REGISTERED CHARITY NUMBER: 1119647
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023
for
The Commonwealth Education Trust
Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA
The Commonwealth Education Trust
Contents of the Financial Statements for the year ended 31 December 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 16 |
The Commonwealth Education Trust
Reference and Administrative Details for the year ended 31 December 2023
Trustees The Commonwealth Education Trust Limited Principal address 7-14 Great Dover Street London SE1 4YR Registered charity number 1119647 Independent examiner Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA
Page 1
The Commonwealth Education Trust
Report of the Trustees for the year ended 31 December 2023
The Trustee presents its report with the financial statements of The Commonwealth Education Trust ("CET") for the year to 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 10 and comply with the Trust Deed that established and governs the Trust, applicable laws, 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 United Kingdom and Republic of Ireland (FRS 102), effective from accounting periods commencing 1 January 2015 or later.
ORIGINS
CET is a charitable trust that was established in 2007 by the countries of the Commonwealth as the successor trust to The Commonwealth Institute. The Institute was itself the successor trust to the Imperial Institute which had its origins in a fund raised in 1886 to celebrate Queen Victoria's Golden Jubilee.
Objectives and activities
CET's purpose is to advance education in the Commonwealth. Our primary focus is on supporting teacher professional development in alignment with the United Nations' Sustainable Development Goal 4: Quality Education.
When setting the strategy and planning future activities, the Trustee has had due regard to the guidance issued by the Charity Commission on public benefit. CET undertakes projects with Commonwealth-wide application, structured either to be accessible anywhere digitally or to be scalable and transferable. In this way the benefits of our activities are not limited to the immediate beneficiaries but have the potential to reach learners throughout the Commonwealth.
Achievement and performance
Teacher Professional Development
All children deserve a quality education and we believe a teacher has more impact on learning outcomes than any other factor.
The Commonwealth Education Trust invests in teachers, particularly in low- and middle-income settings where a significant number of teachers are unqualified. By providing accessible continuous professional development to teachers at all levels, we provide opportunities for them to learn and improve their skills throughout their careers.
Teach 2030
Teach2030 is our online teacher professional development programme aimed at developing teachers' classroom practice and digital skills. Digital contextualised courses are complemented by virtual workshops and social media channels with videos and useful content. The courses are mapped to Cambridge Teaching Standards and help teachers teach better by developing practical pedagogical skills and classroom practice. The courses are suitable for both whole school and independent learning.
Teach2030 is designed to be easily accessible on any device, including smartphones, to reach teachers with limited access to traditional professional development resources. Its low-data, bite-sized courses ensure that teachers can engage with the material even in low resource settings. Teach2030 fosters lifelong learning among teachers, encouraging self-reflection and continuous improvement in teaching practices. Our digital Teach2030 Community enables teachers to share their experiences and discuss their teaching with fellow educators across the world.
To December 2023, over 19,250 learners had enrolled for a Teach2030 course in 111 countries, with a course completion rate of 45%.
During the year we partnered with the Commonwealth of Learning to improve educational standards in the Seychelles. CET reviewed the Professional Competency Framework for Teachers' Handbook - a document of teaching standards used by Seychellois teachers. We also wrote an Implementation Plan for School-Based Teacher Development to provide a strategy for enabling effective TPD across the Seychelles and hosted two workshops to support implementation.
Since 2021 we have been working in partnership with the Helga Todd Teachers' Education Foundation in the UK to provide Teach2030 courses to teachers in India and Cameroon.
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Report of the Trustees for the year ended 31 December 2023
The Commonwealth Education Trust
We continued to partner with Kenya Connect to bring Teach2030 courses to teachers in Machakos County, Kenya, together with digital workshops and live Q&A sessions for teachers.
Our schools partnership programme connects UK schools with schools in lower-income countries and facilitates the mutual sharing of knowledge and experiences amongst teachers and students. Radley College pupils have connected with pupils in Kenya, Cameroon and Zambia through Zoom calls to promote engagement and understanding of the lives lived in these very different communities. Teachers in Gordon's School have partnered with teachers in schools in Cameroon and Zambia for a peer learning programme and have discussed topics ranging from behaviour management to assessment strategies to increasing parental engagement.
