**Charity number: 1048908**
## **Commonwealth Girls Education Fund (CGEF)**
## **Unaudited**
**Trustees' report and financial statements**
**For the year ended 31 March 2022**
**Commonwealth Girls Education Fund**
## **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 - 20|
**Commonwealth Girls Education Fund**
## **Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2022**
|**Trustees**|Roxanne St Clair, Chair|
|---|---|
||Vimal Shah, Trustee (Finance)|
||Noreen Cesareo|
||Ladi Dariya (appointed 9 September 2021)|
||Bea Hemming|
||Rita Odumosu|
||LouisaService OBE, deceased (resigned 16th July 2021)|
||Megan Simpkins|
||Jagravi Upadhyay|
||Isabella Weech-Jones|
|**Charity registered**
**number**
1048908
**Principal office**
c/o Kreston Reeves LLP
Unit 2
168 Shoreditch High Street
London
E1 6RA
**Accountants**
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
**Bankers**
Barclays Bank Plc
210 High Street
Hounslow
TW3 1DL
**Secretary and Charity**
**Contact**
Maxine Hurley
**Patrons**
The Right Honorable Baroness Boothroyd OM, PC
Baroness Flather JP, DL
Baroness Howells
**Email**
adminsec@cgefund.org
**Website**
www.cgefund.org||
Page 1
## **Commonwealth Girls Education Fund**
## **Trustees' report For the year ended 31 March 2022**
The Trustees present their annual report and unaudited financial statements for the year ended 31 March 2022.
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 changed during the course of the year, Louisa Service OBE resigned in July 2021, and subsequently passed away in September 2021. Ladi Dariya was appointed in September 2021 as the Trustee responsible for the Alumnae Association. A prospective trustee has been invited observe board meetings until the Board meets in December 2022, when they will be formally elected to the Board. The Trustee brings to the CGEF a younger perspective and experience in event planning and management.
Page 2
## **Commonwealth Girls Education Fund**
## **Trustees' report (continued) For the year ended 31 March 2022**
## **Key achievements**
## **Sponsorship of Girls**
During the year the charity sponsored 186 girls through secondary schools in 24 low economy Commonwealth Countries (217 girls/ 28 countries in 2020/21) and the Trustees are pleased to report that 28 girls completed their final year of secondary school during the year (47 girls in 2020/21).
Direct spend on sponsorships was £49k (2022: £33k). Individual grants ranged from £102 per girl (Sierra Leone) to the maximum amount, £500 (Nigeria 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. Schools in Kenya and Uganda are amongst the last to reopen. Invitations were extended to schools in selected countries to submit new applications as from 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 is reflected in the higher 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. However, a sponsored local 10k run took place on the 14th August 2021; supporters were invited to walk or run 10k in their local area. £8.9k was raised. Work continued on the design of the Commonwealth Cookbook, which is scheduled to be published in June 2022.
The Trustees are 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:
- Clarity English, an award winning, Hong Kong based company who again donated £10k.
- The Canadian Federation of University Women (CFUW) Salt Spring Island branch members for
- their award winning Hope Project in aid of the CGEF with a donation of £4.4k.
- The Royal Overseas League Golden Jubilee Trust for a donation of £1k.
- The family and friends of the late Louisa Service OBE.
- The following donors: Trusts and individual donors, some who wish to remain anonymous.
- The following Friends of the CGEF: Mrs V Easom George, Mrs Jenny Ives, and those who wish
- to remain anonymous.
- The following professionals who donate their time and expertise: Alan Marshall, Hazelford Ltd for
- payroll services
- The High Commissioners and their staff who 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.
Page 3
## **Commonwealth Girls Education Fund**
## **Trustees' report (continued) For the year ended 31 March 2022**
## **Other Achievements**
The CGEF was invited to the following Commonwealth events:
- The Commonwealth Secretariat Dialogue with the Secretary General online events.
