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2023-04-05-accounts

Charity Registration No. 1119353

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees L Bridges
P Hollingum
M Kentridge
G Klintworth
H Loyd
F Meyerwitz Singh
T Makgatho
R Neville
M O’Byrne
T O'Malley
N Virr
R Woodhead
Charity number 1119353
Principal address 26 Gosfield Street
London
W1W 6HH
Independent examiner SKS Audit LLP
3 Sheen Road
Richmond Upon Thames
TW9 1AD
Bankers HSBC Bank plc
The Peak
333 Vauxhall Bridge Road
London
SW1V 1EJ

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 11 - 17

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their report and financial statements for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 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 (FRS 102) (effective 1 January 2019)”.

Objectives and activities

The David Rattray Foundation, locally operating as KHULA Education, was established in 2007. Honouring David Rattray’s legacy, KHULA is deeply committed to improving the quality of education in the KwaZulu-Natal region of South Africa and mobilising education as a pathway to community empowerment and alleviating poverty in one of the most marginalised areas of South Africa.

Our Vision

That all children, regardless of their socio-economic, cultural background or location are able to reach their potential and make a difference to their families and communities.

Our Mission

Our mission is to enable children from under-served (rural) communities in South Africa to obtain a high-quality education.

Our Goals

As KHULA has expanded both its footprint and work, we have aligned our agenda to Sustainable Development Goal (SDG) 4: to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all . Our primary goals are:

  1. Give children the chance to lift themselves out of their extremely disadvantaged background by working to improve educational facilities, standards and care for children.

  2. Support the development of children by ensuring that they are not just educated sufficiently to pass a set of exams, but also effectively prepared for their adult lives. We believe that through improving their educational attainment, each child will be in a better position to improve their own life, achieve better standards of health, secure more satisfactory employment, and contribute more meaningfully to the life of their family, village, society and country.

Our Approach

Our current area of support is in the remote uMzinyathi district of rural KwaZulu-Natal. Our work is in collaboration with our sister organisation, the David Rattray Foundation in South Africa, under the shared identity of KHULA Education.

Our activities span the historic battlefields of rural KwaZulu-Natal from Elandskraal, through Rorke’s Drift to Nquthu and Isandlwana, some of the most isolated and marginalised areas in South Africa. This is a region of outstanding beauty and dramatic history, but these elements alone are no substitute for education.

In total, we support 21 under-resourced, local schools to address key educational needs, both infrastructural and academic, to achieve a measurable uplift in education levels and post-school employment. Through these schools our work impacts 6,500 students and more than 200 educators.

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

Safeguarding

Safeguarding of children in the supported schools is our highest priority. Prior to onboarding, all staff of the David Rattray Foundation in South Africa are required to obtain a Sexual Offenders Register Clearance Certificate. In addition, all staff, volunteers and partners in South Africa are required to sign a ‘Personal Commitment to Child Protection’ Form. A Child Protection Policy has been implemented in all schools, and all staff have been trained accordingly, with refresher training delivered during 2023. Safeguarding incidents are rare and dealt with in accordance with local child protection and labour law.

We also have a qualified Educational Psychologist on the staff. This person is instrumental in providing support, guidance and relevant materials for teachers to support any child who may require remedial support and/or counselling. It is noteworthy that with this intervention, children who were previously considered by the schools to potentially have learning disabilities, were in fact often those who had simply struggled with the lack of individual attention in large classes. Our top-up teaching and remedial support has made a significant impact with such children, including the provision of smaller support classes in KHULA’s dedicated remediation spaces.

