2020-12-31-accounts

REGISTERED CHARrfY NUMBER: 1119647 Report ol the Trustees and Unaudlted Financial Statements lor the Year Ended 31 December 2020 THE COMMONWEALTH EDUCATION TRUST Haines Watts ICAtyl LLP New Donwent House 69-73 Theobalds Ro London WC1X 8TA

THE COIAMONWEALTH EDUCATION TRUST Contents of the Financial Statement tor the JEar ended 31 De¢ember 2020 Reference and Admlnlstratlve Detalls R&port of the Tru¥te&s Independent Exwnlrw's Report Statement of Flnaneial ActivNles B•lane• Shèèt 14otes to the ￿nancial Statements 9 to 15

THE COMMONWEALTH EDUCAMN TRUST Reference and A(knlnlstratt¥e Det811$ for the ended 31 December 2020 Trusttss The Cornmonwealth Edwation Trust timited Prlnclpal addr•$s 7-14 Great Dover Street London SE1 4YR Reglstered chwlty nunber 1119647 Inde￿ndent examlner Haines Watts Icityl LLP Ngw Derwent House 69-73 Thoobalds Road London WC1 X 8TA Page 1

THE COMMONIMEALTH EDUCATION ThUST Report of the Trusttts for the year ended 31 D￿ember 2020 The TTUStee presents its report with the fina￿1￿ 5tatwnents ol The Cornrnonwealth Education Trust I"CEf) for the year to 31 December 2020. The flnanoal 8tat8m9nts have been prepar&Y ITr accordance witb the awounting Foliue5 Sgt out on pageg 9 to 15 and c(wnply wth the Trust Deed that estatlished aThJ governs the Trust. apFdicatde laws, the Charities Act 2011 and Accouniing and Reporting by Charitie5'. Statwn9nt ol Rccomrnend￿ Practice applicthe to charib'es weparing Iheir accounts in accordance with the Financial Rq)orting Standard ap￿ICable in the United Kingdom and Republic ol Ireland IFRS 1021, effective Ircffi accounts.ng pèrKJds commancing 1 January 2015 or lat6r. ORIGINS CET is a charitaue trust that was estaLlISh￿ in 2007 by the countries ol the Commonwealth as the suceessor trust lo The Cornrnonwealth Institute. The Institute was itsdl the SUCLessor trust to the IM￿rial IrE'tute which had its or￿InS in a fund ras8d in 1886 to calèbrale Quogn Vi¢ioria's Golden Jubilee. ObAoctlvè$ and aciivJllè$ CEfs purpose is to a(fvance education in the Commonwealth. I￿r primary focus is on swporting teacher protession develOpm￿t in &Ignrn￿t with the United Nations, Sust&na￿e Develo￿ent Goal 4.. Qudity EdLuts"on. When settiro the strategy and planning future &tivthes, the Tr￿st8tr has had du8 r￿Jard lo the guidance ISSU￿ by the Charity Commission on public ben8fit. GET Undertak￿ project5 with Commonwealth-wide application. structured either to be acc8SsikAe anywh&re digitally or to be scalable and transferable. In this way the benefits ol our a¢b"vilifjs arg tK)I limit￿j to the immecie beneficiaries but have the potential to reach learners throughout the Commonwealth Including thosè that are rn05t in need. AchieV￿￿ent al￿ performance Teacher Professlonal Develowtrnt Sustainable Develorxnent Goal 4{"S￿4.) is to 'En5ure inclusive and &]uitable qudity tsylucation and promot8 lrfelong learning owortunities for ￿1,. While ￿h0o1 6nrolm8nls have imtxov&l in lower-irmme countries over the last t￿ years, it is astimalod that 250 million children arourKJ the world leave school unable to read or write. For many teachers in1ower-inccthe countries the training they receive does not them for the Ch￿lengIng situations they lace, such as largè dass siz8s or pothy resourced classrooms. In addition, the lack ol quality continuous professioTHI dèvgloptll8nt tneans they do not have opportuThties to lèarn and imFyove their teaching as their careers progress. We work on the evidence that a tea¢heT has tnore irnpact on learning outcunes than any other fartor arKI the better a teaehor's kn￿edge, pedagogical practices and relati0rn8hips wtih students, the more children will learn. Teach 2030 During 21r20 we contillU8d to devdop Teach2030, our online teacher developnenl pr(NJrarnm8 designed to hdp teachers across the Commornwgalth to u￿6￿11 th￿r core teaching aTh1 digital skills. Our brfce-siz8 online courses are rnapp￿ to Cambridge Teaching Standards and help teacher5 teach b8tt8r by d8velopirYJ their pwjagogical knowledge, classroom practice and connections wth pupils. Low data iM￿&S and videos rnean the courses are a¢￿sSI}￿e through smartphones and rther mobile d8vices. Local facilitators can SLPPOrt teachers ihrough Whatsapp oroups, in-person sessions and drop-in 5UPP(xi. During the year we launthed an EdT￿h platfom to host T8ach21rJo and ¢wtinu￿1 to &stablish partnerships to help implement regular, long-t8rm (x)ntinwu5 professional development programmes in sU￿Saharan courrtfies. In earfy 2020 we began working with the Teaching Couneil of Zambia on a [￿aSed rollout of Teach2030 courses to nearly 2,000 teachers in the Chongwe and Chisamba districts of Zambia Teach2030 is now baiw uswj lor whol&seho(A continuous profe55ional develownent and it is Int￿d￿ to extend the programmè to reach all OLsnThl-r&Jistered leachers. We also partnered wth war￿Ck in Africa lo ddiver digital corntinuous professional developrnenl to the sehools they w(Kk with in South Afri¢a, Ghan8 and Tanzania. Beginning wth 31 lead teachers the aim Is to SUPKK)rt over 700 teachers wor￿ng it) 24 schools. In May 2020 we partnered with COCO, a charity worknng with communities in rurai east Africa, to provide supwrt to 76 téachers in eight schools and colleges in Tanzania during gnlorce(J CoMd-19 closures by prowdiThJ free access to Teach2030 courses. Page 2

