OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Promoting Equality In African Schools

2024-12-31-accounts

GLOBAL IMPACT REPORT & AUDITED ACCOUNTS | 2024 Qeos

PEAS . CL IMPACT REPORT | 2024 Qeos

A message from Ethan: former student and current changemaker

Ethan’s journey is a powerful example of the long-term impact of quality education. Today, he’s inspiring the next generation — in the very kind of classroom that once changed his life.

“Growing up, access to quality education seemed like a distant dream, yet PEAS turned that dream into reality. As a student, I found more than just a school; I found a nurturing environment where my potential was recognised, my ambitions were encouraged, and my future was redefined. With the unwavering support of dedicated teachers, I not only completed my education but also developed the confidence to envision a future beyond my circumstances.

That journey has now come full circle. Choosing to teach at a PEAS school was not merely a career decision but a commitment to ensuring that no student is bound by the limitations of their background. Every day, I witness young minds awakening to possibilities, discovering their voices, and realising that their aspirations are valid and attainable.

2024 was particularly inspiring. My students have achieved academic excellence, demonstrated exceptional leadership, and competed on prestigious platforms. One of the most rewarding moments was coaching our debate team to emerge as first runners-up at the East African World Schools Debate Championship in Kenya – a testament to the brilliance that flourishes within PEAS schools.

Education is the cornerstone of transformation – I am living proof of that truth.”

Ethan, Teacher of English Literature, PEAS Onwards & Upwards Secondary School

1 |

Messages from our Chair and CEO

“In a year marked by economic pressures and shifting priorities across the education sector, PEAS has continued to rise— proving once again that innovation, agility, and a clear mission can drive real progress. PEAS’ “nothing for them without them” approach continues to drive more sustainable, relevant, and impactful solutions. While many organisations have struggled to maintain momentum, PEAS has expanded its footprint across Africa, grown its brand and increased its impact – whilst sticking to the principle of doing more for less.

“2024 was a stella year at PEAS. We continued to deliver with momentum, educating 20,491 children across our network of 36 schools and partnering with 342 government schools to reach a total of 211,297 children across Uganda, Zambia, and Ghana.

As I prepare to step down as PEAS’ CEO in 2025, it’s humbling to reflect on the journey the organisation has been on in the 15 years since I joined.

One of the highlights of 2024 was the growing recognition from governments of the importance of our systems-level work. Our partnerships with African Ministries of Education are driving improved learning outcomes and setting the standard for sustainable, scalable models of quality secondary education.”

PEAS is stronger than ever. We have a strong distributed leadership team, secure finances, multi-year funding partnerships, and we are delivering brilliantly on our mission to get children in rural communities the best quality secondary education.

Apollo Gabazira, Chair of the Board

This is down to PEAS students, families, colleagues and partners who believe in the power of secondary education to unlock every child’s potential.”

Laura Brown, CEO

2 |

Table of contents

Welcome & reflections 1
Table of contents 3
About PEAS 4
Reach & achievements 8
Supporting girls to succeed 10
Driving school improvement at a system level 13
Partnerships with purpose 15
Welcoming Impact Network to the PEAS family 17
Technical triumphs 18
Knowledge sharing across the sector 19
Meet the changemakers 20
Our partners 22
Strategic report 24
Report of the Trustees 25
Statement of the Trustees 29
Independent auditors report 30
Consolidated statement of financial activities 33
Consolidated balance sheet 33
Consolidated statement of cash flows 34
Notes to the financial statements 35

3 |

What we do

PEAS transforms young lives across sub-Saharan Africa through education

At PEAS, we believe lasting change in education comes from within communities. That’s why we work with – not just for – the people we serve. Each year, we partner with local communities to support over 210,000 young people across Uganda, Zambia, and Ghana to access quality education close to home.

Our approach is rooted in deep collaboration with families, teachers, and governments to build safe, inclusive schools where every young person can thrive.

Over the past 16 years, we’ve grown one of the largest not-for-profit secondary school networks in sub-Saharan Africa, but it’s the strength of local leadership and community commitment that drives real progress.

Over 210,000 students reached

PEAS expanded its reach to over 210,000 students, delivering quality education in hardto-reach communities across three countries.

Proven model for school improvement

Recent evidence confirmed PEAS’ model strengthens school operations, builds teacher capacity, and drives deeper engagement with families and communities.

Enrolment growing, with gender balance sustained

Enrolment in PEAS secondary schools rose by 7%, with girls making up over 50% of the student population.

Climate education reaching more young people

Over 84% of PEAS students reported being taught about climate change, including its impacts and adaptation strategies.

Stronger transitions from primary to secondary

More students in PEAS partner primary schools progressed to secondary education, outperforming national and provincial transition rates.

Improved access to digital learning tools

A growing number of students reported access to ICT and greater confidence in using digital tools to support their learning.

Our award-winning programmes are designed and delivered by Africans, for Africans.

