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2023-03-31-accounts

Registered Charity Number 1105489

Registered Company Number 05189403

SABRE EDUCATION LIMITED

TRUSTEES’ REPORT AND AUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

Sabre Education Limited Report and Accounts Contents

**Page **
Charity Information 3
Trustees’ Report 4-9
Auditor's report 10-12
Group Statement of Financial Activities (incorporating a group income and expenditure
account)		 13
Group Balance sheet 15
Charity Balance sheet 16
Group Cash Flows from Operating Activities 17
Notes to the accounts 18-29

2

Sabre Education Limited Report and Accounts Legal and Administrative Information

Charity information

Trustees: Iain Walker (Chair – appointed 1 March 2023)
Solomon Akwasi Addae-Boahene
Sir Ian Bauckham CBE (retired 20 Nov 2023)
Erinna Dia (appointed 1 April 2023)
Bridget Konadu Gyamfi
Lucy Heady (appointed 1 April 2023)
Nathan Koblintz (appointed 1 March 2023)
David Main (Chair until 1 March 2023)
Tom Vandenbosch (appointed 1 April 2023)
Helen Varma (retired 5 Sept 2023)
Date of incorporation: 26thJuly 2004
Charity number: 1105489
Company registration number: 05189403
Registered Office 9 Tregarne Terrace
St. Austell
Cornwall
PL25 4DD
United Kingdom
Principal Office Plot No. 52A
Nii Sai Road
East Legon
Accra
Ghana
Bankers: Barclays Bank UK PLC
6 - 8 High Street
Ringwood
BH24 1BZ
United Kingdom
Auditor: Phillips Frith LLP
9 Tregarne Terrace
St. Austell
Cornwall
PL25 4DD
United Kingdom

Sabre Education Limited is a company limited by guarantee and has no shareholders. The liability of each member in the event of a winding up is £10.

3

Sabre Education Limited Trustees’ Report (continued) For the Year Ended 31st March 2023

Introduction to Sabre Education

Sabre Education provides kindergarten children in Ghana with the best possible early childhood education (ECE) by partnering with government to implement play-based learning at scale. Sabre focuses on:

  1. Influencing early childhood education policy & practice .

  2. Training teachers and school officials in quality early childhood education.

  3. Transforming learning environments to facilitate positive play-based learning.

90% of a child’s brain develops before age five (Theirworld, 2017), making it our biggest opportunity to influence life-long learning potential and success. Hands-on education through playful activities in bright and stimulating classrooms is how young minds are moulded and a lifelong love of learning is instilled. For this reason, “environments that promote play, exploration and hands-on learning are at the core of effective preprimary programmes.” (UNICEF, 2018).

As Sabre Education approaches its 20th anniversary next year in 2024, the organisation continues to support Ghana to achieve the United Nations Sustainable Development Goal 4.2: universal access to quality ECE, while it seeks to achieve its vision of a world where early learning supports every child to succeed. Please see the programmatic section below for details of our work in this 2022-23 year.

Structure, Governance and Management

Sabre Education is an international NGO made up of two registered non-profit organisations, Sabre Education Limited in the UK, and Sabre Education LBG in Ghana.

In the UK, Sabre Education Limited is registered with the Charity Commission for England and Wales. In Ghana, Sabre Education is registered with the Department of Social Development as a Non-Governmental Organisation. The UK-based fundraising team raises income for educational programmes which are delivered by the project implementation team in Ghana. The Senior Leadership Team (5 members in Ghana and 2 in the UK) and the organisational support teams cover activities across both organisations.

Sabre Education Limited was incorporated in the UK by the Memorandum & Articles of Association dated 26[th] July 2004 as amended by special resolution on 1[st] May 2018. Sabre Education is a company limited by guarantee (registered number 05189403) and does not have a share capital. Sabre Education is also a registered charity (registered number 1105489). The liability of the members who constitute the charity is limited to £10 per member.

Sabre Education LBG (Ghana) was incorporated by the Regulations dated 3[rd] December 2007. Sabre in Ghana is a company limited by guarantee (registered number CG169932015) and does not have a share capital. Sabre in Ghana is also a registered local NGO (registered number D.S.W./4852). The liability of the members who constitute the NGO is limited to 100 Ghana Cedis per member (approx. £6.65).

These accounts are consolidated financial statements at the group level for Sabre Education (covering both the UK and Ghana entities) and also present separate information for the UK charity. Separate financial statements for the Ghana charity are audited in Ghana and submitted to the authorities there.

The international Board of Trustees of Sabre Education Limited has ultimate responsibility for all activities undertaken by the UK and Ghana entities of Sabre. The Trustees have governance and compliance responsibilities in addition to oversight of strategy, programme delivery and financial performance. The members of the Board of Trustees of Sabre Education Limited that served during the 2022-23 audit year were:

4

Sabre Education Limited

Trustees’ Report (continued) For the Year Ended 31st March 2023

The members of the Board of Directors of Sabre Education LBG (Ghana) that served during the 2022-23 year were:

The trustees have complied with their duty to have due regard to guidance published by the Charity Commission on the operation of the Public Benefit requirement for charities.

