```
REGISTERED CHARITY NUMBER: 1066869
```
```
Unaudited Financial Statements
for the Year Ended
30 June 2021
```
```
for
```
```
African Children's Educational Trust
(A-CET)
```
```
The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP
```
```
African Children's Educational Trust
(A-CET)
```
```
Contents of the Financial Statements
for the Year Ended 30 June 2021
```
||**`Page`**|
|---|---|
|**`Reference and Administrative Details`**|`1`|
|**`Report of the Trustees`**|`2 to 5`|
|**`Independent Examiner's Report`**|`6`|
|**`Statement of Financial Activities`**|`7`|
|**`Balance Sheet`**|`8`|
|**`Notes to the Financial Statements`**|`9 to 17`|
|**`Detailed Statement of Financial Activities`**|`18 to 19`|
```
African Children's Educational Trust
(A-CET)
```
## **`Reference and Administrative Details for the Year Ended 30 June 2021`**
```
TRUSTEESDr S A Assefa
Captain Y Makonnen
PRINCIPAL ADDRESS670 Ethel Road
Leicester
LE5 4WR
REGISTERED CHARITY NUMBER 1066869
INDEPENDENT EXAMINERThe Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP
```
```
Page 1
```
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African Children's Educational Trust
(A-CET)
```
```
Report of the Trustees
for the Year Ended 30 June 2021
```
```
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
30June2021.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
```
```
Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutin notes
totheaccountsandcomplywiththecharity'sgoverningdocument,theCharitiesAct2011and Accounting
andReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
published in October 2019.
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
The objects of the charity are to further the education of the inhabitants of the African continent.
```
```
ThetrusteeshavehaddueregardtotheCharityCommissionguidanceonpublicbenefit.The main
activities undertaken to further the charity's purposes for the public benefit are as follows:
```
```
-Awardingscholarships,exhibitions,bursariesormaintenanceallowancestenableatany school,
universityorothereducationalestablishmentapprovedbythetrusteestopersonsunderthirtyfive years
of age.
-Providingfinancialassistance,outfits,clothing,tools,instrumentsorbookstosuchpersonson leaving
school,universityorothereducationalestablishmenttopreparethemfororassisttheirentryintoa trade,
profession or service.
```
```
-Awardingthosepersonsgrantsormaintenanceallowancestoenablethemtotravel,whetherinAfrica or
elsewhere in furtherance of their education.
```
```
- Otherwise funding the education of such persons.
```
```
-ThereliefoftheinhabitantsoftheAfricancontinentwhoaresufferinghardshipasaresultof drought,
earthquake,floodorothernaturaldisasterorwho,byreasonoftheirsocialandeconomicconditions, are
in need of assistance.
```
```
Page 2
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African Children's Educational Trust
(A-CET)
```
```
Report of the Trustees
for the Year Ended 30 June 2021
```
## **`ACHIEVEMENT AND PERFORMANCE`**
## **`Charitable activities`**
```
Thisyearhasbeenunprecedentedinmanyways.Aglobalpandemicofunforeseenseveritywould be
enoughtounsettleanyorganization.FortheTrustees,friendsandsupportersofA-CET,the unfortunate
civilunrestinEthiopiacontinuestobeacauseofparamountconcern.Followinglastyear'sdecision to
winddownouroperations,wehavebeenpreparingandenablingourEthiopianpartnerstotakethe steps
necessarytobecomeselfsufficient.A-CETadministratorandfounderwasabletotraveltoEthiopiato help
withtheprocess.However,thetripwascutshortduetotheconflictthatbrokeoutinNovember 2020.
WithyourgeneroussupporttoourTigrayappeal,A-CETwasabletoprovidemuchneededemergency relief
aid to thousands of internally displaced families and children.
