’s very many other volunteers and donors of time and resources, the total value of which is impossible to calculate and undoubtedly exceeds the values reported in these financial statements.
Other Achievements
The CGEF was invited to the following Commonwealth events:
-
The Commonwealth Secretariat Dialogue with the Secretary General online events.
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The Chair, Roxanne St Clair, was invited to join the Adjudication Panel for the Commonwealth
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Youth Awards 2021.
The former Administrative Secretary left the Charity at the end of October 2020. Her replacement joined the charity at the beginning of October 2020.
Newsletters were issued during the year to our database of regular supporters.
Future plans
-
The Trustees will resume the processing of new applications in the new financial year
-
The 'Safeguaring Policy' will be developed further
-
A Trustee will be appointed to coordinate the revitalization of the Alumnae Association (AA) with the
-
aim of attracting more members of the AA who are engaged and active in their own Commonwealth
-
The Board of Trustees are actively seeking prospective trustees in order to replace trustees who
-
are approaching the end of their term on the Board.
Public benefit
The Trustees confirm that they have referred to the Charities Commission's guidance on public benefit when reviewing the company's aims, objectives and activities and are satisfied that they fully meet it.
Review of financial position
The Charity had funds of £682,356 at 31 March 2021 (2020: £470,333). Net income amounted to £135,091 (2020: net expenditure £9,461) before other recognised gains of £76,932 (2020: losses of £65,584). Of the Charity's total funds at the year end, £483,160 (2020: £406,228) as held as fixed asset investments at the year end of which £5,785 (2020: £4,669) were classed as endowment funds. The Charity had free reserves at the year end of £198,316 (2020: £63,665).
Investment policy
The Trustees ensure that investments are held in low, low medium, risk income producing funds. In 2015/16 the Trustees switched the main body of the charity’s investments and surplus cash in to managed, income generating bonds with St James Place. The investments are regularly reviewed by the Trustees with professional advisers. See further information on page 6.
Reserves policy
The reserves policy is to ensure that the CGEF has sufficient reserves to enable completion of secondary schooling for all girls sponsored at any one time and the Trustees believe this requirement to be fulfilled.
Page 4
CommonweaKh Girls Educatlon Fund ICGEF) Trustees, report Iconlinuedl For Ihg y•ar ended 31 March 2021 statement ol Truslees. Responsibllitit$ The Iru5tees ale ¥e¢ponsible lor wopanng lh8 r•Jwi aThJ finan¢i?I slalemenls in acwdan¢8 Mlh 3pplthbl¢ law nd Uniled KlrrfJdom Accounlin9 Slandards Iunlled K10M Gener8Ny A¢¢epted Ac¢¢xmlltv4 PfadKe). The law applicablo Ic charilte5 in Er¥JlarKJ and Wpjes requwès Ihe Irvslees to prepare f¥1 slatemL-nts for each finan¢¥al year which giv¢ o and 'Aew of Ihe $iblo ol all&ts ol lh¢ charily and ol the incorning rèsourc and applic&lion ol r¥sOW of Ihe chwly lor Ihal In ppaIry Ihèse slaleffienls. U uslees are required lo: ¥rlecl stsilablo accrrtJnlin9 policles and appty them con5i5teniiy: obs•ryo the mothods and principl8s in lh¢ Charilios SORP IFRS 1021,. mbke jud9menls esllmal•s thMI ale reosonatAe and prudent; slale whether applicable UK AnI1j Slandards (FRS 1021 have been loUry•¢J. su¥erf Io onj mot¢rial d•p8rture3 li5¢1ose(J èxplained in the finarKial slalomenls: prepare the financaal statgm¢nls on Ihtr going concern bast5 unlgS5 it 1$ inappropriate to preSUff that tho anty wlll continue In opetotion. Thè IruBlees ar• rSpSbI8 lor keeping adwuai8 •¢cwnling records that are sulfi¢ienl to and eiplain charllls Iran$aGlions and disclose Mrylh reasonable Kcuracy al any tirne the fin3rKial po%ilioti ol Ihe ¢hBrily and enoble Ihem to entufe Ihal Ihè fin8hual slblemenls compty wilh the Charities Ad 2011. the Charily {AccoLinlS and Repor¢sl Regulats'ons 2008 and lh• prth5ws ol Ihe goverrmng docwnènl. Ihey ale also lesponsib lor saleguÈrding the assels ol the ch<irrty and henco lor tskir re¥sonbble sltps lor th• pfeveiilrfjn arbd delcclion ol Ira¢A or other Srregufaiitles. Approved by the board ol TN31w$ siwed on its be11 Roxanne Sl Clair Chhlrrnan Vim•l Shah Tmst•• (FIMric•) Dale.. /3.01. 2022
Commonwealth Girls Education Fund (CGEF)
Trustees' report (continued) For the year ended 31 March 2021
Investment Policy
-
Cash balances are available for the principal purpose of the charity: to sponsor girls secondary
-
education costs around the Commonwealth.
