2022-03-31-accounts

African Promise

Registered charity number 1122285

Trustees’ Report & Accounts for the year ended 31 March 2022

African Promise Index to the Annual Accounts 2021-22

Legal, Reference and Administrative Information	1
Trustees’ Report
Structure, governance and management	2
Objectives & activities	2-3
Achievements & performance	3-5
Financial review	5
Statement of Trustees’ Responsibilities	6
Risks & safeguarding	6
Trustees’ declaration	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Accounts	9-12
Independent Examiner’s Report	13

African Promise Legal and Administrative Information

Registered Address

97a Stormont Road Battersea London SW11 5EJ

Charity number

1122285

Trustees

Christopher Ott (Chairman) Gary Shiels (Treasurer) Katherine Lawson (resigned 1 Mar 2022) Nicola Coldman

Founding Director/Settlor

Charles Coldman

Principal bankers (in the UK)

CAF Bank Ltd Kings Hill West Malling Kent ME19 4JQ

Principal bankers (in Kenya)

Absa Group Ltd (formerly Barclays Bank Kenya) Voi Branch PO Box 720 Voi 80300 Kenya

Principal currency brokers

Alpha FX Limited Brunel Building 2 Canalside Walk London W2 1DG

Independent Examiner

Ryan Evans FCA Cadence Accounting Suite 3, 157 Station Road East Oxted Surrey RH8 0QE

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African Promise Trustees’ Report for the Annual Accounts 2021-22

The Trustees present their Report and Accounts for the year ended 31 March 2022.

Structure, Governance & Management

African Promise is a Charity under the terms of Section 3 of the Charities Act 1993 and 2006. The charity was registered with the Charity Commission on 13[th] January 2008 under the registration number 1122285. The charity is governed by the Charitable Trust Deed of 10[th] December 2007.

Under the Trust Deed the power of appointing new Trustees of the Charity is vested in the Settlor, the charity’s founding director. The Trustees shall at no time exceed four in number. There are currently no official policies and procedures for the induction and training of new trustees. There were no appointments but one resignation during the year meaning the Trustees currently number three.

The Board of Trustees, in conjunction with the founding director, is responsible for the governance and strategic direction of the charity. The founding director is responsible for ensuring the charity delivers its objectives.

Objectives and Activities

Charitable purposes and public benefit

The principal objective of the charity is to promote and provide for the advancement of education in primary schools in Kenya, in particular by supporting the development of schools in the Kasigau region by improving learning environments, enhancing pupil welfare and well-being, and removing barriers to accessing education.

The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity and when planning the future activities. The trustees assess how new activities planned will contribute to the overall aims and objectives they have set and periodically review existing activities to ensure ongoing public benefit.

Activities

The charity focuses on the following core activities across its partner schools, which currently number eight serving approximately 3,000 children:

• Improvements and upgrades to infrastructure including through the construction and renovation of classrooms, WASH (water, sanitation and hygiene) facilities, kitchen/dining halls, offices/staffrooms, staff housing, and more.

• The support of a school feeding programme to ensure all pupils receive a daily lunchtime meal during term-time.

• Provision of funding towards the salaries of much-needed extra teachers and support staff including cooks and watchmen.

• The ad-hoc supply of furniture and equipment, learning resources and materials, and funding for educational programmes and activities.

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Trustees’ Report for the Annual Accounts 2021-22

African Promise

To support these activities the charity engages in raising funds from the general public and from private organisations in the UK and elsewhere including by: applying for funds from registered charitable trusts and foundations; hosting public fundraising events; purchasing places in challenge events such as the London Marathon; appealing for donations from members of the public; and partnering with fundraising charities, schools, companies, businesses and other organisations.

To facilitate this and to help raise the profile of the charity and to maximise income the charity:

• maintains a website at www.africanpromise.org.uk and social media accounts on Twitter, Facebook, LinkedIn and Instagram.

• actively uses the following third-party platforms as a means for collecting donations and raising funds online: CAF Donate, JustGiving, GlobalGiving, VirginMoneyGiving, Facebook Fundraising, Benevity, GoFundMe, TheBigGive, Charities Trust, PayPal Giving Fund, Givergy & others.

• has a Google Ad grant worth up to $10,000pcm.

