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2024-03-31-accounts

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Charity registration number: 1048908

Commonwealth Girls Education Fund

Annual Report and Financial Statements for the Year Ended 31 March 2024

Ripe LLP Chartered Accountants 9a Burrough Gardens London Nw4 4AU

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Contents (continued)

Reference and Administrative Details 1
Trustees Report 2 to 6
Statement of Trustees' Responsibilities 7
Independent Examiner's Report 8
Statement of Financial Activities 9 to 10
Balance Sheet 11
Notes to the Financial Statements 12 to 20

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund
Reference and Administrative Details
Chairman Mrs R St Clair
Charity Registration Number 1048908
Trustees Mrs R St Clair
Mr V Shah
Mrs N Cesareo
Mrs L Dariya
Miss B Hemming
Mrs R Odumosu
Miss C Service Soto
Ms M Simpkins
Miss J Upadhayay
Secretary Ms M Hurley
Principal Office 1 Doughty Street
LONDON
WC1N 2PH
Independent Examiner Ripe LLP
Chartered Accountants
9a Burrough Gardens
London
Nw4 4AU
Bankers Barclays Bank Plc
210 High Street
Hounslow
TW3 1DL

Page 1

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Trustees Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024.

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 re-registered 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.

Page 2

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Trustees Report (continued)

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, Isabella Weech-Jones resigned in September 2023.

Key achievements

Sponsorship of Girls

During the year the charity sponsored 167 (of 170) girls through secondary schools in 19 low economy Commonwealth Countries (176 girls/ 21 countries in 2022/23) and the Trustees are pleased to report that 52 girls completed their final year of secondary school during the year (45 girls in 2022/23).

Direct spend on sponsorships was £62k (2023: £65k). Individual grants ranged from £66 per girl (Sierra Leone) to the maximum amount, £500 (Uganda).

Recovering from the restrictions imposed during the COVID19 pandemic the number of girls sponsored has decreased this year. Invitations were extended to schools in selected countries to submit new applications as from April 2021, and the numbers are still being monitored to gradually increase the number of girls sponsored.

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. Meetings have been held virtually and in-person.

Barclays’ current banking policies have meant that the online payment service is incompatible with the charity’s complex mandate, so manual postal payments have been continued until an alternative means of dispersing sponsorship funds can be sought. This is reflected in the 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 kept to a minimum. However, as part of the Commonwealth’s Year of the Youth initiative, our signature Splendours of the Commonwealth showcase was hosted at Marlborough House in September 2023. The event was a collaboration between the CGEF and the Commonwealth Secretariat Youth Team.

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:

Page 3

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Trustees Report (continued)

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:

Newsletters were issued during the year to our database of regular supporters

Future plans

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 £703,891 at 31 March 2024 (2023: £622,450). Net income amounted to £23,888 (2023: net expenditure £44,964) before other recognised gains of £56,797 (2023: losses of £19,845). Of the Charity's total funds at the year end, £545,884 (2023: £488,331) as held as other financial assets at the year end. The Charity had free reserves at the year end of £157,127 (2023: £133,239).

Page 4

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Trustees Report (continued)

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 7.

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.

Investment Policy

The charity received investment income of £18,872 (2023: £13,222) from a combination of the total cash held of £130,849 (2023: £154,766) and total investments of £545,884 (2023: £488,331). In the year the HSBC holdings have increased in value to £92,850 (2023: £82,455) with the St James' Place portfolio increasing in the year to £430,723 (2023: £385,297), the Invesco Fund shares increased in value to £22,311 (2023: £20,579).

1. INVESTMENT OBJECTIVES

2. RISK

3. LIQUIDITY REQUIREMENTS

4 . ETHICAL INVESTMENT CONSIDERATIONS

Page 5

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Trustees Report (continued)

5. MANAGEMENT AND REPORTING

26 February 2025 | 06:22 PST

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

[St][(Lair] ......................................... |[Kovauue] DocuSignedFASAESA6DB834FB...by: Mrs R St Clair Chairman and trustee

[Sbale] ......................................... |[mal] 68DC395D83A5406...DocuSigned by: Mr V Shah Trustee

Page 6

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law 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:

The trustees are responsible for keeping proper accounting records that 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 constitution. The trustees 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

26 February 2025 | 06:22 PST Approved by the trustees of the charity on .................... and signed on its behalf by:

[St][(Lair] ......................................... |[Kovauue] DocuSignedFASAESA6DB834FB... by: Mrs R St Clair Chairman and trustee

......................................... 68DC395D83A5406... Mr V Shah Trustee

Page 7

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Independent Examiner's Report to the trustees of Commonwealth Girls Education Fund

I report to the trustees on my examination of the accounts of Commonwealth Girls Education Fund for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of Commonwealth Girls Education Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Commonwealth Girls Education Fund's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material 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 Commonwealth Girls Education Fund as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting 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.