-
The CGEF aims to distribute sponsorship monies of between £70,000 and £120,000 per annum.
-
However, due to the COVID19 pandemic disbursements were below the minimum level. The amounts can vary depending on the amounts requested in applications and the number of beneficiaries sponsored each year.
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Included in the cash balances is an unrestricted and reducing “development fund” of £31k (£31k in
-
2020).
-
Investments are held in reserve to ensure all sponsored girls are able to complete their secondary
-
education in the future should the CGEF cease to function. Each year the projected cash flows out reduce unless more applications for sponsorships are approved by the board.
-
Included in investments is a permanent Endowment Fund, the Marguerite Greenhouse Fund of
-
£5,785 (2020: £4,669).
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The CGEF Rules: 6. Financial Control state that “All money shall be kept in a bank account for the
-
Education Fund". Investment of that money shall be at the discretion of the Trustees with the aim of securing the long term future of the fund.
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Investment decisions are approved by all the Trustees of the board based on the considered advice
-
of investment professionals.
The charity received investment income of £9,247 (2020: £18,064) from a combination of the total cash held of £96,177 (2020: £88,225) and total investments of £483,160 (2020: £406,228). In the year the HSBC holdings have decreased in value slightly to £63,480 (2020: £68,137) however the St James' Place portfolio risen in the year to £399,956 (2020: £321,744), the Invesco Fund shares increased in value to £19,724 (2020: £16,347).
1. INVESTMENT OBJECTIVES
-
To maintain sufficient liquidity for the purpose of making regular sponsorship payments.
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- To secure the long term future of the fund.
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There are no overall expectations for returns on investments.
-
There is a need to protect any capital in absolute terms.
2. RISK
-
The CGEF is not dependent on investment income or total return on investments to fund annual
-
charitable expenditure.
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There is significant flexibility in charitable expenditure levels.
-
The CGEF has a low risk appetite.
3. LIQUIDITY REQUIREMENTS
-
The CGEF currently has high liquidity with no significant changes in the pattern of spending are
-
predicted in the short to medium term. Income levels are more difficult to predict.
4. ETHICAL INVESTMENT CONSIDERATIONS
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The CGEF does not have an ethical investment policy however perceives no existing conflicts with
-
its financial service providers.
5. MANAGEMENT AND REPORTING
-
Two signatures are required to authorise cash and investment instructions. This is usually EITHER
-
the Chairman and Hon Treasurer OR one of the Chairman and Hon Treasurer plus one other Trustee.
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All external expenditure is pre-authorised by a quorum of the Board of Trustees (minimum 3
-
Trustees).
-
CGEF Investments are reported in the Annual Accounts prepared by a firm of Accountants
-
appointed by the board.
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At the end of every financial year (31st March) the Trustees check that the total value of
-
investments held are adequate enough to ensure that every beneficiary in the CGEF’s records can complete her secondary education. The timeframe is usually within the next 1-6 years and thus includes administrative costs.
Page 6
Commonweallh Girls Education Fund {CGEF) Trustees. report IcoD¢lnuedl For lh¢ year end¢d 31 Mar¢h 2021 APPROVAL AND REVIEW Approved and signe¢J on behalf ol tho board ol Twuslees by. Vlmal Shah Truslee (Finan Roxanne St Claii Ch•lmMn
Commonwealth Girls Education Fund (CGEF)
Independent examiner's report
For the year ended 31 March 2021
Independent examiner's report to the Trustees of Commonwealth Girls Education Fund (CGEF) ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Lucy Hammond, FCA
Dated: 17 January 2022
Kreston Reeves Chartered Accountants Worthing
Page 8
Commonwealth Girls Education Fund (CGEF)
Statement of financial activities For the year ended 31 March 2021
| Note Income and endowments from: Donations and legacies 2 Other trading activities 3 Investments 4 Total income and endowments Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/ (expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 185,491 9,386 9,247 204,124 10,000 59,473 69,473 134,651 75,816 210,467 465,224 210,467 675,691 |
Restricted funds 2021 £ 440 - - 440 - - - 440 - 440 440 440 880 |
Endowment funds 2021 £ - - - - - - - - 1,116 1,116 4,669 1,116 5,785 |
Total funds 2021 £ 185,931 9,386 9,247 204,564 10,000 59,473 69,473 135,091 76,932 212,023 470,333 212,023 682,356 |
Total funds 2020 £ 30,502 39,965 18,064 |
|---|---|---|---|---|---|
| 88,531 14,337 83,655 |
|||||
| 97,992 (9,461) (65,584) |
|||||
| (75,045) 545,378 (75,045) |
|||||
| 470,333 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 21 form part of these financial statements.