```
```
AlthoughwearecurrentlyunabletoeffectivelycommunicatewithstaffandstudentsinTigray,we remain
optimisticthattheworkwehavedoneforover25years-toinstillthevalueofeducationwhile giving
studentshope,selfconfidenceandstrengthintimesofadversity,willallowthemtomovepast these
periloustimesandseekapathofreconciliationandrebuilding.A-CETisstrictlyapoliticalandwe maintain
thebeliefthattowithholdaidduetopoliticalreasonswillonlyexacerbatethesituationharmingthe most
vulnerableinsociety,particularlychildren.AswewriteourlastTrustees'report,itisworth reiterating
the incredible work that was achieved with your support and partnership:
```
```
-RunbyvolunteersandnopaidstaffintheUK,A-CEThasraisedoverfourmillionpoundssince it's
registration in 1997.
```
```
-Withthesefunds,over500vulnerableEthiopianstudentsweresupportedwithlong-term full
scholarshipsintogainfulemployment/self-employmentineveryfield/professionimaginable.Over10% of
ourscholarshipstudentswereeffectivelydisabled.Thestudent'sgendermixfrominceptionwas always
50% boys, 50% girls.
```
```
-Since2006A-CETfundedtheconstruction(withlocalcommunitylabour),fullfurnishingand electrifying
oftenfullGrades1to12ruralqualityschoolswithon-sitedrylatrines.Thesecreatedover15,000 school
placeswherepreviouslyfewschoolsevenexisted.Furthertwochurch-runandadministered self-sufficient
residentialschoolswereconstructedandfurnishedwhichincludedmains/solarlightinginstalled and
on-site latrines.
```
```
Whilewedon'tbelievethatcharitiesshouldbeself-perpetuating,theTrusteesremaincommitted to
findingtheappropriatewaytosupportoncetheconflictinEthiopiaisresolved.Meanwhile,ifyou have
anyquestions,commentsorwouldliketodiscusshowtohelp,pleasefeelfreetocontactDrSammy Assefa
on sammy.a.assefa@gmail.com. Thank you sincerely for all your support.
```
## **`FINANCIAL REVIEW`**
## **`Financial position`**
```
The end of the year saw a fair financial result based on a satisfactory performance by the trustees.
```
```
Total incoming resources were £53,539 (2020: £60,780), a decrease of 12%.
```
```
Otherresourcesexpendedwere17%at£8,858(2020:£10,236)resultinginadeficitof£22,095 (2020:
£20,163 surplus) to meet our objectives.
```
```
During the year there was no restricted income (2020: £Nil) or expenditure (2020: £6,332).
```
```
Grants and donations made from unrestricted funds amounted to £56,681 (2020: £31,577).
```
```
Page 3
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African Children's Educational Trust
(A-CET)
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Report of the Trustees
for the Year Ended 30 June 2021
```
## **`FINANCIAL REVIEW`**
## **`Investment policy and objectives`**
```
Underthedeclarationoftrustthetrusteeshavethepowertoinvestinanywaytheywishhaving due
regardtotheliquidityrequirementsandthereservespolicy.Thetrustees'ethicalinvestmentpolicy as
agreedin2002isthatnoneofourinvestmentsshouldalienateanydonorsordirectlyconflictwith,or be
incompatibleonmoralgroundswithourobjectives.Thispolicyisconsistentwithprevious years.
Currently we hold no investments.
```
## **`Reserves policy`**
```
DonationsmadetotheTrustforaspecificpurposehavetoberecordedasrestrictedfunds,because the
usageisspecifiedbythedonor(s).Allotherfundsmaybereferredtoasunrestrictedfunds.During the
year£Nilwasreceivedforspecificpurposesofwhichat30June2021,£Nilfundsremained unexpended.
Otherwise there were only unrestricted funds in deficit of £694 at 30 June 2021.
```
```
Thetrusteeshavesetacontinuingreservespolicytoholdfreereservesinunrestrictedfundsand they
believe that donors support for A-CET is to be used on our work and not necessarily invested.