Trustees on the international board are appointed on a three-year term, which is renewable, and there is no upper limit for a Trustee’s term of service. At the end of any three-year term, Trustees must formally retire and seek re-election by seeking proposal and majority endorsement of the Board. Trusteeship is a voluntary role, and trustees receive no remuneration for carrying out their duties, but can claim for legitimate expenses. Details of the Trustee expenses and related party transactions are disclosed in note 6.

Trustee recruitment is conducted on an as and when required basis through a formal open process led by the Chair of the Board or other member as appointed by the Chair. New trustees are inducted using our comprehensive trustee manual which includes a Trustees’ Code of Conduct.

Responding to a strategic priority to broaden the geographic, cultural and expertise diversity of its Board of Trustees, becoming more representative of Sabre’s work in the UK and Ghana, and bringing wider experience and diversity of views in support of Sabre’s ambitions to scale its impact, the Trustees embarked on a Board expansion and recruitment process in the autumn of 2022. Sabre Education recruited five new Trustees including a new Board Chair, all of whom began their Board service in March and April of 2023: Iain Walker (Chair), Erinna Dia, Lucy Heady, Nathan Koblintz and Tom Vandenbosch. Sabre’s long-serving Board Chair, David Main, stepped down from his Chair position in March 2023 but remains as a Trustee.

Each Trustee brings key skills to support Sabre’s goal of enhancing the quality of early education provision in Africa. The Trustees meet four times a year, and receive additional updates between meetings. After the end of the audit year, Helen Varma retired from the Board on 5 September 2023 and Ian Bauckham retired on 20[th] November 2023. All other Trustees continue to serve at the date this report and accounts were approved.

The day-to-day running of the Charity is the responsibility of the Chief Executive Officer, who reports to the Board of Trustees. The Board reviews the remuneration level of the CEO on an annual basis. The remuneration levels for the rest of the organisation are set by the Chief Executive Officer in consultation with the Senior Leadership Team and Human Resource Manager. As much as possible these decisions are informed by benchmarks for sector surveys such as the Birches Salary Survey and through executive search firm expertise. Sabre has a commitment to be a fair payer, with salary and benefits in line with market standards, helping us to attract and retain talented and committed staff.

Programmes and Advocacy work in 2022-23: A Look Back at Sabre’s Year

National Scaling:

ECE in Ghana is at a pivotal moment of transition. After years of piloting, testing and increasingly larger scale implementation, Sabre Education is now actively supporting the Ghana government to plan its roll out of play-based kindergarten teacher training nationally so every child across the country can receive a quality early years education.

The full teacher training model – which includes training, coaching, monitoring and ongoing peer learning communities – will revolutionise the way Ghana’s kindergarten children learn by equipping teachers with the knowledge and skills needed to create engaging and stimulating learning environments. The content is designed to promote critical thinking, problem-solving, and creativity - skills that are essential for children’s future success in a rapidly-changing world.

5

Sabre Education Limited

Trustees’ Report (continued) For the Year Ended 31st March 2023

Sabre Education has worked closely with its partners Right To Play (RTP) and Innovations for Poverty Action (IPA) to develop the national teacher training manual on behalf of government for this scaling, which the Ministry of Education officially launched for national implementation in July 2023.

Transformational Teacher Training:

Over this past year, Sabre has achieved wide-ranging impact through its direct teacher training implementation projects in Ghana’s Eastern and Central Regions:

• Our flagship three-year Eastern Region project was completed in 2023 and has now trained all 1,487 inservice kindergarten teachers, headteachers, and government officers across six districts. We’ve also established enhanced learning environments in select schools (Model Practice Classrooms), which offer high quality practical placements to college student teachers during their degree programmes. This support includes mentoring by experienced teachers who have received an additional year of training from Sabre. The Ghana Education Service now continues its support to all early childhood education classrooms in these six districts.

• Since early 2022, Sabre has also been working with the University of Education, Winneba, a leading education institution in Ghana, to provide training to more than 300 in-service KG teachers across the Effutu and Gomoa Central districts in the Central Region. In addition to training all kindergarten teachers in these two districts to transform their classrooms to play based learning environments, we also provided additional mentorship training to those teachers who are hosting student teachers from the University. In addition, Sabre trained the Primary 1 teachers in these same districts in play based techniques, positive behaviour management and teaching strategies to provide a smoother transition for the young children as they move from play based kindergarten classrooms to more traditional teaching methods in early primary.

• In early 2023 Sabre kicked off a joint-implementation pilot project alongside partner organisations VVOB, Right To Play and AfriKids: Strengthening Play Based Early Childhood Education (ECE) in Ghana through Leadership Communities of Practice , working with 6 school communities in 3 regions of Ghana to strengthen the role of school leadership in support of early childhood education.

