Charity Registration No. 1082856 Company Registration No. 04020958 (England and Wales) AEGIS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
AEGIS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Directors R D Cerrotti B M Kayihura Dr R K Meskele R Messinger J L H Ohlsson {Chair of the Board} Dr J M Smith (Deputy Chairl P E Whittle Key Management Personnel F Mutanguha (Chief Executive Officer) Charity Number 1082856 Company Number 04020958 Registered Office 34-36 Goosegate Nottingham Nottinghamshire NGI IFF Auditors Azets Audit Services nd 2 Floor. Regis House 45 King William Street London EC4R 9AN Bankers Natwest 11 Western Boulevard Bede151and Leicester LE2 7EJ Solicitors Freeth Cartwright Willoughby House 20 Low Pavement Nottingham NGI 7EA
AEGIS TRUST CONTENTS Page Trustees Annual Report Trustees, Responsibilities Statement Independent Auditorfs Report 8-10 Statement of Financial Artivities li Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-25
AEGIS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2023 The directors present their report and audited accounts for the year ended 30 June 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's governing document. the Companies Act 2006 and "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 IFRS 1021 (issued in October 2019). Objectives and activities Aegis Trust works towards the predication. prevention and ultimately the elimination of genocide for the benef it of humanity. We fulfil our mission to prevent genocide and mass atrocities primarily through peace education, which has been developed as a tool for 'upstream' prevention. The purpose is to contribute to resilience in unstable countries at risk of genocide or mass atrocities, 50 that should there be a political, economic or environmental shock. communities will be less inclined to resort to violence and recover more quickly. Our major programme is in Rwanda, where our peace education methodology was developed and where Aegis Trust has operated the Kigali Genocide Memorial, under a license arrangement with the Government of Rwanda. since 2004. The Kigali Genocide Memorial receives around 150.000 visitors per year. The peace education methodology of the Aegis Trust centres around a storytelling approach, and has an aim of fostering critical thinking. empathy and values that encourage social action. In times of peace, early upstream prevention is referred to as primary prevention. The education methodology is now being shared and adapted in countries in crisis to de-e5calate conflict. In such a situation we refer to this as secondary prevention. Contributions made by volunteers The trustees are grateful for the contribution made by a number of volunteers who regularly donate their time. This includes those who contribute to Aegis. operations by donating their time in support activities. Public benefit The trustees have reviewed the objectives and artivities of the Charity as detailed above and are satisfied that they are for the public benefit as detailed in the Charity Commission guidance note on thi5 subject.
AEGIS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Achievements and performance The Kigali Genocide Memorial is a place of memory where 250.000 people who were killed in the Genocide against the Tutsi are buried in mass graves. It's also a place where people can learn. find hope. and be inspired to build peace, whether they are from Rwanda or from other countries. People who visit the memorial include students who want to learn how to make peace in their communities, and international leaders who need mechanisms in their own countries to stop violence based on people's identity. The memorial was established in 2004 by the Aegis Trust in collaboration with the Rwandan Government and Kigali City Council. It comprises exhibitions, memorial gardens. the Genocide Archive of Rwanda, and the Kigali Community Peace Centre. Today, it continues to be run by the Aegis Trust on behalf of Rwanda's Ministry of National Unity and Civic Engagement IMINUBUMWEI. From July 2023 to June 2024. the Kigali Genocide Memorial received 163,527 visitors. Aegis has been leading a programme in collaboration with Interpeace, Radio La Benevolencija and Never Again Rwanda (forming the Rwanda Peace Partnership with them in November 20221. Action for Sustainable Peace, Inclusion. Rights and Equality IASPIREI is designed to contribute to Sustainable peace in Rwanda through peace education within formal and non- formal education and to influence related policies through research. Improving the delivery of peace education and addressing challenges identif led by the National Unity and Reconciliation Commission INURC}, it provides progressive learning opportunities for teachers, parents, youth. and decision makers to equip them with greater capacity to contribute to the achievement of sustainable peace in Rwanda. Face-to-facetrainingevents are conducted at three Community Peace Centres. The Ubumuntu Digital platForm a project SUPPOrted by the Embassy of Belgium in Rwanda. has also been instrumental in supporting Aegis Trusts, Peace and Values Education with a library of online resources for all trainees, including those who take part in online workshops rather than face-to-face. The Ubumuntu Digital Platform also features the Promoting Positive Masculinitie5 project, which supports gender equality through positive masculinitie5 and 15 implemented by Aegis Trust and the Centre for Gender Studies of the University of Rwanda. Aiming to embed transformative approaches to gender within public institutions and civil society organizations to influence wider positive attitudes and behavioural change, Promoting Positive Masculinities has involved training in the past year for hundreds of participants from Government agencies, CSOS, businesses and Faith and Religious Based Organizations. Aegis continued to provide support to a number of widows and orphans of the genocide, helping them to rebuild their lives. Whi15t a small programme in scale, it is having a very positive impact in helping survivors. psychologically, physically and economically. Aegis. anti-genocide youth movement. STAND. is based in the U.S. and campaigns for changes to policy with regard to groups vulnerable to the threat of genocide and mass atrocities. Aegis also supports the All-Party Parliamentary Group on Preventing Genocide and Crimes against Humanity.