```
## **`FUTURE PLANS`**
```
Asnotedinourletters,wewillbeactivelyworkingtowardswindingdownouroperations.Any surplus
fundsleftwillbetransferredtoourEthiopianrepresentativeinAddisAbaba.Itisoursincerehopethat the
conflictinEthiopiawillberesolvedsoon.TheTrusteesarecommittedtofindingtheappropriateway to
support once the conflict is resolved, and it is safe to operate in a neutral and independent manner.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
TheCharitableTrustwasconstitutedbydeedon20October1997,asamended29April2004and 28
November2007,andisaregisteredcharityinEnglandandWalesnumber1066869.Thecharity is
administered and managed by the trustees.
```
## **`Recruitment and appointment of new trustees`**
```
Trusteesareappointedforatermofthreeyearsbyresolutionofthetrusteesataspecialmeeting called
uponnotlessthan21daysnotice;decisionsaremadebyamajorityofvotes.Thetrustdeed stipulates
that there should be at least three trustees.
```
## **`Organisational structure`**
```
TheformertrusteesadministerofthecharityandtheTrusteeChairDavidStableswasappointedasCEO to
lookafterthedaytodayadministrativefunctions;duringlastyearDaviddidstepdownfromtherole of
CEO/Trustee and continued to support the transition as the chief administer; there are no employees.
```
```
Policiesandstrategiesaredeterminedbythetrusteeswhoholdformalmeetingsaminimumoftwice a
year. The trustees do not receive any remuneration.
```
## **`Induction and training of new trustees`**
```
Newtrusteesarebriefedontheirlegalobligationsundercharitylawsandonthecontentofthetrust deed
togetherwiththedecisionmakingprocessesandtherecentfinancialperformanceofthecharity. As
legislationisamendedandourcharitydevelops,trusteesaremadeawareastotheirlegaland other
responsibilities.
```
```
Page 4
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African Children's Educational Trust
(A-CET)
```
## **`Report of the Trustees`**
```
for the Year Ended 30 June 2021
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Risk management`**
```
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandto ensure
appropriatecontrolsareinplacetoprovidereasonableassuranceagainstfraudanderror.The trustees
considertheprincipalrisktoberelatedtoaninabilitytoprovidethenecessarycontinuityoffunding to
enablestudentstocompleteaneducationalcourse.Anelementintheirmanagementoffinancial risk,
therefore, is the setting of a reserves policy and its regular review by the trustees.
```
## **`EVENTS SINCE THE END OF THE YEAR`**
```
Information relating to events since the end of the year is given in the notes to the financial statements.
```
```
Approved by order of the board of trustees on 29 October 2021 and signed on its behalf by:
```
```
Dr S A Assefa - Trustee
```
```
Page 5
```
```
Independent Examiner's Report to the Trustees of
African Children's Educational Trust
(A-CET)
```
## **`Independent examiner's report to the trustees of African Children's Educational Trust (A-CET)`**
```
IreporttothecharitytrusteesonmyexaminationoftheaccountsofAfricanChildren'sEducational Trust
(A-CET) (the Trust) for the year ended 30 June 2021.
```
## **`Responsibilities and basis of report`**
```
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
```
```
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under section 145(5)(b) of the Act.