• uses Mailchimp to create and send email communications to individuals who have opted-in to hear from us.

• is registered with HMRC to claim Gift Aid on eligible donations.

The charity is registered with the Fundraising Regulator and is committed to upholding their Fundraising Promise in all our fundraising activities.

The charity’s day-to-day fundraising and marketing activities are overseen and implemented by the founding director, complemented by paid and pro-bono consultants providing ad-hoc and on-going support in areas such as PR, graphic design, and digital marketing.

Achievements and performance

With all pupils having returned to the classroom in early 2021 following Covid-enforced closures in 2020, the charity’s activities in our partner schools largely returned to normal in the year, although charitable expenditure remained broadly similar at £170,535 (2020/21: £176,752).

Notable achievements and highlights of the year included:

• Contributing 50% of the funds required for the salaries of around 75 school-employed teachers and support staff, equating to some £24,553, with the other 50% collected from parents or raised from other local partners:

• The continuation of the wholescale redevelopment of an eighth partner school at Mkamenyi Primary which is now in its third year and on which expenditure at the year-end totals nearly £190,000.

• Providing nearly 70,000kg of dry foodstuffs which was used to prepare approximately 446,500 lunchtime meals across 192 school days during the year.

• Funding the purchase and delivery of 190,000 litres of clean water.

• Investment of around £14,500 in the improvement and upkeep of facilities and infrastructure at our other seven partner schools including replacement/additional toilets, extra rainwater harvesting capacity, and supply of equipment such as copiers, inclusive of circa £1,350 donated to schools in cash for payment of minor repair and maintenance activities.

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African Promise Trustees’ Report for the Annual Accounts 2021-22

These activities – together with those undertaken in previous years – helped to attract children to school in the first place, to keep them in school, and to create a safe and conducive learning environment.

The charity remains responsive to the changing needs and priorities of our partner schools and committed to providing support in whatever way we are asked to by headteachers and management committees with the limited resources and expertise we have at our disposal. However, we expect our core programmes to continue largely on a similar basis in 2022/23 albeit with the addition of Mkamenyi Primary and its 600 pupils to our lunch programme and a greater emphasis on improving the infrastructure of our other seven partner schools, especially those where there has not been significant investment for a decade or more and/or where the work we have done previously is not up to the standard of work at our newest partner schools. This will include both the upgrade of existing buildings and the addition of new facilities.

Fund generation

The charity recorded a five-year high financial year income of £212,329 (2020/21: £166,453), only the third time that annual income has exceeded £200,000.

Income continued to be generated from a broad and diverse range of sources including both new and existing donors, supporters, fundraisers, and partners. It is encouraging that many of these are discovering and approaching the charity proactively and as a result the charity is becoming decreasingly reliant on its own network for income generation.

Notable donations and activities in the year included:

• Being chosen as one of two beneficiary charities of childrenswear company Childrensalon’s Black Friday fundraising campaign and receiving a donation of £50,000.

• Receiving personal sponsorship donations totalling around £6,500 from a Penrith teenager’s month-long ‘walk to school’ fundraising challenge.

• A donation of £20,000 from long-time corporate partner, Aspect Capital .

• Grants from charitable trusts and foundations totalling £64,910, mostly restricted for specific projects and programmes or towards on-going costs at specific schools.

• The return of our much-loved Christmas Carol Service following a one-year Covid enforced hiatus.

• Donations totalling £41,211 from nearly 150 unique individuals including from direct debits and campaigns such as the BigGive Christmas Challenge.

• A Spring Prize Draw which generated £1,225 (net) on 143 entries from 65 entrants.

• The receipt of nearly £1,000 from Artisans & Adventurers representing 2% of sales on their Kenya range of products from June 2021.

• Generating nearly $90,000 worth of free Google Ads via our grant.

• Trialling the use of contactless donation terminals.

• Around £4,500 raised from two London Marathon 2021 participants including one of our ambassadors, David Harkin.

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African Promise Trustees’ Report for the Annual Accounts 2021-22

Expenditure on fundraising and marketing activities in the year of £14,149 (2020/21: £10,641) meant the charity returned £15 for each £1 invested (2020/21: £15.6).

The Trustees would like to place on record their sincere thanks to all those who have supported the charity and its partner schools, their staff, and pupils in the year.