==> picture [15 x 25] intentionally omitted <==

----- Start of picture text -----
4 . |
pT Re
----- End of picture text -----

OUR MODEL EXEMPLAR PEAS SCHOOLS PEAS schools provide proof of concept for low-cost, high-quality schooling PARTNERSHIP SCHOOLS PEAS partners with governments to roll out tried and tested solutions in government schools SYSTEM LEVEL TRANSFORMATION PEAS shares evidence to support wider system change GLOBAL ADVOCACY PEAS advocates globally to influence the wider international education ecosystem OUR MISSION To expand access to inclusive, quality education across sub-saharan Africa. 51 Qeos

SONLAS We consider wider consequences. What matters is maximum long-term impact across society. How we do it Our values drive us and guide every decision we ake BE HONEST Trust and integrity are everything. We are transparent about what is working AND what isn't. BE COLLABORATIVE NOT COMPETITIVE We put impact first. We collaborate in and outside of PEAS for greater impact. CHAMPION EMPOWERMENT We maximise autonomy at every level. We provide high quality support to decision- makers throughout PEAS. 5FI i!11111 BE ENTREPRENEURIAL We are nimble. We seize opportunities and are not afraid to lead by taking bold risks. ADOPT A GROWTH MINDSET We dare to be better. We learn from mistakes, continually pushing for self- LOOK AT THE EVIDENCE We make evidence-based decisions based on research, data and our own practical experience. 61Peos

Why we do it We believe that Pe Secondary education is a powerful force for global change Investing in secondory education is one of the smorlest, most slrolegic inveslments for a safer, fairer, and more susloinoble world. It ha5 the power lo tronsform individuol lives and tackle some of the world's most urgent challenges. IINISTIIY OF EDUCATION PEAS KABUTA SECONDARY SC Secondary education is life changing Educoted adolescents have beller life chonces, higher incomes, ond more power 10 shope their communities. Educoled girls are less likely lo morry eorly or face domeslic violence, and more likely lo raise healthier, educated children. The ripple effecl lasls for generations. Secondary education shapes the leaders of tomorrow Educoled young people ore tomorrow s policymokers, entrepreneurs, educators ond oclivists. Education equipes them wilh the tools lo lead, lo innovate, and to build more ju51 and resilient socielies. And yet, secondary education is out of reach for the world's fasle5t growing continent By 2030, 42:,(i of the world s youth will be African. Todoy, sub-sahoran Africa hos the world's lowest secondory school completion roles. Schools are under- resourced, with low quolily leaching in on unsafe environment. Secondary education is a global game changer As we grapple with the world s biggest problems-climate change, war, poverty we must keep coming back to educalion. Supporting secondary education in Africa isn't just an investment in individual Future5- It's an investment in a shared future of global progress, peoce, ond prosperity. 71Qeos

Our reach in 2024

GHANA Partner Schools 7,590 students 32 schools

UGANDA PEAS Schools 16,324 students 644 teachers 30 schools

Partner Schools 142,757 students 215 schools

ZAMBIA

PEAS Schools 4,167 students 229 teachers 6 schools

Partner Schools 40,459 students 95 schools

==> picture [374 x 238] intentionally omitted <==

----- Start of picture text -----
PEAS and Partner Students
22k 190.8k 200k
See aes See
20k 20.5k 175k
19k
18k 158k 150k
130k
16k 15.5k 125k
16k
14k 100k
12k 75k
10k 50k
-
45k
8k 11 25k
2021 2022 2023 2024
owe =a a = ay —— ao =
8 9
|
----- End of picture text -----

Key achievements from a transformational year

Winning the UNESCO Prize for Girls’ and Women’s Education , which recognises our gendertransformative approach and impact in removing barriers for girls across sub-Saharan Africa.

PEAS Zambia recorded its bestever national exam results , with students outperforming national averages thanks to stronger teaching, school leadership, and student support.

We launched pre-service teacher training in Zambia , equipping new teachers with the skills and

tools to deliver strong lessons before they enter the classroom.

Students from PEAS Uganda reached the finals of the East Africa World Schools Debate Championships , showcasing their confidence, critical thinking and leadership on a regional stage.

Expanding our reach in Ghana, growing our team and programme delivery to deepen our support to partner schools.

PEAS held groundbreaking ceremonies for two new schools , bringing affordable, quality secondary education to underserved communities in Eastern and Southern Zambia.

Achieving school network sustainability in Uganda. For the first time ever PEAS school network covered their own running costs.

Welcoming Impact Network into the PEAS family , enabling us to support students from the day they start school through to graduation.

9

Supporting girls to succeed

For over 16 years, PEAS schools have helped adolescent girls overcome barriers to access and complete secondary school.

In 2024, PEAS won the UNESCO’s Prize for Girls’ and Women’s Education, alongside our partner, CAMFED. The prize honours outstanding and innovative contributions to advance girls’ and women’s education.

PEAS was commended for our wholistic approach to girls inclusion and using our proven model to partner with governments in Uganda, Zambia, and Ghana to bring this expertise to support girls in hundreds of government schools.

“At PEAS, our mission is about more than just getting girls into school; it’s about supporting them to succeed. We foster safe, nurturing environments where girls can truly thrive. More than half of our students are girls, and we’re seeing their futures transform in ways their communities never imagined.”