• Since December 2022, Sabre has been implementing a 13-month joint project with partner Chance for Childhood focusing on inclusive play-based kindergarten teacher training across ten project schools in the greater Accra Region. This project is training teachers in play based methodology, inclusive education and disability identification to better cater for children with disabilities.

• Sabre also continues to support Universities and Colleges of Education in Ghana that are offering the Bachelor of Education in Early Years, to effectively prepare their college students to become successful teachers of Ghana’s play-based curriculum upon graduation. Sabre provides training to the college tutors themselves and also sets up centres of excellence / resource centres to develop on-campus spaces where student teachers can practice play-based pedagogy and create innovative and engaging resources to support play-based learning. During this audit year, we supported PWC College in Aburi, SDA College in Asokore and Accra College, in addition to working with the University of Education Winneba. Sabre is now starting to work with three additional colleges in Ghana: Agogo, BIA Lamplighter and Komenda College of Education.

Recognition:

Sabre Education received significant international recognition in 2022-23 for its work in Ghana supporting quality early childhood education:

• Jacobs Foundation’s Klaus J. Jacobs Best Practice Prize (Finalist): This international prize awards outstanding achievements in advancing education, specifically those that are evidence-based, use a clear results framework, and have potential for scale up and implementation around the world.

• Global Schools Forum (GSF) Impact @ Scale Labs (Winner): This international recognition by GSF has provided Sabre with funding, mentorship and guidance from education experts & practitioners to adapt our successful teacher training package from the public schools to Ghana’s low free private schools’ sector. As a result, Sabre has now tested our approach with 47 low-fee private kindergarten schools in the Central Region, and is kicking off a new pilot implementation in autumn 2023.

6

Sabre Education Limited

Trustees’ Report (continued) For the Year Ended 31st March 2023

• African Union Innovation Expo Prize (Shortlisted): Sabre was shortlisted for this prestigious prize, which supports new and practical education innovations with the potential for sustainability, scalability and replication in Africa on a wide scale.

Financial Review

Consolidated financials

Sabre Education Ltd. continues to provide consolidated financial statements that combine the results of both Sabre organisations - in the UK and in Ghana (as per section 24 of the 2019 Charity SORP FRS 102).

Sabre Education Ghana’s financial results independently are disclosed under note 14 to the financial statements. Sabre Education’s UK activities are listed in this report in addition to the consolidated results.

Fundraising

Grants from Trusts & Foundations continue to make up Sabre’s most significant funding streams, including major new and ongoing support for Sabre’s work this year from:

Fundraising Regulator and Code of Practice

Sabre is fully compliant with Section 13 of the Charities (Protection and Social Investment) Act 2016. We are registered with the Fundraising Regulator and operate at a best practice level concerning the Code of Fundraising Practice. We ensure we are up to date and compliant with any changes to the Fundraising Code of Practice, we conduct periodic reviews of the code and are signed up to the Fundraising Regulator bulletins. Sabre’s Director of Fundraising is a member of the Chartered Institute of Fundraising.

Sabre takes its responsibilities under GDPR very seriously and we have an extensive Privacy Policy accessible through the home page of our website. Sabre monitors all activity undertaken by members of its fundraising team and did not employ any third parties to conduct fundraising on its behalf nor use any professional fundraisers in 2022-23. We were not part of any voluntary regulatory fundraising schemes or standards and therefore there have been no instances of failure to comply with a scheme or standard.

Sabre received no fundraising complaints in 2022-23 and we continue to strive to deliver the best standards of care to our supporters.

Protecting vulnerable people

To protect vulnerable people and others from unreasonable intrusion on their privacy, in the course of or in connection with fundraising for the charity, Sabre has an opt-in mechanism on all of its fundraising materials. We do not give or sell supporters' details to anyone else. Sabre does not conduct telephone, door-to-door or street fundraising to the general public and has not conducted any fundraising activities to cold audiences in 2022-23.

Transactions and Financial Position

The financial statements and related notes are set out on the subsequent pages. The financial statements have been prepared under the historical cost convention, implementing the Charities SORP FRS 102 issued October 2019, and in accordance with the relevant accounting standards.

The Statement of Financial Activities shows net income for the year of £91,858 compared with £299,852 in 2022. The total funds at the year-end stand at £755,397 compared to £682,094 at the end of 2022.

7

Sabre Education Limited

Trustees’ Report (continued) For the Year Ended 31st March 2023

The charity’s total consolidated income this year is £1,036,95, compared with consolidated income of £1,178,108, in 2022.

Having exceeded the £1million threshold for audit set by the Charity Commission for England and Wales in 2019, the Trustees continued with an audit of the charity’s accounts.

Financial Reserves

Sabre’s unrestricted fund balances have increased by 0.9% in the year to £411,074 in March 2023 from £407,537 in March 2022. Our unrestricted funds are used for a combination of organisational core funding and ‘held reserves’. These balances ensure we are above our minimum reserves target level noted below.