- Trustees, Roxanne St Clair and Megan Simpkins, attended the Australian Women’s Club’s
- International Women’s Day event hosted at the Australian High Commission.
- The Chair, Roxanne St Clair attended the Commonwealth Day Service at Westminster Abbey, as
- the guest of the Royal Commonwealth Society.
Newsletters were issued during the year to our database of regular supporters.
## **Future plans**
- The Trustees will continue to monitor the level of new applications during the new financial year
- A Trustee has been appointed to coordinate the revitalization of the Alumnae Association with the
- aim of attracting more members of the AA who are engaged and active in their own Commonwealth countries
- 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 £687,259 at 31 March 2022 (2021: £682,356). Net expenditure amounted to £21,189 (2021: net income of £135,091) before other recognised gains of £26,092 (2021: gains of £76,932). Of the Charity's total funds at the year end, £509,525 (2021: £483,160) are held as fixed asset investments at the year end of which £7,457 (2021: £5,785) were classed as endowment funds. The Charity had free reserves at the year end of £176,854 (2021: £198,316).
## **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
## **Commonwealth Girts Education Fund**
## **Trustees' report (continued) For the year ended 31 March 2022**
## **.Statement of TrusteN' Responslbllltles**
**The trustees are responsible for preparing-� report and fina cial statements In aCCOl'dance with applicable law and United Kingdom Accounting Standards (United Kingdom Generany Accepted Accountklg Practi ).**
**The law applicable to cha� In England and Writes r9qulres the trustees to prepare ftnanc:lal statemetts fi:>r each financial year which give a true and fair view of the state of affairs of the chartty and of the Incoming resources.and application of resources of the charity for that period. In preparing these flnanc:ial sta . the trustees are required to:**
- **select suitable acc:ountlng policies and apply them consistently;**
- **observe the methods and prlndples In the Charities SORP (FRS 102);**
- **.**
- **make judgments and estimates that are reasonable and prudent;**
- **state whether applicable UK Accounting Standards (FRS 102) have been folowed, subjed to any malerfal departures dlsclosecl arid explained In the flnsndal statements;**
- **prepare the financial statements on the going concern basis unless It Is Inappropriate to presume that the charity wlU continue In operation.**
**The trustees are responsible for keeping adequate accounting records that are suffldent to show and axplarl the charity's transactions and disclose with reasonable accuracy at any time the ftnancfal position of the charity and enable them to ensure that the flnanclal statements comply with the Charities Ad 2011, the charity (Accounts and Reports) Regulations 2008 and the provisions of the governing documenl They are also responsible fur safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of frau_d or other ln9gularttles.**
**----- Start of picture text -----**
Ap roved by the board of Trustees and signed on Its behalf
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Roxanne St Clair VlrnafStiah
Chairman Trustee (Finance)
**----- End of picture text -----**
> **Date:** _7.12,_ **2022:.**
**Pages**
## **Commonwealth Girls Education Fund**
## **Trustees' report (continued) For the year ended 31 March 2022**
## **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.
- Included in the cash balances is an unrestricted and reducing “development fund” of £31K (£31k in
- 2021).
- 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
- £7,457 (2021: £5,785).
- 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.
- 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 £10,922 (2021: £9,247) from a combination of the total cash held of £189,538 (2021: £96,177) and total investments of £509,252 (2021: £483,160). In the year the HSBC holdings have increased in value slightly to £78,810 (2021: £63,480) and the St James' Place portfolio risen in the year to £409,270 (2021: £399,956), the Invesco Fund shares increased in value to £21,172 (2021: £19,724).
## 1. **INVESTMENT OBJECTIVES**
- To maintain sufficient liquidity for the purpose of making regular sponsorship payments.
- - To secure the long term future of the fund.
- 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.
- 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**
- 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.
- 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.