```
## **`Independent examiner's statement`**
```
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention 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 Trust 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 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.`
```
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
```
```
Robert Radford FCA
The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP
```
```
1 November 2021
```
```
Page 6
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African Children's Educational Trust
(A-CET)
```
## **`Statement of Financial Activities for the Year Ended 30 June 2021`**
|||||`30.6.21`|`30.6.20`|
|---|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|`Total`|
|||`fund`|`fund`|`funds`|`funds`|
||`Notes`|`£`|`£`|`£`|`£`|
|**`INCOME AND ENDOWMENTS FROM`**||||||
|`Donations and legacies`|`2`|`47,504`|`-`|`47,504`|`47,128`|
|`Other trading activities`|`3`|`6,035`|`-`|`6,035`|`13,617`|
|`Investment income`|`4`|`-`|`-`|`-`|`35`|
|**`Total`**||`53,539`|`-`|`53,539`|`60,780`|
|**`EXPENDITURE ON`**||||||
|`Raising funds`|`5`|`50`|`-`|`50`|`216`|
|**`Charitable activities`**|`6`|||||
|`Support costs of charitable activities`||`4,380`|`-`|`4,380`|`(14,941)`|
|`Charitable activities`||`62,346`|`-`|`62,346`|`45,106`|
|`Other`|`10`|`8,858`|`-`|`8,858`|`10,236`|
|**`Total`**||`75,634`|`-`|`75,634`|`40,617`|
|**`NET INCOME/(EXPENDITURE)`**||`(22,095)`|`-`|`(22,095)`|`20,163`|
|**`RECONCILIATION OF FUNDS`**||||||
|**`Total funds brought forward`**||`21,401`|`-`|`21,401`|`1,238`|
|**`TOTAL FUNDS CARRIED FORWARD`**||`(694)`|`-`|`(694)`|`21,401`|
```
The notes form part of these financial statements
```
```
Page 7
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African Children's Educational Trust
(A-CET)
```
## **`Balance Sheet 30 June 2021`**
|||`30.6.21`|`30.6.20`|
|---|---|---|---|
||`Notes`|`£`|`£`|
|**`CURRENT ASSETS`**||||
|`Cash at bank`||`2,150`|`24,245`|
|**`CREDITORS`**||||
|`Amounts falling due within one year`|`13`|`(2,844)`|`(2,844)`|
|**`NET CURRENT ASSETS/(LIABILITIES)`**||`(694)`|`21,401`|
|**`TOTAL ASSETS LESS CURRENT LIABILITIES`**||`(694)`|`21,401`|
|**`NET ASSETS`**||`(694)`|`21,401`|
|**`FUNDS`**|`15`|||
|`Unrestricted funds`||`(694)`|`21,401`|
|**`TOTAL FUNDS`**||`(694)`|`21,401`|
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
29 October 2021 and were signed on its behalf by:
```
```
S A Assefa - Trustee
```
```
The notes form part of these financial statements
```
```
Page 8
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African Children's Educational Trust
(A-CET)
```
```
Notes to the Financial Statements
for the Year Ended 30 June 2021
```
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
have been prepared under the historical cost convention.
```
```
AfricanChildren'sEducationalTrust(A-CET)isanunincorporatedcharityregisteredinEngland and
Wales.Theaddressofthecharityisgiveninthecharityinformationonpage1ofthese financial
statements.
```
```
Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedeparted from
theCharities(AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea 'true
andfairview'.ThisdeparturehasinvolvedfollowingtheAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIrelandissuedin October
2019ratherthantheAccountingandReportingbyCharities:StatementofRecommended Practice
effective from 1 April 2005 which has since been withdrawn.
```
```
Thesignificantaccountingpoliciesappliedinthepreparationofthesefinancialstatementsare set
outbelow.Thesepolicieshavebeenconsistentlyappliedtoallyearspresentedunless otherwise
stated.
```
```
Financial reporting standard 102 - reduced disclosure exemptions
```
```
Thecharityhastakenadvantageofthefollowingdisclosureexemptionsinpreparingthese financial
statements,aspermittedbyFRS102'TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland':
```
```
- the requirements of Section 7 Statement of Cash Flows.
```
## **`Income`**
```
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
```
```
Forlegacies,entitlementistheearlierofthecharitybeingnotifiedofanimpendingdistribution or
thelegacybeingreceived.Atthispointincomeisrecognised.Onoccasionlegacieswillbe notified
tothecharityhoweveritisnotpossibletomeasuretheamountexpectedtobedistributed. On
these occasions, the legacy is treated as a contingent asset and disclosed.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
```
```
continued...