In accordance with Charity Commission guidelines the trustees understand the need to have sufficient unrestricted reserves to allow for any unexpected drop in income. Our current Financial Reserves Policy (approved 14[th] June 2022) sets the level of unrestricted reserves (‘set-aside reserves’) as ‘three months of projected running costs of the organisation as projected in the approved annual budget’ (for 2022-23 this was calculated at a minimum of £218,602).

Risk Policy

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems are in place with regular reporting to mitigate exposure to these risks.

We maintain a consolidated risk register covering both the UK and Ghanaian entities, which considers organisation-wide and programme-specific risks, and is updated and reviewed at every board meeting as a standing agenda item.

Risk ownership resides with the Chief Executive Officer and Executive Director-Ghana, supported by the Senior Leadership Team.

At an organisational level we have grouped principal risks into the following five categories: Financial; Business Continuity; Relationships; Safeguarding; and Regulatory. Each identified risk is rated by ‘likelihood’ and ‘impact’ to give a combined risk rating, and against each risk is an identified mitigation strategy, both to reduce the likelihood and contain the risk were it to materialise.

Safeguarding

Sabre Education recognises that it must put in place all reasonable safeguarding measures to ensure, as far as possible, the safety and protection of children, young people and adults at risk in the communities where Sabre Education’s work is implemented. Sabre’s implementation projects directly benefit children, however, the charity’s employees do not work directly with the children themselves. All staff are provided with safeguarding training on induction, and Sabre has continued to strengthen its safeguarding measures including reviewing and refreshing its safeguarding policy in June 2023. No safeguarding incidents have been reported during the period under review.

Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of the group’s charitable company’s net movement in funds, including the income and expenditure for that year. In preparing those financial statements which give a true and fair view, the Trustees are required to:

8

Sabre Education Limited

Trustees’ Report (continued) For the Year Ended 31st March 2023

The Trustees are responsible for keeping adequate group accounting records that are sufficient to show and explain the group and charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for ensuring that the assets are properly applied in accordance with charity law.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.

Disclosure of Information to Auditors

The Trustees confirm that so far as they are aware at the time of approving the Annual Report, there is no relevant audit information of which the charitable company and the group’s auditor is unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report was approved by the Board of Trustees on __ December 2023. 15

On behalf of the Board of Trustees:

…………………………. Iain Walker Chair of Trustees

9

Sabre Education Limited

Independent Auditor’s Report to the Members and Trustees of Sabre Education Limited For the Year Ended 31st March 2023

Opinion

We have audited the financial statements of Sabre Education Limited for the year ended 31 March 2023 which comprise the Group Statement of Financial Activities, Group Balance Sheet, Charity Balance Sheet, Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 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 responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

10

Sabre Education Limited

Independent Auditor’s Report to the Members and Trustees of Sabre Education Limited For the Year Ended 31st March 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit;

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 group’s or the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always 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 financial 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

11

Sabre Education Limited

Independent Auditor’s Report to the Members and Trustees of Sabre Education Limited For the Year Ended 31st March 2023

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s 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, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

AE SOLE (Dec 18, 2023 10:42 GMT)

Amy Sole Senior Statutory Auditor

For and on behalf of Phillips Frith LLP Statutory Auditor 9 Tregarne Terrace St Austell Cornwall PL25 4DD

Dec 18, 2023 Date ……………………………

12

Sabre Education Limited Group Statement of Financial Activities (incorporating a group income and expenditure account) For the Year Ended 31st March 2023

Notes Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2023
£		 Total
2022
£
Income from:
Donations and Grants 2 559,922 476,004 1,035,926 1,174,749
Investment Income 482 - 482 38
Other income 543 - 543 3,321
Total Income 560,947 476,004 1,036,951 1,178,108
Expenditure on:
Costs of Raising Funds 3 177,517 - 177,517 144,792
Charitable Activities 3 366,545 401,031 767,576 733,464
Total Expenditure (544,062) (401,031) (945,093) (878,256)
Net Income/(Expenditure) 16,885 74,973 91,858 299,852
Other Gains/(Losses) (13,348) (5,207) (18,555) (16,431)
Net movement in funds 3,537 69,766 73,303 283,421
Reconciliation of funds:
Total Funds Brought Forward 407,537 274,557 682,094 398,673
Total Funds Carried
Forward		 411,074 344,323 **755,397 ** **682,094 **

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

13

(Previous Year)

Sabre Education Limited

Group Statement of Financial Activities (incorporating a group income and expenditure account) For the Year Ended 31st March 2022

