2025-03-31-accounts - Commonwealth Girls Education Fund (Cgef)

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Registered charity number: 1048908

Commonwealth Girls Education Fund (CGEF)

Trustees’ report and financial statements for the year ended 31 March 2025

Commonwealth Girls Education Fund (CGEF) Contents Page For the year ended 31 March 2025

Contents
Legal and administrative details	1
Trustees Report	2-6
Independent examiner’s report to the trustees	7
Statement of Financial Activities	8-9
Balance sheet	10
Notes to the accounts	11 -19

COMMONWEALTH GIRLS EDUCATION FUND (CGEF)

LEGAL AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Charity number
Governing document
Trustees
Patrons
Secretary and Charity contact
Email
Principal address

Independent examiner
Principal Bankers
Website

1048908 (England & Wales)
Rules adopted 1 May 1995, amended in
July 2000, June 2007, November 2015,
July 2016, December 2016, December
2020 and December 2022, February
2025.
Roxanne St Clair – Chairman
Vimal Shah – Trustee (Finance)
Evadney Campbell MBE (Appointed April 2025)
Noreen Cesareo
Ladi Dariya
Kitty Foster-Lewis (Appointed April 2025)
Bea Hemming
Rita Odumosu
Clara Service-Soto
Megan Simpkins (Resigned March 2025)
Jagravi Upadhyay
Baroness Howells (d. October 2025)
Maxine Hurley
adminsec@cgefund.org
1 Doughty Street
London
WC1N 2PH
Abbas Shapuri
Third Sector Accountancy
Holyoake House
Hanover Street
Manchester
M60 0AS
Barclays Bank PLC
210 High Street
Hounslow
TW3 1DL
www.cgefund.org

COMMONWEALTH GIRLS EDUCATION FUND (CGEF)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and unaudited financial statements for the year ended 31 March 2025.

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 1[st] 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, Megan Simpkins resigned in March 2025 and two new Trustees, Evadney Campbell MBE and Kitty Forster-Lewis were appointed in April 2025.

COMMONWEALTH GIRLS EDUCATION FUND (CGEF)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Key achievements

Sponsorship of Girls

During the year the charity sponsored 151 girls through secondary schools in 13 low economy Commonwealth Countries (167 girls/ 19 countries in 2023/24) and the Trustees are pleased to report that 59 girls completed their final year of secondary school during the year (52 girls in 2023/24).

Direct spend on sponsorships was £42k (2024: £62k). Individual grants ranged from £77 per girl (Sierra Leone) to the maximum amount, £500 (Tanzania and Uganda).

The number of girls sponsored is lower than in previous years due to COVID 19 legacy. However, following the charity’s “AwayDay”, plans are in place to increase the number of girls in specific countries. Particular emphasis is being placed on countries in the Pacific region.

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

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.
The Commonwealth Countries League (CCL) for a donation of 10k as net proceeds from the 2023 and 2024 Commonwealth Fairs.
Trusts, individual donors and bequests, 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. GF Smith for use of their offices for meetings.
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.

COMMONWEALTH GIRLS EDUCATION FUND (CGEF)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Investment Policy

Cash balances are available for the principal purpose of the charity: to sponsor girls secondary education costs around the Commonwealth.
The CGEF usually aims to distribute sponsorship monies of between £70,000 and £120,000 per annum. However, since the COVID19 pandemic disbursements have been 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 2024).
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 £7922 (2024: £7,922).
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 £23,254 (2024: £18,872) from a combination of the total cash held of £222,161 (2024: £130,849) and total investments of £597,530 (2024: £545,884). In the year the HSBC holdings have increased in value to £131,085 (2024: £92,850) with the St James' Place portfolio increasing in the year to £443,714 (2024: £430,723), the Invesco Fund shares increased in value to £22,731 (2024: £22,311).