Looking ahead, we hope to add to our events calendar in 2022 or 2023 by finally hosting our inaugural Golf Day and fundraising auction. However, it is unlikely that we will continue to purchase charity places in challenge events such as the Royal Parks Half given the difficulty in filling these places. This aside, we do not anticipate any other material change to the charity’s fundraising strategy or ability to raise funds in 2022/23 and the Trustees are confident that the charity’s income will remain at a similar level.

Financial Review

The Statement of Financial Activities to follow (page 7) shows the combined income and expenditure of the charity in the UK and Kenya for the year to 31[st] March 2022.

The accounts show total income for the year of £212,329 (2020/21: £166,453) against expenditure of £192,065 (2020/21: £192,543), resulting in a surplus of £22,473 after accounting for exchange rate gains. The year closed with total funds of £94,959 of which £61,298 was held in restricted funds (see Note 8 in the Accounts for further breakdown).

Reserves policy

It is our policy to maintain sufficient funds in reserve to enable core activities to continue over a period of 3 months should a shortfall in income occur and to take account of potential risks that may arise. The Trustees have determined this as approximately £9,000 for the forthcoming year. The charity held ‘free’ general funds of £35,461 at the year end and the Trustees therefore believe that the current level of ‘free’ reserves is satisfactory and furthermore that the scale of our current operations requires no change to the reserves policy.

Currency exchange

The Trustees had set the budgeted exchange rate for the year at 140KES:£1 based on a forward currency contract for KES15,000,000 at a rate of 143.5 with a value date of 31.03.2022 that was booked in January 2021. During the year, an additional forward contract for KES10,000,000 was booked at a rate of 140, resulting in an actual average exchange rate for the year of 142.08 (2020/21: 135.76).

The Trustees have set a budgeted rate of 145 for the 2022/23 financial year having booked a forward contract for the period to the value of KES15,000,000 at a rate of 145.15.

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African Promise

Trustees’ Report for the Annual Accounts 2021-22

Statement of Trustees’ Responsibilities

Company law requires the trustees to prepare financial statements that give a true and fair view of the state of the affairs of the charity at the end of the financial year and of its incoming resources and application of resources. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently.

• make judgments and estimates that are reasonable and prudent.

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enables them to ensure that the financial statements comply with the Companies Act 1985. The trustees are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risks & safeguarding

The trustees have identified and assessed the major risks to which the charity is exposed, including internal fraud, currency market volatility, loss of key individuals, and reliance on few funders. Systems, processes and measures have been established to mitigate those risks including robust financial record-keeping, the use of currency forwards, building the Trustees’ working knowledge of the charity and a focus on diversifying income and increasing the level of unrestricted income.

African Promise ensures statutory requirements concerning disclosure checks are met, maintains an up-todate safeguarding policy and procedures, and provides safeguarding training to all staff and volunteers. There were no reported safeguarding incidents in the year.

Declaration

The Trustees’ Report was approved by the Trustees and signed on their behalf by:

Trustee

Date

Christopher Ott

Chairman

Gary Shiels

Treasurer

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African Promise Statement of Financial Activities for the year ended 31 March 2022

		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		2022	2022	2022	2021
	Notes	£	£	£	£
Incoming resources	2
Incoming resources from generated funds
Voluntary income		76,184	128,732	204,916	158,396
Gift Aid & investment income		7,413	-	7,413	8,057
Total incoming resources		83,597	128,732	212,329	166,453
Resources expended	3
Charitable activities		11,954	158,581	170,535	176,752
Cost of generating voluntary income		11,625	2,524	14,149	10,641
Governance & administration		7,381	-	7,381	5,150
Total resources expended		30,960	161,105	192,065	192,543
Net incoming resources
before transfers		52,637	( 32,373)	20,264	( 26,090)
Transfers		( 50,558)	50,558	-	-
Gains and (losses) on currency exchange	6	164	2,045	2,209	7,389
Net movement in funds		2,243	20,230	22,473	( 18,701)
Total funds brought forward		31,418	41,068	72,486	91,187
Total funds carried forward		33,661	61,298	94,959	72,486

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African Promise Balance Sheet at 31 March 2022