Our Strategy and Programmes

KHULA is driven by the mission to reduce poverty in the local community by providing a high-quality education for all, focusing on the most under-served children. We contribute to this mission through four key programmes which, while modular, interact and bolster each other to produce a holistic package of support to the community. These four programmes are:

1. Early Childhood Development

We operate 3 pre-schools in Rorke’s Drift, Isandlwana, and Amoibe, supporting 227 children. We are opening a fourth preschool in Sigubudu in early 2024. We aim to nurture our young learners and prepare them for later formal education, thus contributing to SDG 4.2 : quality early childhood development and pre-primary education for all . The programme includes teaching English to provide the children with exposure to English before joining Primary School and learning in English from Grade 4 onwards. 80% are fluent in English at the end of the two-year programme, and consistently rank in the highest 20% of learners graduating from Primary School.

2. Top-Up Teaching

Our Top-Up teaching targets English and Maths in eight local schools at Foundation, Intermediate, Senior and FET Phases. We offer extra classes, lesson support for teachers, after-school teaching and help through learning tools. We aim to reduce the impact that large class sizes, limited teacher training and teacher absenteeism have on both teachers and students. Additionally, we offer targeted support, such as WiFi and learning tools, to a total of 21 schools. At all stages, our learners show an increase in Maths and English scores; at senior level our interventions have been linked with an increase in English and Maths marks of more than 20 percent.

3. Job Skills and Life Readiness

KHULA supports high school pupils and graduates to improve their life skills and to find Further Education and employment opportunities, smoothing the transition beyond the school system. Support offered includes life skills workshops, access to resources, guidance in finding and applying to scholarships (including National Student Financial Aid Scholarship bursaries and the Madrinha scholarship), and guidance in finding and applying to learnerships and employment. In 2023, we provided services to more than 2,300 children and young adults including career orientation and guidance, assistance in accessing scholarships, learnerships and job opportunities and a range of life skills and job readiness trainings and programmes - including the ABE-endorsed KidsMBA and our young leaders project Ngilalele. This programme of activities also aims to support progress towards SDGs 4.3 and 4.4: access to and the skills for tertiary education, vocational studies, employment and entrepreneurship.

4. Educator Development.

As well as supporting local students, KHULA’s approach includes an Educator Development Programme, designed to support local teachers within the Linked Schools system to develop their skills, strengthen their capacity, and form support networks. This includes mentorship, sponsoring networks, workshops, and technology solutions, all of which contribute towards SDG 4.c, increasing the supply of qualified teachers . The programme has reached 200 educators.

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

Our guiding principles

Across all of our areas of work, we put into practice the unique success factors that form our model of impact. These are:

1. Invest in the whole educational journey

Education is not a phase, but a lifelong pursuit. We don’t narrow our focus to one stage of formal education, but support students from pre-school to matriculation, and beyond.

2. Be sustainable

We strive to be sustainable in where and how we work. The programmes we run are not short-term interventions but are designed to be sustained over time.

3. Be additive, not competitive

We work with the state school system to supplement the education it provides, working together for greater impact.

4. Drive towards outcomes

In everything we do, we are oriented by the outcomes we seek and are guided by finding the best path to impact.

5. Working with and for the community

We are deeply established in, and motivated by, the local community. This is essential to our success and impact.

6. Working through partnerships.

By working with others, we can maximise the impact of our resources and provide pathways for others to have a positive role in our community.

Each of our six principles is woven into our key programmes and into the KHULA mindset, and together they form the foundation of our successful, impactful, and sustainable model. Not only do we see impact on the ground stemming from our model of action, but we also are reassured by global studies that verify the importance of each of our principles.

Medium- and long-term strategy ambitions:

In line with our medium-term plans, from January 2023 we expanded our top-up teaching support programme to support a third cluster of schools. This cluster of schools will be supported with the construction of our fourth KHULA Isisekelo preschool which will open during 2024. And, in support of SDGs 8.3 and 8.5, we are growing our Life Skills and Job Readiness programme for both in and out-of-school youth. In 2023 we trained 250 local young people in ICT and work readiness skills. We also broke ground on a rural skills hub in Sigubudu in 2023 and opened The Charles Aikenhead Skills Hub in Rorkes Drift in January 2024.

