Charlty Retsratlon No. 1119353 DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) TRUSTEES. REPORT AND AUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED S APRIL 2024 DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) LEGAL AND ADMINISTRATIVE INFORMATION Tru#ees L Bridges P Hollingum M Kentrldge G Kllntworth H Loyd F meyer￿￿tZ Slngh T Makgatho R Neville M O'Byme T O'mallev N Virr R Woodhead S Pfell (Resigned on 26 February 20241 (Resigned on 26 February 2024} (Chalrl lappolnted on 25 June 2024 and Resigned on 25th February 2025) Charfty number 1119353 Prfndpal address 26 G05field Street London WIW 6HH Auditor SKS Audlt LLP Chartered Accountsrts 3 Sheen Road Rlchmond TW9 IAD Bankers HS8C Bank plc The Peak 333 Vauxhall Brfdge Road London SWIV IEJ DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) CONTENTS Trustses, report Independent audltoes report 7-10 St•tement of financlal artmtles li Balance sheet 12 ststement of ¢osh flows 13 Notes to the flnanclal statements 14.21 DAVID RA￿RAy FOUNDATION (KNOWN AS KHULA EDUCATION) TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present thelr report and flnan¢lal ststements ft)r the year ended 5 April 2024. The finan¢lal statements have been prepared In accordance wlth the accountln8 pollcles set out In note I to the fln4nclal statements and comply wlth the Charftles Act 2011 and "Accountlng and Reportlng by Charltles: Ststsment of Recommended Practlce appllcable to charltles preparlng thelr attounts In accordance wlth the Flnandal ReportlnB Standard applicable in the UK and Republic of Ireland IFRS 102} {effective l January 20191". Objectlves and actlvltles The Dwld Rattray Foundatlon, operdtln8 locally as KHULA Educatlon, was estsbllshed In 20D7. Honourln8 Davld Rattray's legaoi, KHULA Educatlon Is deeply comrnltted to Improvlng the quallty of educatk+n In the KwaZulu-Natsl re8lon of South Afrlca and rnoblllslng educatk*n as a pathway to communSty empowerment and allevlatln8 poverty In one of the m05t mar8lnallsed areas of South Afrka. Ourvlslon That all ChIld￿n, ￿gardless of thelr socloe¢onoml4 culturdl back8raund or Ioc4tlon are able to reach thelr potentlal and make a dlfference to thelr famllles and communltles. Our Mlsslon Our mlsslon Is to enable chlldren from under-served, rural communltles In South Afrlca to obtsln a hl8h*uallty educatlon to Improw thelr own Ilves and those of thelr communltles, Our Goal$ As KHULA expanded both Its footprlnt and work, we have 4118ned our aBenda to Sustalnable Development Goal ISDG} 4: to ensure Incluslve and equltoble quollty edumtlon ond promote Ilftlong learnlnq opportunltlesfor all. Our prlmary 8oals are: l. Glve thlldren the chance to Ilft themselves out Of thelr extremely dlsadvanta8ed back8round by workln8 to Improve educatlonal facllltles, standants and care for chlldren. 2. Support the development of chlldren by ensurlng that they ire not Just educated sufflclently to pass a set of exams, but also effectbvely prepared for thelr adult Ilves. We belleve that through ImprovlnB thelr educatlonal attalnmenL each chlld wlll be In a better posltlon to Improve thelr own Ilfe, achleve better standards of health, secure more satlsfaetory ernployment, and contrlbute more meanlngfully to the Ilfe of thelr famlly, vlllage, soclety and country. Our Approath Our current area of support Is In the remote umzlnyathl dlstrlct of rural KwaZulu-N*al. Our work Is In collaboratlon wlth our sister organisation, the David Rattrny Foundatlon In South Afrlca, underthe shared Identlty of KHULA Educatlon. Our actlvltles span the hlstorlc b•ttleflelds of rural KwaZulu-Natsl from Elandskrdal, through Rorke's Drlft to Nqutu and Isandlwana, some of the most i501ated and marginallsed areas In South Africa. Thls is a region of outstsndlna beauty arKI dramatic hlstory, but these elements alone are no substltute for educatlon. In total, we support 22 under-resourced. local schools to address key educatlonal needs and achleve a measurnble upllft In educatlon levels and post-school