Page 9
Commonwealth Girfs Educallon Fund ICGEF) Bal8n¢e sheet As at 31 March 2021 2Q21 2020 Note Flxed assets Invtstmcnls 10 483.160 406.228 483.160 406.228 Currenl 3ss¢ts Dcblors Cash al bank ant1 In haiid 11 132,298 96,177 88.225 228.475 93,725 Credilorn.. amounts Iling duc wthln one y•8f 12 179.2791 {29.640) Nel ¢urr•nl a$s•ts 199.196 64.105 Tot•1 n•t •s$•ts 682,356 470.333 Ch•rity lunds Endowméni fund$ Reslricled fvnds UnreslricteE1 funds 13 13 13 5,785 880 675,691 4,669 440 465.224 Tot•1 funds 682,356 470.333 The finan¢l•l slatemenls vJor• approved •thhcrfis¢d fty l$su by Ihe Twsie¢ #nd $1gned on Ih•ir beh8rf by: Roxanne Sl Clalr Vlmal Sh•h Dato: 12. 01. e022 Tho notes on po9os 11 to 21 foTh part of Ihese finarthl slalemonts.
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Commonwealth Girls Education Fund (CGEF) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in opertional existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of the COVID-19 pandemic has been assessed by the trustees, so far as is reasonably possible, due to its unprecendented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the charity's future activities. However, taking into consideration the charity's level of reserves, the trustees believe that the charity will be able to continue in operational existence for the foreseeable future.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include costs carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Page 11
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
1. Accounting policies (continued)
1.4 Expenditure (continued)
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
Page 12
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
1. Accounting policies (continued)
1.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds comprise the Marguerite Greenhouse Fund which cannot be expended.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Donations Donations Donations from Trusts & Foundations Gift Aid Legacies Donations Donations from Trusts & Foundations Gift Aid Legacies |
Unrestricted funds 2021 £ 50,446 5,000 1,137 128,908 185,491 Unrestricted funds 2020 £ 26,062 1,500 2,500 - 30,062 |
Restricted funds 2021 £ 440 - - - 440 Restricted funds 2020 £ 440 - - - 440 |
Total funds 2021 £ 50,886 5,000 1,137 128,908 |
|---|---|---|---|
| 185,931 | |||
| Total funds 2020 £ 26,502 1,500 2,500 - |
|||
| 30,502 |
Page 13
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
3. Income from other trading activities
Income from fundraising events
| CCL Commonwealth Fair Sponsored 10k run Other fundraising activities CCL Commonwealth Fair CCL Fair Raffle Sponsored 10k run Valentines dinner Other fundraising activites |
Unrestricted funds 2021 £ 375 23 8,988 9,386 Unrestricted funds 2020 £ 12,690 8,158 8,078 5,612 5,427 39,965 |
Total funds 2021 £ 375 23 8,988 |
|---|---|---|
| 9,386 | ||
| Total funds 2020 £ 12,690 8,158 8,078 5,612 5,427 |
||
| 39,965 |
4. Investment income
| Investment income Bank interest Investment income Bank interest |
Unrestricted funds 2021 £ 9,179 68 9,247 Unrestricted funds 2020 £ 17,933 131 18,064 |
Total funds 2021 £ 9,179 68 |
|---|---|---|
| 9,247 | ||
| Total funds 2020 £ 17,933 131 |
||
| 18,064 |
Page 14
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
5. Expenditure on raising funds
Costs of raising voluntary income
| Fundraising and other costs Admin costs Wages and salaries Pension costs Fundraising and other costs Admin costs Wages and salaries Pension costs |
Unrestricted funds 2021 £ 3,037 590 5,212 1,161 10,000 Unrestricted funds 2020 £ 7,291 976 4,791 1,279 14,337 |
Total funds 2021 £ 3,037 590 5,212 1,161 |
|---|---|---|
| 10,000 | ||
| Total funds 2020 £ 7,291 976 4,791 1,279 |
||
| 14,337 |
Page 15
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
6. Analysis of expenditure by activities
| Sponsorships and grants Sponsorships and grants Analysis of direct costs Staff costs Sponsorships Staff costs Sponsorships |