Notes Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2022
£		 Total
2021
£
Income from:
Donations and Grants 2 495,720 679,029 1,174,749 1,145,199
FundraisingEvents and Marketing - - - 7,000
Earned Income from Charitable
Activities		 - - - -
Investment Income 38 - 38 1,290
Other income 3,321 - 3,321 3,537
Total Income 499,079 679,029 1,178,108 1,157,026
Expenditure on:
Costs of RaisingFunds 3 144,792 - 144,792 120,096
Charitable Activities 3 153,740 579,724 733,464 898,002
Total Expenditure (298,532) (579,724) (878,256) (1,018,098)
Net Income/(Expenditure) 200,547 99,305 299,852 (138,928)
Other Gains/(Losses) (8,835) (7,596) (16,431) (57,211)
Net movement in funds 191,712 91,709 283,421 (81,717)
Reconciliation of funds:
Total Funds Brought Forward 215,825 182,848 398,673 316,956
Total Funds Carried
Forward		 407,537 274,557 682,094 398,673

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006

14

Sabre Education Limited Group Balance Sheet For the Year Ended 31st March 2023

Notes 2023
£		 2023
£		 2022
£		 2022
£
Fixed assets
Tangible assets 8 15,539 7,431
Current assets
Debtors 9 362,146 221,696
Cash at bank and in hand 441,620 494,270
Total current assets 803,766 715,966
Creditors
amounts due within oneyear 10 (63,908) (41,303)
Net current assets 739,858 674,663
Total assets less current liabilities 755,397 682,094
Income Funds
Restricted funds 11 344,323 274,557
Unrestricted funds 12 411,074 407,537
Total charity funds 755,397 682,094

The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The accounts were approved by the Board of Trustees on and signed and authorised for issue on their 15 Dec 2023 behalf by:

…………………………

Iain Walker Trustee

……………………………… David Main Trustee

Registered Company Number: 05189403

15

Sabre Education Limited Charity Balance Sheet For the Year Ended 31st March 2023

Notes 2023
£		 2023
£		 2022
£		 2022
£
Fixed assets
Tangible assets 8 - -
Current assets
Debtors 9 443,048 242,557
Cash at bank and in hand 349,230 402,201
Total current assets 792,278 644,758
Creditors
Amounts due within oneyear 10 (168,067) (44,370)
Net current assets 624,211 600,388
Total assets less current liabilities 624,211 600,388
Income Funds
Restricted funds 11 310,146 309,055
Unrestricted funds 12 314,065 291,333
Total charity funds 624,211 600,388

The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Net income for the UK Charity only for the year was £23,822 (2022: £140,664)

The accounts were approved by the Board of Trustees on and signed and authorised for issue on their 15 Dec 2023 behalf by:

…………………………

Iain Walker Trustee

……………………………. David Main Trustee

Registered Company Number: 05189403

16

Sabre Education Limited Group Cash Flows from Operating Activities For the Year Ended 31st March 2023

Notes 2023
£		 2022
£
Cash flows from operating activities:
Net cash(used in)/provided byoperatingactivities A (37,645) 223,732
Cash flows from investing activities:
Investment income 482 38
Purchase of tangible fixed assets (15,487) (850)
Net cash(used in)/provided by investing activities (15,005) (812)
Change in cash and cash equivalents in theyear (52,650) 222,920
Cash and cash equivalents at 1 April 2022 494,270 271,350
Cash and cash equivalents at 31 March 2023 B 441,620 494,270

Notes to the statement of cash flows for the year to 31 March 2023

A. Reconciliation of net movement in funds to net cash (used in)/provided by operating activities

2023
£		 2022
£
Net movement in funds(asper the statement of financial activities) 73,303 283,421
Adjustments for:
Depreciation charge 5,078 5,094
Exchange losses on fixed assets 2,302 2,795
Investment income (482) (38)
(Increase)/decrease in debtors (140,451) (26,604)
Increase/(decrease)in creditors 22,605 (40,936)
Net cashprovided by/(used in) operating activities (37,645) 223,732
B. Analysis of cash and cash equivalents
2023
£		 2022
£
Cash at bank and in hand 441,620 494,270
Total cash and cash equivalents 441,620 494,270

17

Sabre Education Limited Notes to the Accounts For the Year Ended 31st March 2023

1. Accounting policies

i) Charity Information

Sabre Education Limited is a private charitable company limited by guarantee and has no share capital, incorporated in England and Wales. The registered office address is 9 Tregarne Terrace, St Austell, Cornwall, PL25 4DD.

ii) Basis of preparation of the accounts

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

The particular accounting policies adopted are set out below.

iii) Group financial statements

The financial statements consolidate the results of the charity and its subsidiary Sabre Education Ghana on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

iv) Taxation

Sabre Education Ltd is a registered charity and is thus exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

v) Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

18

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

vi) Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The Trustees receive management accounts on a quarterly basis and also review an 18 month forward looking cashflow for the charity. In assessing the forward looking cashflow, the Trustees assess management’s programme and resource commitment to raise the funding, the pipeline of new funding proposals and opportunities, the likely mix of restricted and unrestricted funding, the historic repeat funding rates of our funder base, the new funding opportunities arising and the cost mitigation initiatives that could be undertaken given a delay or reduction in funding realisations. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

vii) Income

Donations are included in full in the statement of financial activities in the period in which the charity has entitlement to the income and the amount of income can be measured reliably and it is probable the income will be received.