employment. Through these and schools our work Impacts 6,500 students and more than 300 teachers. DAVID RArrRAY FOUNDATION {KNOWN AS KHULA EDUCATION) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Safe8uardln8 5afe8uardlng of ¢hlldren In the supported schools Is our hlghest prforlty. Prlor to onboardln8, all staff of the Davld Rattrdy Foundatlon In South Afrlca are requlred to obtaln a Sexual Offenders Reglster Clearance ce￿riCate. In addltlon, all staff, volunteers and partners In South Afrlca are requlred to slan a 'Person¥l Commltment to Chlld Protectlon, Fomi. A Chlld Protectlon poll￿ has been Implemented In all schools, and all staff have been trdlned accordlnely, wlth refresher tralnlng dellvered each year. Safel￿rdIng Incldents are rare and dealt wlth In accordance wlth local chlld protectlon and labour law. We also have a quallfled Educatlonal Psycholo8lst on the stsff. Thls person Is Instrumental In provldln8 SUPPOrt, 8uldance and relevant materlals for teachers to support any chlld who may requlre remedlal support andlor counsellln8, It Is noteworthy that wlth thls Interventlon, chlldren who were prevlously consldered by the schools to potentlally have leamlng dlsabllltles, were In hct often those who had slmply strug8led wlth the lack of Indlvldual attentlon In large dJ55es. Our topup tsachlng and remedlal support h•s made a $18nlficant Impart wlth such chlldr¢n, Includln8 the provlslon of smaller support classes In KHULA'S dedlcated remedlatlon spaces. Our Strate8y and Progrnmm KHULA Is drlven by the mlsslon to reduce poverty In the local communlty by prov5dlng a hl8h-quallty educatlon for all, focuslng on the most under-served chlldren. We focus on the entlre educatSonal journey- from early chlldhood educatlon throuBh to career readlness - empowerln8 Students every step of the way to reach theSr full potentlal. Thls 1$ achleved through four key pro8rnmmes whlch, whlle modular, Interact and bolster each other to produce a hollstSc package of support to the wmmunlty. These four pro8rnmmes are: l. Early Chlldhood Development We lay the foundatlon for success wlth quallty earfy educatlon for 350 pre-sthool chlldren, teachlng In both lslzulu and En8llsh. We operate 4 pre-schools In Rorke's Drlft, lsandlwana, Amolbe and Sl8ubudu. Thls vltal early educatlon prepares Chlldren for fvture learnlng and growth In formal schoollng and beyond, thus ¢ontrlbutln8 to SDG 4.2: quallty earlyehlldhood development and pre-prlmary edu¢atlon for all. Our pre-schools follow the Grow Early Learnln8 currlculum wldely used aeross South Afrlca. The pro8ramme Indudes teachlng En8llsh to provlde the chlldren wlth exposure to En8llsh before lolnlng Prlmary School and leamlng In En8llsh from Grade 4 onwards. More than 80% of our preschoolers are fluent In En8llsh at the end of the two-year pro8ramme and wnslstently rank In the hl8hest 20% of learners 8raduatln8 from Prlmary Sthool. At the end of 2024 we celebrated 10 years of KHULA preschools. 2. Top-up Teachlng In partnershlp wlth 118ovemrnent schools, we provlde over 3,250 students wlth supplementary teachlng In Mathematlcs and Engllsh, Improvln8 Ilteracy and nurner¥￿ to levels above the natlonal average, and helping them overcome overcrowded classrooms where 50metlmes up to 90 children are taught by a sln8le teacher. We support all schoollng phases, beln8 Foundatlon, Intermedlate, Senlor and FET Phases. We offer extra classes, lesson support for teachers. after-school teachlng and help through leamlng tools. We alm to reduce the Impact that lar8è dass slzes, Ilmlted teacher tralnlng and teacher absenteelsm have on both teachers and students. Additlonally. we offer tsrgeted support, such as WIFI and learnln8 tools, to 22 local schools. At all stages, our learners show an Increase In Maths and Engllsh scores whlch also bolsters thelr performance In other sublects. 