...................................... [ npe29AD32DCE1E142A... by: Ripe LLP Chartered Accountants

9a Burrough Gardens London Nw4 4AU

28 February 2025 | 09:43 GMT Date:.............................

Page 8

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Statement of Financial Activities for the Year Ended 31 March 2024

Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income
Other recognised gains and
losses
Gains/losses on revaluation of
fixed assets for charity's own
use
Endowment fund movement
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
funds
£
90,415
6,698
18,872
115,985
(5,010)
(87,087)
(92,097)
23,888
56,797
-
80,685
614,404
695,089		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
880
880		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
756
756
7,166
7,922		 Total
2024
£
90,415
6,698
18,872
115,985
(5,010)
(87,087)
(92,097)
23,888
56,797
756
81,441
622,450
703,891

The notes on pages 12 to 20 form an integral part of these financial statements. Page 9

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Statement of Financial Activities for the Year Ended 31 March 2024 (continued)

Note
Income and Endowments from:
Donations and legacies
Other trading activities
Investment income
4
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net expenditure
Other recognised gains and
losses
Gains/losses on revaluation of
fixed assets for charity's own
use
Endowment fund movement
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
funds
£
37,107
839
13,222
51,168
(5,010)
(91,122)
(96,132)
(44,964)
(19,554)
-
(64,518)
678,922
614,404		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
880
880		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
(291)
(291)
7,457
7,166		 Total
2023
£
37,107
839
13,222
51,168
(5,010)
(91,122)
(96,132)
(44,964)
(19,554)
(291)
(64,809)
687,259
622,450

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 11.

The notes on pages 12 to 20 form an integral part of these financial statements. Page 10

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

(Registration number: 1048908) Balance Sheet as at 31 March 2024

As restated
2024 2023
Note £ £
Current assets
Debtors 8 62,650 4,840
Other financial assets 9 545,884 488,331
Cash at bank and in hand 130,849 154,766
739,383 647,937
Creditors: Amounts falling due within one year 10 (35,492) (25,487)
Net assets 703,891 622,450
Funds of the charity:
Endowment funds 7,922 7,166
Restricted income funds
Restricted funds 880 880
Unrestricted income funds
Unrestricted funds 695,089 614,404
Total funds 11 703,891 622,450

The financial statements on pages 9 to 20 were approved by the trustees, and authorised for issue on 26 February 2025 | 06:22 PST .................... and signed on their behalf by:

[St][(Lair] ......................................... |[Kovauue] DocuSignedFASAESA6DB834FB... by: Mrs R St Clair Chairman and trustee

[Sbale] ......................................... |[mal] 68DC395D83A5406...DocuSigned by: Mr V Shah Trustee

The notes on pages 12 to 20 form an integral part of these financial statements. Page 11

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Commonwealth Girls Education Fund meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

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.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Page 12

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Current asset investments

The current asset investments are valued at the fair value through profit and loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 13

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Endowment funds comprise the Marguerite Greenhouse Fund which cannot be expended.

Investment income, gains and losses are allocated to the appropriate fund.

Pensions and other post retirement obligations

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.

2 Income from donations and legacies

Donations and legacies;
Donations
Donations from Trusts & Foundations
Gift aid		 Unrestricted
funds
General
£
3,032
87,231
152
90,415		 Total
2024
£
3,032
87,231
152
90,415

Page 14

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

Donations and legacies;
Donations
Donations from Trusts & Foundations
Gift aid
3
Income from other trading activities
Events income
Other events income
Events income
Other events income
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Other income from current asset investments		 Unrestricted
funds
General
£
7,706
28,284
1,117
37,107
Unrestricted
funds
General
£
6,698
6,698
Unrestricted
funds
General
£
839
839
Unrestricted
funds
General
£
1,241
17,631
18,872		 Total
2023
£
7,706
28,284
1,117
37,107
Total
2024
£
6,698
6,698
Total
2023
£
839
839
Total
2024
£
1,241
17,631
18,872

