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 AcTIV￿lEs
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




____________ ____________ 




**----- Start of picture text -----**<br>
____________ ____________<br>____________ ____________<br>____________ ____________<br>**----- End of picture text -----**<br>



|____________|____________|
|---|---|





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