```
```
Page 9
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(A-CET)
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```
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
```
## **`1. ACCOUNTING POLICIES - continued`**
## **`Expenditure`**
```
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
```
## **`Taxation`**
```
Thecharityisexemptfromtaxonitscharitableactivities.ExpensesareinclusiveofVAT where
applicable.
```
## **`Fund accounting`**
```
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
```
```
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
```
```
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
```
## **`Foreign currencies`**
```
Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchange ruling
atthebalancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingatthe rate
ofexchangerulingatthedateoftransaction.Exchangedifferencesaretakenintoaccount in
arriving at the operating result.
```
## **`Cash and cash equivalents`**
```
Cash and cash equivalents comprise cash in hand and cash on deposit.
```
## **`Going concern`**
```
Thefinancialstatementshavebeenpreparedonagoingconcernbasisasthetrusteesbelieve that
no material uncertainties exist.
```
```
Postyearendincomehasincreasedreservestoalevelwhichissufficienttomeet outstanding
liabilities.
```
```
Asnotedinthefutureplans,afterasignificantdeliberationandreviewofallthe available
resources, the trustees have agreed that the closing of ACET in the UK is the best course of action.
```
## **`Debtors and creditors receivable/payable within one year`**
```
Debtorsandcreditorswithnostatedinterestrateandreceivableorpayablewithinoneyear are
recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
```
```
continued...
```
```
Page 10
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```
(A-CET)
```
## **`Notes to the Financial Statements - continued for the Year Ended 30 June 2021`**
## **`2. DONATIONS AND LEGACIES`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Donations`|`35,448`|`-`|`35,448`|`42,722`|`-`|`42,722`|
|`Gift aid`|`6,056`|`-`|`6,056`|`4,406`|`-`|`4,406`|
|`Legacies`|`6,000`|`-`|`6,000`|`-`|`-`|`-`|
||||||||
||`47,504`|`-`|`47,504`|`47,128`|`-`|`47,128`|
||||||||
## **`3. OTHER TRADING ACTIVITIES`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Affinity`
`income`|`6,035`|`-`|`6,035`|`13,617`|`-`|`13,617`|
||||||||
## **`4. INVESTMENT INCOME`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Interest`
`received`|`-`|`-`|`-`|`35`|`-`|`35`|
||||||||
```
continued...
```
```
Page 11
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## **`Notes to the Financial Statements - continued for the Year Ended 30 June 2021`**
## **`5. RAISING FUNDS`**
## **`Raising donations and legacies`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Raising`
`funds`|`50`|`-`|`50`|`216`|`-`|`216`|
||||||||
## **`6. CHARITABLE ACTIVITIES COSTS`**
|`Grant`
`funding of`
`Direct`
`activities`
`Support`
`Costs (see`
`(see note`
`costs (see`
`note 7)`
`8)`
`note 9)`
`£`
`£`
`£`
`Support costs of charitable`
`activities`
`-`
`-`
`4,380`
`Charitable activities`
`5,665`
`56,681`
`-`
`5,665`
`56,681`
`4,380`|`Totals`
`£`
`4,380`
`62,346`|
|---|---|
||`66,726`|
## **`7. DIRECT COSTS OF CHARITABLE ACTIVITIES`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Telephone`|`1,794`|`-`|`1,794`|`550`|`-`|`550`|
|`Carriage of`
`clothing,`
`books etc`|`318`|`-`|`318`|`443`|`-`|`443`|
|`Bank charges`
`on transfer`
`of funds`|`52`|`-`|`52`|`162`|`-`|`162`|
|`Visits to`
`Ethiopia`|`3,501`|`-`|`3,501`|`1,619`|`-`|`1,619`|
|`Community`
`support`|`-`|`-`|`-`|`3,820`|`-`|`3,820`|
|`Vehicle`|||||||
|`Maintenance`|`-`|`-`|`-`|`603`|`-`|`603`|
||||||||
||`5,665`|`-`|`5,665`|`7,197`|`-`|`7,197`|
||||||||
```
continued...
