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← African Promise

2024-03-31-accounts

African Promise

Registered charity number 1122285

Trustees’ Report & Accounts for the year ended 31 March 2024

African Promise Index to the Annual Accounts 2023-24

Legal, Reference and Administrative Information 1
Trustees’ Report
Structure, governance and management 2
Objectives & activities 2-3
Achievements & performance 3-5
Financial review 5-6
Statement of Trustees’ Responsibilities 6
Risks & safeguarding 6
Trustees’ declaration 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10-13
Independent Examiner’s Report 14

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) 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 2023-24

The Trustees present their Report and Accounts for the year ended 31 March 2024.

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 or resignations 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 activities across its partner schools, which currently number eight serving approximately 3,000 children:

2

African Promise Trustees’ Report for the Annual Accounts 2023-24

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/endurance events; appealing for donations from members of the public; and partnering with fundraising charities, schools, companies, businesses and other groups and organisations.

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

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 in the year

The charity continued to use its resources primarily to support improvements to school infrastructure, to provide food for a daily lunchtime meal and clean water for drinking, cooking and cleaning, and to support other on-going school running costs including the salaries of additional teachers and support staff as well as repair and maintenance activities.

The cost of the basic foodstuffs that make up pupil lunches reached new highs in the year and as a result expenditure on our ‘Feeding Minds’ lunch programme reached record levels of £71,522 in the year compared to £54,473 in 2022/23. Thanks to prudent management of resources over recent years the charity was able to finance this without having to reduce portion sizes or the number of days on which children were fed.

Support totalling £3,115 was provided in the year towards the establishment of kitchen gardens at a further two schools, following on support provided for such a space at a first school in the previous year where positive results were already being achieved.

A further £22,950 was spent in the year on the redevelopment of Mkamenyi Primary to add to the £225,000 spent already. This was primarily on toilets, further landscaping works and additional rainwater harvesting.

3

African Promise

Trustees’ Report for the Annual Accounts 2023-24

Work supported elsewhere included completion of upgrade works to the Jora pre-school and its environs, including a new playground.

The charity donated a total of KES 4,506,000 (£31,076) directly to schools during the year which was used to partially fund the salaries of circa 75 extra teachers and support staff, and towards vital maintenance and upkeep activities such as replacing broken/missing window glazing, repair of furniture, and repainting. Without this support schools would be severely understaffed and facilities would fall into a state of disrepair.

Given the existing demand on the charity’s resources and the amount of work still required in some of our oldest partner schools to equip them with facilities that have become part of the AP ‘model school’ and to bring them up to the same standard as our more recent partner schools, the Trustees have resolved that for the time-being the charity will continue to focus its efforts only on its existing network and consequently there are no plans to extend our support to other neighbouring schools, in any shape or form.

Fund generation

Income continued to be generated from a broad and diverse range of sources but at £121,200 was significantly down on the record high of £227,133 in the previous year, however the figure for 2022/23 was inflated by an unusually large donation of £100,000 from Aspect Capital.

The charity’s strategy for raising funds remained largely as in previous years and fundraising costs of £17,924 incurred included monthly consultancy, event costs, management and platform fees, hire of donation terminals, and other fundraising materials and resources.

4

African Promise

Trustees’ Report for the Annual Accounts 2023-24

Notable income and revenue generating activities in the year included:

There was no Carol Service in 2023 owing to a lack of a headline sponsor and Trustee personal commitments however it is expected to return in 2024. The charity also chose not to participate in the BigGive Christmas Challenge.

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 some capacity during the year.

At the end of the year 2023/24 the Trustees were confident the charity had sufficient funds already available and sufficient fundraising capacity and resources to maintain its support of its partner schools at the current level for (at least) the financial year 2024/25.

At the time of preparing the accounts in April 2025, the Trustees had taken a decision to significantly scale back the extent of support from the charity for its partner schools from the end of 2025 at the latest. Further information on this decision will be presented in the accounts for 2024/25.

Financial Review

Summary of financial position

The Statement of Financial Activities to follow (page 8) shows the combined income and expenditure of the charity in the UK and Kenya for the year to 31[st] March 2024. The accounts show total income for the year of £121,200 (2022/23: £227,133) against expenditure of £183,523 (2022/23: £176,119), resulting in a deficit of £55,947 after accounting for exchange rate gains. The year closed with total funds of £89,760 of which £35,901 was held in restricted funds, down from £91,312 at the start of the year.