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

COMMONWEALTH GIRLS EDUCATION FUND (CGEF)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Other Achievements

The CGEF was invited to the following Commonwealth events:

The Commonwealth Secretariat Dialogue with the Secretary General events.
The Commonwealth Secretariat’s Sustainable Development Goals Road to 2023 event.
The team held an “Away Day” at the GF Smith offices in London Bridge.
Talk given at the Ahmadiyya Muslim Women’s Association UK Annual Peace Event.
Trustees attended: Madrinha Trust Summer Drinks Reception, Commonwealth Day service, Commonwealth Day Reception at Marlborough House, Patsy Robertson Memorial Lecture delivered by Olympian, Tessa Sanderson OBE, Dominica High Commission’s Independence Day Celebration.

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
Work is still to be undertaken to attract more members to the Alumnae Association in order enhance engagement in the respective 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.
Trustees are planning a series of fundraising activities to engage with new audiences.

Public benefit

The Trustees confirm that they have referred to the Charities Commission's guidance on public benefit when reviewing the charity's aims, objectives and activities and are satisfied that they fully meet it.

Review of financial position

The Charity had funds of £793,992 at 31 March 2025 (2024: £703,891). Net income amounted to £38,455 (2024: net income £23,888) before other recognised gains of £51,646 (2024: £56,797). Of the Charity's total funds at the year end, £597,530 (2024: £545,884) as held as fixed asset investments at the year end. The Charity had free reserves at the year end of £159,413 (2024: £157,127).

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.

COMMONWEALTH GIRLS EDUCATION FUND (CGEF)

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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.

Statement of Trustees' Responsibilities

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

Charity 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:

select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records which 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Approved by the board of Trustees and signed on its behalf

Roxanne St Clair Chairman

Vimal Shah Finance

Date

Report to the trustees of Commonwealth Girls Education Fund (CGEF)

I report on the accounts of the charity for the year ended 31/03/2025 set out on pages 8 to 19.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

which gives me reasonable cause to believe that, in any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Abbas Shapuri ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS

Commonwealth Girls Education Fund

Statement of Financial Activities

for the year ended 31 March 2025

Unrestricted funds Note £ Income from: Donations and legacies 3 79,949 4 7,104 Investment income 5 23,254 Total income 110,307 Expenditure on: Raising funds 6 345 Charitable activities 6 71,507 Total expenditure 71,852 38,455 12 51,646 Other gains/(losses) on funds - 8 90,101 90,101 Reconciliation of funds Total funds brought forward - 695,089 Total funds carried forward 785,190 Net movement in funds for the year Net income/(expenditure) before net gains/(losses) on investments Net income/(expenditure) for the year Other income Revaluation gains/(losses) on investments	Restricted funds £ - - - - - - - - - - - - 880 880	Endowment funds £ - - - - - - - - - - - 7,922 7,922	Total funds 2025 £ 79,949 7,104 23,254 110,307 345 71,507 71,852 38,455 51,646 - 90,101 90,101 703,891 793,992

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Commonwealth Girls Education Fund

Statement of Financial Activities

for the year ended 31 March 2025 (continued)

Unrestricted funds Note £ Income from: Donations and legacies 3 90,415 4 6,698 Investment income 5 18,872 Total income 115,985 Expenditure on: Raising funds 6 5,010 Charitable activities 6 87,087 Total expenditure 92,097 23,888 12 56,797 Other gains/(losses) on funds - 8 80,685 Reconciliation of funds Total funds brought forward 614,404 Total funds carried forward 695,089 Net movement in funds Other income Net income/(expenditure) before net gains/(losses) on investments Revaluation gains/(losses) on investments	Restricted funds £ - - - - - - - - - - - 880 880	Endowment funds £ - - - - - - - - - 756 756 7,166 7,922	Total funds 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 statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Commonwealth Girls Education Fund Charity number 1048908

Balance sheet as at 31 March 2025

Note £ £ Current assets Debtors 13 1,280 Investments 12 597,530 Cash at bank 14 222,161 Total current assets 820,971 Current liabilities Creditors 15 (26,979) Net current assets 793,992 Total assets less current liabilities 793,992 Net assets 793,992 The funds of the charity: Restricted funds 16 880 Endowment funds 16 7,922 Unrestricted funds 17 785,190 Total charity funds 793,992 2025	£ £ 62,650 545,884 130,849 739,383 (35,492) 703,891 703,891 703,891 880 7,922 695,089 703,891 2024

For the year in question, the charity was entitled to exemption from an audit under section 144 of the Charities Act 2011. The Charity Commission has not ordered an audit to be carried out under Section 146 of Charities Act 2011.