Unia Nakityo - Head of School Network, PEAS Uganda

10

THRIVING BEYOND SCHOOL LEARNING IN SCHOOL Entrepreneurial skills Gender-responsive school development ACCESSING SCHOOL leadership Bursaries for continued Inclusive admissions policy Gender-responsive teaching education Low-cost school fees Life skills training with a Gender-responsive career Strong community engagement gender lens guidance School feeding programmes Gender-sensitive school Alumni engagement and improvement planning and mentoring for girls inspection BUILDING CONFIDENCE =~ = IN SCHOOL Support for pregnant students STAYING SAFE IN SCHOOL and young mothers Gender-responsive infrastructure Girls’ and Boys for Change Strong safeguarding systems clubs Senior Women Teachers and Leadership roles for female counselling staff students Comprehensive student Sports clubs and competitions guidance programmes

Sports clubs and competitions for girls

11

ae - | Geena, Student spotlight

Sylvia is one of ten siblings. She was married at the age of 14 and gave birth to four children before re-enrolling for secondary education at a PEAS school after an eight-year hiatus.

Sylvia had to walk eight kilometres to and from school every day. She was often sent home for school fees and had difficulty deciding on whom to pay for first; herself or her children.

Yet, Sylvia defied the odds. Despite the challenges of early marriage, parenting, and balancing odd jobs with school attendance, she pursued a brighter future for herself and her children.

Her aspiration? To become a nurse, not only to provide for her family but also to make a meaningful impact on her community.

Balancing the roles of student and mother, Sylvia found little time for revision amidst her domestic duties. Nevertheless, she sat for her exams, achieving scores that opened the doors to her dream of nursing school. Today, Sylvia is on the cusp of achieving her goals.

Completing her final nursing examinations, she stands ready to make her mark and carve out a promising future for herself and her loved ones.

12

Partnering with governments so all children can benefit from a quality education

PEAS believe all young people deserve a quality education, not just students in PEAS schools. To achieve this, PEAS partners with governments to create stronger, more consistent national education systems, where top priority is given to student safety and learning.

In 2024, evidence continued to show that the PEAS approach drives positive change in school leadership and management in government schools, a key driver for improving learning and student safety. PEAS also made positive steps working with our government partners to embed the PEAS approach into the wider system.

In 2024, we impacted the lives of almost 200,000 students in almost 350 partner schools across Uganda, Zambia, and Ghana.

13

Contributing to national education reform

In Uganda, PEAS is supporting the government to address national education priorities by strengthening school inspections and leadership to improve learning and safety.

In 2024, 85% of surveyed school leaders reported improvements in leadership, governance, and teaching quality. Exam pr ~~ogress~~ exceeded the national average, with girls making particularly strong gains.

At national level, PEAS’ recommendations helped revise the government school inspection tool to better prioritise safeguarding and student wellbeing in government schools.

In Zambia, PEAS is driving systemic change by strengthening teacher training and contributing to national education reforms.

PEAS collaborated with the Ministry of Education to pilot PEAS’ Top 10 Teaching Practices in pre-service training colleges, with strong initial ~~feedback from~~ both trainers and trainees.

PEAS is now working with the government to expand the pilot and build further evidence. The Top 10 handbook is being contextualised with the Ministry for potential national adoption. PEAS also contributed to the new secondary curriculum framework.

In Ghana, PEAS is now fully established following a successful pilot with the Savannah Education Trust and the local Ghana Education Service.

The pilot focused on designing and delivering a sustainable school improvement programme, now reaching 7,590 students in 32 government schools. Early results show stronger safeguarding, improved community engagement, and more confident teachers and school leaders.

Local government has shown strong buy-in, commending the programme’s alignment with national goals and focus on inclusive education.

14

Partnerships with purpose

Advancing the global development goals

15

Corporate spotlight: Partnerships with purpose

To achieve our mission, PEAS partners with companies of all shapes and sizes. By partnering with PEAS, companies can help transform lives through education — while building a culture of purpose and engagement across your teams.

In 2024, Paraffin Ltd - a global innovation agency - joined PEAS as a corporate partner. From the very beginning, Paraffin used their platform to raise awareness of PEAS’ work - inviting PEAS to speak at events and encouraging staff, clients, and networks to get involved.

This support had an immediate impact. In just one year, Paraffin put 129 girls through secondary school, broadening access to education in underserved communities.

The partnership has also become a meaningful part of Paraffin’s workplace culture. As one staff member put it, “PEAS really inspires us and our clients."

Strong, values-driven partnerships help create long-term impact. Working with companies like Paraffin enables us to reach more students and ensure that education remains a priority, even in the most challenging contexts.

7ln eee Let’s create impact together! Scan the QR code to see how your business can get involved. : -

16

Welcoming Impact Network into the PEAS Family

In 2024, we made the bold decision to merge with Impact Network so we can support young people to succeed from the moment they start school, right through to graduation from secondary.

PEAS exists to get the most marginalised students a quality secondary education so they can thrive. However, when students enrol in PEAS secondary schools they are often far behind where they should be.

Often the very poorest children in our communities drop out before finishing primary or in their first year because they don’t have the foundations in place to access the secondary school curriculum.

Both PEAS and Impact Network have been grappling with the question of how to make primary to secondary transition a seamless journey that supports students from their very first day of primary school to their secondary school graduation.

By combining our expertise, we’ll ensure students not only access education but thrive at every stage, creating brighter futures for children in Zambia’s rural communities and beyond.