AEGIS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Going concern The total net assets at the year-end were £2.060.306 represented by surplus funds of a similar amount, compared to £ 1,853,061 in the year ended 30 June 2023. £2.186.440 of the fund balances, related to unrestricted funds. The restricted funds were in a deficit of £126,631. This is as a result of the Trust having spent own funds, ahead of receiving disbursements from partners. Excluding fixed assets net of depreciation of £711,219, and trade creditors of £ 40,018, there was a surplus of £637,868 on free reserves. The performance for the year shows a stable financial position, with unrestricted funds being way above the restricted funds. Aegis Trust has made a strategic decision to have reliable and secure funding. In this regard there has been investment in the Isoko Centre for humanity with land for the development having been acquired in 2023. There has good progress in securing funding for the development of the facilities. This will enhance the current programs that will enhance a home at the centre, as well as introducing new income generating activities. The Trustees believe current strategies will enable Aegis to further raise funds for the both projert and non-project related expenses The trustees therefore conclude that the accounts should be prepared on a going concern basis. Financial review The charity received income in the year of £3,192.303 compared with £2,699,723 for the 12 months to 30 June 2023. Expenditure was £2.985.058. in the current year compared to £2.741.395 in the 12 months to 30 June 2023. Principal funding sources The principal funding sources were grants and donations. Key grants included £1.201.538 from the Swedish International Development Agency ISIDAI, £297,360 from Belgian Embassy. £218.334 from the Wellspring Foundation. £297,319 from MINUBUMWE and £279,876 from Kigali Genocide Memorial . Investment powers The Board'5 investment power5 are governed bythe Memorandum and Article5 of Association which permit the charityfunds not immediately required for its objects to be invested in such investments. securities or property as may be thought fit. Reserves policy Our reserves policy is to have free reserves to meet obligations for at least three months key operating costs for unrestricted activity. Based on our budget for fiscal year 2024 this is approximately £150,000. The board is committed to have prudent financial management that impacts positively on our financial position, and we are in positive free reserves. Total funds amount to £2,060,306 of which restricted funds total £233.649 and unrestricted funds show £1,826,657. Free reserves show surplus of £637.868. The related party loan of £92.730 as at 30 June 203 was fully paid during the year. As a significant part our unrestricted fund comprises fixed assets, the fixed asset balance is not included in the free reserve calculation.
