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← The African Impact Foundation

2023-12-31-accounts

Charity registration number 1123529

Company registration number 06453871 (England and Wales)

AFRICAN IMPACT FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

AFRICAN IMPACT FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees G. Bows
T. Almoayed
R.L.G. Sheldrick
J. Scott
C.P. Seaman
D. Cutbill (Resigned 30 June 2022)
L. Ngidiwe
Executive Director M. Procter
Charity number 1123529
Company number 06453871
Registered office 20 Chapmore End
Ware
Hertfordshire
SG12 0HF
Independent examiner HB Accountants
28 Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB

AFRICAN IMPACT FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Notes to the financial statements 10 - 18

AFRICAN IMPACT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's governing document, the Companies Act 2006 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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objects are:

  1. To promote for the benefit of the public in Africa the conservation, protection and improvement of the physical and natural environment.

  2. To promote sustainable development for the benefit of the public in Africa by:

a) the preservation, conservation and protection of the environment and the prudent use of resources; and

(b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities. Sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

In 2023, the African Impact Foundation (AIF) remained steadfast in its mission to empower young people and communities in Livingstone, Zambia, providing them with the tools and opportunities to break the cycle of poverty. Building upon the successes and lessons learned from previous years, AIF expanded its programmes and deepened its impact across its various pillars: education, gender equality, wellness and livelihoods.

Education remained a cornerstone of AIF's efforts as it continued to support community schools through infrastructure improvements and the supply of educational resources. AIF's commitment to gender equality was evident in its diverse programmes aimed at empowering girls and women while engaging boys and men in reshaping gender norms. AIF’s Youth Insaka programme supports adolescents and young adults by offering a safe and inclusive space for personal growth and development. AIF continued to invest in the future of its beneficiaries through initiatives such as Sponsor a Future and work experience programmes.

In addition to its ongoing programmes, AIF made significant strides toward realising its long-term vision, including finalising its proposal for the Youth Community Centre. This centre will serve as a hub for AIF's programmes, providing a dedicated space for youth to access resources, support and opportunities for personal and professional growth.

EDUCATION

Educational facilities : AIF helps community schools by providing education supplies and renovating and building educational facilities to ensure a safe environment for children to learn and receive a good quality education. In 2023, AIF remained committed to improving educational facilities. At our partner school, Libuyu Community School, AIF addressed challenges such as overcrowding and rain-entering classrooms by renovating an unusable classroom block, adding doors and repairing broken windows. Also, classrooms were repainted and trees were planted within the school grounds. These improvements helped to create a safer and more vibrant school, ensuring children had access to a conducive learning environment.

Sponsor a Child : The Sponsor a Child programme provides school sponsorship for children between kindergarten and grade 12. This programme saw continued success enabling 159 children to attend school and participate in extracurricular activities.

Adult education : Through our sponsorship programme, AIF assists adult learners in completing their education and obtaining a grade 12 certificate. In 2023, AIF enabled six women to advance their educational journey into grade 11. This support aims to empower adult learners to complete their education, opening doors to enhanced opportunities for both them and their families.

AFRICAN IMPACT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Sponsor a Teacher : Community schools in Livingstone receive limited support from the Zambian government, which means such schools do not have the funds to employ adequate numbers of full-time teachers. These schools often rely on a few additional qualified teachers who receive very low wages from non-government sources, which consequently causes these teachers to seek better-paid work. In 2023, AIF launched Sponsor a Teacher to raise funds to support Libuyu Community School in employing more full-time teachers. This support enabled the school to increase its number of permanent teachers from six to fourteen. The consequence of this has been better-motivated teachers and more lessons for students, which has resulted in a positive impact on their exam results.

GENDER EQUALITY

The Girl Impact (TGI) : TGI is a collection of gender equality programmes designed to educate and empower girls and women through six pillars: education, health, early pregnancy, safety, making a living and self-confidence.