Impact Network schools:

increase maths achievement by 55%

==> picture [114 x 70] intentionally omitted <==

----- Start of picture text -----
increase
literacy
achievement by
103%
----- End of picture text -----

==> picture [113 x 89] intentionally omitted <==

----- Start of picture text -----
have an 86%
pass rate
compared to
55% across the
district
----- End of picture text -----

17

2024 technical triumphs

Powering Smarter Support with Real-Time Data

PEAS embarked on the development of a new data platform, marking a significant milestone in our journey as a data-led organisation. The platform will offer real-time dashboards on school support activities, enabling more responsive and targeted interventions. Developed in partnership with Innovations for Poverty Action through the Partnerships for Tech programme, this initiative will allow PEAS to more accurately identify schools that need the most support and to tailor resources accordingly, ensuring every learner has the best chance to succeed.

: )

Digital Tools That Strengthen Teaching and Learning

PEAS was able to support the implementation of the new secondary curriculum across PEAS 30 Ugandan schools using our home-grown School Information System. This digital tool enables teachers to record student marks and attendance directly from their mobile phones, making real-time data accessible at the school level.

Scaling Digital Innovation Across Education Systems

Beyond our own network, PEAS supported governments to leverage digital tools to enhance education quality more broadly. In Uganda, PEAS supported the Directorate of Education Standards to digitise their school inspection and improvement process, to enhance efficiency, transparency, and quality. We also played a key role in designing, developing, and piloting a digitised school improvement planning tool, making it easier for school leaders in government schools to share progress updates. In Ghana, digital monitoring tools designed by PEAS are being used in government schools. The tool equips school leaders and school support officers with better insights and enabling more informed, evidence-based school support at scale.

18

Sharing our knowledge to drive improvements across the sector

In 2024, PEAS continued to share our tools and learning with the wider sector to magnify the impact and influence future policy and programming.

Catalyze EduFinance Beneficiary: Feedback Survey Report

Empowering Schools for Adolescent Girls: Our Approach to Girls’ Inclusion

Protection is possible: Ensuring high safeguarding standards across a portfolio

Our tools, evaluations, and learnings are open source and we share these through social media, learning summits, and international and regional conferences.

Using technology to improve Learning Partnership for More than grades: The ~~TT~~ education for marginalised Inspect and Improve importance of social and ’ explorethe QR codeour ono4 (=. ~~T~~ girls ~~— S __~~ —_— Programme ~~_a~~ emotional learning in girls education

19

The changemakers

PEAS is locally led. From the start, we have prioritised local leadership. Our schools and country offices have always been locally staffed and our award-winning programmes are designed and delivered by Africans for Africans.

1,067 104 Team members Team members in Uganda in Zambia

3 20 98% 93% Team members Team members of our team of staff work in in Ghana in our Global team are African our schools

20

==> picture [605 x 516] intentionally omitted <==

----- Start of picture text -----
PEAS
\ ’ koh s a) — i
leadership
4 es ‘4
Jenny Groot Henry Senkasi Beatrice Likando
hief Programmes! ’ Country 4 ~ Country
Officer Director _ ; Director
\ tm N rN rfl N
, OO Cee ee
Apollo Gabazira Emily Goulborn Daniel Kyasanga Dirk Phiri
! p_tlead of - Deputy Country - Deputy Country 4
} Partnerships Director }_ Director -Ops
ie | ay wn OY, ie: / CawY
Laura Brown Richard Aung Unia Nakityo Amos Chipasi
b
b
b
b
b
b
b
b
n
n
n
d
d
d
a
a
a
a
a
i
i
i
m
m
m
l
l
l
l
l
o
o
o
o
o
a
a
a
a
a
a
a
a
a
l
l
l
l
l
g
g
g
a
a
a
G
G
G
G
G
Z
Z
Z
U
U
U
S
S
S
S
S
S
S
S
S
S
S
A
A
A
A
A
A
A
A
A
A
A
E
E
E
E
E
E
E
E
E
E
E
P
P
P
P
P
P
P
P
P
P
P
----- End of picture text -----

PEAS leadership

==> picture [79 x 49] intentionally omitted <==

----- Start of picture text -----
hana
G
S
A
E
P
----- End of picture text -----

David Boateng

21

Andrew Jurczynski Gary and Rosemary Parekh Gary Vaughan-Smith Gráinne Gilsenan John Bothamley CBE Jon Tippell Mike and Helen Brown Charitable Trust

Nicholas Heung Noriaki Matsunaga Taymour Ezzat The Christopher Williams Charitable Trust The Normand Family

22

. C.kVic,a.,- Sl-arler_ IfeTre ( ibi FINANCIAL REPORT | 2024 Qeas

Strategic Report

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2024, in compliance with S414C of the Companies Act 2006.

Fair review of the business

PEAS was pleased to continue its growth trajectory in 2024 by growing enrolment by 7% to over 19,000 students in 36 PEAS schools, partnering with 342 schools through our System Strengthening programmes, and expanding PEAS’ newest programme in Ghana. Through growth in school fee income, successful fundraising, and sound budget control, PEAS was able to successfully increase income by 11% to support this growth.