THE COMMONWEALTH EDUCATION TRUST Report of the Trug1998 for the year ended 31 December 2020 We have also been working with Iho Unit Naiions Industlial D8v8loprnent Organisation to dglivgr Teac2030 courses to T￿hnl¢￿ ar￿ Vocational Education and TrainI￿a teachers in Liberia. In 2021 we have begun WO￿1￿ vMlh K￿yaCOnn and Calojtta Rescue In Indla. In Dec8rnb8r 2020 Hun(trED, in partn8rship with the World Bank, launched the Teachers lor a Changng World SFQtlighl, a global campaign to Idenbfy programs ettecbvdy using technology lo enable teacher prdessional developmènt at scale. In Sgptwnber 2021 it was announced that Teach2030 had been identrfied as one ol the top ten innovions from over 400 programrnes in 80 countries. so in September 2021, it was announc￿1 that Teath2030 had been sdected as one of the wnners ol the Commonwealth sscrètary-G8n￿al s Innovation for Sustwnable tjevelopment Awards which recognise grourKJ-braaking work on sustainability- Foundatlon8 01 Tea¢hlng for Learnintywriting tor Young Readers Foundaiions ol Teaching loi Learning IFfLI is an iniensive prograrnme of masgv9 open onliro courses IMCK)Csl on the Coursera plattorm targeted towards ￿u¢at0rS looknng for an intensive teacher skills developxnent prO￿aMme and are designed to hdp teach￿5 develop and strengthen $￿'11S in teaching, pedagogy, prolessionaism, and assessment. Prolassor John Mac8trath, Professor Emeritus at the University ol Cambridge, UK, is the Programme Diror and the courses are by ￿luCationa￿lstS frorn universities aeross Commonwealth. Also on Courser< Wribng lor Young Readers.. Cpening the Treasure Chest (WYRI is a MOOC that W85 devdoped by CET to encourage authors who %￿Ul￿ like to write for thildren but who have little access to the SUp￿)rt expertise of establish￿1 authors, editor5 and publishers. We have seen increased enrolment on WYR 2nd FfL ¢ourses during the Covid-19 pand￿1¢. Programme Related Investments At 31 Dember 2020, CET had one wholly owned subsidiary. 1886 Investmerts ￿MIted{l886 Investments), registered tn EnglafKI and Wales under number 07059897. which is not currently achve. 1886 Investments had minority shareholdngs in two companies which are held in trust for the beneftt of CET.. - Globds ITeS Privato Limited, a company based in Itmlia whkh dev8lops IT systwlls indud'ng management infomiation sYSt￿S for schools. Laarn Sdutions Lirllr(￿j, based in the UK and IradlrKJ as TLC Education Group, offering global online tutoring services. At 31 Decembor 2(Y20, CET had a rninority Sh￿oholdIng in Little Travd Buo ￿m((￿l, bas&1 in Ihe UK and tradiw as Oddizzi. an online geography resource lor primary s¢hools. In May 2021, CET'S interest was sold to thé c(ynpanls majority shareholder for £10,000. Flnonclal revlèw During th8 y8ar CET r￿1V&1 donations'amountitvJ to £9,821 12019- £5,3001 arKI i[￿8 trorn educat'onal programmes of £41,02712019 - 214,1461. Investrnent in(x)me and interest 01 £1,511 12019 - £5,805) was earned during the year. Overall incoming resource5 arnount lo E52,35912019- £25,251). CharitaNg 8xpenditure during the year of unrestrided funds amounted to £238.02912019 - £269,214). £47,05712019- £14,97n was swt on the manag￿ent of CEfs 1fTrvestsn￿ts. Nat 8xchanga rate losses on investments for the peri(Kl was £33512019- £1901. Amounts written off in respact of intgr¢omwy barKes lor the peric*J was a gain of £23,06612019.. loss of £115,765). Rl$k M8rwgement The CET Group Risk Managgnent Polieies establish overarching guidelines and control prctesses for the r￿gnit￿n and evaluation ol rid(s. Thè Trusteo ¢(>nsiders the fdlowing to be major risks arfectlng the ¢harity'. Fundrwsing- CET must continue to davalop sust&nabltr arKI diverse irKx)m8 streams to ensure long temi sustainability- Page 3