```
```
Page 12
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```
(A-CET)
```
## **`Notes to the Financial Statements - continued for the Year Ended 30 June 2021`**
## **`8. GRANTS PAYABLE`**
|**`GRANTS PAYABLE`**|||
|---|---|---|
||`30.6.21`|`30.6.20`|
||`£`|`£`|
|`Charitable activities`|`56,681`|`37,909`|
```
The total grants paid to institutions during the year was as follows:
```
|||||||`30.6.21`|`30.6.21`|||||`30.6.20`|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||`Unrestricted`||`Restricted`||`Total`||`Unrestricted`||`Restricted`||`Total`|
|||`funds`||`funds`||`funds`||`funds`||`funds`||`funds`|
|||`£`||`£`||`£`||`£`||`£`||`£`|
|`EYES`||`6,570`||`-`||`6,570`||`23,126`||`-`||`23,126`|
|`Sports`||`215`||`-`||`215`||`998`||`-`||`998`|
|`Hohole`||`-`||`-`||`-`||`-`||`2,868`||`2,868`|
|`Hiwane`||`-`||`-`||`-`||`-`||`1,999`||`1,999`|
|`Ykmon`||`-`||`-`||`-`||`-`||`831`||`831`|
|`Future`||`30,049`||`-`||`30,049`||`-`||`634`||`634`|
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
|||`36,834`||`-`||`36,834`||`24,124`||`6,332`||`30,456`|
||||||||||||||
|`The total grants`||`paid to individuals during the year was as follows:`|||||||||||
||||||`30.6.21`|||||||`30.6.20`|
|||`Unrestricted`|`Restricted`||`Total`||`Unrestricted`||`Restricted`|||`Total`|
|||`funds`|`funds`||`funds`||`funds`||`funds`|||`funds`|
|||`£`|`£`||`£`||`£`||`£`|||`£`|
|`Scholarships`||`19,439`|`-`||`19,439`||`6,783`||`-`|||`6,783`|
|`Uniforms &`
`equipment`||`-`|`-`||`-`||`-`||`-`|||`-`|
|`Books`||`408`|`-`||`408`||`670`||`-`|||`670`|
||||||||||||||
||||||||||||||
|||`19,847`|`-`||`19,847`||`7,453`||`-`|||`7,453`|
||||||||||||||
```
continued...
```
```
Page 13
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```
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(A-CET)
```
## **`Notes to the Financial Statements - continued for the Year Ended 30 June 2021`**
## **`9. SUPPORT COSTS`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Exchange`
`differences`|`(1,075)`|`-`|`(1,075)`|`-`|`-`|`-`|
|`Postage`|`106`|`-`|`106`|`31`|`-`|`31`|
|`Insurance`|`1,143`|`-`|`1,143`|`1,043`|`-`|`1,043`|
|`Website`|`526`|`-`|`526`|`980`|`-`|`980`|
|`Telephone`|`1,631`|`-`|`1,631`|`814`|`-`|`814`|
|`Stationery`|`1,843`|`-`|`1,843`|`159`|`-`|`159`|
|`Publicity`|`206`|`-`|`206`|`32`|`-`|`32`|
|`Management`|||||||
|`fees`|`-`|`-`|`-`|`(18,000)`|`-`|`(18,000)`|
||||||||
||`4,380`|`-`|`4,380`|`(14,941)`|`-`|`(14,941)`|
||||||||
## **`10. OTHER`**
||||`30.6.21`|||`30.6.20`|
|---|---|---|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`funds`|`funds`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|`£`|`£`|
|`Bank charges`|`2`|`-`|`2`|`16`|`-`|`16`|
|`Government`
`registration`
`fees`|`40`|`-`|`40`|`35`|`-`|`35`|
|`Other travel`
`costs`|`5,818`|`-`|`5,818`|`6,064`|`-`|`6,064`|
|`Sundries`|`154`|`-`|`154`|`1,277`|`-`|`1,277`|
|`Independent`
`examination`|`2,184`|`-`|`2,184`|`2,184`|`-`|`2,184`|
|`Accountancy`
`fees`|`660`|`-`|`660`|`660`|`-`|`660`|
||||||||
||`8,858`|`-`|`8,858`|`10,236`|`-`|`10,236`|
||||||||
```
continued...