The notes on pages 11 to 19 form part of these accounts.

Approved by the trustees on and signed on their behalf by:

Mrs R St Clair (Chairman & Trustee)

Mr V Shah (Trustee)

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with 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) issued in October 2019 - (Charities SORP (FRS 102), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Commonwealth Girls Education Fund meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling.

b Preparation of the accounts on a going concern basis

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

c Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

d 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 Bank.

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

e Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

The charity holds a permanent endowment fund comprising assets that are required to be retained and invested in accordance with the terms of the donor’s gift. Under the conditions of the endowment, the capital is preserved and cannot be spent. Only the investment return arising from the fund may be applied for the charitable purposes specified by the donor.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

f Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Costs of raising funds comprise the costs incurred in attracting voluntary income, managements of investments and trading activities.
Expenditure on charitable activities includes the costs incurred in the delivery of its activities and services to its beneficiaries.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

h Cash at bank and in hand
Cash at bank and cash 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.
i Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
j Pensions

Employees of the charity are entitled to join a defined contribution scheme. The assests of the scheme are held seperately from those of the charoty in an independently administered fund. The pension costs charge represenrs contributions payable by the charty to the fund.

2 Legal status of the charity

The charity is an unincorporated associatrion has no share capital. The registered office address is disclosed on page 1.

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

3 Income from donations and legacies

==> picture [456 x 397] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Total 2025 Unrestricted Restricted Total 2024
£ £ £ £ £ £
Donations 5,927 - 5,927 3,032 - 3,032
Trusts 72,756 - 72,756 87,231 - 87,231
Gift Aid 1,266 - 1,266 152 - 152
Total 79,949 - 79,949 90,415 - 90,415
Income from other activities
Unrestricted Restricted Total 2025 Unrestricted Restricted Total 2024
£ £ £ £ £ £
Events Income 7,000 - 7,000 6,698 - 6,698
Other Income 104 - 104 - - -
7,104 - 7,104 6,698 - 6,698
Investment income
Unrestricted Restricted Total 2025 Unrestricted Restricted Total 2024
£ £ £ £ £ £
Interest Income 1,638 - 1,638 1,241 - 1,241
Investment 21,616 - 21,616 17,631 - 17,631
23,254 - 23,254 18,872 - 18,872
----- End of picture text -----

4 Income from other activities
5 Investment income

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

6 Analysis of Expenditure £ £ 24,976 - - 345 Sponsorships 41,754 - Insurance 703 - Administrative - - Marketing - - Printing 126 - 2,148 - 1,800 - 71,507 345 Expenditure split: Unrestricted Restricted £ £ Total 71,852 - 7 Analysis of support and governance costs Support Governance £ £ Administrative 1,127 - - - Bank charges 621 - Subscription 400 - Accountancy - 1,800 2,148 1,800 Wages and salaries Fundraising costs Fundraising costs Governance costs (see note 7) Support costs (see note 7) Charitable activities Cost of raising funds	£ 24,976 345 41,754 703 - - 126 2,148 1,800 71,852 Total 2025 £ 71,852 Total 2025 £ 1,127 - 621 400 1,800 3,948 2025	£ 20,038 57,910 - 794 45 122 6,318 1,860 - 87,087 Unresticted £ 92,097 Support £ 573 4,890 685 170 - 6,318 Charitable activities	£ 5,010 - - - - - - - - 5,010 Restricted £ - Governance £ - - - - 1,860 1,860 Cost of raising funds	£ 25,048 57,910 - 794 45 122 6,318 1,860 - 92,097 Total 2024 £ 92,097 Total 2024 £ 573 4,890 685 170 1,860 8,178 2024

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

8 Net income/(expenditure) for the year

This is stated after charging/(crediting): Accountancy fees Staff costs Staff costs during the year were as follows: Wages and salaries	2025 £ 2,000 2025 £ 24,976 24,976	2024 £ 1,860 2024 £ 20,038 20,038

9 Staff costs

No employees has employee benefits in excess of £60,000 (2024: Nil).