AEGIS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Plans for the future The exhibition and program activities in Rwanda will continue to take up a lot of the focus of Aegis in the coming years. One of our key plans is the establishment of the Isoko Peace Institute. The Institute was launched in July 2024, in a conference that drew internationally-known scholars. peace practitioners. educators. policymakers, and community builders committed to reconciliation, forgiveness, peace and transformational justice as a path to a resilient and just tomorrow. The institute will build stronger sustainability for Aegis,. increase our capacity to grow our current Peace Education programs; have the space to have a new exhibition- start new programs on livelihood and psychological support. The institute is close to the upcoming new Kigali international Airport and we will have hospitalityfacilities that are going to draw greater attention to the important work we do. We will also pursue Plans during to modernise the visitor experience at the Kigali Genocide Memorial, though, physical improvement of the facilities. technology to include virtual tours. and adapt the exhibitions in the Kigali Genocide Memorial. This will enhance what visitors can learn about the value of peace education in preventing crises. This will include a 'peace activation room, in the top floor of the memorial. In 2023124 we developed Community Peace Centres in Rwanda. a base for mobile exhibitions and training, that is modelled on the successful peace school established in R. We will continue to increase our peace education reach through the scenter5 and explore opportunities for additional outreach. We started developing its programmes for online delivery in 2023. among other digital transformations. We will pursue growth of new delivery models that enable us to have a wider reach Partnerships supporting this effort include the College of William and Mary in Williamsburg. We also plan to grow the outreach work from Rwanda, notably through the Changemaker programme which receives community leaders f rom countries at-risk of genocide or mass atrocities to undergo peace education training, which can then be adapted to prevent identity-based violence in their own countries. We will continue to strengthen core income generation through greater involvement in fundraising and social impact activities.
AEGIS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Structure. governance and management Governing document Aegis Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 7 June 2000. It is registered as a charity with the Charity Commission. Any person can become a member of the company subject to approval by the trustees. Members undertake to contribute up to £1 in the event of a winding up of the charity. The directors who served during the year were: R D Cerrotti M Kayihura Dr R K Meskele R Messinger J Ohlsson Drj M Smith P Whittle Appointment of trustees Trustees may be appointed by the members by ordinary resolution. Existing trustees may also appoint an additional trustee at any time, but the appointment must be confirmed by the members at the next annual general meeting. In addition, one third of existing trustees must retire by rotation and seek reappointment at each annual general meeting. Trustees take account of any specialist skill requirement when considering new appointments. Organisation The trustees have appointed an Executive Director, who is also a trustee and director, to be responsible for administering the day to day running of the charity through delegation of the necessary tasks where necessary. This includes responsibilities for finance, fund-raising and other operational matters. Trustee Induction and training Potential new trustees are invariably familiar with the objects and operation of the charity, but steps are taken to ensure they are fully briefed by the Executive Dirertor and other key employees on legal obligations, constitutional matters. the past and current f inancial position and future plans before their appointment is confirmed. All trustees are encouraged to attend appropriate external training events where they will help them to carry out their role more efficiently. Related Parties Aegis has a close relationship with Beth Shalom Limited. a charity which runs a conference and education centre which has the object of examining the events of the Holocaust and contemporary acts of religious and ethnic violence and providing a forum for discussion to promote tolerance and understanding in the future. Dr J M Smith is a trustee of both charities. Aegis also has a close relationship with Aegis America Inc. a not-for-profit organisation in the US which receives donations fromthe US and transfersthese where appropriate, netof costs,toAegis. John Montgomery is also a director of Aegis America Inc.
AEGIS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Pay policy for key management personnel The trustees make no special provision for senior staff or key management personnel. Pay and conditions for all staff are considered at least annually and are determined using a number of factors including external funding and the period of that funding, various indices and affordability short and long term. Risk Management The trustees examine the Major risks that the charity faces each financial year when preparing and updating the Strategic plan. Aegis has developed systems to monitor and control these risks to mitigate any impact that they may have on the charity in the future. Auditors Azets Audit Services are deemed to be re-appointed under sertion 487121 of the Companies Act 2006. Disclosure of information to auditors Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information. Small company provisions This report is prepared in accordance with the special provisions for small companie5 under Part 15 of the Companies Act 2006. Registered office: 34-36 Goosegate Nottingham Nottinghamshire NGI IFF The trustees, annual report was approved by the Board of Directors. Dr J M Smith Dated= 28, March 2025