This growth aligned to PEAS’ 2022-2026 strategic plan with a strong emphasis on growing our school networks, system strengthening work and into new countries of operations. 2024 proved to be strong third year of this growth strategy. Rapid expansion of our networks in Uganda and Zambia, including building another two new schools in Zambia, and strong enrollment drives in both countries led to 7% enrolment growth at the start of 2024.

In a little over 5 years, our system strengthening work is now reaching 342 government partner schools, including 215 in Uganda, 95 in Zambia, and 32 in Ghana. We continue to see strong demand from the Ministries of Education in all three countries, meaning there is good opportunity to expand the work to more schools, new regions, and national level reform programmes in 2025 and beyond.

Throughout 2024, PEAS also prepared for the amalgamation of Impact Network Zambia into the PEAS Zambia programme, which was completed on 1st January 2025. This has resulted in further growth into a new region in Eastern Zambia – with a programme supporting 48 schools – and a new funding partnership with Impact Network International in the US.

Principal risks and uncertainties

The trustees have a risk management strategy which comprises:

Beyond the above risks, PEAS is pleased to have achieved unrestricted free reserves equivalent to 100% of its target, and the trustees will continue to focus on protecting PEAS' financial stability.

Liquidity risk

Prudent liquidity risk management includes maintaining sufficient cash balances, and the availability of funding from an adequate amount of committed credit facilities. Management monitors rolling forecasts of the charity's liquidity reserve based on expected cash flow.

The strategic report was approved by the trustees of the Charity on 24th June 2025 and signed on its behalf by Apollo Gabazira.

Apollo Gabazira

24

Report of the Trustees

In the following pages present the Trustees' and Directors' report for the year ended 31st December 2024.

Structure, governance, and management

PEAS is a registered UK charity (no. 1126550) and a company limited by guarantee. (no. 06552715). The charitable company is governed by Memorandum and Articles of Association. Application of income of the charitable company is limited to the promotion of its objectives, which are to expand provision of high-quality equitable education, with a focus on countries in Africa.

PEAS has established subsidiary offices in Uganda and Zambia, which are legally registered as International Non-Profit entities in those countries. PEAS has also begun the process of registering a subsidiary office in Ghana. A control relationship exists between the PEAS’ global and country offices and as such PEAS produces consolidated, audited group accounts as well as accounts for each of its country offices.

Decisions are made by simple majority of votes cast at Trustees' meetings with quorum, or by unanimous agreement in writing.

In the year covered by this report, the Board of Trustees comprised of:

Apollo Gabazira Chair Ronald Kansere Trustee Andrew Jurczynski Trustee James Adams Trustee - joined in 2024 Ally Arnall Trustee Janice Matwi Trustee Bridget Gyamfi Trustee Aissatou Bah Trustee Reshma Patel Trustee - joined in 2024

PEAS board members can serve for up to two three-year terms. Board members have been selected through a combination of head-hunting sector leaders through existing networks and through advertising publicly to identify candidates with a range of expertise. New trustees are selected based on experience, personal/professional networks, and their ability to support organisational governance.

Statement of public benefit

The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider the purpose and activities of the charity satisfy the requirements of the public benefit test as set out in section 4 of the same act.

Third party indemnity provision

PEAS has purchased insurance to protect it for any loss arising from the neglect or defaults of its trustees, employees, and agents and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £1,916 (2024-25) and provides cover of up to a maximum of £5,000,000.

The pay of the charity's key management personnel, excluding the Board of Trustees, is reviewed annually, and where necessary increased in accordance with average earnings. In view of the nature of the charity, its economy of operations, and the extensive use of professional advisers to the trust board, the trustees consider that the salary of the Chief Executive Officer and other key management personnel may be a multiple of up to three times the median average salary for UK employees. The remuneration is also benchmarked with charities of a similar size and activity to ensure that the remuneration is fair and not out of line with that generally paid for similar roles.

Finance, Audit and Risk Committee (FARC)

The Finance, Audit and Risk Committee is a sub-committee of the PEAS board and is tasked with reviewing PEAS' financial management, policies, risks, and risk mitigation processes in greater detail.

The committee meets on a quarterly basis, usually shortly before board meetings, and any ad-hoc meetings where required. The committee is made up of the following people:

Ronald Kansere (Chair) Started in May 2019 Mike Saxton Stared in January 2018 James Adams Started in October 2018 Andrew Jurczynski Stared in January 2022 Babalwa Gova Started in March 2023 Joseph Swingland Started in September 2023

25

Report of the Trustees

Diversity, Equity & Inclusion

PEAS aims to challenge and overcome all forms of marginalisation in our workplace and schools. We are working to ensure the balance of leadership and governance is moving closer to the students and communities we serve by ensuring more African leadership on our global senior team and board.We also empower and champion female leadership, which we see as critical to reaching gender equality in our schools. Our diversity, equity and inclusion agenda is not driven by quotas, but by bottom-up investment in our people and building equitable systems throughout our organisation.