As part of the Commonwealth's Year of Youth Initiative we launched 'Teach Something New: The Commonwealth Learners' Competition' focused on encouraging independent learning. The task was for groups of 3-4 students to 'Teach Something New' to the rest of the Commonwealth. The competition was won by Khadija Ismael Suleiman and her students from Kenya.
Foundations of Teaching for Learning/Writing for Young Readers
Foundations of Teaching for Learning is a programme of massive open online courses (MOOCs) on the Coursera platform targeted towards educators looking for an intensive teacher skills development programme and are designed to help teachers develop and strengthen skills in teaching, pedagogy, professionalism, and assessment. Professor John MacBeath, Professor Emeritus at the University of Cambridge, UK, is the Programme Director and the courses are led by educationalists from universities across the Commonwealth.
Also on Coursera, Writing for Young Readers: Opening the Treasure Chest is a MOOC that was developed by CET to encourage authors who would like to write for children but who have little access to the support and expertise of established authors, editors and publishers.
Programme Related Investments
At 31 December 2023, CET had one wholly owned subsidiary, 1886 Investments Limited (1886 Investments), registered in England and Wales under number 07059897. The Company is not currently active.
1886 Investments had minority shareholdings in two companies which are held in trust for the benefit of CET:
-
Globals ITeS Private Limited, a company based in India which develops IT systems including management information systems for schools.
-
Learn Solutions Limited, based in the UK and trading as TLC Live, which provides online tutoring services. In July 2024, Learn Solutions undertook a share buyback programme and bought back CET's shareholding in the company for £159,998.
Financial review
During the year CET received donations amounting to £8,205 (2022 - £12,838) and income from educational programmes of £75,319 (2022 - £60,905). Income from assets held in trust of £NIL (2022: £167,192) was also received. Overall incoming resources amounted to £83,524 (2022 - £240,935).
Charitable expenditure during the year of unrestricted funds amounted to £142,127 (2022 - £145,451).
Net exchange rate loss on investments for the period was £NIL (2022 - £1).
Risk Management
The CET Group Risk Management Policies establish overarching guidelines and control processes for the recognition and evaluation of risks. The Trustee considers the following to be major risks affecting the Charity:
Fundraising - CET must continue to develop sustainable and diverse income streams to ensure long term sustainability.
Teach 2030 - there is a risk that Teach2030 will not be perceived as part of the solution to achieving SDG4 and is not taken up by Commonwealth countries. There is also a risk that competing programmes are developed by other providers.
Unlisted Investments - 1886 Investments can influence but does not have control over decision-making in its unlisted investments all of which are in educational enterprises.
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The Commonwealth Education Trust
Report of the Trustees for the year ended 31 December 2023
Reserve and investment policy
All funds are held as cash at bank. The long-term objective is to settle at a level of unrestricted reserves equal to six month's operating costs.
Financial position
The Balance Sheet shows total funds of £145,606 (2022 - £216,124) of which £39,520 (2022 - £39,520) are restricted. Details of the restricted funds can be found in note 17 to the financial statements.
The unrestricted funds of CET are in surplus by £106,086 (2022 - £176,604).
Structure, governance and management Trustees
CET is governed by a deed of trust dated 14 June 2007 that vests the Trust property in four individual trustees or one corporate trustee. The Commonwealth Education Trust Limited (the Trustee), a company limited by guarantee, was CET's sole trustee during the year.
The responsibilities of the Trustee are exercised through its Board of Directors. The members of the Trustee Board who served during the year and up to the date of this report were:
| Directors | Appointed/resigned |
|---|---|
| Mr Matthew Dixon | Chairman |
| Mr Andrew Cartwright | |
| Mr Julian Ebai | Appointed 6 June 2023 |
| Mr Mark Florman | |
| Mr Jeffrey Twentyman | Resigned 14 March 2024 |
The members of the Trustee Board give their time on a voluntary basis to the management and governance of the Charity. They meet at least four times a year to review progress and to make decisions regarding strategy, policy, and staffing. The Trustee Board liaises closely with the management team who are paid staff and are responsible for the day-to-day management of CET.