Grants are recognised in full in the statement of financial activities in the year in which they are receivable, and conditions for receipt have been met. Income is deferred only when the charity has to fulfil certain conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

viii) Expenditure

Expenditures are included in the statement of financial activities on an accruals basis, inclusive of any VAT which cannot be recovered.

The cost of generating funds includes the direct costs associated with generating voluntary income.

The cost of charitable activities comprises expenditures related to the costs of projects in Ghana. Such costs are recognised when an invoice is received or when a payment is made, whichever is sooner. Also included are the salaries and national insurance costs of staff working on overseas projects.

Governance costs include costs associated with Trustee meetings, accountancy fees and a proportion of the Chief Executive Officer and support staff salaries. Costs are recognised when an invoice is received or when a payment is made, whichever is sooner.

The methods and principles for the allocation and apportionment of all costs between the different activity categories of resources set out above are:

Support costs of the charity relate to the central costs of supporting the charitable activities of the organisation and comprise a proportion of the Chief Executive Officer and support staff salaries, and office running costs.

ix) Tangible fixed assets

Expenditures on fixtures and equipment of less than £1,000 per item is expensed in the year of purchase. Items over £1,000 are capitalised and are stated at cost less depreciation. Assets are retired at the end of their useful economic life.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Sabre Education Ghana:

19

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

x) Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of expected future cash receipts where such discounting is material.

xi) Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

xiii) Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of expected future cash payments where such discounting is material.

xiv) Fund accounting

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.

xv) Foreign Currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

20

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

2. Donations and Grants

The following funders are included in Donations & Grants income:

Funder 2023
£		 2022
£
Echidna Giving 171,787 151,868
Dovetail Impact Foundation 130,227 73,930
Foundation RequestingAnonymity 122,372 113,566
Foundation RequestingAnonymity 175,000 175,000
Marr MunningTrust 75,000 50,000
Medicor Foundation 150,000 -
Global School Forum 82,815 -
Jacobs Foundation 99,047 -
Ako Foundation 5,000 -
Chance for Childhood 7,740 -
UK’s FCDO(formerlyThe Department for International Development) - 93,907
ShanleyCharitable Trust - 338,000
The Waterloo Foundation - 100,000
Allan and Nesta Ferguson Charitable Trust - 25,000
British & Foreign School Society (BFSS) - 29,721
Other donations andgifts in kind 16,938 23,757
Total donations andgrants 1,035,926 1,174,749

3. Expenditure

Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2023
£		 Total
2022
£
Cost of Raising funds
Staff Costs 173,742 - 173,742 142,585
Direct Costs 3,775 - 3,775 2,207
Total Costs of Raising Funds 177,517 144,792
Charitable Activities
Staff Costs 138,024 207,513 345,537 415,606
Direct Costs 167,902 193,519 361,421 290,191
Total Costs of Charitable
Activities		 706,958 705,797
Governance Costs
Staff Costs 11,529 - 11,529 10,669
Direct Costs - - - -
Other Costs 49,089 - 49,089 16,998
Total Governance Costs 60,618 27,667
Total Resources Expended 945,093 878,256

21

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

4. Support Costs

Raising
Funds
£		 Charitable
Activities
£		 Governance
Costs
£		 Total
£
Staff cost 17,293 28,823 11,529 57,645
Office Costs - - 39,089 39,089
Auditors’ Fees - - 10,000 10,000
17,293 28,823 60,618 106,734
Governance Cost 22,732 37,886 (60,618)
Total Support Costs
Year Ended 31 March 2023		 40,025 66,709 - 106,734
Total Support Costs
Year Ended 31 March 2022		 26,378 43,963 - 70,341

5. Net movement in funds

This is stated after charging:

2023
£		 2022
£
Depreciation 5,078 5,094
Foreign exchange loss/(gain) 18,555 16,431
Auditors' fees
UK 10,000 9,500
Ghana 3,360 3,133

6. Trustees

No remuneration was paid to trustees in 2023 (2022: £nil). No travel and missed appointment expenses were paid to trustees during the year (2022: £nil).

7. Employees

2023 2022
Number of employees
The average number of employees over theyear was:
Fundraisingand administration 9 8
Communications 1 0
Overseas Programme Management 20 22
Total 30 30
2023 2022
Number of UK employees
The average number of employees over theyear was:
Fundraisingand administration 4 4
Communications 1 0
Overseas Programme Management 0 0
Total 5 4

22

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

2023 2022
UK Employment Costs
Wages and salaries 223,043 191,385
Social Security 27,169 21,529
Pensions 3,762 3,749
253,974 216,663
Ghana Staff Costs
Wages and salaries 283,284 296,798
Total 537,258 513,461

7. Employees (continued)

There were two employees whose annual remuneration was £60,000 or more (2022: one).