AEGIS TRUST TRUSTEES, RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 Trustees. responsibilities The trustees Iwho are also directors of Aegis Trust for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable companyfor the year. In preparing these financial statements the trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements 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 charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 compan¢s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEGIS TRUST FOR THE YEAR ENDED 30 JUNE 2024 Opinion We have audited the financial statements of Aegis Trust (the 'charitable compan¢) for the year ended 30 June 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a Summary of significant accounting policie5. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable companvs affairs as at 30 June 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements- and the trustees, report has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEGIS TRUST FOR THE YEAR ENDED 30 JUNE 2024 Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the dirertors. report. We have nothingto report in respectof thefollowing matters in relation towhich the CompaniesAct 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 7. the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continu e as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounti ng unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance Is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these f inancial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is deta iled below.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud: Reviewing minutes of meetings of those charged with governance- Assessing the extent of compliance with the law5 and regulation5 considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations,. Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
AEGIS TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEGIS TRUST FOR THE YEAR ENDED 30 JUNE 2024 Because of the inherent limitatior15 of an audit, there 15 a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions ref lected in the f inancial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https://www.frc.orE.uklOur-WorklAudit/Audit-and-assurance/Standards-and-guidance/Standard5-and-guidance-for- auditors/Auditors-responsibilities-for-auditlDescription-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable companws members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken sothat we mightStateto the charitable company's member5 those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the chafltable company's members as a body, for our audit work. for this report, or for the opinions we have formed. John Howard FCA Isenior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor nd 2 Floor, Regis House 45 King William Street London EC4R gAN United Kingdom Date: 28 March 2025 io
AEGIS TRUST STATEMENT OF FINANCIAL AcTIVlEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestrirted Funds Restrirted Funds Total 2024 Total 2023 Notes Income Donations and legacies Charitable activities 147,137 498.628 81,265 2,465,273 228,402 2,963,901 100,859 2.598.864 Total income 645,765 2,546,538 3,192,303 2,699.723 Expenditure on: Raising funds: Fundraising and publicity 12.701 59,679 72,380 6,285 Charitable activities 474.319 2.438,359 2,912,678 2,735,110 Total expenditure 487,020 2,498,038 2,985,058 2,741,395 Net income before transfers 158,745 48,500 207,245 141,6721 Gross transfers between funds Net incomel{expenditure) for the year 158.745 48,500 207,245 141,672 Net movement in funds 158,745 48,500 207,245 141,6721 Fund balances at 30 June 2023 1.712.680 140,381 1,853,061 1,894.733 Fund balances at 30 June 2024 1,871,425 188,881 2,060,306 1,853,061 The statements of financial activities includes all gains and losses recognised in the period. All income and expenditure derives from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. li
AEGIS TRUST BALANCE SHE FOR THE YEAR ENDED 30 JUNE 2024 Note 2024 2023 Fixed Assets Tangible assets 12 711.219 718,205 Current Assets Debtors Cash at bank and in hand 13 311.244 1.077.861 729,261 671,898 1.389.105 1,401,159 Creditors: amounts falling due within one year 14 140.0181 1266,3031 Net Current assets 1.349.087 1,134,856 2,060,306 1,853,061 Income funds Restricted funds General unrestricted funds Is 188,881 1.871,425 140,381 1,712,680 Total funds 16 2.060,306 1,853,061 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial Statements were approved bythe board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by= Dr J M Smith Trustee Company Registration No. 04030958 12
AEGIS TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 Notes 2024 2023 Cash inflows from operating artivities: Cash generated from operations 19 597,944 1709,3451 Investing activities Purchase of tangible fixed assets (191,981} 1168,2511 Net cash used in investing activities 1191,9811 1168,2511 Net increase in cash and cash equivalents 405.963 (877,5961 Cash and cash equivalents at the beginning of the year 671,898 1.549,494 Cash and cash equivalents at the end of the year 1.077.861 671,898 Cash and cash equivalents comprise: Cash at bank and in hand 1,077,861 671,898 13