New Board members are appointed by the Board with a view to ensuring that there is a breadth of experience on the Board including in the areas of education, business management, international affairs and fundraising. Formal induction is given to all new trustees who are invited to attend meetings with current trustees and staff to ensure they have an appropriate understanding of their legal obligations under charity law, the Trust Deed, CET's activities and finances.
The Trustee has put in place procedures to ensure that simple but effective controls exist over all key financial systems and obtains independent expert advice where necessary before all material decisions are taken.
Under CET's Trust Deed, the countries of the Commonwealth are members of CET's Commonwealth Council. To maintain Commonwealth links the three High Commissioners to London who represent the countries holding the immediate past, current and future Chair of the Commonwealth are designated as Advisory Trustees. Their role is to advise the Trustee on matters related to the Commonwealth. The countries with this responsibility are currently the United Kingdom, Rwanda and Samoa.
Organisation
Executive Management
The key management personnel are considered to be the Board of the Trustee who give their time voluntarily and are not remunerated.
Miss Betty Abeng is CET’s Chief Executive and Miss Gillian Young is CET's Trust Secretary.
We engage the services of contractors and advisers with professional qualifications and/or appropriate experience in their respective disciplines to help us develop and implement our charitable programmes and administrative activities.
During the year CET benefitted from the services of several volunteers who generously contributed their time and expertise to the charity.
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The Commonwealth Education Trust Report of the Trustees for the year ended 31 December 2023
Approved by order of the Trustee on ............................................. and signed on its behalf by:
.................................................................... Director of The Commonwealth Education Trust Limited
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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 2023.
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. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 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 accounts to be reached.
Jane Wills
Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA
Date: .............................................
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The Commonwealth Education Trust
Statement of Financial Activities
for the year ended 31 December 2023
| Unrestricted Restricted fund fund Notes £ £ Income and endowments from Donations and legacies 2 8,205 - Charitable activities 3 Educational programmes 75,319 - Other income - - Total 83,524 - Expenditure on Raising funds 4 11,915 - Charitable activities Educational programmes 132,165 - Other 5 9,962 - Total 154,042 - Net gains/(losses) on investments - - NET INCOME/(EXPENDITURE) (70,518) - Reconciliation of funds Total funds brought forward 176,604 39,520 Total funds carried forward 106,086 39,520 |
2023 Total funds £ 8,205 75,319 - 83,524 11,915 132,165 9,962 154,042 - (70,518) 216,124 145,606 |
2022 Total funds £ 12,838 60,905 167,192 240,935 7,895 134,643 10,808 153,346 (1) 87,588 128,536 216,124 |
|---|---|---|
The notes form part of these financial statements
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The Commonwealth Education Trust
Balance Sheet
31 December 2023
| Notes Fixed assets Tangible assets Current assets Debtors 11 Cash at bank Creditors Amounts falling due within one year 12 Net current assets Total assets less current liabilities NET ASSETS Funds 14 Unrestricted funds Restricted funds Total funds |
2023 £ - 8,653 148,889 157,542 (11,936) 145,606 145,606 145,606 106,086 39,520 145,606 |
2022 £ - 6,723 218,450 225,173 (9,049) 216,124 216,124 216,124 176,604 39,520 216,124 |
|---|---|---|
The financial statements were approved by the Trustee and authorised for issue on and were signed on its behalf by:
............................................. Director of The Commonwealth Education Trust Limited
The notes form part of these financial statements
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The Commonwealth Education Trust
Notes to the Financial Statements for the year ended 31 December 2023
1. Accounting policies
Basis of preparing the financial statements
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.
Investments are the only exception as they have been included at market value.
The presentational currency of these financial statements is the Pound Sterling (£).
Amounts in the financial statements are rounded to the nearest £.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
-
the requirements of Section 7 Statement of Cash Flows;
-
the requirement of paragraph 3.17(d).
Critical accounting estimates and areas of judgement
Preparation of the accounts requires the Trustee and management to make significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made include the carrying value of minority holdings.
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.
Resources expended and the basis of apportioning costs
Expenditure is included in the Statement of Financial Activities on an accruals basis and is recognised when there is a legal and constructive obligation to make a payment, and includes Value Added Tax which cannot be recovered. All expenditure is included.
