## 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
1
## 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.
2
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.
3
## 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.
4
## 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.
5
## 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
6
## 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|
7
## 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|
||||
8
## 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.
9
## 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|
10
## 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.
11
## 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.
12
## 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:
13