The key management personnel of the group comprise the Senior Leadership Team (Chief Executive Officer, Executive Director Ghana, Director of Fundraising & Communications, Director of Finance & Administration, Director of Programmes and Senior Learning Manager). Total employment benefit for key management personnel was £285,784 (2022: £271,032).

In FTE terms, at 31 March 2023, the organisational headcount was 30.42 Full Time Equivalents (2022: 30.00), of which 4.83 (2022:4 ) are reflected in UK Employment Costs and the remaining 25.59 (2022: 26.0) are Ghana Staff Costs.

8. Tangible Fixed assets

Group Fixtures &
Fittings
£		 Equipment
£		 Vehicles
£		 Computers
£		 2023
£
Cost
At 1 April 2022 7,704 6,390 81,151 11,236 106,481
Additions - 8,998 - 6,489 15,487
Disposals - - - - -
At 31 March 2023 7,704 15,388 81,151 17,725 121,968
Depreciation
At 1 April 2022 4,785 6,113 81,151 9,303 101,352
Depreciation foryear 1,165 1,728 - 2,185 5,078
Disposals - - - - -
At 31 March 2023 5,950 7,841 81,151 11,488 106,430
Net book value at
31 March 2023		 1,754 7,547 - 6,237 15,539
Net book value at
31 March 2022		 4,230 401 - 2,800 7,431

The charity does not hold any fixed assets

23

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

9. Debtors

Group Group Charity Charity
2023
£		 2022
£		 2023
£		 2022
£
Trade Debtors 487 1,051 - -
Prepayments 10,937 5,785 - -
Sabre Education Ghana - - 92,325 27,697
Accrued Income 350,723 214,860 350,723 214,860
Total 362,147 221,696 443,048 242,557

10. Creditors: amounts falling due within one year

Group Group Charity Charity
2023
£		 2022
£		 2023
£		 2022
£
Trade creditors 7,430 9,142 354 120
Taxes and social securitycosts 15,170 15,210 6,293 6,391
Pension 1,204 975 1,204 975
Auditors' fees 10,000 9,500 10,000 9,500
Other creditors 30,104 6,476 25,782 1,363
Sabre Education Ghana - - 124,434 26,021
Total 63,908 41,303 168,067 44,370

24

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

11. 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

Group – Current Period Balance at
1 April
2022
£		 Incoming
Resources
£		 Resources
Expended
£		 Gains/
(Losses)
£		 Balance at
31 March
2023
£
Ghanaprojects
KG construction in Western Region 1,352 - (1,352) - -
FTTT Eastern Region 10,778 - (10,778) - -
FTTT Winneba - 150,000 (150,000) - -
FPMU 24,986 - - - 24,986
Communication Support 47,932 - (23,279) - 24,653
Centre of Excellence 50,000 - (19,210) - 30,790
National Scaling- Waterloo national scale finance 36,513 - (10,000) - 26,513
National Scaling- Marr Munning - 75,000 (21,200) - 53,800
ShanleyTeacher Training 102,996 - (80,772) (974) 21,250
Sabre Brand consulting- Dovetail($25k USD) - 28,416 (28,180) (236) -
Sabre Brand consulting- Echidna($50k USD) - 41,559 (41,080) (479) -
Chance for Childhood(inclusion) - 7,740 (1,057) 6,683
Global Schools Forum(PSE) - 82,815 (14,123) (1,250) 67,442
Jacobs Foundation(leadership) - 90,474 - (2,268) 88,206
Total Restricted Funds 274,557 476,004 (401,031) (5,207) 344,323
Group – Previous Period Balance at
1 April
2021
£		 Incoming
Resources
£		 Resources
Expended
£		 Gains/
(Losses)
£		 Balance at
31 March
2022
£
Ghanaprojects
KG construction in Western Region 59,648 - (58,296) - 1,352
FTTT Western Region Phase 2 7,290 - (7,290) - -
FTTT Eastern Region 87,241 166,029 (237,245) (5,247) 10,778
FTTT Winneba - 113,000 (113,000) - -
FPMU - 25,000 (14) - 24,986
Communication - 50,000 (2,022) (46) 47,932
Centre of Excellence - 50,000 - - 50,000
National Scaling - 150,000 (111,184) (2,303) 36,513
ShanleyTeacher Training - 125,000 (22,004) - 102,996
OSRL EarlyChildhood Project 1,079 - (1,079) - -
Standard Chartered Bank Remote LearningProject 27,590 - (27,590) - -
Total Restricted Funds 182,848 679,029 (579,724) (7,596) 274,557