PEAS commits to creating a safe and physically comfortable working environment with a positive values driven, meritocratic and open culture across all levels. We aspire to create a culture that promotes excellence and innovation where our team can deliver to the best of their performance. PEAS is committed to providing equality, fairness and respect for everyone in the team whether in temporary, part-time or fulltime employment. As an equal-opportunities employer, we do not discriminate on the grounds of gender, sexual orientation, marital or civil partner status, pregnancy or maternity, gender reassignment, race, colour, nationality, ethnic or national origin, religion or belief, disability or age (protected characteristics)

PEAS will oppose and avoid all forms of unlawful discrimination. It applies to all aspects of employment with us, including pay and benefits, terms and conditions of employment, grievances and discipline processes, termination and dismissal, redundancy, leave for parents, requests for flexible working, and selection for employment, promotion, training or other development opportunities. This applies in the workplace, outside the workplace (when dealing with beneficiaries, suppliers or other workrelated contact), and on work related trips or events including social events.

Internal Communication and Engagement

The Chief Executive and senior staff have weekly meetings to discuss any business and operations matters. The CEO shares bi-monthly update emails to communicate progress with all staff and encourages any feedback. Quarterly “Ask Us Anything” calls hosted by the Global Senior Team also provide a channel to listen, answer staff queries, and gain their input and feedback. The CEO and other senior management also have regular one-to-one check-ins with staff across all levels of the organisation.

The regular Pulse and DEI Surveys also provide valuable feedback to the senior team and Trustees. Several of the organisation’s strategic goal indicators are taken from the survey results and are therefore discussed at quarterly Trustee meeting.

PEAS consults with its beneficiaries through several channels. Each year, PEAS students and teachers are invited to participate in student and teacher perception surveys, where they are asked for their feedback on a wide range of matters relating to PEAS programming. School Leaders are also invited to participate in the regular Pulse and DEI Surveys. Students are often invited to participate in small group discussions as part of key stakeholder consultations for internal and external monitoring and evaluation processes. Beneficiary feedback from all these channels is used to further improve PEAS’ programming.

To inform our efforts to ensure we have a safe, engaging and motivating workplace, PEAS carries out staff engagement Pulse Surveys three times per year, and an annual Diversity, Equity & Inclusion survey. The senior leadership team ensures clear actions plans laid out to respond to teams’ feedback on their engagement, welfare and motivation.

26

Report of the Trustees

Financial review

PEAS delivered a strong financial performance in 2024, propelling our strategic growth initiatives and expansion. Our income soared past expenditure by an impressive 26%, marking a pivotal moment as the Uganda school network became self-sustaining for the first time. This success enabled us to boost our reserves and secure long-term financial stability

Income and expenditure breakdown

==> picture [129 x 23] intentionally omitted <==

----- Start of picture text -----
Income (£)
12 months to Dec 2024
----- End of picture text -----

Expenditure (£) 12 months to Dec 2024

PEAS total income for the year was £9.6m, marking an 11% increase from last year's £8.7m. This growth can be attributed to enhanced capital expenditure income for school infrastructure expansion and the successful acquisition of new funding as well as increased income from our existing strategic and construction partners. PEAS School income for the year was £3.6m, which is 4% higher than last year’s £3.5m, driven by strong fee collection and exceptional student retention rates that have sustained steady enrolment numbers in both Uganda and Zambia.

PEAS total expenditure for the year was £7.7m, representing a slight 1% reduction from the prior year’s £7.8m. School expenditure was £3.7m, down 6% from the prior year, thanks to lower feeding costs per student. Investments in school expansion, management support, and system strengthening totaled £3.6m, reflecting a 5% increase as our System Strengthening efforts scale up and our strategic approach to cost management keeps spending aligned with inflation. Expenditure on generating funds was to £0.3m, which constitutes 4% of total expenditure.

In 2024, PEAS added £100k to unrestricted free reserves to bolster financial security while strategically releasing £354k from designated reserve to support implementation of our growth strategy. This strategic move includes broadening our education system strengthening initiatives in Uganda, Zambia, and Ghana, as well as solidifying our school network's position in Uganda and Zambia to move towards enhanced financial sustainability.

School building and equipment

The expenditure on school construction is accounted for through PEAS' balance sheet. This is represented by the School Fixed Asset Fund of £12.3m (2023 — £10.1m) included in Total Funds.

During the year PEAS spent £2.5m (2023 — £1.3m) on new school construction, expanding schools and new equipment across the school network. Of that, £0.6m was in Uganda and £1.9m in Zambia.

27

Report of the Trustees

Reserves and investment policy

PEAS has a Reserves and Investment policy in place. PEAS UK aims to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted expenditure for the UK and overseas subsidiaries. The trustees consider that this level will provide sufficient funds to ensure that support and governance costs are covered. PEAS also has an increasing number of restricted reserves which are primarily made up of physical assets such as the school buildings.

Funds and reserve position

PEAS has total funds of £15.76m (Dec 2023 - £13.84m). Of this, £12.31m (Dec 2023 - £10.08m) is physical school infrastructure in Uganda and Zambia and is distinct from usable cash funds. Of the remaining £3.45m of funds, restricted funds are £1.40m (Dec 2023 - £1.45m) and unrestricted funds are £2.05m (Dec 2023 — £2.31m). Of the £2.05m unrestricted funds, £0.77m is part of a designated reserve and £1.28m is usable unrestricted reserve.

PEAS received no complaints related to fundraising in any way over the year. PEAS will not under any circumstances put pressure on any person to donate to PEAS and takes all due care to ensure that any communication that is sent out from PEAS is wanted by the recipient.