- 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
Chalrrnan
## **Commonwealth Girls Education Fund**
## **Independent examiner's report**
## **For the year ended 31 March 2022**
## **Independent examiner's report to the Trustees of Commonwealth Girls Education Fund ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
## **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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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: Dated: 20 December 2022 Lucy Hammond, BSc FCA
## **Kreston Reeves LLP**
Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
Page 8
**Commonwealth Girls Education Fund**
## **Statement of financial activities For the year ended 31 March 2022**
|**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
7
**Total expenditure**
**Net (expenditure)/**
**Income before net**
**gains on**
**investments**
Net gains on
investments
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2022**
**£**
**38,303**
**9,100**
**10,922**
**58,325**
**5,010**
**74,504**
**79,514**
**(21,189)**
**24,420**
**3,231**
**675,691**
**3,231**
**678,922**|**Restricted**
**funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**880**
**-**
**880**|**Endowment**
**funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**1,672**
**1,672**
**5,785**
**1,672**
**7,457**|**Total**
**funds**
**2022**
**£**
**38,303**
**9,100**
**10,922**
**58,325**
**5,010**
**74,504**
**79,514**
**(21,189)**
**26,092**
**4,903**
**682,356**
**4,903**
**687,259**|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|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 20 form part of these financial statements.
Page 9
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**Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
## **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 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are intially 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 operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **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.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include costs carried out at Headquaters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Governance costs are costs relating to the governance of the charity.
Page 11
**Commonwealth Girls Education Fund**
**Notes to the financial statements For the year ended 31 March 2022**
## **1. Accounting policies (continued)**
## **1.5 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.
## **1.6 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.
## **1.7 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**
## **Notes to the financial statements For the year ended 31 March 2022**
## **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**
|**Unrestricted**
**funds**
**2022**
**£**
**Donations**
Donations
13,801
Donations from Trusts & Foundations
15,420
Gift Aid
3,007
Legacies
6,075
38,303
Unrestricted
funds
2021
£
**Donations**
Donations
50,446
Donations from Trusts & Foundations
5,000
Gift Aid
1,137
Legacies
128,908
130,045|**Restricted**
**funds**
**2022**
**£**
-
-
-
-
-
Restricted
funds
2021
£
440
-
-
-
-|**Total**
**funds**
**2022**
**£**
**13,801**
**15,420**
**3,007**
**6,075**|
|---|---|---|
|||**38,303**|
|||Total
funds
2021
£
50,886
5,000
1,137
128,908|
|||130,045|
Page 13
**Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
**3. Income from other trading activities**
## **Income from fundraising events**
|**Unrestricted**
**funds**
**2022**
**£**
Sponsored 10k run
9,100
Unrestricted
funds
2021
£
CCL Commonwealth Fair
375
Sponsored 10k run
23
Raffle and other activities
8,988
9,386|**Total**
**funds**
**2022**
**£**
**9,100**|
|---|---|
||Total
funds
2021
£
375
23
8,988|
||9,386|
**4. Investment income**
|**Unrestricted**
**funds**
**2022**
**£**
Investment income
10,909
Bank interest
13
10,922
Unrestricted
funds
2021
£
Investment income
9,179
Bank interest
68
9,247|**Total**
**funds**
**2022**
**£**
**10,909**
**13**|
|---|---|
||**10,922**|
||Total
funds
2021
£
9,179
68|
||9,247|
Page 14
## **Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
**5. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2022**
**£**
Wages and salaries
4,900
Pension costs
110
5,010
Unrestricted
funds
2021
£
Fundraising and other costs
3,037
Admin costs
590
Wages and salaries
5,212