In 2023, TGI programme expanded its reach, providing education and support to a total of 208 participants, distributed among the girls’ club (92 participants), boys' club (81 participants) and women’s group (35 participants). These participants engaged in diverse workshops covering essential topics such as reproductive health, mental wellness, substance abuse awareness and financial literacy. Furthermore, AIF implemented a feeding programme to support TGI youth workshops conducted after school hours. Throughout the year, AIF also provided meals for 173 beneficiaries to alleviate their hunger and enhance their participation in the programme.

LETS programme : LETS is designed to educate adults and adolescents in local communities on sexual reproductive health and enable them to understand the tools they can use to prevent unplanned pregnancies.

In 2023, AIF continued to educate communities on sexual reproductive health through the LETS programme. By equipping participants with knowledge and tools, the programme empowered them to make informed decisions about their bodies and futures. With a focus on reaching more adolescents, 337 beneficiaries completed the sexual reproductive health workshops and received certificates. As part of this initiative, each participant received Lunar Essential Menstrual Tracker bracelets. These bracelets serve as family planning tools, utilising a mnemonic device with 32 beads to represent each day of the menstrual cycle. Through the use of these bracelets, individuals can effectively monitor their menstrual cycles, thus aiding in better family planning decisions.

YOUTH WELLBEING

Youth Insaka programme : The overall goal of AIF’s Youth Insaka programme is to promote the holistic development of adolescents and young adults by following four pillars: education, gender equality, wellness and livelihoods. Insaka, which means "meeting place" in Bemba, a Zambian language, symbolises a safe and inclusive space for young people to gather, learn and grow.

During the year, the Youth Insaka workshops reached over 320 adolescents and young adults, offering a safe and inclusive space for personal growth and development. Participants were taught about various topics ranging from health to CV writing and interview skills. Additionally, all attendees received a snack as workshops were conducted after school hours. An important component within the Youth Insaka programme is the Peer Ambassador initiative, where individuals are selected and trained on AIF’s Youth Insaka curriculum. These ambassadors play a key role in helping young people in the community to learn and talk about important issues, ranging from education to mental health. During the year, AIF’s Peer Ambassador numbers increased to 55 young leaders who have the skills and confidence to advocate for change within their communities.

LIVELIHOODS

Sponsor a Future : This programme allows AIF’s Sponsor a Child beneficiaries to continue their studies after grade 12 by sponsoring them to go to university, college or vocational training institutions, both locally and internationally. Children who graduate from Sponsor a Child are supported in applying to higher education and pursuing vocational and leadership opportunities. This programme also covers students’ living costs, purchase of tools and textbooks, and semester registration fees for those accepted to higher education institutions. In 2023, AIF provided support to 15 students pursuing higher education, thereby paving the way for expanded opportunities and economic empowerment.

Work experience initiative : This programme aims to provide Sponsor a Child graduates with work experience while they are searching for employment opportunities or waiting for tertiary education acceptance. Students participating in this initiative gain exposure to the different areas of a non-profit organisation by working closely with AIF's team in Livingstone. In 2023, a further two students joined the programme, undergoing training to facilitate both Youth Insaka and LETS workshops. This experience provided them with invaluable skills and hands-on experience, enriching their personal and professional development.

AFRICAN IMPACT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

YOUTH COMMUNITY CENTRE

In 2023, AIF sustained its collaboration with the design architect firm Urban-Think Tank. Following an extensive process of planning, research, and community engagement, the design for the first phase of the Youth Community Centre was finalised. Planning permission from the city council is being sought.

In summary, as AIF forges ahead, its dedication to effecting enduring change in the lives of youth and communities remains steadfast. Through collaborative efforts, innovative strategies and an unwavering belief in the inherent potential of every individual, AIF persistently drives toward a more promising and equitable future in Livingstone, Zambia.