Over this year, PEAS continued to only contact individuals who had expressed an interest in hearing from PEAS and had a strict process to ensure that any requests to unsubscribe from PEAS' materials were acted on immediately.

PEAS group current unrestricted reserves position is about 3 months of operating costs, equivalent of the target level set in the reserves policy. This shows an incremental improvement over the past financial years due to a continued steady contribution to unrestricted funds in each year.

UK Fundraising

PEAS fundraising over the year has continued to be done in a way which PEAS believes is best practice, learning from the guidance issued to the sector by the Fundraising Regulator and adheres to PEAS Ethical Fundraising Policy.

All fundraising is carried out strictly in line with PEAS' values, in particular the value of Be Honest. PEAS believes that sticking to our principles of doing what is right for the broader NGO sector is vital to ensure we are having an overall positive impact as well as assuring the long-term success of PEAS.

In 2024, most of funds have been raised from existing donors, which are a mix of institutions, trusts, foundations, corporates and individuals. PEAS has strict policies and guidelines in place which govern our approach to fundraising, including compliance with GDPR. The fundraising team closely monitors compliance with these policies and guidelines.

28

Statement of the Trustees

The trustees (who are also the directors of Promoting Equality in African Schools (PEAS) for the purposes of company law) are responsible for preparing the trustees' annual report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that year. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and apply them consistently

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

As far as each Trustee is aware, there is no relevant audit information of which the company's auditors are unaware. Each Trustee has taken all reasonable steps that he/she ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Approved by the trustees of the Charity on 24th June and signed on its behalf by:

Apollo Gabazira Trustee

==> picture [106 x 25] intentionally omitted <==

----- Start of picture text -----
29
1 Peas”
----- End of picture text -----

Independent Auditor’s Report

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PROMOTING EQUALITY IN AFRICAN SCHOOLS (PEAS)

Opinion

We have audited the financial statements of Promoting Equality in African Schools (PEAS) for the year ended 31 December 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees’ and the Strategic Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

30

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 29, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to charitable companies in England and Wales, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, corporation tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

31

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………………………… Steve Harper (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of HayMac LLP, Statutory Auditor London EC4R 1AG

Date: 11 July 2025

Consolidated statement of financial activities

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

Consolidated balance sheet PROMOTING EQUALITY IN AFRICAN SCHOOLS (PEAS) (NO. 06552715)

As at 31st December 2024

Year ended 31st December 2024

The net income of the charity before consolidation was £478,040 (2023: £644,578).

All of the Charity’s activities derive from continuing operations during the above period.

The financial statements were approved and authorized for issue by the Board of Trustees on 24th June 2025 and were signed on its behalf by: 7bak \ —__ Apollo Gabazira Trustee

33

Consolidated statement of cash flows

Year ended 31st December 2024

Notes to the financial statements

Year ended 31st December 2024

1. Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

The financial statements have been prepared on the consolidated basis in accordance with 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) (second edition effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Promoting Equality in African Schools (PEAS) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

In the application of the Charity'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.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the account where these judgements and estimates have been made include:

Preparation of the accounts on a going concern basis

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year form the date of approval of this account.

In making their assessment, the trustees of the charity have considered the impact of the global environment. However, the Charity’s current and forecasted unrestricted reserves and cash position is above the target levels set out in the reserves policy and has secured multi-year grants.

The Trustees have therefore concluded that there are no material uncertainties that may cast significant doubt on the ability of the charity to continue as a going concern.

Presentational currency

The consolidated financial statements are denominated in Pounds Sterling.

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.

35

Foreign currency transactions

Transactions in foreign currencies are translated to Sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to Sterling at the exchange rate ruling at that date.

The results of overseas operations are translated at the average annual rate of exchange and their balance sheets at the rates ruling at the balance sheet date.

Exchange differences arising, including those on the translation of opening net assets of overseas subsidiary undertakings, are taken to the SOFA.

Group financial statements

The financial statements consolidate the results of the charity and its partner organisations PEAS Uganda and PEAS Zambia, which are under the common control of PEAS UK, on a line-by-line basis. A separate Statement of Financial Activities, including the income and expenditure account, for the charity itself are not presented in accordance with the applicable exemptions afforded by section 408 of the Companies Act 2006. The financial performance of PEAS UK can be found in note 4. There is currently no PEAS subsidiary in Ghana, hence not included in consolidation.

Income

Income is recognised when the charity has entitlement to the funds, any conditions attached to the items have been met, it is probable that the income will be received, and the amount can be measured reliably.

The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred and includes any VAT which cannot be recovered.

Tangible fixed assets and depreciation

Tangible fixed assets costing over £500 (including any incidental expenses of acquisition) are capitalised. Provision for depreciation is made to write off the cost or valuation of tangible fixed assets, less any residual value, on a straight-line basis over the expected useful economic lives of the assets concerned. Land is not depreciated.

Depreciation on all other assets is calculated on a straight-line basis over the estimated useful life of the asset as follows:

Buildings 25 years Furniture and fittings (Uganda) 4 years Furniture and fittings (Zambia) 4 years Motor vehicles 4 years Computer and office equipment (UK) 4 years Computers and office equipment (Zambia) 4 years Machinery 5 years

The effect of these different depreciation rates between the group entities is not considered to have a significant effect on the financial statements and so no adjustment has been made upon consolidation.