THE COMMONWEALTH EDUCATION TRUST Report of the Trustees for the year ended 31 1)ecember 2020 Teach 2030 - there is a risk that Tèa¢h2030 wll not b8 p9rcglv￿I a5 part of Ihg solutyon to achieving SDG4 and is not taken up by CommOnw￿tth countries. There is also a iisk that ccmwiro Frogrammes are develop￿ by oth PToviders. Unlisted InvestsnHrts - 1886 Investments can influeKe but does not have control over d￿￿0￿m￿ng in its urlist investments all of whi¢h are in ￿uca￿"0nd ent￿riSeS. Resem and Invtr$tm¢th poll¢y I funds are hdd as cash at bank. The long-temi 0￿.eCtiVe is to s6tt1è at a lavd ol urYeslricted reserve5 equal to 51X month's operating costs. Flnanclal posttlon The balan¢e sheet shows total funds of £167,72612019 - £377,7221 of which £34.77012019 - £51,470) aTe Te51ricted. Details ol the restrict￿ funds ean bg lourKJ in no195 16 to 19 to the fIna￿CIal siatetnents. The unrestricted funds ol CET artr in 5urtAus by £127,95612019- £326,252). Structurey governoneè #nd mar•gement Trustees CET 15 governed by a deed of trust dat￿ 14 June 2007 that vests the Trust pr¢wwty in four individual trustees or cne corporale trustee. The Commonweallh Edu¢atson Trust Umited Ithe Trusteel, a company limited by guarantee, was CET'S sole trustee durirKJ the year. The responsikn'lities of thè Trustee are exercised through its Board of Threctors. Thè M￿berS ￿ the Trustee Board who swed during the year and up to the date of this rèport wéré: Directors Mr Jeffrey Twentyman Ms Betty Abeng Mr Andrew Cartwright Mr Matthew Dixon r Math FIL￿an Dr Charlotte HadarKI Scott Mr Ajex McGrath Appolntedlreslgrd Chairman Appoint￿1 1 April 20201R85ign￿1 15 May 2021 Appointed 1 April 2020 Resigned 5 Mareh 2020 R8signed 21 D￿ernber 2020 Thè mem￿rS of the Trustee Board giv& their lime on a voluntary basis to the management and governance ol the charity. They meet at least tour timès a year to review progress and to make decisions règarding strategy, pdicy, and staffing. The Trustee Board liaises dosely with the managem8rrt team who ar8 paKI staff and are responsible for the day-to-(y managwnent d CET. New Board members are appoint￿ by the Board wth a view to ensuring that there Is a breadth of experience on the Board including in th8 area5 of 6ucation, bU￿neSS management, internatyonal affwrs and lundraisng. Fomial induction Is given to ￿1 new trustees who are Invit￿ to attend meetillgs with current trustees and staff to ensLtre they have an appropriatg understanthng ol their legal obligations under charity law, thg Trust DeLJ, CET'S actiwties and financas. The Trustee has put in place procedures to E17sure thai simrAe but effectivè eMtrds exist over ￿1 key fi'nanaal systans and obtaifjs indepeThJent expert advice whwe n&essary before all [Hat￿traI d￿l￿onS are taken. Under CET'S Trust De¥l. the countries of the CoMmon￿alth are members of CEfs CoTnmonweatttt Counul. To maintan Commonweamh links the three High Comrnissioners to Londfft who reprgsent the countries hdding the imme(Sate pasL current and future Chair of the Commonwealth arg designat￿1 as Advisory Trustees. Their role is to advise the Trustee on matters rdated to th8 C(ynmcffMe&th. The o)untsies V￿th this r6sponsibilty ar9 currently Mata, the unit￿ Kingdom, and Rwanda. Orgwisallon Executive Management The key manag￿ent personnd are ¢x)nsdered to be the Board of the Trustee who gNe their time voluntarily and are not raruneTaled. Page 4