Financial review

Income:

The income can be broken down as follows

Expenditure:

Expenditure continued to be focused on our core programme work in South Africa and fundraising in the UK. Expenditure totalled £487,586 (2022: £387,876).

Restricted expenditure stood at £393,808 (2022: £379,562).

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

At the end of the year, the total funds balance stood at £296,299 (2022: £634,088) made up of restricted funds of £117,560 (2022: £439,606) and unrestricted funds of £178,739 (2022: £194,482). We believe that these allow the trust to maintain its current approach to meet our goals and provide the basis for future funding plans.

Reserve Policy

The Trustees have decided to adopt a low-risk approach and hold surplus funds in short term UK deposit accounts and in order to minimise currency risk also have a South African Rand deposit bank account, to hold a proportion of reserves in South African Rand. It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three to six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

At 5 April 2023, the total reserves of the Trust stood at £296,299 (2022: £634,088) of which £117,560 (2022: £439,606) were restricted funds set side for multi-year projects. This is above the Trustees' requirement however, given the extent to which these reserves are allocated to on-going programmes and as future donations cannot be predicted, the Trustees do not consider it necessary to amend the total reserves or revise the policy at this stage.

Risk Policy

The Trustees have given consideration to the main risks to which the trust is exposed and have satisfied themselves that systems, actions and procedures are in place to manage and mitigate those risks.

Governance - The Trustees meet formally, between two to three times a year, to review financial and operational performance. Detailed progress on projects that have received grants are reviewed at each Trustee meeting. Sub committees have been formed to oversee finance, strategy and fund-raising between meetings. These can also be fora for engagement with trustees of the Foundation in South Africa. As opportunities allow, there are UK trustee visits to the supported schools and projects funded by the UK. Significant efforts have been made to ensure GDPR compliance, and to mitigate any associated risks.

Currency Risk - The trustees have decided to adopt a low-risk approach and hold surplus funds in short term UK deposit accounts and in order to minimise currency risk also have a South African Rand deposit bank account, to hold a proportion of assets in local currency.

Financial Risk - We operate a dual signature regime on all bank accounts. Expenditure, future commitments and bank balances are reviewed at trustee meetings. Private donations are made either via an approved internet intermediary (such as Just Giving) or directly to the Trust’s bank account. Despite being a small charity, our accounts are audited annually.

Future Sustainability - The Trustees have continued to invest in fundraising support to secure the long-term nature of the organisation. Support is primarily used to approach major foundations for grants for specific projects and to ensure all grants and investments are against defined projects which have discrete and measurable outcomes. There are very good relations with known donors. Records of donors have been formalised, and there is regular contact with past and current donors/funders to support continuing and regular flow of funds.

Grants not applied to a specific project - We work in a specific area and grants are made only to support the work and running of the Foundation in South Africa. The Chairman of the Trustees is also a trustee of this Foundation and makes regular visits to South Africa. He conducts onsite inspections of all projects and meets with the other trustees and officers of the Foundation in South Africa.

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

The Trusts' Objectives

To advance education and raise awareness about different racial groups in order to promote good relations between persons of different racial groups by promoting knowledge and mutual understanding with particular reference to South Africa and its historical context;

To advance the education of young people in the United Kingdom in the subject of racial reconciliation with particular reference to South Africa and its historical context;

To promote sustainable development for the benefit of the public by:

(a) the preservation, conservation and protection of the environment and the prudent use of resources in southern Africa and

(b) the relief of poverty and the improvement of the conditions of life of socially disadvantaged communities in southern Africa particularly in the areas of education and health.

Trustee Selection & Training

The trustees are appointed by resolution of the remaining trustees for a term of three years. Trustees can serve for additional periods, each period being for three years. New trustees are nominated by members of the board of trustees who appoint the new trustee if they have the necessary skills to contribute to the Trust’s management and development. Where new trustees are appointed, they are given a formal induction to the work of the Trust and provided with the information they need to fulfil their roles, which includes information about the role of trustees and charity law.