Financial review

In 2023, donations increased from £99,641 in 2022 to £211,380. Internship income was nil versus £15,251 last year. Fundraising expenses, excluding salary costs were £10,277 this year versus £15,841 in 2022. Project costs increased from £62,749 to £107,582 as activities continued to resume after the pandemic. Donations to related charities operating in Zambia and South Africa were nil this year versus £24,304 last year. Staff costs increased to £37,225 from £34,732. Salary costs recharged were £23,749 compared with nil last year. Support costs, excluding salary costs, were £6,898 this year versus £7,701 last year.

As a result, for 2023 the total net income was £25,947 versus a loss in 2022 of £32,673. At the 2023 year-end total funds were £47,299 as compared with £21,352 at the end of 2022.

Reserves policy

It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Foundation, which is registered with the Charity Commission under number 1123529 and it is also a registered company, limited by guarantee, under the Companies Act 2006 under number 06453871. It is established under its Memorandum and Articles of Association dated 14 December 2007, as amended by a resolution passed on 1 April 2008 and also on 30 August 2022.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

G. Bows

L. Ngidiwe (Resigned 24 August 2023) T. Almoayed R.L.G. Sheldrick J. Scott C.P. Seaman S.J. Wilson (Resigned 29 February 2024)

Recruitment and appointment of trustees

Trustees are appointed by an ordinary resolution and are appointed by the existing trustees. The term of office for trustees is three years. A trustee shall be eligible for re-election by an ordinary resolution of the board for a maximum of two further terms of three years. Trustees shall not number less than three but are not subject to a maximum.

AFRICAN IMPACT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Organisational structure

The organisational and decision making structure of the Foundation is a fairly flat one. This provides for efficient decision making capabilities with a quick turnaround time on the ground which is reflected in the tangible results of the Foundation's achievements. There are four trustees who are required to provide approval on any decision which exceeds a particular value. The Executive Director is responsible and accountable to the trustees for the compliance, daily management and function of the Foundation. The Executive Director has a regional team of representatives who carry out the daily groundwork. They work within set objectives which are reviewed and measured from a sustainability and performance point of view every quarter. This structure is currently working well for the Foundation.

The trustees' report was approved by the Board of Trustees.

R.L.G. Sheldrick Trustee

19 September 2024

AFRICAN IMPACT FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also the directors of African Impact Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AFRICAN IMPACT FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF AFRICAN IMPACT FOUNDATION

I report to the trustees on my examination of the financial statements of African Impact Foundation (the Foundation) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the Foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Foundation’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no 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 financial statements to be reached.

HB Accountants

28 Plumpton House Plumpton Road Hoddesdon Hertfordshire EN11 0LB

Dated: 19 September 2024

AFRICAN IMPACT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year
Unrestricted
Designated
Restricted
funds
funds
funds
general
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
143,907
-
67,472
Investments
4
298
-
-
Total income
144,205
-
67,472
Expenditure on:
Raising funds
5
43,261
-
-
Charitable activities
6
50,488
20,000
71,982
Total resources expended
93,749
20,000
71,982
Net incoming/(outgoing) resources
before transfers
50,456
(20,000)
(4,510)
Gross transfers between funds
(20,000)
20,000
-
Net income/(expenditure) for the year/
Net movement in funds
30,456
-
(4,510)
Fund balances at 1 January 2023
(14,579)
-
35,931
Fund balances at 31 December 2023
15,877
-
31,421		 Total
2023
£
211,379
298
211,677
43,261
142,470
185,731
25,946
-
25,946
21,352
47,298		 Total
2022
£
114,892
-
114,892
26,462
121,103
147,565
(32,673)
-
(32,673)
54,025
21,352

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

AFRICAN IMPACT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year
Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
62,326
52,566
Total income
62,326
52,566
Expenditure on:
Raising funds
5
26,462
-
Charitable activities
6
58,354
62,749
Total resources expended
84,816
62,749
Net incoming/(outgoing) resources before transfers
(22,490)
(10,183)
Fund balances at 1 January 2022
7,911
46,114
Fund balances at 31 December 2022
(14,579)
35,931		 Total
2022
£
114,892
114,892
26,462
121,103
147,565
(32,673)
54,025
21,352