THE COMMONWEALTH EDUCATION TRUST Report of th& Truste8s for the year ended 31 Oecember 2020 Structure. govemance and marnqgem¥nt Wth the Charity Commission's Consent Miss Betty Abeng, who was preVI￿SIY a director ol the Trustee, was appoint8d Chief Executive on 1 June 2021. Miss Kat Thorne resigned as CET'S Executive Director oft 31 August 2021. Mis5 Gillian Youw is CEfs Trust Secretary. When the national lockdown in England was announc8d in March 2020, staff worknry hour5 wertr r￿ju￿J for three months. Normal working hours were resumed in June 2020. We engage tho s￿ice5 01 contractors afky admsers ￿1th profesyonal qualifications andlor approrriate experie[￿ in thair rèswtN& disci￿IneS as and when apwow'ate. Durir¥J the year CET benelitted fr￿n the sarwc8s of savara vdunt86rs who ggnerously contributed their time and expertise to the tharity. 24." Approv¥1 by the Trustee on .............. Ctt¢*er 2021 and ggngj on its behaw ty: of Tfie C￿mMOnw&atth Eduoation Trust knrnrted- Trustee Pagè 5

Independent Examiner's Report to the Trustees of The Commonwealth Education Trust

Independent examiner's report to the trustees of The Commonwealth Education Trust

I report to the charity trustees on my examination of the accounts of The Commonwealth Education Trust (the Trust) for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination.

In preparing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

We draw attention to the statement of financial activities which shows the Trust has incurred net losses during the year ended 31 December 2020 and the year ended 31 December 2019. As independent examiners we have reviewed the charity's short and medium term plans, actual results post year end and cash flows for the next 12 months from the date of signing this report. As per the trustee directors' note 1, they indicate that they believe no material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Based on our reviews detailed above we have no reason to disagree with their conclusion.

The trustees' view on the impact of COVID-19 is disclosed in the Trustees' report.

Our opinion is not modified in respect of this or any other matter.

I confirm that no other matters have come to my attention that give me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

David Boosey BA (Hons) BFP ACA Haines Watts (City) LLP New Derwent House 69-73 Theobalds Road London WC1X 8TA

28 October 2021

Page 6

THE COMMONWEALTH EDUCATION TRUST Smement of Flnanclal Actlvitles tor the year ended 31 Oecember 2020 2020 Total funds 2019 Total fu￿19 Unrestrlcted fund Restricted fund Not•$ Income and erthv4Tnents Irorn tlonations and 16gaci8s 9,821 9,821 5,300 Charttable actlvltles Educational pr(&ramm89 41.027 41,027 14,146 Invesknent inccme 1,511 1,511 s,￿5 Totsl 52,359 52.359 25.251 Expendtture on Raislng lun(k 47,057 47.057 14.977 ch8rii¥bl¢ a¢ll¥llles Educational Pr￿raMme$ 238,890 218,890 258,650 Other 19,139 19.139 10,564 Total 285,086 285,088 284,191 Net g&nslllossesl ￿ investments 22.731 22,731 115,9551 NET INCOMEIIEXPENDITURE) 1209,9961 1209,9961 1374,8951 Transfers between funds 16 Net movement In tunds 1198,2961 111,7001 1209,9961 1374.8951 ReconcilÈation of funds Total tunds brought tonvard 326,252 51,470 377,722 752,617 Total tund$ carried forward 127.956 167726 The note5 forrn part ol these financid statanents Page 7