Public Benefit

The objects and purpose of the Trust are set out above. The trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant making policy for the year.

Management

During the year ended 5th April 2023, the trustees met on three occasions. The trust employs one staff member in the UK; other activities are carried out either by the trustees who receive no salary or expenses or by engaging on a consultancy basis suitable and experienced support.

L Bridges B Carroll (resigned 17/10/2023) P Hollingum M Kentridge G Klintworth H Loyd F Meyerwitz Singh (appointed on 27/06/2023) R Neville M O’Byrne T O'Malley N Virr R Woodhead

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

Statement of Trustees' responsibilities

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

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board of Trustees

TK O'Malley

Trustee Dated: 5 February 2024

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

I report to the Trustees on my examination of the financial statements of David Rattray Foundation (known as Khula Education) (the trust) for the year ended 5 April 2023.

Responsibilities and basis of report

As the Trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Caroline Brazier (ACA DCHA) for and on behalf of SKS Audit LLP

3 Sheen Road Richmond Upon Thames TW9 1AD

Dated: 5 February 2024

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted
Restricted
Total
funds
funds
2023
Notes
£
£
£
Income from:
Donations and legacies
2
90,075
71,762
161,837
Investments
3
126
-
126
Total income
90,201
71,762
161,963
Expenditure on:
Raising funds
4
7,498
-
7,498
Charitable activities
5
86,280
393,808
480,088
Total expenditure
93,778
393,808
487,586
Net (outgoing)/incoming resources
(3,577)
(322,046)
(325,623)
Other recognised gains and losses
Profit/(loss) on foreign exchange
(12,166)
-
(12,166)
Net movement in funds
(15,743)
(322,046)
(337,789)
Fund balances at 6 April 2022
194,482
439,606
634,088
Fund balances at 5 April 2023
178,739
117,560
296,299		 Total
2022
£
915,276
4
915,280
17,343
370,533
387,876
527,404
(3,663)
523,741
110,347
634,088

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

BALANCE SHEET

AS AT 5 APRIL 2023

2023
Notes
£
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
11
Unrestricted funds		 2022
£
£
-
310,309
310,309
14,010
296,299
296,299
117,560
178,739
296,299		 £
129,236
516,314
645,550
11,462
634,088
634,088
439,606
194,482
634,088

The financial statements were approved by the Trustees on 5 February 2024

TK O'Malley Trustee

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
16
Investing activities
Investment income received
Net cash generated from investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(206,131)
126
126
-
(206,005)
516,314
310,309		 2022
£
4		 £
402,481
4
-
402,485
113,829
516,314

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Company information

David Rattray Foundation is a Trust registered in England and Wales. The principal address of the Trust is given on the charity information page. The nature of the charity’s operations and principal activities are set out in the Trustees' Report.

1.1 Accounting convention

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject 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 financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is more likely than not. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

Expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered. Costs of Charitable Activities include those costs which meet the objectives of the Trust. Governance costs are those incurred in meeting the statutory requirements of running the Trust and are included in costs of charitable activities.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange of the most recent transfer from the sterling bank accounts. Exchange differences are taken into account in arriving at the surplus or deficit.

1.8 Grants

Grants are treated as expenditure when authorised by the Trustees and communicated to beneficiaries, not when the grants are paid.