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

AFRICAN IMPACT FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023
Notes
£
Fixed assets
Tangible assets
12
Current assets
Debtors
13
2,246
Cash at bank and in hand
81,450
83,696
Creditors: amounts falling due within one
year
14
(33,723)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Net assets
The funds of the Foundation
Restricted income funds
16
Unrestricted funds
17		 £
916
49,973
50,889
(3,591)
47,298
31,421
15,877
47,298		 2022
£
£
-
-
36,755
36,755
(9,596)
27,159
27,159
(5,807)
21,352
35,931
(14,579)
21,352

The Foundation is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The trustees acknowledge their responsibilities for ensuring that the Foundation keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the Foundation as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Foundation.

The members have not required the Foundation to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 19 September 2024

R.L.G. Sheldrick Trustee

Company registration number 06453871 (England and Wales)

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

African Impact Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 20 Chapmore End, Ware, Hertfordshire, SG12 0HF.

Every member of the company undertakes to contribute in a winding up a sum not exceeding £10 whilst they are a member, or within one year after ceasing to be a member, towards debts and liabilities contracted before ceasing to be a member.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Foundation's articles of association, the Companies Act 2006 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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Foundation is a Public Benefit Entity as defined by FRS 102.

The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the Foundation will continue in operational existence for the foreseeable future, however, the trustees are aware of certain material uncertainties which may cause doubt on the Foundation's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.

1.4 Income

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been categorised under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies (continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers

33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Foundation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

1.10 Taxation

The charity is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/expenditure for the period.

2 Critical accounting estimates and judgements

In the application of the Foundation's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations

Unrestricted
Restricted
funds
funds
£
£
Donations
143,907
67,472
Internship income
-
-
143,907
67,472
For the year ended 31 December 2022
62,326
52,566		 Total
2023
£
211,379
-
211,379		 Total
2022
£
99,641
15,251
114,892
114,892

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

4 Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 298 -
5 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Fundraising expenses 4,935 11,815
Consultancy fees 5,342 -
Salaries recharged 12,448 -
Other fundraising costs - 4,026
Staff costs 20,536 10,621
43,261 26,462
6 Charitable activities
2023 2022
£ £
Staff costs 9,060 18,145
Project costs 107,582 62,749
Salary costs recharged 6,214 -
Interns - 2,238
122,856 83,132
Grant funding of activities (see note 7) - 24,304
Share of support costs (see note 8) 16,014 10,067
Share of governance costs (see note 8) 3,600 3,600
142,470 121,103
Analysis by fund
Unrestricted funds - general 50,488 58,354
Designated funds 20,000 -
Restricted funds 71,982 62,749
142,470 121,103

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Grants payable

Last year all of the grants were paid to The Happy Africa Foundation South Africa and The Happy Africa Foundation Zambia. There were none this year.

8 Support costs allocated to activities

Support costs allocated to activities
Staff costs
Depreciation
Salaries recharged
Computer expenses
Bank charges and interest
Foreign exchange gains/losses
Sundry expenses
Accountancy fees
Governance costs
Governance costs comprise:
Accountancy		 2023
£
7,629
305
5,087
1,074
556
534
829
-
3,600
19,614
2023
£
3,600
3,600		 2022
£
5,966
-
-
-
644
-
2,739
718
3,600
13,667
2022
£
3,600
3,600

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
2 2
Employment costs 2023 2022
£ £
Wages and salaries 37,225 34,732

There were no employees whose annual remuneration was more than £60,000.