3. Job Skllls and Ufe Readlness KHULA Educatlon supports hlBh school puplls and school leavers for the workforce by offerlng career 8uldance, digital skills, and lob readlness tralnln& Our goal Is to help them secure meanlngful employment, contrlbutln8 to the long-term economlc growth of thelr communltles. In early 2024 KHULA Educatlon opened The Charles Alkenhead Skllls Hub In Rorke's Drlft and INkosl Mazlbuko M.P.N. Skllls Hub and ECD Centre at Slgubudu* greatly enhancing our ablllty to support skills and employment pro8rammes for In school and out of school youth. KHULA supports young people to Improve thelr Ilfe skS11s, understand the varfous Pathw￿ beyond school, and to make application for tertlary studies and employment opportunltles. Smoothing the transltlon beyond the school system. Support offered includes life skills workshops, access to resources, guidance in findin8 and applylng to scholarshlps Ilncluding Natlonal Student Flnanclal Ald Scholarshlp bursarles and varlous scholarshlpsl, and 8uldance In findlng and applylng to learnershlps and employment. DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 In 2024, provlded servlces to more than 2,300 chlldren and young adults Includlng career orlentstlon and 8uldance, asslstance In accessln8 scholarshlps, learnershlps and Job opportunltles and a ran8e of Ilfe skllls and lob read5ness tralnlng and programmes Includlng the A8E*ndorsed KldsMBA and our youna leaders project N8llalele. Thls programme of artivltles also alms to support progress towards SDGS 4.3 and 4.4: acce5$ to and the sk1115 for tertlary educatl vocatlonalstudles, employmentand entrepreneurshlp. 4. Educator OevelopmenL As well is supportlng local students, KHULA Edueatlon empowèrs over 300 teachers, equlppln8 them wlth the s￿11$ and resources needed to ¢￿ate dynamk, en8agln8 and effectSve learnln8 envlronments, ensurln8 that every chlld reeelves quallty educatlon. KHULA'S approach Indudes In Governance - The Trustees meet fornally, betww two to three tlmes a year. to review financial and operational performance. Detailed syogress on projerts that have recelved grants are revlewed at each Trustee meeting. Sub cornrnittees have been fonned to oversee finance, strategy and fvnd-ralslng between meeting* These can also be fora for engagement trustees of the Foundation in South Africa. As opportunities allow, there are UK trustee vlslts to the supported schools and projects funded by the UL 5ignifKant efforts have been made to ensure GDPR compSlance, and to mltigate any associated rlsks. Currency Rlsk - The trustees have dedded to adopt a lowrflsk appTo¥th and hold surplus funds In short term UK deposlt accounts and In order to minlmise currency risk also have a South African Rand deposlt bank accounL to hokl a proportion of assets In local currenLy. Flnanclal Rtsk - We operate a dual SIgna￿re regime on all bank accounts. ExpendIty￿. firture commbtrnents and bank balan￿ are revlewed at trustee meetlngs. Prvnts danations are made either via an approved Internet Intemiedlary Isuth as Jurt Gfving) or dlrecdy to the Trusvs bank accounL Dwlte belng a small charity, our accounts are audlted annualty. Future Sustslnablllty- The TNstees have continued to invest in fundraisin8 SUPPOrt to secure the long-terni nature of the or8an15ation. Support Is prlmarfly used to approath major foundations for 8rants for specific prnjects and to ensure all grants and Investments are agalnst defined projects Nthith have dwete and measurable outcomes. There are very good relatknns wlth known donors. Records of donors have been formalised, and there Is regular contsrt with past and current donorslfunders to support contlnulrva and regularflow of funds. DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Grants not applled to a $pedlk projert - We work In a spedflc area and 8fdnts are made only to support the work and running of the Foundation in South Afrlca. The Chalrman and other Trustees maintain close links wlth KHULA Education in South Afrlca and make recular vlslts to Stwth Afrlca. conductlng onsite Inspertlons of projects and meetln8 wlth the trustees and offlcers of the Foundatlon In South Africa. The Trusts, Oblo¢tlve$ To advance