Notes Fixed assets Current assets Debtors Cash at bank and in hand: CAF Bank CafCash account #00016284 Pounds sterling cash Barclays Bank of Kenya account #1079831 Barclays Bank of Kenya account #1082433 Kenyan shillings in cash Total current assets Liabilities 7 Net assets Funds of the Charity 8 General 'free' funds Restricted funds Total funds Signature Gary Shiels Treasurer The Accounts were approved by the trustees on and signed on their behalf by :	Total Funds 2022 £ - - 77,268 95 13,902 4,386 1,109 96,759 ( 1,800) 94,959 33,661 61,298 94,959 Date	Total Funds 2021 £ - - 68,624 193 943 2,187 737
		72,684 ( 198)
		72,486
		31,418 41,068
		72,486

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African Promise Notes to the Accounts for the year ended 31 March 2022

1. Accounting Policies

The principal accounting policies are summarised below. They have been applied consistently throughout the period.

a. Basis of accounting

The Accounts have been prepared under the historical cost convention, in accordance with applicable accounting standard and comply with the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005 ).

b. Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in futherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

c. Incoming resources

Income is recognised in the period in which the charity is entitled to receive it and when the income can be quantified with reasonable accuracy.

Grants are recognised when the charity becomes beneficially entitled to them. Investment income is included when

receivable. Incoming resources from tax relcaims are included at the same time as the gift to which they relate.

d. Outgoing resources

The cost of charitable activities includes costs incurred by the charity in carrying out its activities and services. It includes costs directly attributed to those activities and a share of indirect costs necessary to support them.

Governance costs comprise the costs associated with meeting the constitutional and statutory requirements of the charity and include any costs associated with the preparation and examination of statutory accounts.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs which relate specifically to a particular activity are allocated wholly and directly, others are apportioned between different activities on an appropriate basis.

e. Foreign exchange

This includes any gain or loss arising on translating transactions carried out in Kenyan Shillings to GB Pounds and vice-versa. Transactions during the year are translated at an average exchange rate for the year and closing cash balances are translated at the year end exchange rate.

f. Assets

Kenyan cash and bank balances are converted to GB Pounds using the exchange rate operative at the year end date.

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African Promise

Notes to the Accounts for the year ended 31 March 2022

2. Analysis of incoming resources Voluntary income Individual giving Trusts & foundations Corporate Supporter/community fundraising Events Charities & partners (inc Kids4Kenya) Investment & Gift Aid income Gift Aid Interest 3. Analysis of resources expended Charitable Fundraising activities costs 2022 2022 £ £ Projects & programmes Infrastructure & buildings 71,908 - Resources & equipment 16,711 - Learning programmes 536 - Teacher & support staff salaries 24,553 - Feeding programme 35,451 - Water supply 1,536 - Support, fundraising, gov & admin costs 4 Staff costs 14,199 6,912 Travel, transport & accommodation 4,451 - Office costs 1,191 142 Fundraising materials & services - 2,164 Advertising, PR & website - 1,696 Challenge events - 660 Events - 2,575 Bank charges - - Regulatory & memberships - - Independent Examiner fee Other - - 170,535 14,149	Unrestricted Funds 2022 £ 27,928 2,500 21,302 18,598 5,256 600	Restricted Funds 2022 £ 13,283 62,410 50,157 1,619 1,243 22	Total Funds 2022 £ 41,211 64,910 71,459 20,216 6,499 622	Total Funds 2021 £ 54,890 76,431 16,950 3,585 3,339 3,201
	76,184	128,732	204,916	158,396
	7,413 -	- -	7,413 -	8,057 -
	7,413	-	7,413	8,057
	Admin costs 2022 £ - - - - - - 3,456 - 1,180 - - - - - - -	Governance costs 2022 £ - - - - - - - - - - - - - 261 663 1,800 21	Total Funds 2022 £ 71,908 16,711 536 24,553 35,451 1,536 24,567 4,451 2,513 2,164 1,696 660 2,575 261 663 1,800 21	Total Funds 2021 £ 88,936 20,217 - 34,249 13,494 385 25,567 3,375 2,427 713 2,299 444 ( 212) 518 63 - 68
	4,636	2,745	192,065	83,390

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African Promise Notes to the Accounts for the year ended 31 March 2022

4. Support costs

Staff costs

Staff salaries are allocated 100% towards charitable activity for Kenya staff and 40% charitable activity, 40% fundraising and 20% administration for our Director's consultancy fees. All office and staff costs incurred in Kenya are allocated 100% towards charitable activities.