THE COMMONWEALTH EDUCATION TrUST 881on¢e Sheet 31 December 2ff20 2020 2019 Notes Flxed assets Tangible assets Investments 12 370,840 370,840 Current assets DJlors Cash at bank and in hand 13 1,395 175.594 216 176.989 14,336 Crediiors Amounts IdlitvJ du6 within ong y￿r 14 19,2631 17,4541 Net current assels 167726 Total asts less cuttonl Il¥bllltles 167.726 377,722 NET ASSETS 167.726 n(Is Unrestrict&Y funds Rttstrlct￿ funds 16 127,956 S9,770 326.252 51,470 Toial fun(ts 167,726 377,722 The fi'nanual Stat￿entS wera approv￿1 by the Trlslee and afrthorised for issue on .............. Octo￿r 21r21 and were signed on its behalf by.. C)ir￿lor of The Commonwealth Edueation Trust ￿mIted- Trustee The notes fom part of these linatKial S￿t￿entS Page 8

THE COIMIONWEALTH EDUCATION TRUST Notes to tho Fln8n¢lal Statements tor the year ended 31 December 2020 Accountlng pollcl&s Basis of preparing the flnanclal statements The financial statanents d the tharlty, whi¢h is a public benefit enlty undeT FRS 102, have been prepar￿ in accordance Mth the Charities SORP IFRS 1021 'Accounting arKI ReportirrfJ by Charities.. Stat6xnent ol R&ommended Practice ap￿leaN￿ to ohaFth"es weparino their aco)unts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 loft￿tiVe 1 January 20191., Financia R8PQrting Standard 102 The Finanod ReportirYJ Standard appli¢aUe in the UK and Republic of Irdand. and the Charrties Act 2011. The linartial stat￿ents have been prepared under the historical cost convention, wth th6 exception ol investm￿t$ whlch are ineludéd at markai value. The wesèntational ¢LYrency of these linanoal statements is the Pound Sterling (£1. Amounts in the finanfial statements ar8 round￿ to the ngare5t £. The charity has taksn thantag8 of the followiThJ disclosure exemptions in preparing thèse financi￿ statements. as pormrtt￿1 by FRS 102 The Finan£xal Reporting Standar¢J applicatle in tho UK aTKJ Rq)ublic of Ireland.: thè r8quirèm8nts of Secb'on 7 Statement ol Cash Rows- the requirement of para￿aph 9.17ldl. Crltlcal accountlng estimates and areas of judgement Preparation ol the 8¢cx)unts reouires the Trustee and manag¥nent to make significant Il￿g￿entS a￿1 estimates. The items in the accounts wherè these juduernents and es)'mates have been madè include the carrying vJue ol minority holdings. Income All inwme is recognIs￿ in th& Statgment ol Financial Activities once the Charity has entrfc1ern￿t to the funds. it is probable that the income will be receiv￿ and the amount bo rH8asur6 rdiably. Resources experlèd and the basis of apportlonlng eost$ Expènditure 15 ificluded in the stat&nenl of financial activities on an actruals basis and is recoon1s￿ when there is a lèJal and (x)nstructive ot4igaiion to make a payment, and Ir￿udeS V￿ue A(1￿1 Tax which cannot ba r￿0Ver. All expenditura Is ir￿u￿. Ex￿nditUr0 comprises the following.. & Expenditure on raisiro funds represents the time taken to manage the inv8stsn8nls and the assouated support cost& b. The costs ol charrta14e adNrtie5 tx)mprise expenditure on the chaiity'5 wmary charitaNe purposes as described in the Trustee's report.. C05ts indude the costs of programme development and initiatives. c. Sutport Costs retxesent indir￿t charilatAa 8xp6nditure. In order to carry OLIt the activities of ¢harity it is necessary to provide support in the form of personnel developnent, h"nartial pr￿edures. provision ol offic8 Servi￿S and equipnent ar￿ a suitatI8 worknng environment. Governane8 costs are included wthin supp(Kt COSt5 arKI comprise the cosis dir￿tlY attributable to the governance ol thg charlty induding audit costs and the nwessary legal pr{￿￿lUr&s for ¢otnpliance with statutory requirements and the stratry￿ runnir¥J of the charily. T8xation The charity is 8xemi fr(m tax on ts charIta￿e actiwties. Fund accouming Unrestiicted funds Can be uswj in a￿Ordance with the CharIta￿e obJ'8ctN8s al the dI￿retion of the Trustee. RestriCt￿j tunds can only be used lor particular restrietJ purp088S bmthin th& ot4ecls of the charty. Restrictior ari58 Wh￿ specified by the donor or when funds are r￿S￿l for particular restricted purw)$8s. Further explanab.on of the nature and purpose ol each fund is I￿ll￿1￿ in the notes to the linawal statements. Page 9