1.9 Tax status

The Trust is a registered charity and therefore is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
90,075
71,762
Gift Aid Claim
-
-
90,075
71,762		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
161,837
84,122
701,918
-
11,986
117,250
161,837
96,108
819,168		 Total
2022
£
786,040
129,236
915,276

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

3
4
5		 Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
126
4
Raising funds
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Fundraising and publicity
Charity development
7,498
-
7,498
17,343
7,498
-
7,498
17,343
Charitable activities
2023
2022
£
£
Staff costs
63,581
68,368
Charity expenditure
405,862
295,448
Just giving fees
1,094
906
Website costs
2,132
1,025
Audit fees
4,598
2,820
Accountancy fees
2,360
1,590
Bank charges
461
376
480,088
370,533
Analysis by fund
Unrestricted funds
86,280
8,314
Restricted funds
393,808
362,219
480,088
370,533		 Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
126
4
Raising funds
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Fundraising and publicity
Charity development
7,498
-
7,498
17,343
7,498
-
7,498
17,343
Charitable activities
2023
2022
£
£
Staff costs
63,581
68,368
Charity expenditure
405,862
295,448
Just giving fees
1,094
906
Website costs
2,132
1,025
Audit fees
4,598
2,820
Accountancy fees
2,360
1,590
Bank charges
461
376
480,088
370,533
Analysis by fund
Unrestricted funds
86,280
8,314
Restricted funds
393,808
362,219
480,088
370,533
Total
2022
£
17,343
17,343
2022
£
68,368
295,448
906
1,025
2,820
1,590
376
370,533
8,314
362,219
370,533

6 Trustees

The Trustees are considered key management of the charity. None of the Trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2022: None).

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

7 Employees Number of employees

Employment costs
Wages and salaries
There was one employee whose annual remuneration was £60,000 or more.
8
Other gains or losses
Foreign exchange gains/(losses)
9
Debtors
Amounts falling due within one year:
Gift Aid Claim Recoverable
10
Creditors: amounts falling due within one year
Accruals and deferred income
Other creditors
Other taxation and social security		 2023
Number
1
1
2023
£
63,581
63,581
Total
2023
£
(12,166)
2023
£
-
2023
£
10,440
2,793
777
14,010		 2022
Number
1
1
2022
£
68,368
68,368
Total
2022
£
(3,663)
2022
£
129,236
2022
£
7,892
2,793
777
11,462

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 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:

Movement in funds
Balance at Income for the Expenditure Balance at
6 April 2022 year for the year
5 April 2023
£ £ £ £
Education programme costs 439,606 71,762 (393,808) 117,560

The charity has the following restricted funds:

Education programme costs: For the purpose of the general running costs of the pre-schools, top-up teaching and other education programmes.

12 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 5 April
2023 are represented
by:
Current assets/(liabilities)
178,739
117,560
178,739
117,560		 Total
Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
296,299
194,482
439,606
296,299
194,482
439,606		 Total
2022
£
634,088
634,088

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

14 Movement in Funds

Net Movement in
Transfer		 Between
At 06/04/2022 Funds Funds At 05/04/2023
£ £ £ £
Unrestricted Funds
General Funds 194,482 (15,743) - 178,739
Restricted Funds
Education programme costs 439,606 (322,046) - 117,560
Total Restricted fund - (322,046) - -
Total Funds 634,088 (337,789) - 296,299
Movement in Funds - Prior Year
Net Movement in
Transfer		 Between
At 06/04/2021 Funds Funds At 05/04/2022
£ £ £ £
Unrestricted Funds
General Funds 110,347 84,135 - 194,482
Restricted Funds
Education programme costs - 439,606 - 439,606
Total Restricted fund - 439,606 - -
Total Funds 110,347 523,741 - 634,088

14 Related party transactions

There were no disclosable related party transactions during the year (2022 : Nil).

There was no expenditure paid to related parties for the year ended 5 April 2023 for charitable activities (2022: Nil).

15 Analysis of changes in net funds

The trust had no debt during the year.

DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

16 Cash generated from operations 2023 2022
£ £
(Deficit)/surpus for the year (325,623) 527,404
Adjustments for:
Investment income recognised in statement of financial activities (126) (4)
Foreign exchange differences (12,166) (3,663)
Movements in working capital:
Decrease/(increase) in debtors 129,236 (129,236)
Increase in creditors 2,548 7,980
Cash (absorbed by)/generated from operations (206,131) 402,481