Fees for examination of the accounts

The independent examiner is charging a fee of £1,500 +VAT for their services.

5. Taxation

The charity is exempt from corporation tax on its charitable activities.

6. Gains and losses on currency exchange

ins and losses on currency exchange Opening cash and bank balances translated at closing rate for the previous year KES 524,890.30 @135.76 Income less expenditure for the year translated at average rate for the year KES 2,230,561.20 @142.08 Kenya expenditure at budgeted average rate less Kenya expenditure at actual average rate KES 22,769,438.80 @140.00 less KES 22,769,438.80 @142.08 Closing cash and bank balances translated at closing rate for the year Kenyan shillings 2,755,451.55 @142.08	2022 £ 3,866 15,699 ( 2,381) ( 19,394)	2021 £ 13,933 ( 10,245) ( 7,211) ( 3,866)
	(2,209)	( 7,389)

7. Liabilities

bilities
Independent Examiner fee Challenge event refundable deposits	2022 £ 1,800 -	2021 £ - 198
	1,800	198

Details

Challenge event refundable deposits

Refundable entry fees of £100 were received in the year. A total of £200 was returned to participants and £98 was booked as income.

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African Promise

Notes to the Accounts for the year ended 31 March 2022

8. Movement in funds

vement in funds
Restricted Funds Project & programme management Feeding Minds Teacher salaries Toilets4All Water4Schools Ngmabenyi Primary School Mkamenyi Mkamenyi (furniture) WASH Textbooks4All Event (Carols) Unrestricted funds General funds		Balance at Incoming Transfers 1 Apr '21 resources £ £ £ 533 - 19,291 10,682 65,107 7,505 1,983 451 22,118 284 227 1,743 642 1,426 2,518 3,201 6,000 ( 4,152) 21,764 37,995 - 1,979 1,000 4,198 - 15,090 ( 3,946) - 194 - - 1,243 1,282 41,068 128,732 50,558 31,418 83,597 ( 50,558) 31,418 83,597 ( 50,558) 72,486 212,330 -	Outgoing resources £ 19,841 35,451 24,553 2,255 3,524 1,540 64,040 7,177 - 200 2,524	Losses on currency £ ( 161) ( 482) ( 333) ( 31) ( 48) ( 21) ( 870) ( 97) - ( 3) -	Balance at 31 Mar '22 £ 144 48,324 333 30 1,110 3,530 ( 3,411) 98 11,144 ( 3) 0
			161,106 30,960	( 2,045) ( 164)	61,298 33,661
			30,960	( 164)	33,661
			192,066	( 2,209)	94,959

Details of selected restricted funds

Feeding Minds

There were incoming transfers of £2,070 (2020/21: £753) from the Ngambenyi Primary School to cover the cost of food provided to that school in the year, and £5,435 (2021/21: £0) from the 'Unrestricted' fund.

Ngambenyi Primary School

Transfers of £2,070 (2020/21: £753) and £2,082 (2020/21: £3,326) were made to the 'Feeding Minds' and 'Teacher salaries' funds respectively to cover the costs of these programmes at the school.

Mkamenyi

Income included £20,000 from the RZK Foundation and £17,910 from the Geoff Herrington Foundation.

WASH

Incoming resources of £15,090 represented proceeds of the 2021 BigGive Christmas Challenge. Outgoing transfers of £2,203 and £1,743 were made to the 'Water4Schools' fund and 'Toilets4All' fund respectively.

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African Promise

Independent Examiner’s Report for Annual Accounts 2021-22

I report to the trustees on my examination of the accounts of African Promise (the Trust) for the year ended 31 March 2022.

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 2011 Act and in carrying out my examination I have followed all the 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:

• (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 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.

Name: Ryan Evans

Relevant professional qualification or body: FCA qualified - Member of the Institute of Chartered Accountants in England and Wales (ICAEW)

Address: Cadence Accounting, Suite 3, 157 Station Road East, Oxted, Surrey, RH8 0QE

Date:

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