education and rnise awareness about dlfferent radal groups In order to promote good relations between per50n5 of dlfferent raclal groups by promotln8 knowledge and mutual understsndlng wlth partlcular reference to South Afrlca and Its h15torical context: To advance the educatlon of young people in the United Kingdom in the wbjett of raclal reconciliation wlth partlcular reference to South Afrlca and histOTlcal contexL' To promote sustalnabEe development for the beneflt of the publlc by. {al the presemtlon, conservatlon and protectlon of the environment and the prudent use of resources in southem Afrl and Ib) the rellef of po¥erty and the Improvement of the condltlons of Ilfe of soclally dlsadvantaged Communities In southern Afrlca partlcularly In the area5 of educatlon and health. Trustee Selectlon & Tralnlng The trustees are appointed by resolution of the ￿MainIng tnjstees for a term of th￿e years Thistees can serve for addltlonal perlo(ts, each perlod belng for three years. New trustees are nomlnated by membèrs of the board of trustees who appolnt the new trustee If they have the necessary skllls to contribute to the Trust's management and development. Where new trustees a￿ appolnted, they are glven a formal induction to the work of the Trust and provlded wlth the Informatlon they need to fulfil thelr roles, whlch Includes Informatlon about the role of tru5tee$ and charty law. Publlc Benefft The oblects and purpose of the Trust are Set out above. The trustees confim) that they have referred to the Charlty Commission's general guidance on publlc beneflt when revlewlng the Thisvs alms and objertlves and in plannlng future actlvitles and settlng grdnt making poliry for the ￿ar. Management Durlng the year ended 5th April 2024, the trustees met on three occaslons. The trust employs one staff member in the UK; other actl¥lties are carried out elther by the trustees who recelve no salary or expenses or by engagln8 on a consultsncy ba51S Suitable and experienced supporL L Bridges P Holllngum M Kentridge G Kllntworth Tmakgatho F Meyerwitz Slngh R Neville M O'Byme T O'malley N Vlrr R Woodhead S Pfell IResi8ned 26 February 20241 (Reslgned 26 February 2024) (Appointed 25th June 2024 and Restgned on 25 February 2025) DAVID RA￿RAy FOUNDATION (KNOWN AS KHULA EDUCATION) TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 ststement of Trustees. responslbllhles The trustees are responsible for p￿paring the Trustees, Report and the financlal statements In a¢¢ordano wlth applkable law and United Klngdom Accountlng Standards {UnSted Klngdom Generally Accepted Accountln8 PractSce). The law appll¢able to ¢hoTltles In England & Wales requ1￿$ the trustees to prepare flnandal statements for each flnandal year whlch glve a true and falr vlew of the state of affairs of the charity and of the Incomln8 ￿sourceS and application of resoU￿e$ of the charlty for that period. In preparing these financial statements, the trustees are requI￿d to: select suitable accountlng pollcles and then apply them conslstently: observe the methods and princlples in the Charities SORP 2019 IFRS 102): make ludgements and estlmate5 that a￿ ￿3￿nable and prudent", state whether appllcable accountlng stsndards have been followed, subject to any materlal departures dlselosed and explained In the financial statements; prepare the flnancial statements on the going eon¢em basls unless It Is Inapproprlate to Pfesume that the charity VAII contlnue ln operatlon. The trustees are responslble for keeplng proper accountlng records that dlsdose wlth reasonable accuracy at any time the flnanclal posltlon of the tharlty and enable them to ensure that the finandal statements comply wlth the Charities Act 2011, the Charlty IAccounts and Reports) Regulations 2008 and the provlslons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detertion of fr3ud and other [r￿gularItIes. In so far as thetrustees are aware: there is no ￿levant audit Inf0M￿tIOn of whlth the tharity's auditor is unawa￿. and the trustees have tsken all steps that they