```
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Page 14
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```
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
```
## **`11. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended30June2021norfor the
year ended 30 June 2020.
```
## **`Trustees' expenses`**
```
Whereappropriatetrusteesarereimbursedfortheiroutofpocketexpenseswhere directly
attributabletoundertakingcharitybusiness.Onetrustee(2020:Nil)wasreimbursed expenses
totalling£1,800(2020:£Nil)butitshouldbeborneinmindthatthetrusteesalsofulfila largely
managerial role within the charity.
```
```
Duringtheyearonetrustee(2020:two)hasdonatedatotalamountof£3,994(2020:£1,379)to the
charity.
```
## **`12. AMOUNTS PAYABLE TO INDEPENDENT EXAMINER`**
```
Theamountpaidtotheindependentexaminerfortheindependentexaminationwas£2,184 (2020:
£2,184) and £660 (2020: £660) for other accountancy services.
```
## **`13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
||||`30.6.21`|`30.6.20`|
|---|---|---|---|---|
||||`£`|`£`|
|`Other creditors`|||`2,844`|`2,844`|
|**`ANALYSIS OF NET ASSETS BETWEEN FUNDS`**|||||
||||`30.6.21`|`30.6.20`|
||`Unrestricted`|`Restricted`|`Total`|`Total`|
||`fund`|`fund`|`funds`|`funds`|
||`£`|`£`|`£`|`£`|
|`Current assets`|`2,150`|`-`|`2,150`|`24,245`|
|`Current liabilities`|`(2,844)`|`-`|`(2,844)`|`(2,844)`|
||`(694)`|`-`|`(694)`|`21,401`|
## **`14. ANALYSIS OF NET ASSETS BETWEEN FUNDS`**
```
continued...
```
```
Page 15
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## **`Notes to the Financial Statements - continued for the Year Ended 30 June 2021`**
## **`15. MOVEMENT IN FUNDS`**
|**`MOVEMENT IN FUNDS`**||||||
|---|---|---|---|---|---|
||||`Net`|||
||||`movement`||`At`|
|||`At 1.7.20`|`in funds`|`30.6.21`||
|||`£`|`£`||`£`|
|**`Unrestricted funds`**||||||
|`General fund`||`21,401`|`(22,095)`||`(694)`|
|**`TOTAL FUNDS`**||`21,401`|`(22,095)`||`(694)`|
|`Net movement in funds, included in the above are as follows:`||||||
|||`Incoming`|`Resources`|`Movement`||
|||`resources`|`expended`|`in funds`||
|||`£`|`£`||`£`|
|**`Unrestricted funds`**||||||
|`General fund`||`53,539`|`(75,634)`|`(22,095)`||
|**`TOTAL FUNDS`**||`53,539`|`(75,634)`|`(22,095)`||
|**`Comparatives for movement in funds`**||||||
|||`Net`|`Transfers`|||
|||`movement`|`between`||`At`|
||`At 1.7.19`|`in funds`|`funds`|`30.6.20`||
||`£`|`£`|`£`||`£`|
|**`Unrestricted funds`**||||||
|`General fund`|`1,238`|`26,495`|`(6,332)`||`21,401`|
|**`Restricted funds`**||||||
|`Restricted funds`|`-`|`(6,332)`|`6,332`||`-`|
|**`TOTAL FUNDS`**|`1,238`|`20,163`|`-`||`21,401`|
```
continued...