Pension costs
1,161
10,000|**Total**
**funds**
**2022**
**£**
**4,900**
**110**|
|---|---|
||**5,010**|
||Total
funds
2021
£
3,037
590
5,212
1,161|
||10,000|
## **6. Analysis of expenditure by activities**
||**Activities**|||
|---|---|---|---|
||**undertaken**|**Support**|**Total**|
||**directly**|**costs**|**funds**|
||**2022**|**2022**|**2022**|
||**£**|**£**|**£**|
|Sponsorship and grants|69,335|5,169|**74,504**|
Page 15
## **Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
## **6. Analysis of expenditure by activities (continued)**
|Sponsorship and grants
**Analysis of direct costs**
Staff costs
Sponsorships
Staff costs
Sponsorships
**Analysis of support costs**
Bank charges
Trade subscriptions
Admin expenses
Fundraising costs
Governance costs|Activities
undertaken
directly
2021
£
55,017|Support
costs
2021
£
4,456
**Sponsorship**
**and grants**
**2022**
**£**
20,038
49,297
69,335
Sponsorship
and grants
2021
£
21,660
33,357
55,017
**Sponsorship**
**and grants**
**2022**
**£**
1,011
609
1,108
401
2,040
5,169|Total
funds
2021
£
59,473
**Total**
**funds**
**2022**
**£**
**20,038**
**49,297**
**69,335**
Total
funds
2021
£
21,660
33,357
55,017
**Total**
**funds**
**2022**
**£**
**1,011**
**609**
**1,108**
**401**
**2,040**
**5,169**|
|---|---|---|---|
Page 16
**Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
## **6. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Sponsorships
Bank charges
Printing costs
Governance costs|Sponsorship
and grants
2021
£
882
659
900
2,015
4,456|Total
funds
2021
£
882
659
900
2,015|
|---|---|---|
|||4,456|
## **7. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £2,040 (2021 - £2,015).
## **8. Staff costs**
|Wages and salaries
Other pension costs|**2022**
**£**
**24,500**
**548**
**25,048**|2021
£
26,872
1,161|
|---|---|---|
||||
|||28,033|
The average number of persons employed by the Charity during the year was as follows:
||**2022**|2021|
|---|---|---|
||**No.**|No.|
|Total|**1**|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 (2021 - £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 17
## **Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
**10. Fixed asset investments**
|**Cost or valuation**
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021|**Listed**
**investments**
**£**
**483,160**
**266**
**(31)**
**25,857**|
|---|---|
||**509,252**|
||**509,252**|
||483,160|
|**11.**
**Debtors**
Prepayments and accrued income|**2022**
**£**
**4,090**
**4,090**|2021
£
132,298|
|---|---|---|
||||
|||132,298|
## **12. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2022**
**£**
**-**
**1,043**
**12,538**
**2,040**
**15,621**|2021
£
450
813
26,096
1,920|
|---|---|---|
||||
|||29,279|
Page 18
**Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
## **13. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**|||**Gains/**|**31 March**|
||**April 2021**|**Income**|**Expenditure**|**(Losses)**|**2022**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|**675,691**|**58,325**|**(79,514)**|**24,420**|**678,922**|
|**Endowment funds**||||||
|Endowment Fund|**5,785**|**-**|**-**|**1,672**|**7,457**|
|**Restricted funds**||||||
|For Esther|**880**|**-**|**-**|**-**|**880**|
|**Total of funds**|**682,356**|**58,325**|**(79,514)**|**26,092**|**687,259**|
|**Statement of funds - prior year**||||||
||||||Balance at|
||Balance at|||Gains/|31 March|
||1 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|
|||||||
## **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 accounted for in the general fund for the sponsorship of girls.
Page 19
**Commonwealth Girls Education Fund**
## **Notes to the financial statements For the year ended 31 March 2022**
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2022**
**£**
Fixed asset investments
501,795
Current assets
192,748
Creditors due within one year
(15,621)
**Total**
678,922|**Restricted**
**funds**
**2022**
**£**
-
880
-
880|**Endowment**
**funds**
**2022**
**£**
7,457
-
-
7,457|**Total**
**funds**
**2022**
**£**
**509,252**
**193,628**
**(15,621)**
**687,259**|
|---|---|---|---|
## **Analysis of net assets between funds - prior 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|
|---|---|---|---|---|
## **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 £548 (2021 - £1,161). Contributions totalling £Nil (2021 - £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).
Page 20