ought to have tsken to make themselves aware of any relevant audit infomiation and to establlsh that the audltor Is aware of that Information. The trustees are responslble for the maSntenance and Inte8rity of the charlty and financial informatlon Included on the tharws web51te. Leg151atlon in the United Klngdom 8overnlng the preparatlon and dissemination of financlal statements may differ from legislation In other jurisdirtions. Dlxlosure of Inft>miatlon to audltor Each of the Trustees has confirnied that there Is no Informatlon of which they a￿ aware whlch is relevant to the audK but of which the audltor Is unaware. They have further confirmed that they have tsken approprlats steps to identify such relevant Inforniatlon and to estsbllsh that the audltor Is aware of such infomiatk)n. On behalf of the board of Trustees TK O'M Trustee DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF DAVID RATfRAY FOUNDATION (KNOWN AS KHULA EDUCATION) Oplnlon We havÈ audltsd the finaTrdal statements of Davld Rattray FoundatloTr {known a5 Khula Educatli)n) (the 'trusV) for the year ended 5 April 2024 which comprise the Statement of finanaal activities. the balan￿ sheet and the notes to the finandal staternents, induding a summary of Significant acuwnling policies. The financial reporting framework that has beeD applied In thelr prepardtion is applicable law and United Kln£dom Accountln8 Stsndards. Induding Financial Reportlng Stsndard 102 The Flnancbal Reporting Standard appllcable in the UK and Repubfic of Ireland (United ￿ngdoM Generdlly Accepted Accounting Prdctice). In our oplnlon. the finandal statements: give a true and fair view of the state of the tharivs afFdirs as at S April 2024 and of its incoming reSou￿S and application of resour￿, forthe year then ended; been properly p￿Pared In accordano wlth Unlted ￿ngdorn GenerdllyP£cepted Accountlng Pr4Ctlce' and been prepared in accordance with the requirernents of the Charities Art 2011. Basts for oplnl¢Jn We conducted our audit in accordan￿ with International Stsndants on Auditing IUKI (ISAS (UK)) and applicable law. Our ponsibilities under those standards are further described in the Auditoes responslbllitles for the oudit OA the finonclal stotsments sectlon of our reporL We are independent of the trust In accordance with the ethlcal requlrements that are relevant to our audit of the flnancial Statements in the UK induding the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtalned Is sufficient and appropriate to wovide a basis for our opinion. Concluslons relatlng to Goln8 concern We have nothing to report in respert of the followlr* mattus in relation to which the Ists (UK) requi￿ us to ￿pOrt to you whe￿. the Trustees, use of the £oln8 Concern basls of accourbtlng In the prepar*ion of the financial statements Is not approprfate; or the Tntstees have not dlsdosed In the flnanclal statsments any identif￿d material uneertaintles that may cast slgnlficant doubt about the trusvs ablllty to conllnue to adopt the going concem basls of accountlng fr*r a perlod of at least twelve months from the date when the financial statements are authorlsed for Issue. Other lfftforniailon The other Info￿at￿n comprises the inforniation Induded in the annual report other than the financHI ststements and our audltorfs report thereon. The Trustees are responstble for the other Info￿ation conts1r￿ wtthin the annual report. Our oplnlon on the finandal ststements does not cover the other inforniation and ￿ do not express any fomi of assuran conclusion thereon. Our responslbility Is to read the other information and, In doln8 $0, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined In the course of the audit or otherwlse appears to be materlally MISS￿. If identify %Kh material inconslstencies or apparent material mlsststements, we are requlred to detemiine whether this gi￿ rise to a materfal mlssiatement In the finanaal statements tr￿MselVes. If, based on the work we have perfor￿, we condude that there is a materfal misstatement of thls other