25

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

11. Restricted funds (continued)

Charity – Current Period Balance at 1
April 2022
£		 Incoming
Resources
£		 Resources
Expended
£		 Balance at 31
March 2023
£
Ghanaprojects
FTTT Eastern Region 16,025 - (16,025) -
FTTT Winneba - 150,000 (150,000) -
FPMU 24,986 - - 24,986
Communications Support 47,978 - (23,278) 24,700
Centre of Excellence(COE) 50,000 - (25,500) 24,500
National Scaling- Waterloo 45,066 - (18,553) 26,513
National Scaling- Marr Munning - 75,000 (21,200) 53,800
ShanleyTeacher Training 125,000 - (125,000) -
Sabre Brand consulting- Dovetail($25k USD) - 28,416 (28,416) -
Sabre Brand consulting- Echidna($50k USD) - 41,559 (41,559) -
Global Schools Forum(PSE) - 82,815 (15,373) 67,442
Jacobs Foundation(leadership) - 90,474 (2,268) 88,206
Total Restricted Funds 309,055 468,264 (467,172) 310,146
Charity – Previous Period Balance at
1 April
2021
£		 Incoming
Resources
£		 Resources
Expended
£		 Balance at
31 March 2022
£
Ghanaprojects
FTTT Western Region Phase 2 7,290 - (7,290) -
FTTT Eastern Region 87,240 166,029 (237,244) 16,025
FTTT Winneba - 113,000 (113,000) -
FPMU - 25,000 (14) 24,986
Communications - 50,000 (2,022) 47,978
Centre of Excellence(COE) - 50,000 - 50,000
National Scaling - 150,000 (104.934) 45,066
ShanleyTeacher Training - 125,000 - 125,000
Total Restricted Funds 94,530 679,029 (464,504) 309,055

Description of restricted funds:

26

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

The Gains/(Losses) within the Group Restricted Funds relate to exchange rate variations in accounting across the projects between currency of income versus currency of project expenditure in Ghana.

12. Unrestricted Funds

Balance at 1
April
2022
£		 Incoming
Resources
£		 Resources
Expended
£		 Gains/
(Losses)
£		 Balance at 31
March
2023
£
Group
- currentyear 407,537 560,947 (544,062) (13,348) 411,074
-previousyear 215,825 499,079 (298,532) (8,835) 407,537
Charity
- currentyear 291,333 560,771 (549,141) 11,102 314,065
-previousyear 365,195 495,737 (569,599) - 291,333

13. Analysis of Net Assets between Funds

Group - Current Period Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2023
£
Fund balances at 31 March 2023 are represented by:
Fixed assets 12,726 2,813 15,539
Current assets 437,946 365,820 803,766
Creditors: amounts fallingdue within oneyear (39,598) (24,310) (63,908)
Total Fund Balances at 31 March 2023 411,074 344,323 755,397
Group - Previous Period
Fund balances at 31 March 2022 are represented by:
Fixed assets
Current assets
Creditors: amounts fallingdue within oneyear		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2022
£
7,431
715,966
(41,303)
682,094
3,005 4,426
438,370 277,596
(33,838) (7,465)
Total Fund Balances at 31 March 2022 407,537 274,557

27

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

13. Analysis of Net Assets between Funds (continued)

Charity - Current Period Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2023
£
Fund balances at 31 March 2023 are represented by:
Fixed assets - - -
Current assets 441,555 350,723 792,278
Creditors: amounts fallingdue within oneyear (127,490) (40,577) (168,067)
Total Fund Balances at 31 March 2023 314,065 310,146
624,211
Charity - Previous Period Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2022
£
Fund balances at 31 March 2022 are represented by:
Fixed assets - - -
Current assets 291,333 327,404 618,737
Creditors: amounts fallingdue within oneyear - (18,349) (18,349)
Total Fund Balances at 31 March 2022 291,333 309,055 600,388

14. Sabre Education (Ghana)

Sabre Education (Ghana) is a registered company in Ghana, registration number CG169932015, with the Trustees of Sabre Education overseeing both the UK and Ghana companies. As such, the accounts have been prepared that include both companies.

As at balance sheet date Sabre Education (UK) owed Sabre Education (Ghana) £32,109 (2022: -£1,676).

The registered office of Sabre Education (Ghana) is P.O. Box CT 6700, Cantonments, Accra, Ghana

The financial year end of Sabre Education (Ghana) is the same as Sabre Education (UK) namely 31 March and the results of Sabre Education (Ghana) are:

2023
£		 2022
£
Turnover 494,964 533,385
Project expenditure (351,300) (489,368)
Gross(Loss)/ profit 143,664 44,017
Other income 124,609 149,387
Operatingexpenses (217,791) (62,439)
**Operating gain/(loss) ** 50,482 (130,965)
Represented by:
Total assets 243,787 132,357
Total liabilities (112,600) (50,652)
Total reserves 131,187 81,705

28

Sabre Education Limited Notes to the Accounts (continued) For the Year Ended 31st March 2023

14. Sabre Education (Ghana) (continued)

Related Party Transactions

During the year, Sabre Education Limited transferred project funds totalling £490,644 (2022: £622,582) to Sabre Education (Ghana).

15. Liability of Members

The UK charity is constituted as a company limited by guarantee. In the event of the UK charity being wound up, the members are required to contribute an amount not exceeding £10.

29