The Trustees had anticipated a deficit for the financial year given that income had been received in years prior for projects that were undertaken in the reported financial year.

Reserves policy

It is our policy to maintain sufficient funds in reserve to enable on-going activities including support for the lunch programme and monthly contributions to school staff salaries 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 £53,859 at the year-end which is significantly above the Trustees’ target.

The Trustees believe that the scale of our current operations requires no change to the reserves policy.

5

African Promise Trustees’ Report for the Annual Accounts 2023-24

Currency exchange

As in previous years, the charity used forward contracts to provide greater budgetary certainty and to mitigate against volatility in exchange rates. The Trustees had set the budgeted exchange rate for the year at 145KES:£1 based on a forward currency contract for the year of KES15,000,000 at a rate of 143.5 that was booked in 2022/23. During the year, an additional sum of KES6,300,000 was sent from a forward contract at a rate of 175.00, resulting in an actual average exchange rate for the year of 152.23 (2022/23: 145.19).

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:

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 Charities Act 2011 and the Statement of Recommended Practice 2005. 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.

6

African Promise Trustees’ Report for the Annual Accounts 2023-24

Declaration

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

Trustee

Date

Christopher Ott

Chairman

Gary Shiels

Treasurer

7

African Promise

Statement of Financial Activities for the Annual Accounts 2023/24








Notes


Incoming resources
2


Incoming resources from generated funds
Voluntary income

Gift Aid & investment income
2
Total incoming resources

Resources expended
3
Charitable activities
Costs of generating voluntary income
Governance & administration
Total resources expended

Net income resources before transfers
Transfers
Gains and (losses) on currency exchange
6
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2024

£




81,813
5,310
87,123
9,882
17,924
6,219
34,025
53,098
(54,107)
473
(536)
54,395
53,859

Restricted
Funds
2024

£





34,077

-

34,077





149,498

-

-

149,498

(115,421)


54,107

5,903

(55,411)

91,312

35,901
Total
Funds
2024

£




115,890
5,310
121,200




159,380
17,924
6,219
183,523

(62,323)


-


6,376
(55,947)
145,707

89,760		 Total
Funds
2023

£




222,127
5,006
227,133
155,593
14,021
6,505
176,119
51,014
-
(266)
50,748
94,949
145,707

8

African Promise Balance Sheet for the Annual Accounts 2023/24





Notes

Fixed assets

Current assets
Debtors
Cash at bank and in hand
CAF Bank CAFCash account #00016284
Pounds sterling cash
Absa Bank account #0541079831
Absa Bank account #0541082433
Kenyan shilling in cash
Alpha FX account
Total current assets
Liabilities
7
Net assets
Funds of the charity
8
General ‘free’ funds
Restricted funds
Total funds		 Total
Funds
2024

£








83,933
245
1,270
1,278
1,035
3,799
91,560

(1,800)

89,760




53,859
35,901
89,760		 Total
Funds
2023

£

145,068
145
1,114
1,125
976
5,379
153,807
(8,100)
145,707
54,395
91,312
145,707

The Accounts were approved by the trustees on ___ and signed on their behalf by:

Gary Shiels Treasurer

9

African Promise Notes to the Annual Accounts 2023/24

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 furtherance 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 reclaims 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.

10

African Promise

Notes to the Annual Accounts 2023/24

2. Analysis of incoming resources

2.
Analysis of incoming resources



Voluntary income
Individual giving
Trusts & foundations
Corporate
Supporter/community fundraising
Events
Charities & partners (inc. Kids4Kenya)
Investment & Gift Aid income
Interest
Gift Aid		 Unrestricted
Funds
2024
£

38,351
8,000
7,657
6,297
21,508
-
81,813
224
5,086
5,310
Restricted
Funds

2024
£


5,342

18,500

-

10,163

-

72

34,077

-

-

-		 Total
Funds
2024
£


43,693

26,500

7,657

16,460

21,508

72

115,890


224

5,086
5,310		 Total
Funds
2023
£

46,846
37,500
117,275
11,871
7,614
1,021
222,127
146
4,860
5,009
  1. Analysis of resources expended
3.
Analysis of resources expended