Expenditure comprises the following:
a. Expenditure on raising funds represents the time taken to manage the investments and the associated support costs.
b. The costs of charitable activities comprise expenditure on the charity's primary charitable purposes as described in the Trustee's report. Costs include the costs of new programme development and initiatives.
c. Support costs represent indirect charitable expenditure. In order to carry out the activities of the Charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs are included within support costs and comprise the costs directly attributable to the governance of the Charity including audit costs and the necessary legal procedures for compliance with statutory requirements and the strategic running of the Charity.
Taxation
The Charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustee.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
1. Accounting policies - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The Charity operates a defined contribution pension Scheme. Contributions payable to the Charity's Pension Scheme are charged to the Statement of Financial Activities in the period to which they relate.
Assessment of going concern
The Trustee has reviewed the Trust's current resources and principal income streams and assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustee has made this assessment in respect to a period of one year from the date of approval of these accounts.
The Trustee has concluded that the charity has adequate resources to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future.
Financial instruments
Financial assets and liabilities are recognised when the Charity becomes party to the contractual provisions of the financial instrument. The Charity holds both basic financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The trustees have chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.
Financial assets - classified as basic financial instruments
(i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.
At the end of each reporting period, the Trustee assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Statement of Financial Activities.
(iii) Equity investments
Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured reliably. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss.
- (iv) Trade and other payables and loans and borrowings
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
1. Accounting policies - continued
Assessment of going concern
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.
2. Donations and legacies
| Other income 3. Income from charitable activities Activity Teacher professional development Educational programmes 4. Raising funds Raising donations and legacies Office costs Management costs Support costs Administrative expenses Travel and subsistence Aggregate amounts 5. Other Support costs |
2023 £ 8,205 2023 £ 75,319 2023 £ - 2023 £ 3,015 426 8,474 11,915 11,915 2023 £ 9,962 |
2022 £ 12,838 2022 £ 60,905 2022 £ 18 2022 £ 4,143 350 3,384 7,877 7,895 2022 £ 10,808 |
|---|---|---|
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
6. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
No expenses were paid to Board members for the year ended 31 December 2023 nor for the year ended 31 December 2022.
7. Staff costs
| Wages and salaries Social security costs Other pension costs |
2023 £ 110,788 342 1,440 112,570 |
2022 £ 114,744 1,057 1,200 |
|---|---|---|
| 117,001 |
The average monthly number of employees during the year was as follows:
| Chief executive Secretary |
2023 1 1 2 |
2022 1 1 2 |
|---|---|---|
No employees received emoluments in excess of £60,000.
8. Comparatives for the statement of financial activities
| Unrestricted Restricted fund fund £ £ Income and endowments from Donations and legacies 12,838 - Charitable activities Educational programmes 60,905 - Other income 167,192 - Total 240,935 - Expenditure on Raising funds 7,895 - Charitable activities Educational programmes 134,643 - Other 10,808 - Total 153,346 - Net gains/(losses) on investments (1) - NET INCOME 87,588 - |
Total funds £ 12,838 60,905 167,192 240,935 7,895 134,643 10,808 153,346 (1) 87,588 |
|---|---|
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
8. Comparatives for the statement of financial activities - continued
| Comparatives for the statement of financial activities - continued | |
|---|---|