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Company formation Aegis Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 34-36 Goosegate. Nottingham, Nottinghamshire NGI IFF. At the end of the year there were seven trustees, each of whom. under the terms of the Memorandum and Articles of Association. had undertaken to contribute the sum not exceeding £1 in the event of the winding up of the company. Accounting convention These accounts have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"). "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102. the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies f rom l January 2018. The charity is a Public Entity as defined by FRS 102. The accounts are prepared in sterling, which is the funrtional currency ofthe company. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. Going concern The trustees have reviewed the charity's forecasts and projections and considered the improved stability of the economic conditions in the financial year under review. The performance indicates positive a stable performance, and the trustees expect positive changes in performance in the coming year. The trustees therefore have a reasonable expectation that the charity ha5 adequate resources to continue in operational existence for the foreseeable future. The charity will therefore continue to adopt the goi ng concern basis in preparing the financial statements. In their assessment the trustees have considered the performance against the plans for the year, and are pleased to note that, there is likely to be more improved inflow5 of unrestricted income in the 2025126 financial year. This is likely to improve the financial performance and strengthen the future viability of the charitv. As at the date of approval of these financial statements. the there is no indication of any event that may prevent the organisation from achieving its budget forecast for the year. The Budget5 for the coming year predict a 5urplu5, both in restricted and unrestrirted funds This supports the view that the financial statements should be prepared on a going concern basis. Consequently. the trustees have a reasonable expectation that the charity will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis. Charitable funds Unrestricted funds are available for use at the discretion of the directors in furtherance of the charitable objectives unless the funds have been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restrirted funds are subjert to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. Where funds are in deficit they are charged against unrestricted funds. 14
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies- continued Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income from government and other grants are 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. Grants and donations towards capital projects are recognised when received. Cash donations are recognised on receipt. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent a55et. In accordance with the Charities SORP IFRS 1021. the general volunteer time of the charity is not recognised. Resources expended All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required. and the amount of the obligation can be measured reliably. Expenditure is classified under headings that aggregate all costs relating to the category, as follows.. C05t of raising fund5 are those incurred in seeking voluntary contributions, organizing fund raising events and the cost of running the charity shops. Expenditure on charitable activities includes the costs of running the Kigali Memorial Centre in Rwanda and the educational and other artivities to further the purposes of the charity and their support costs. Grants paid to project partners are recognised in the SOFA upon payment. Irrecoverable VAT is allocated to the cost heading within the Statement of Financial Activities to which it relates. All costs are dirertly allocated to either the cost of raising funds, charitable activities or governance costs. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Tangible fixed assets Tangible fixed assets are initially measured at Cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognized so as to write off the cost or valuation of assets less than their residual values over their useful lives on the following bases= Land and buildings Plant and fixtures over the operational tenure of the buildings 15% to 50% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognized in net income/lexpenditure} for the period. 15
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies- continued Impairment of fixed assets At each reporting end date. the charity reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment105s. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). If the recoverable amount of an asset is estimated to be le55 than it5 carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in incomelexpenditure for the period. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months of less. Financial instruments The company has elected to apply the provisions of Section 11 Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issued, of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial a55ets, which include trade and other receivable5 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs. Basic financial liabilities Basic financial liabilities. including trade and other payable, are initially recognised at transartion price. unless the arrangement constitutes a financing transaction, in which case it is measured at the present value of future cashflows. Accounts payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified a5 current liabilities if payment is due within one year or less. Debt instruments are subsequently measured at amortised cost using the effective interest rate method, less impairment, unless they constitute a financing transaction in which case it is measured at the present value of future cashflows. Derecognition of financial liabilities Financial liabilities are derecognized when the charitws contractual obligations expire or are discharged or cancelled. i.io Employee benefit The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 16