The average number of staff employed during the period was 1 (2024: 1).

10 Trustee remuneration and expenses, and related party transactions

Neither the trustees nor any persons connected with them received any remuneration or reimbursed expenses during the year (2024: £Nil).

The total trustees expenses in the year were £Nil (2024 :£Nil).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Noreen Cesareo is a trustee of Commonwealth Girls Education Fund and Gordon Cesareo is a close family member. Commonwealth Girls Education Fund paid £450 to Gordon Cesareo in relation to digital design work.

No other trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2024: £Nil).

11 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

12 Investments

Add net gain/(loss) on revaluation Market value at the end of the year Market value at the start of the year	2025 £ 545,884 51,646 597,530	2024 £ 488,331 57,553 545,884

Investments are all carried at fair value and are all traded in quoted public markets.

13 Debtors

Accrued income 14 Cash at bank and in hand Cash at bank and on hand 15 Creditors: amounts falling due within one year Trade creditors Other creditors and accruals Taxation and social security costs	2025 £ 1,280 1,280 2025 £ 222,161 222,161 2025 £ - 25,889 1,090 26,979	2024 £ 62,650 62,650 2024 £ 130,849 130,849 2024 £ (60) 34,659 893 35,492

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

16 Analysis of movements in restricted funds

For Esther Total Comparative period For Esther Total For Esther Name of restricted fund	Balance at 1 April 2024 Income Expenditure £ £ £ 880 - - 880 - - Balance at 1 April 2023 Income Expenditure £ £ £ 880 - - 880 - - Description, nature and purposes of the fund Sponsorship for one girl in Belize.	Transfers £ - - Transfers £ - -	Balance at 31 March 2025 £ 880 880 Balance at 31 March 2024 £ 880 880

17 Analysis of movements in endowment funds

Total Marguerite Greenhouse fund	Balance at 1 April 2024 £ 7,922 7,922	Income £ - -	Expenditure £ - -	Other recognised gains/(losses) £ - -	Balance at 31 March 2025 £ 7,922 7,922

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

17 Analysis of movements in endowment funds (continued)

Comparative period

Total Name of restricted fund Marguerite Greenhouse fund Marguerite Greenhouse fund	Balance at 1 April 2023 Income Expenditure Other recognised gains/(losses) Balance at 31 March 2024 £ £ £ £ £ 7,166 - - 756 7,922 7,166 - - 756 7,922 Description, nature and purposes of the fund In respect of the Marguerite Greenhouse fund, extablished in 1992. Income from the fund is accounted for the sponsorship of girls.

17 Analysis of movement in unrestricted funds

Comparative period General fund General fund	Balance at 1 April 2024 £ 695,089 695,089 Balance at 1 April 2023 £ 614,404 614,404	Income £ 161,953 161,953 Income £ 172,783 172,783	Expenditure £ (71,852) (71,852) Expenditure £ (92,098) (92,098)	Transfers £ - - Transfers £ - -	As at 31 March 2025 £ 785,190 785,190 As at 31 March 2024 £ 695,089 695,089

Name of Description, nature and purposes of the fund unrestricted fund General fund The free reserves after allowing for all designated funds

Commonwealth Girls Education Fund

Notes to the accounts for the year ended 31 March 2025 (continued)

18 Analysis of net assets between funds

Net current assets/(liabilities) Total Comparative period Net current assets/(liabilities) Total	General fund £ 785,190 785,190 General fund £ 695,089 695,089	Endowment funds £ 7,922 - Endowment funds £ 7,922 -	Restricted funds £ 880 880 Restricted funds £ 880 880	Total 2025 £ 793,992 793,992 Total 2024 £ 703,891 703,891