Activities undertaken directly 2021 Support costs 2021 £ £ 55,017 4,456 Activities undertaken directly 2020 Support costs 2020 £ £ 79,804 3,851 Sponsorships and grants 2021 £ 21,660 33,357 55,017 Sponsorships and grants 2020 £ 19,161 60,643 79,804 |
Total funds 2021 £ 59,473 Total funds 2020 £ 83,655 Total funds 2021 £ 21,660 33,357 |
|---|---|---|
| 55,017 Total funds 2020 £ 19,161 60,643 |
||
| 79,804 |
Page 16
Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Sponsorships and grants 2021 £ Sponsorships 882 Bank charges 659 Printing costs 900 Governance costs 2,015 4,456 Sponsorships and grants 2020 £ Sponsorships 621 Bank charges 640 Printing costs 500 Governance costs 2,090 3,851 |
Total funds 2021 £ 882 659 900 2,015 |
|---|---|
| 4,456 | |
| Total funds 2020 £ 621 640 500 2,090 |
|
| 3,851 |
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,015 (2020 - £2,090).
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Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
8. Staff costs
| Wages and salaries Other pension costs The average number of persons employed by the charity during the year was Total |
2021 £ 26,872 1,161 28,033 as follows: 2021 No. 1 |
2020 £ 23,952 1,279 |
|---|---|---|
| 25,231 2020 No. 1 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
10. Fixed asset investments
| Cost or valuation At 1 April 2020 Revaluations At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Listed investments £ 406,228 76,932 |
|---|---|
| 483,160 | |
| 483,160 | |
| 406,228 |
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Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
11. Debtors
| Prepayments and accrued income | 2021 £ 132,298 132,298 |
2020 £ 5,500 |
|---|---|---|
| 5,500 |
12. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 450 813 26,096 1,920 29,279 |
2020 £ - - 27,820 1,800 |
|---|---|---|
| 29,620 |
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Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
13. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 465,224 | 204,124 | (69,473) | 75,816 | 675,691 |
| Endowment funds | |||||
| Endowment Fund | 4,669 | - | - | 1,116 | 5,785 |
| Restricted funds | |||||
| For Esther | 440 | 440 | - | - | 880 |
| Total of funds | 470,333 | 204,564 | (69,473) | 76,932 | 682,356 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2019 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 539,643 | 88,091 | (97,992) | (64,518) | 465,224 |
| Endowment funds | |||||
| Endowment Fund | 5,735 | - | - | (1,066) | 4,669 |
| Restricted funds | |||||
| For Esther | - | 440 | - | - | 440 |
| Total of funds | 545,378 | 440 | (97,992) | (65,584) | 470,333 |
For Esther
For sponsorship of one girl in Belize.
Endowment Fund
The permanent Endowment fund is in respect of the Marguerite Greenhouse Fund, established in 1992, with an original value of £3,600. Income from the fund is then released to the general fund for the sponsorship of girls.
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Commonwealth Girls Education Fund (CGEF)
Notes to the financial statements For the year ended 31 March 2021
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 477,375 227,595 (29,279) 675,691 |
Restricted funds 2021 £ - 880 - 880 |
Endowment funds 2021 £ 5,785 - - 5,785 |
Total funds 2021 £ 483,160 228,475 (29,279) |
|---|---|---|---|---|
| 682,356 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 401,559 93,285 (29,620) 465,224 |
Restricted funds 2020 £ - 440 - 440 |
Endowment funds 2020 £ 4,669 - - 4,669 |
Total funds 2020 £ 406,228 93,725 (29,620) |
|---|---|---|---|---|
| 470,333 |
15. Pension commitments
The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £1,161 (2020 - £1,279). Contributions totalling £Nil (2020 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
16. Related party transactions
There were no related party transactions in the year that require disclosure under SORP 2019 (FRS 102).
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