infonnation, we are required to report that fart. We have nothing to report In this re8ard. DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DAVID RAThRAY FOUNDATION (KNOWN AS KHUIA EDUCATION) Matters on whl¢h we are requlrnd to report by ex¢eptlon In the118ht of the knowledge and understsndlng Of the trust and Its envlronment obtsined In the course of the aud1( we have not Ident5fled materlal mlsstatements In the Trustees, report. We have nothlng to report In respect of the followln8 matters In relatlon to whlch the Charltles (Accounts and Reports) Regulatlon5 2008 requlre5 US to report to you if, In our oplnlon: the Inforrnatlon glven In the flnanclal statements Is Incons15tent In any materlal respect vAth the Trustees, report. or sufflelent accountlng records have not been kept; or the flnanclal statements are not In agreement wlth the accountlng records; or we have not rttelved all the Infomatlon and explanatlons we requ[￿ for our audlt. Other Matter The fl8ures for flnanclal year S Aprll 2023 are unaudlted, Responslbllliies of Trustees As explalned more fully In the statemènt of Trustees, responslbllltles, the Trustees are responslble for the preparatlon of the financlal statements and for belng satlsfied that they 8lve a true and falr vlew, and for such Internal control as the Trustees determlne Is necessary to enable the prepardtlon of fSnanclal statements that are free frorn materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal $tstements, the Trustees are responslblt for assessln8 the trust's ablllty to contlnue as a golng concern, dls¢loslng, as appllcable, matters related to 8oln8 eoneem and usSng the 8olng concern basls of accountln8 unless the Trustees dther Intend to cease operatlons, or have no reallstlc altematlve but to do so. Audltor'i rnspon%lbllltles for the audlt of the fln4ncl•l ststemonts We have been appolnted as audltor under sectlon 144 of the Charltles Act 2011 and report In accordance wlth the Act and relevant re8ulatlons made Dr havln8 effect thereunder. Our objertlves are to obtaln reasonable assurdnce about whether the flMnclil statements as a whole are free frorn materlal mlsStatemen¢ whether due to fraud or error, and to Issue an audltor's report that Includes our oplnlon. Reasonable assurance Is a hl8h level of assurance, but Is not a 8uarantee that an audlt condurted In accordan￿ wlth ISAS (UK) wlll always detert a materlal mlsstatement when It exlsts. Mlsstatements can arlse from frdud or error and are consldered materlal If, Indlvlduallv or In the agI￿gate, they could reasonably be expected to Influence the economk declsSons of users taken on the basls of these flnanclal statements lffegularltles, Sn¢ludln8 fraud, are Instsnces of non•¢ompllance wlth laws and re8ulatlons. We desl8n prijcedures In Ilne wlth our responslbllltles, outllned above, to detect materlal mlsstatements In respert of Irre8ularltles, Includln8 fraud. The extent to whlch our procedures are capable of detectln8 Irregularltles, Includlng fraud15 detalled below: DAVID RATfRAY FOUNDATION (KNOWN AS KHULA EDUCATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRusfEES OF DAVID RATTrAY FOUNDATION {KNOWN AS KHULA EDUCAnoN) Our approach was as follows: We obtsined an understsndlng of the legal and regulatoryframeworts that are applicable to the entity. We communkated identified laws and regulatioDs and potential fraud rlsks to all eneagement team members and remalned alert to any indications of fraud or nonwcompllartt with laws and regulations throughout the audit. We examlned and dlscussed wlth managerr*nt arry known or suspected Instances of hud or nonacompllance with lakns and regulattons. We assessed the rtsks of material mlsstatemerrt In respert of fraud as follows: ThÈ audit team d15CUssed *thether the￿ were any ￿e3$ that were susceptlble to mi55tatement as part of thelr fraud dlscussi¢)n. In addressing the rlsk of management tr￿rrIde of controls, we tested the appropriateness of journal entrles wlth a focus on la￿e or unusual transactlons based on