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

10 Employees (continued)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2023 2022
£ £
Aggregate compensation 36,240 33,540

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Cost
Additions
At 31 December 2023
Depreciation and impairment
Depreciation charged in the year
At 31 December 2023
Carrying amount
At 31 December 2023
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Notes
Bank loans
Trade creditors
Accruals and deferred income		 Computers
£
1,221
1,221
305
305
916
2023
2022
£
£
2,246
-
2023
2022
£
£
2,396
2,396
27,727
-
3,600
7,200
33,723
9,596		 Computers
£
1,221
1,221
305
305
916
2023
2022
£
£
2,246
-
2023
2022
£
£
2,396
2,396
27,727
-
3,600
7,200
33,723
9,596
1,221
305
305
916
2022
£
-
2022
£
2,396
-
7,200
9,596

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

15 Creditors: amounts falling due after more than one year

2023 2022
Notes £ £
Bank loans 3,591 5,807

The bounce back loan was drawn down on 16 July 2020. Repayments commence after one year followed by a five year repayment term. The loan is unsecured and interest is payable thereon at 2.5%.

16 Restricted funds

The income funds of the Foundation include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

At 1 January Incoming Resources TransfersAt 31 December TransfersAt 31 December
2023 resources expended 2023
£ £ £ £ £
The Happy Africa Foundation 35,931 - - (35,931) -
Zambia: Sponsor A Child - 21,144 (24,804) 19,397 15,737
Zambia: Sponsor A Future - 4,861 (720) 772 4,913
Zambia: Sponsor A Teacher - 5,642 (5,670) - (28)
Zambia: Youth Community Centre - 4,653 (16,786) 11,880 (253)
Zambia: Youth Insaka - 10,925 (9,300) 1,912 3,537
Zambia: LETS - 7,716 (7,241) 1,915 2,390
Zambia: Education Spaces - 4,456 (2,661) (800) 995
Zambia: Vehicle - 5,770 (4,800) - 970
Zanzibar: General Purposes - 2,305 - 855 3,160
35,931 67,472 (71,982) - 31,421
Previous year: At 1 January Incoming Resources TransfersAt 31 December
2022 resources expended 2022
£ £ £ £ £
South Africa: Kruger 2,137 - - (2,137) -
Zambia: Livingstone 24,415 - - (24,415) -
Zambia: Sponsor A Child 17,887 - - (17,887) -
Tanzania: Moshi 1,137 - - (1,137) -
Girl Impact 538 - - (538) -
The Happy Africa Foundation - 52,566 (62,749) 46,114 35,931
46,114 52,566 (62,749) - 35,931

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

17 Designated funds

These are unrestricted funds which are material to the Foundation's activities.

At 1 January Resources TransfersAt 31 December TransfersAt 31 December
2023 expended 2023
£ £ £ £
Zambia: Sponsor A Child - (10,000) 10,000 -
Zambia: Sponsor A Future - (5,000) 5,000 -
Zambi: Youth Insaka - (5,000) 5,000 -
- (20,000) 20,000 -

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January At 1 January Incoming Resources TransfersAt 31 December TransfersAt 31 December
2023 resources expended 2023
£ £ £ £ £
General funds (14,579) 144,205 (93,749) (20,000) 15,877
Previous year: At 1 January Incoming Resources TransfersAt 31 December
2022 resources expended 2022
£ £ £ £ £
General funds 7,911 62,326 (84,816) - (14,579)
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 December 2023:
Tangible assets 916 - 916
Current assets/(liabilities) 18,552 31,421 49,973
Long term liabilities (3,591) - (3,591)
15,877 31,421 47,298

19 Analysis of net assets between funds

AFRICAN IMPACT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

19 Analysis of net assets between funds (continued)

Unrestricted
Restricted
funds
funds
2022
2022
£
£
At 31 December 2022:
Current assets/(liabilities)
(8,772)
35,931
Long term liabilities
(5,807)
-
(14,579)
35,931		 Total
2022
£
27,159
(5,807)
21,352

20 Related party transactions

There are no further related party transactions to disclose in respect of either this year or last year.