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```
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
```
## **`15. MOVEMENT IN FUNDS - continued`**
```
Comparative net movement in funds, included in the above are as follows:
```
||`Incoming`|`Resources`|`Movement`|
|---|---|---|---|
||`resources`|`expended`|`in funds`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`60,780`|`(34,285)`|`26,495`|
|**`Restricted funds`**||||
|`Restricted funds`|`-`|`(6,332)`|`(6,332)`|
|**`TOTAL FUNDS`**|`60,780`|`(40,617)`|`20,163`|
## **`Restricted Funds`**
```
Thepurposeoftherestrictedfundsareforthebuildinganddevelopmentofthenew school
projects such as the building of the elementary, primary and secondary schools up to grade 10.
```
## **`16. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the year ended 30 June 2021.
```
## **`17. POST BALANCE SHEET EVENTS`**
```
Thecharityisceasingafterthisyearend,onceallthecreditorshavepaidbeenpaidthen the
remaining funds will be donated to EYES in Ethiopia.
```
```
Page 17
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## **`Detailed Statement of Financial Activities for the Year Ended 30 June 2021`**
||`30.6.21`|`30.6.20`|
|---|---|---|
||`£`|`£`|
|**`INCOME AND ENDOWMENTS`**|||
|**`Donations and legacies`**|||
|`Donations`|`35,448`|`42,722`|
|`Gift aid`|`6,056`|`4,406`|
|`Legacies`|`6,000`|`-`|
||`47,504`|`47,128`|
|**`Other trading activities`**|||
|`Affinity income`|`6,035`|`13,617`|
|**`Investment income`**|||
|`Interest received`|`-`|`35`|
|**`Total incoming resources`**|`53,539`|`60,780`|
|**`EXPENDITURE`**|||
|**`Raising donations and legacies`**|||
|`Raising funds`|`50`|`216`|
|**`Charitable activities`**|||
|`Telephone`|`1,794`|`550`|
|`Carriage of clothing, books etc`|`318`|`443`|
|`Bank charges on transfer of funds`|`52`|`162`|
|`Visits to Ethiopia`|`3,501`|`1,619`|
|`Community support`|`-`|`3,820`|
|`Vehicle maintenance`|`-`|`603`|
|`Grants to institutions`|`36,834`|`30,456`|
|`Grants to individuals`|`19,847`|`7,453`|
||`62,346`|`45,106`|
|**`Support costs`**|||
|**`Finance`**|||
|`Exchange differences`|`(1,075)`|`-`|
|**`Other`**|||
|`Postage`|`106`|`31`|
|`Carried forward`|`106`|`31`|
```
This page does not form part of the statutory financial statements
```
```
Page 18
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```
```
(A-CET)
```
## **`Detailed Statement of Financial Activities for the Year Ended 30 June 2021`**
||`30.6.21`|`30.6.20`|
|---|---|---|
||`£`|`£`|
|**`Other`**|||
|`Brought forward`|`106`|`31`|
|`Insurance`|`1,143`|`1,043`|
|`Website`|`526`|`980`|
|`Telephone`|`1,631`|`814`|
|`Stationery`|`1,843`|`159`|
|`Publicity`|`206`|`32`|
|`Management fees`|`-`|`(18,000)`|
||`5,455`|`(14,941)`|
|**`Governance costs`**|||
|`Bank charges`|`2`|`16`|
|`Government registration fees`|`40`|`35`|
|`Other travel costs`|`5,818`|`6,064`|
|`Sundries`|`154`|`1,277`|
|`Independent examination`|`2,184`|`2,184`|
|`Accountancy fees`|`660`|`660`|
||`8,858`|`10,236`|
|`Total resources expended`|`75,634`|`40,617`|
|**`Net (expenditure)/income`**|`(22,095)`|`20,163`|
```
This page does not form part of the statutory financial statements
```
```
Page 19
```