Page 15

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

Interest receivable and similar income;
Interest receivable on bank deposits
Other income from current asset investments		 Unrestricted
funds
General
£
261
12,961
13,222		 Total
2023
£
261
12,961
13,222

5 Expenditure on raising funds

Note
Wages and salaries
Pension costs
Note
Wages and salaries
Pension costs		 Unrestricted
funds
General
£
4,900
110
5,010
Unrestricted
funds
General
£
4,900
110
5,010		 Total
2024
£
4,900
110
5,010
Total
2023
£
4,900
110
5,010

6 Expenditure on charitable activities

Sponsorship and grants
Allocated support costs
Governance costs		 Unrestricted
funds
General
£
78,909
6,318
1,860
87,087		 Total
2024
£
78,909
6,318
1,860
87,087

Page 16

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

Analysis of charitable activities
Staff costs
Sponsorships
Printing costs
Admin expenses
Advertising and marketing costs
Bank Charges
Trade Subscriptions
Admin expenses
Fundraising costs
Governance costs
Expenditure on charitable activities
Allocated support costs
Governance costs
Analysis of charitable activities
Staff costs
Sponsorships
Staff training
Printing costs
Admin expenses
Advertising and marketing costs
Bank Charges
Trade Subscriptions
Admin expenses
Fundraising costs
Governance costs		 Activity
undertaken
directly
£
20,038
57,910
122
795
45
-
-
-
-
-
78,910
Note
Activity
undertaken
directly
£
20,038
64,579
106
526
379
53
-
-
-
-
-
85,681		 Activity
support costs
£
-
-
-
-
-
685
170
573
4,890
1,860
8,178
Unrestricted
funds
General
£
85,681
3,101
2,340
91,122
Activity
support costs
£
-
-
-
-
-
-
887
170
1,301
743
2,340
5,441		 2024
£
20,038
57,910
122
795
45
685
170
573
4,890
1,860
87,088
Total
2023
£
85,681
3,101
2,340
91,122
2023
£
20,038
64,579
106
526
379
53
887
170
1,301
743
2,340
91,122

Page 17

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

7 Trustees remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).

8 Debtors

8
Debtors
Accrued income
9
Current asset investments
Cost or valuation - b/fwd
Additions
Disposals
Revaluations		 2024
£
62,650
2024
£
488,331
-
-
57,553
545,884		 As restated
2023
£
4,840
As restated
2023
£
509,252
22,014
(23,090)
(19,845)
488,331

Prior Year Adjustment :

Financial assets that had been disclosed as fixed assets investment in 2023 have been reclassified as current assets.

10 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals		 2024
£
(60)
893
32,859
1,800
35,492		 As restated
2023
£
-
954
22,253
2,280
25,487

Page 18

Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

11 Funds

Unrestricted funds
General
General funds
Restricted funds
For Esther
Endowment funds
Permanent
Endowment Fund
Total funds
Unrestricted funds
General
General funds
Restricted
For Esther
Endowment funds
Permanent
Endowment Fund
Total funds
For Esther		 Balance at 1
April 2023
£
614,404
880
7,166
622,450
Balance at 1
April 2022
£
678,922
880
7,457
687,259		 Incoming
resources
£
115,985
-
-
115,985
Incoming
resources
£
51,168
-
-
51,168		 Resources
expended
£
(92,098)
-
-
(92,098)
Resources
expended
£
(96,132)
-
-
(96,132)		 Other
recognised
gains/(losses)
£
56,798
-
756
57,554
Other
recognised
gains/(losses)
£
(19,554)
-
(291)
(19,845)		 Balance at
31 March
2024
£
695,089
880
7,922
703,891
Balance at
31 March
2023
£
614,404
880
7,166
622,450

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.

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Docusign Envelope ID: 0A619F35-2B38-43AE-A919-42F872773E3F

Commonwealth Girls Education Fund

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

12 Analysis of net assets between funds

Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
735,421
(35,492)
699,929
Unrestricted
funds
General
£
639,891
(25,487)
614,404		 Restricted
funds
£
880
-
880
Restricted
funds
£
880
-
880		 Endowment
funds
Permanent
£
7,922
-
7,922
Endowment
funds
Permanent
£
7,166
-
7,166		 Total funds at
31 March
2024
£
744,223
(35,492)
708,731
Total funds at
31 March
2023
£
647,937
(25,487)
622,450

13 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. Contributions totalling £Nil were payable to the fund at the balance sheet date and are included in creditors.

14 Related party transactions

There were no related party transactions in the year that require disclosure under SORP 2019 (FRS 102).

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