THE COMMONIN&4LTH EDUCATION TRUST Notes lo FJn8n¢l81 siatements. contlnued tor the year ended 31 Decom￿r 2020 Accountlng pollcl•$- ¢oniinued Forelgn C￿￿enCOeS Assets arKJ liatilities in foreign currencie5 are translated into sterfing at the rates of exchange ruling at the balance sheet date. Transactions in loragn currenciès are tran￿at￿l into starling at Iha rate of èxchangè ruling at the date of tran5a¢b'on. Exchar¥Je diHererKxs are taken into ac(y)unt in arriving at the operating result. Hlre purchase and leaslng commltment$ Rentals pad under operats.ng 18a58s are charg￿1 to the Statement of Finanad Actimties on a straght linè basis over the period ol tha18as8. Panslon costs and other post-retlrement beneflts The charity operates a defined contribution p9Tr5ion scherne. Contributions paYa￿e to the charty$ perLsion scheme are ¢harged to the Statement ol Financial Acbvities in the periocl to which they relate. Assessmant of going concern The Trustee has reviewed the Trust's current resources arKI principal income streams and assessaj whether thè us& of th& goin9 concern assumption is appropriate in preparing these accounts. The TrL6tee has made this as$8gsment in reSp￿t to a period ol one year from the date of approvd L* these accounts. The Trusieè has condud8d that the charity has adequate resources to meet tts liabil￿eS as they fall due and lo ¢ontrnue in Operation￿ existence I￿ the IoTeseeable future. DOr￿lon¥ and legacies 2020 2019 C￿￿monW0a1th donations Other incomè 300 9,821 9.821 5,300 Investment Ineomè 2020 2019 Bank interest on invostrnw)t deposf( accounts Bank interest on wothng capita acC￿nIS 1.511 4,518 1,287 5,805 In¢om& from charltable actlvmles 2020 2019 Activlty Tèacher rxofe5sion deve1q)m￿I Edu¢abond programmes 41.027 14,146 Page10

THE COMMONW&4LTM EOUCATION TRUST Notés to thè ￿nancIal Staternerts. continued tor the year ended 31 December 2020 Ralslng lund$ Ralslng dor*tlons and lagael•s 2020 2019 offi￿ costs 272 Other tradlng actlvttles 2020 2019 Bad debts 135 Inveslment man0gwn￿ll ¢ost$ 2020 2019 Staff ¢osts Support costs Travel arKI sub5iStence 33,9¥J 7.407 8,761 5,282 934 46,650 14.977 Aggr8gate amounts 47,057 14,977 Other 20>) 2019 Support costs 10,564 Trust•es' rwnurwatlon and tenellts Thar6 were trustees, remuneration or othar bonefits for tre year endwj 31 0￿mber 2020 r￿r for the year end￿1 31 De¢ornb8r 2019. Trustees. expenses No expenses were paid to Board members lor th8 yèar 31 D￿ernber 2020 nor tor the y8ar er%Jed 31 December 2019. staff costs The average monthly number ot ernI￿OYeeS during the year was as follows." 2020 2019 Page11

THE COMMONWEALTH EDUCAMN TRUST Notes to th¢ FEnand81 Ststemènt$- ¢ontinued for the year ended 31 December 2020 Support costs 2020 Totsl funds 2019 Total funds Charitable activities Investment managem8nt Other Finance aTrY administration Rent, rates aThJ service charges Insura[￿e Office costs GovernarKe costs 21.299 3.043 6.086 30,429 10,925 2,968 2.772 19.994 4.326 494 396 2,856 618 988 4.942 12.652 792 3,960 5,046 5,713 28,563 16,996 7,200 2020 Totol fund$ 7407 1481S 74074 52,819 2019 Total func 36.974 5,282 10 564 52 819 10. Net movement In funds 2020 Total fund$ 2019 Tot fun(ts This is stat&1 after ¢harging'. Staff costs IndepeTKlent examiner lee Operating lease rentals 205,288 3.000 37,465 230,437 7,200 35,339 11. Tangible Ilxed asset$ Flxtur•s and flttlngs Cost At 1 January 2￿20 DisposJs 14,741 14.7411 Al 31 Decernb8r 2020 D¥pro¢i*lon At 1 January 2￿20 Eliminat8d on disp05al 14,741 14,7411 At 31 December 2020 Net book value At 31 D￿ember 2020 Al 31 Decernber 2019 Page 12