| Unrestricted Restricted fund fund £ £ Reconciliation of funds Total funds brought forward 89,016 39,520 Total funds carried forward 176,604 39,520 |
Total funds £ 128,536 |
| 216,124 |
9. Support costs
| Finance and administration Rent, rates and service charges Insurance Office costs Governance costs 2023 Total funds 2022 Total funds |
Charitable activities £ 7,631 1,977 3,771 6,640 1,092 21,111 23,070 |
Investment management £ 1,090 282 539 948 156 3,015 3,296 |
Other £ 5,020 565 1,077 1,897 312 8.871 6,591 |
2023 Total funds £ 13,741 2,824 5,387 9,485 1,560 32,997 32,957 |
2022 Total funds £ 11,803 2,553 3,749 11,252 3,600 |
|---|---|---|---|---|---|
| 32,957 | |||||
The comparative support costs for the Charity are:
| Finance and administration Rent, rates and service charges Insurance Office costs Governance costs 2022 Total funds 2021 Total funds |
Charitable activities £ 8,262 1,788 2,624 7,876 2,520 23,070 45,138 |
Investment management £ 1,180 255 375 1,125 360 3,296 6,448 |
Other £ 2,361 510 750 2,250 720 6,591 12,896 |
2022 Total funds £ 11,803 2,553 3,749 11,252 3,600 32,957 64,482 |
2021 Total funds £ 21,371 2,366 2,108 29,396 9,240 |
|---|---|---|---|---|---|
| 64,482 | |||||
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
10. Net movement in funds
| This is stated after charging: Staff costs Independent examiner fee Operating lease rentals 11. Debtors: amounts falling due within one year Other debtors Prepayments and accrued income 12. Creditors: amounts falling due within one year Expense creditors Social security and other taxes Other creditors Accruals and deferred income 13. Analysis of net assets between funds Unrestricted Restricted fund fund £ £ Current assets 118,022 39,520 Current liabilities (11,936) - 106,086 39,520 14. Movement in funds At 1/1/23 £ Unrestricted funds General funds 176,604 Restricted funds Restricted funds 39,520 TOTAL FUNDS 216,124 |
2023 Total funds £ 111,274 4,880 2,824 2023 £ 8,554 99 8,653 2023 £ 4,890 1,246 320 5,480 11,936 2023 Total funds £ 157,542 (11,936) 145,606 Net movement in funds £ (70,518) - (70,518) |
2023 Total funds £ 111,274 4,880 2,824 2023 £ 8,554 99 8,653 2023 £ 4,890 1,246 320 5,480 11,936 2023 Total funds £ 157,542 (11,936) 145,606 Net movement in funds £ (70,518) - (70,518) |
2022 Total funds £ 106,264 3,300 2,554 2022 £ 5,000 1,723 6,723 2022 £ 3,688 - 321 5,040 9,049 2022 Total funds £ 225,173 (9,049) 216,124 At 31/12/23 £ 106,086 39,520 145,606 |
2022 Total funds £ 106,264 3,300 2,554 2022 £ 5,000 1,723 6,723 2022 £ 3,688 - 321 5,040 9,049 2022 Total funds £ 225,173 (9,049) 216,124 At 31/12/23 £ 106,086 39,520 145,606 |
|---|---|---|---|---|
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
14. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General funds | 83,524 | (154,042) | (70,518) |
| TOTAL FUNDS | 83,524 | (154,042) | (70,518) |
Comparatives for movement in funds
| Unrestricted funds General funds Restricted funds Restricted funds TOTAL FUNDS |
Net movement At 1/1/22 in funds £ £ 89,016 87,588 39,520 - 128,536 87,588 |
At 31/12/22 £ 176,604 39,520 216,124 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General funds | 240,935 | (153,346) | (1) | 87,588 |
| TOTAL FUNDS | 240,935 | (153,346) | (1) | 87,588 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General funds Restricted funds Restricted funds TOTAL FUNDS |
Net movement At 1/1/22 in funds £ £ 89,016 17,070 39,520 - 128,536 17,070 |
At 31/12/23 £ 106,086 39,520 145,606 |
|---|---|---|
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The Commonwealth Education Trust
Notes to the Financial Statements - continued for the year ended 31 December 2023
15. Movement in funds - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General funds | 324,459 | (307,388) | (1) | 17,070 |
| TOTAL FUNDS | 324,459 | (307,388) | (1) | 17,070 |
16. Related party disclosures
There were no related party transactions for the year ended 31 December 2023.
17. Restricted funds
| Education funds Scottish funds |
Balance at 1 January 2022 £ 31 39,489 39,520 |
Income £ - - - |
Expenditure £ - - - |
Transfer to restricted Balance at 31 December 2022 £ £ - 31 39,489 39,520 |
|---|---|---|---|---|
Education funds represent amounts received and being held to fund future educational programmes in accordance with the purposes for which they were donated.
The Scottish fund represents monies held to fund future educational initiatives in Scotland.
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