criteria detern)ined usin8 our knowled8e of the organisatlon and industry. We also thallenged a55umpti¢)ns and Judgements made We incorporated an element of unpredictabifrty in the sdection of the nature. tlmlng and extent of our audlt procedure& Based on the results of our rlsk asseSsm￿t we d*￿d our audlt pnjcedures to identify and to address fflater￿1 mlsstatements in relati￿ to fraud. indudln8 bribery and n¢)n compliance Because of the Inherert limitatlons of an a￿11[ there Is a rlsk that ￿ wlll not detect all irregularities, in¢ludln8 those leading to a materlal mlsstatement tn the flnandal statements or nonutlon, the amount Is known, and re￿Ipt Is more Ilkely than not. If the arnount Is not known, the le8acy ￿ treated as a contSngent asset. L5 Expendlture Liabllities are recoanlsed as expendlture as six>n as there 15 a lerdl or constructlve Obli￿tIon committlng the charlty to that expendlture, it Is probable that a transfer of economic benefits wlll be requlred In settlement and the amount of the obligation can be measured reliably, Expenditu￿ is accounted for on an accruals basis and has been classlfied under headlngs that a88re8ate all cost related to the Category. Whère costs canmt be dlrectly attributed to partlcular headings they have been allocated to actlvlties on a basis consistent wlth the use of resource5. 14- DAVID RATfRAY FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANaALsfATEMENTS (CONTINUED) FOR THE YEAR ENDED SAPRIL 2024 Icontlmied) Expendlture Is accounted for on an accruats basls Indusl¥t of VAT whlth cannot be recovered. Costs of Charttable Artlvltles Include those costs whlth meet the ob5ectl¥es of the TntsL G¢Mrnance costs are those Incurred In meeiln8 the statutory tequlrements of runnlfig the T￿￿t and are Included In costs of tharltable aLtvltle5. 1.6 Cash and ¢qul¥4lents Cash and cash equlvalents Indude cash In han4 deposlts held at call wlth banks, other short4erm Ilquld Investments wlth orlglnal maturltles ol three M¢￿th5 or less, and bank overdrafts. Bank (￿rdrafts are shown wlthln bornJwln8s In current Ilabllliles 1.7 Fordy exth• Assets and Ilabllltles In forel8n currendes are tr￿Slated Into steriln8 at the rate of exchange at the balance sheet date. Tr4nsartlons In foreign currendes are translated Into 5terllng at the rate of exchan8e of the most recent transfer from the sterlln8 bank a¢counts. Exchanp dlfferences are tsken Into account In arrMn8 at the surplus or deficit. 1.8 Grants Grants are treated Is expendlture when authorfsed by the Tnjstees and communSc•ted to beneftdarles, not when the 8rdTrts are pild. 1.9 Tax status The Trust Is a reghtsred tharlty and thereforn Is exempt frnm tsx on Income and 8alns fallln8 wlthln sectlon 505 of the Taxes Act 1988 or xctlon 256 of the Taxatlon of Charyeable &ln5 Act 1992 to the extent that these are applled to Its charltable oblert& Don•tloM and leaades Tolal funds funds fvnds 2023 2023 2023 Donatlons and Blfts 288,750 101.686 390.436 90,075 71,762 161,837 unre$￿eted Unrestrlcted nds 2023 Interest rKelwdble 762 126 15- DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Ralsln8 funds Totsl Totsl 2023 ubll Charlty development 6.324 7,498 6.324 7,498 Charlt•bh a¢tlvlt Stsff costs Charfty expendltur• Just 8lvln8 fees Webslte costs Audlt fees A¢countsncy fees Bank char8es Subscrlptlon Fees 68,961 384,686 930 1,108 3,435 2565 63,581 405,862 2,132 4,598 2,360 461 192 462.467 480,088 Analysls by fund Unrestrlcted funds Restrlcted funds 287,002 175,465 86,280 393,808 462,467 480.088 Truste¢$ The Thjstees are consldered management of the d￿rIty. None of the Thistees {or any persons connected wlth them) recelved any remuneratlon or beneftts from Ihe trust durlng the year12023: None). 16- DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Employees Number of employees 2023 Numb¢r 14umber Employment costs 2024 2023 Wa8es and salarlfjs 68,961 63,581 68,961 63,581 There was one employee whose annual remuneratlon was £60,1)00 or more. Olh•r plns or IoM•s Unresirfrted 2024 Restrlcted 2024 Total 2023 2024 Forelgn exchan8e 8aln5lllossesl 111.897) 8,667 20,564 {12.1661 For the year ended 5 Aprll 2023 (12,1661 (12,1661 2024 2023 Amounts fallln8 due wlthln one yur. HMRC Glft Ald Recelvable 12,500 17- DAVID RA￿RAy FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANaALsfATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Credltors: amounts fallln8due vAthln one ￿¥r 20Z3 Accruals and deferred Incorne Trade credltors Other credltors Other tsxation and sodal securlty 10,440 5.873 317 158 2,793 777 12,948 14,010 11 Unrestrl¢tod lunds The unrestrlcted funds of the thaTIty compr15e the unexpended balances of donatlons and 8rnnts whkh are not subject to speclfic condltlons by donors and grant0￿ as to how thry may be used. These Indude desl8nated fvnds whkh have been set aslde out of unrestrkted funds by the tn￿teeS for spedfic purpose& At 6 AP￿ 2023 InMfflhw fte￿r￿ Tranth fjalns and losses At 5 Aprll 2024 Gener41 funds 178,739 289,512 1293,326) 189,048) (11,897 73,980 Prevlow year. At 6Aprfl 2022 Inwmln8 ftesour fjalns and los￿ At S Aprfl 2023 Genernl funds 194,482 90,201 193,7781 (12.166) 178,739 18- DAVID RAThRAY FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANCIAL sfATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Restrlcted funds The restrfcted funds of the charlty compr15e the unexpended balances of donatlons and 8rants held on trust subject to speclflc eondltlons by donors as to how they may be used. Movement In fund$ In¢om• ft•r Expendlthre Tran•l•rn th• yoar for Iho y•ar 8A14nu •t 6 Aprll 2023 Galn$ and 104#¥ 8Aprll 2024 Educatlon pro8ramme Costs Thlrd Cluster Bulldlng Infrnstructure & Ict Hub 117,560 101,686 181,7891 {95,7341 (8,6671 33,056 {93,6761 184,782 91,106 117,560 101.686 1175,465) 89,048 18,667) 124,162 The charlty has the followlns restrlrted funds: Edu<•tlon pro8r4mme co5￿. For the purpose of the general runnln8 Costs of the pre-schools, top-up teachln8 and other educatlon prograrnmes, Thlrd Clustér Btslldln£ Inlrnstru¢tUfe & Icr Hub: For the purpose of the lnfrd5trurtu￿- Thlrd Cluster Expanslon Bulldlng and other cost UK Internet & webslte. Anal￿1$ ol net assets b•tween fundj Unrestrfrted Restrlct¢d funds fvnd$ 2024 2024 Totsl Unr•S￿£t¢d Resirfcted funds funds 2023 2023 Total 2024 2OZ3 Fund balances at 5 Aprll 2024 are represented by: Current assets/{Ilabllltlesl 73,980 124,162 198,142 178,739 117,S60 296,299 73,980 124,162 198,142 178,739 117,560 296,299 DAVID RATTRAY FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Movement In Funds At 0610412023 Net Movement In Transfer Between At 0SIIM/2024 Funds Funds Unro8trl¢tsd Funds General Funds 178,739 115,711} 189,0481 73,980 R¢Jtrlctod Fund$ Education programme costs Third Cluster Buildln8 InfrastructuR & ICT Hub 117,560 11,230 195,734) 33,056 193,6761 184,782 9L106 Totsl Rertrlcted fund 117,560 182,4461 89.048 124,162 Totsl Funds 296,299 198,157) 198.142 Movement In Funds. Prlor Year At 0610412022 Net Movement In Transfer Between At 05104120Z3 Fufftds Fund$ Unresirlrted Funds Generdl Funds 194A82 {15,7431 178,739 Restrfcted Funds EducatFon programme costs 439,606 {322,0461 117,560 Total Restrlrted fund 439,606 {322.046) 117.560 Tgtsl Funds 634.088 1337,789} 296,299 Related party tAnsa¢tlons There were no dlsdosable retated party transactlons durlng the year12023 . NIII. There was no expenditure pald to related partles for the year ended 5 Aprll 2024 for charltsble actlvltles12023: NIII. 16 Analysis of thanges In net funds The trust had no materlal debt durfng the year. DAVID RArrRAY FOUNDATION (KNOWN AS KHULA EDUCATION) NOTES TO THE FINANaAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED S APRIL 2024 17 Cwh absorbed by O￿lItI 2023 Deflcltfor the ￿ar 177,5931 (325,6231 Adjustments for. Investment Income recognlsed In statement of flnandal artlvltles Foreign exchange dlfferences (762) 120,564) (126) 112,1661 M(varnents tn wwklni •1: (Inueaselldecrease In debtors (l>ecrease)Ilnere•se In uedFtors (12,50D) 11,062) 129,236 Cash absorf>ed by operatlans (112,481 (206,1311 -21-