THE COMMONWEALTH EDUCATION TRUST Notes to the Hnandal W￿￿ents- contlnued for the year ended 31 December 2020 12. Fixed asset Investment$ There were no investment asseis outside the UK. 13. Debtors.. amounts falling du8 within or* year 2020 2019 Oth8r debtOTS Prepayments and accru￿ incom• 900 495 135 81 1,395 216 14. Credltors: amount$ f•lling due wlthln one year 2019 Expense crgjitors Other ueditors 5,252 4,011 1,757 5,897 7,454 15. Analysls of net assèts between funds 2020 Total lunds 2019 Toi$l lunds Unrosiri￿e￿ fund Re$irf¢ted lund Investments Current assets Current lialyif(ies 370,840 14,336 137,219 39,770 176.989 127,9S6 167726 877,722 16. Movement In lun(ts Net Mov￿ent In fund$ Transfers between At 31112120 At 111r20 Unrgstficled funds General funds 326,252 1209,9961 11,700 127,956 RestActed luntts Restriciaj funds 51,470 111,7001 39,770 TOTAL FUNDS 377,722 209,9961 167726 Net movanent in funds, iFrluded in the above are as lollows: Incoming resources Resources expended Galn$ and losses Movement In funds Unrestrl¢ied fur General funds 52,359 128S,0861 22,731 1209,9961 TOTAL FUNDS 285,086 22.731 209,9961 Pag8 13

THE COMMONWEALTH EDUCATION TRUST Notes to the Hn8ndal Statemènts. eontinued Yor tho ￿•r ènded 31 December 2tr20 16. Movement in funds- contlnued CfAnparatlves for movement in funds Net movement In lunds At 31112119 At 111119 Unrwrl¢I￿ fund$ General fuThYs 701,147 1374,8951 326,252 Restricted funds Restrict￿1 furKIs 51,470 51,470 TOTAL FUNDS 752617 374 8951 Comparativo ngt movement in funds, induded in tho abova arè as follows.. Incoming resour¢e$ Resources ¢xpended Gain$ ar losses Movement In lund$ unr￿rIcted funds General funds 25,251 1284,1911 1115,9551 1874,8951 TOTAL FUNDS 25.251 284,1911 115,9551 374 8951 A cu￿ent year 12 months and prior year 12 monlhs ccmbln￿I position is as follows-. Transfers between lund$ movement in lunds At 31112120 At 111119 Unr&strl¢tgd fund$ General furKIs 701,147 1584,8911 11,700 127,956 Restricted funds ReStrIct￿ furKIs 51,470 111.7001 39.770 TOTAL FUNDS 752617 584 e911 167,726 Page14

THE COMMONWEALTh EDiICAnON TRUST Notes to the FlnarKlal &atements- contlnued for the year ended 31 Oe¢wnber 2020 16. Movement in funds- contlnued A ¢urrenl year 12 monihs and wor year 12 rnonths combined E￿t rnOV8ment in lund5, induded in the above are as follows.. Incoming resources Re3ource¥ expended Golns ond lossès Movement in lund& Unrgstrirted lurKI Gènèral funds 71,610 1569,2T/I 193,2241 1584,8911 TOTAL FUNDS 77,610 569,2771 93,2241 584,8911 17. Related party dlsclosure5 There were no related partytraTh%aetions for tha ygar ended 31 D￿9rnb8r 2020. 18. Rè$trieiod funds Balance at 1 January 21rdo B818n¢e ¥131 December 2020 Inc(Kne Extxnditure Education funds Seotbsh funds 11,731 39,739 111,7001 31 39,739 Education funds rewesent amounts received and being hdd lo fund future ￿luCatIon￿ wogramTnes irh a￿ordanCe with the purposes lor which they werg donat￿. The Scotbsh fund repT8strnts monies hdd to fund ILrture &Yucationd initiatives in Scotland. Page15