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies- continued i.ii Foreign exchange Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net incoming reserves for the period. 1.12 Pensions Payments to defined contribution retirement benefit schemes for UK staff and to Occupational Risk and Pension costs of Rwandan staff are charged as an expense as they fall due. 1.13 Operating lease5 Rentals payable under operating leases are charged to the income and expenditure account when incurred. 1.14 Taxation The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects. Critical accounting estimates and judgements In the application of the charitws accounting policies. the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only the period, or in the period of revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestrirted funds Restricted funds Total 2024 Total 2023 Donations and gifts 147,137 81,265 228,402 100,859 For the year ended 30 June 2023 78,437 22,422 100,859 Donations and gifts 147.137 81.265 228,402 100,859 147.137 81,265 228,402 100,859 17
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AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Charitable activities 2024 2023 Staff casual worker and volunteer costs Depreciation and impairment Legal and professional costs Premises c05t5 Repairs and maintenance Printing. postage, stationery, advertising and telephone Travel and subsistence Other costs Film production, conference, event and exhibition costs Exchange losses/lgainsl Interest costs 847.372 198,967 1,211,947 40,438 23,521 134.610 373,766 32,487 14,804 1107,616) 2,799 899,755 166,618 1.010,810 71,330 35,189 209.017 317,563 34,212 7,163 1162.2861 5,966 2,773,095 2.595,337 Grant funding of activities (see note 8) Share of governance costs (see note 9) 118.163 21,420 122.793 16,980 2.912,678 2,735,110 Analysis by fund.. Unrestricted fund Restricted fund 474,319 2,438,359 95,530 2,639,580 2,912,678 2.735.110 Grants payable Charitable ex enditure The charity acts as the lead partner in a Peace Programme funded by SIDA, grant5 have been paid during the period to its partners as follows= Radio La Benevolencjia in the Netherlands - £118,163 {2023: £131,793). 19
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Governance costs 2024 2023 Audit and accountancy fees (see note 10} 21,420 16,980 21,420 16,980 Net income/(expenditure) 2024 2023 Net income/lexpenditurel for the period is stated after chargingllcreditingl= Exchange Igainsl/losses recognised in net income/expenditure Fees payable to the companrfs auditors for the audit of the compan¢s annual accounts Depreciation of owned tangible fixed assets 1107.6121 1162,2861 21,420 198.967 16,980 166,618 io Auditors, remuneration 2024 2023 Audit fees Other 5ervice5 Under accrual in prior year 16,320 2,580 2.520 15,000 1,980 li Employees 2024 Number 2023 Number The average monthly head count (including directors) employed by the company during the period was= UK based Rwanda based 39 39 47 46 The aggregate remuneration comprised.. Wages and salaries Social security costs Pension costs 732,645 47,554 29,175 781,071 49,370 32,731 809,374 863,172 20
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 li Employees (continued) The charitws governing document. the Memorandum and Articles of Association, allows "reasonable remuneration to Dr J M Smith for work undertaken on behalf of the Companf. Emoluments paid to Dr J M Smith during the year including employerfs national insurance totalled £99.707 (2023= £50.4901. No trustee other than Dr J M Smith received any remuneration in either period. Remuneration paid to Key Management Personnel. including employerfs national insurance and employerfs pension totalled £100,01312023: £50.7961. No trustees were reimbursed for travel expenses by the charity12023= nill. 2024 Number 2023 Number The number of employees who received total employee benefits over £60,000 were as follows.. £90,000 to £99,999 12 Tangible fixed assets Land and Buildings Plant and Fixtures Total Cost At 30June 2023 Additions Disposals 1.091.390 112.542 1,349,632 79.439 2,441,022 191,981 At 30June 2024 1.203.932 1,429,071 2,633,003 Depreciation and impairment At 30June 2023 Depreciation charged in the year Depreciation on disposals 509.519 134,960 1,213,298 64,007 1,722,817 198,967 At 30June 2024 644.479 1,277,305 1,921,784 Carrying amount At 30June 2024 559,453 151,766 711,219 At 30June 2023 581.871 136,334 718,205 21
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13 Debtors 2024 2023 Amounts falling due within one year Other debtors Accrued income 352 310,892 352 728,909 311,244 729,261 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 34.248 19,086 92,108 120,861 8,160 4,743 27,115 40,018 266,303 Included in other creditors is a loan totalling £nil12023: £92,730) due to a trustee. Isa Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Balance at Incomlng resources Resources Balance at l July 2023 expended Trzn5fer5 30 June 2024 SIDA Peace Programme Ikiraro cy'iterambere Civil Society Programme Kigali Genocide Memorial upgrade project Belgian - UPD Belgian - Gender Masculinities Isoko Peace Institute Global Parliament Other restricted 80,663 1.229,065 {1,313,1891 25,982 123,6991 468,459 1414,7051 302,922 1343,9501 168,620 1168,8601 300,237 1182,5611 4,355 {4,6341 46.898 146,440) 13,4611 2,283 53,754 141,028 59,478 117.676 12791 458 59,718 140,381 2,546,538 {2,498,0381 188,881 SIDA Peace Programme, Belgian - UPD and Global Parliament restricted funds are in deficit at the year-end as a result of some expenses being incurred ahead of receiving funds from the funders. 22