Projects & programmes
Infrastructure & buildings
Resources & equipment
Learning programmes
Teacher & support staff salaries
Feeding programme
Water supply
Support costs
Staff costs
Travel, transport & accommodation
Office costs
Fundraising materials & services
Advertising, PR & website
Challenge events
Events
Bank charges
Regulatory & membership
Other		 Charitable
Activities
2024
£
39,181
2,820
138
24,124
71,522
1,552
14,621
4,134
1,233
-
-
-
-
-
-
55
159,380		 Fundraising
& marketing

2024

£


-
-

-

-
-

-


6,912

-
-

2,273

1,736

-

7,003

-

-

-

17,924
Gov. &

admin

2024
£


-

-

-

-

-

-





3,456

-

914

-

-

-

-

286

63

1,500

6,219		 Total
Funds
2024
£


39,181

2,820

138

24,124

71,522

1,552





24,989

4,134

2,147

2,273

1,736

-

7,003

286

63
1,555

183,523		 Total
Funds
2023
£

52,263
4,366
-
23,014
54,473
2,241
24,799
3,574
2,202
2,161
1,641
-
3,307
171
107
1,800
176,119

11

African Promise Notes to the Annual Accounts 2023/24

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

6.
Gains and losses on currency exchange








Opening cash and bank balances translated
at closing rate for the previous year
Kenyan shillings 466,919.55 @ 145.19
Income less expenditure for the year translated
at average rate for the year
KES 77,094.25 @ 152.23
Kenya expenditure at budgeted average rate less Kenya
expenditure at actual average rate
KES 19,891,754 @ 145.00 less KES 19,891,754 @ 152.23
Closing cash and bank balances translated at
closing rate for the year
KES 545,429.75 @ 152.13
7.
Liabilities








Independent examiner fee (2023/24)
Independent examiner fee (2022/23)
Independent examiner fee (2021/22)
Golf Day entry fees		 2024
£

3,216
506
(6,515)
(3,583)
(6,376)
2024
£

1,800
0
0
0
1,800		 2023
£

19,394
(15,762)
(154)
(3,216)
266
2023
£

-
1,800
1,800
4,500
8,100

12

African Promise

Notes to the Annual Accounts 2023/24

8. Movement in funds

8.
Movement in funds


Restricted funds
Projects & programme management
Feeding Minds
Teacher salaries
Toilets4All
Water4Schools
Ngambenyi Primary School
Kiteghe Primary School
Mkamenyi
Mkamenyi (furniture)
Mkamenyi (rainwater)
WASH
Textbooks4All
Right2Play
Farm2Fork
Unrestricted funds
General funds		 Balance at
01.04.23
£
1
74,367
-
-
-
4,924
1,469
(2)
98
5,370
4,030
(4)
1,059
-
91,312


54,395
54,395
145,707
Incoming
Resources

£
-

17,506

353

22

102
7,000

853

5,100

-

-

-

-

107
3,034

34,077


87,123

87,123
121,200
Transfers


£


19,465

5,783
22,680

917

2,418

(6,647)

(2,322)

16,955

-

(2,913)

(3,023)

-

794

-

54,107



(54,107)

(54,107)

-
Outgoing
resources
£


20,043

71,522

24,124

910

2,521

1,345

-

20,328

-

2,622

1,007

-

1,961
3,115

149,498





34,025

34,025

183,523		 Losses on
Currency
£

577

2,639

1,121

42

117

63

-

945

-

122

47

-

91
139

5,903





473

473

6,376		 Balance at
31.03.24

£


-

28,773

29

72

116

3,995

-

2,670

98

(43)

47

(4)

90
58

35,901



53,859

53,859

89,760

Details of selected restricted funds

WASH

Transfers included £917 and £2,211 to the Toilets4All and Water4Schools funds respectively to cover the cost of Water, Sanitation and Hygiene (WASH) related projects.

Farm2Fork

Incoming funds included £1,500 from Oundle School for a kitchen garden at Kiteghe Primary against which there was expenditure of £1,617, and £1,500 from SMOAT towards a kitchen garden at Jora Primary against which there was £1,498 of expenditure.

13

African Promise

Independent Examiner’s Report for the Annual Accounts 2023-24

I report to the trustees on my examination of the accounts of African Promise (the Trust) for the year ended 31 March 2024.

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:

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:

14