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 15b Restricted funds {2023) Balance at Incoming resources Resources Balance zt l July 2022 expended Transfers 30 June 2023 SIDA Peace Programme Ikiraro cviterambere Civil Society Programme Kigali Genocide Memorial upgrade projert King's College London Belgian - UPD Belgian - Gender Masculinities Isoko Peace Institute 233.016 1,289,456 11.441,8091 22,422 119,9371 12,4851 726.247 {552.9171 1173,3301 148,7141 43,818 80,663 48,714 65.755 233.939 289.370 {398.9431 {174,2211 151,7531 59,718 51,753 581,424 2,327,495 12,639,580) 1128,9581 140,381 Rwanda projects Action For Sustainable Peace, Inclusion, Rights & Equality (ASPIRE) is a 4-year programme that started in 2022. It is funded by Swedish International Development Agency1SIDA). The Gender Projert The Aegis Trust has secured funding from the Belgian Embassy, for a two-year Gender project beginning in January 2022. The project is implemented in partnership with The Centre for Gender Studies ICGSI at the University of Rwanda. The main goal of the project is to embed transformative approaches to gender within public institutions and civil society organisations, in order to influence wider positive attitudinal and behavioural change. Ubumuntu Digital Platform The digital platform project is a three-year project from September 2021 that is funded by the Dutch Embassy. Its main objective is to leverage on the gains made from the earlier project that was completed in 2020. Isoko Peace Institute In the year, The Isoko Peace Institute was conceived and was launched in an in International Conference held in Kigali July 2024. The formation of the institute is based on longer term financial independence and sustainability of Aegis Trust. The Peace Institute will house the Aegis Trust Head Office for Africa and All the existing Aegis programs will be ran at the institute with KGM rernaining a satellite peace education center among the others in different parts of the country mainly,. Nyagatare, Huye, and Karongi. In addition to the flexibility and independence for Aegis to operate from its own campus, there will be cost savings as well as additional income streams. The long-term sustainability and financial independence include,. hosting Aegis programs,. In partnership with Aegis Peace fund the Institute will host an incubation centre and provide fund5 for enterprises that make an impact on the lives of people. The work of Aegis has over the years involved phycological support forto victims of the Genocide against the Tutsi. There will be a dedicated centre at the institute with residential facilities for people going through difficult phases in their lives. This will involve a physical space that provide a calm and quite atmosphere, and staff to do guidance and counselling. 23
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 16 Analysis of net assets between funds Unrestricted Funds Restricted funds Total 2024 Fund balances at 30 June 2024 represented by- Tangible fixed assets Current assets/lliabilitiesl 607,648 1,219,009 103,571 130,078 711,219 1,349,087 1.826,657 233,649 2,060,306 Included in the current liabilities within unrestricted funds is a loan due to a trustee totalling £nil12023: £92,730). Fund balances at 30 June 2023 are represented by= Tangible fixed assets Current assets/lliabilitiesl 646,776 1,065,904 71,429 68,952 718,205 1,134,856 1,712,680 140,381 1,853,061 17 Related party transactions Transactions with related parties During the period the company entered into the following transactions with related parties.. Income Donations received 2024 2023 Entities under common control 181,366 48,385 181,366 48,385 The following amounts were outstanding at the reporting end date= Amounts owed to related parties 2024 2023 Key management personnel 92,730 92,730 24
AEGIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 18 Related party transactions (continued) Aegi5 has a close relationship with Beth Shalom Limited. a charity which run5 3 conference and education centre which has the objert of examining the events of the Holocaust and contemporary acts of religious and ethnic violence and providing a forum for discussion to promote tolerance and understanding in the future. Dr J M Smith is a trustee of both charities. Aegis also has a close relationship with Aegis America Inc. a not-for-profit organisation in the US which receive5 donations from the US and transfers these where appropriate. net of costs. to Aegis. Champion Humanity Enterprises {CHEI is entrusted with some of the operating activities of the Kigali Genocide Memorial and operates as a new entity registered in Rwanda. Champion Humanity Enterprises ICHEI and White Rose main aim of which is to increase support for Aegis Trust's programmes. including sustainable income for the memorial. 19 Cash generated from operation5 2024 2023 Net income/lexpenditurel for the period 207.245 141,6721 Adjustments for: Depreciation and impairment of tangible fixed assets 198.967 166,618 Movements in working capital Ilncreasel in debtors (Decrease) in creditors 418,017 (226,2851 1728,9091 1105,3821 Cash generated from operations 597.944 1709,3451 25