36

Capital work in progress

All assets that are under construction or assembling in a project nature are classified as work in progress. Assets in the course of construction (capital work in progress) are not depreciated. Upon completion, the accumulated cost is transferred to an appropriate asset category where it is depreciated according to the policy on property and equipment.

Intangible Assets

The charity has entered land leasehold arrangements and has determined, based on an evaluation of the terms and conditions of the arrangements, that it does not retain all the significant risks and rewards of ownership of the land and accounts for the contracts as operating leases.

Pensions

The charity has a defined contribution 'money purchase' scheme for UK employees. The administration costs of the defined contribution scheme are included within support and governance costs and charged to the unrestricted funds of the charity.

2. Legal status and registered address of the charity

The Charity is a company limited by guarantee incorporated in the UK and has no share capital. The registered address of the Charity is 82 Tanner St, London SE1 3GN.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for a particular area of the charity's work.

37

3. Group financial performance in the prior period

4. Financial performance of PEAS UK

The consolidated Statement of Financial Activities includes the results of PEAS UK.

38

5. Financial performance of PEAS Uganda Limited

The consolidated Statement of Financial Activities includes the results of PEAS Uganda Limited, a company limited by guarantee, incorporated in Uganda (Liliesleaf Chambers 1st & 2nd floor, Plot 2B Kyambogo Drive, Ministers’ Village Ntinda, P.O. Box 23308, Kampala).

6. Financial performance of PEAS Zambia Limited

The consolidated Statement of Financial Activities includes the results of PEAS Zambia Limited, a company limited by guarantee incorporated in Zambia (35 Sheila Dare, PO Box 71192, Ndola).

39

7. Income received

Cash donations received increased in 2024 compared to the prior period due to the successful acquisition of new funding as well as increased income from our existing strategic and construction partners.

8. Expenditure

Analysis of support costs

Tuition and boarding fees increased in 2024 compared to the prior period aided by growth in enrolment numbers and strong fee collection across the school network.

Other income includes school income generating activities and recovering bad debts on fees.

40

Analysis of support costs – prior period

10. Exchange differences

The consolidated accounts include the value of the school land and buildings owned by PEAS Uganda and PEAS Zambia.

The book value of these assets (and other assets and liabilities) in the accounts of PEAS Uganda is stated in Ugandan Shillings (UGX) & Zambia Kwacha (ZMW) and converted to GBP as part of the consolidation process. The combined value of this estate is approximately £13.1m (Dec 2023 - £10.8m) at the balance sheet date, and this large value means that a relatively small shift in the UGX:GBP or ZMW:GBP exchange rate over the course of a year can produce a significant exchange difference on consolidation. However, as it relates to the GBP valuation of a category of fixed assets that the charity intends to hold beyond the 25-year depreciation period to the point when their book value will be zero, any exchange difference represents a book entry in restricted funds rather than what might be considered a "real" exchange gain or loss on an investment or a saleable asset.

9. Auditor remuneration

41

11. Analysis of staff costs

12. Related party transactions

There were no related party transactions during the year nor the prior period.

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (Dec 2023 - £nil).

No expenses were paid to the trustees in the period (Dec 2023 - £nil).

The key management personnel of the charity, PEAS UK, comprise of the Board of Trustees, the Chief Executive Officer, the Chief Program Officer, the Chief Operating Officer, and Head of Partnerships.

The number of staff receiving emoluments exceeding £60k were as follows:

The key management personnel of the group comprise of those of PEAS UK and the key management personnel of its wholly owned subsidiaries PEAS Uganda Limited and PEAS Zambia Limited, In this Financial year, key management personnel included Country Director in Uganda, and Country Director and Deputy Country Director in Zambia.

The employee benefits of key management personnel for the Group was therefore £533k (Dec 2023 - £496k).

PEAS received support from one volunteer over the course of 2024 in the UK Office. The volunteer supported with business development and administration, delivering a series of projects to support the team.

The average monthly head count of employees (including casual and part-time staff) during the year were as follows:

42

13. Government Grants

The UK Government Foreign, Commonwealth & Development Office (FCDO)

In 2024, The UK Government supported PEAS through FCDO Zambia as part of the wider FCDO programmes to strengthen education systems to improve learning. These bilateral partnerships between FCDO and PEAS are increasing access to quality secondary education and improving the sustainability of PEAS and PEAS schools. The partnerships also enable PEAS to leverage the strengthened network of schools to have a system-level impact in Uganda and Zambia.

Donations received under the FCDO Uganda and Zambia partnerships during the year were £3.875m (Dec 2023 - £0.897) and expenditure was £2.787m (Dec 2023 - £1.878m).

U.S. Agency for International Development (USAID)

In 2024, PEAS received £0.484m from USAID as part of the Catalyze EduFinance development Programme to i) grow PEAS Zambia’s network of PPP secondary schools to scale, ii) deliver a quality secondary education to each of our communities, and iii) provide technical assistance to equity-focused primary schools in low-income communities around PEAS Zambia schools.

Ministry of General Education, Government of Zambia

In 2016, PEAS reached a ground-breaking partnership with the Zambian Ministry of General Education under which the government would pay for all the per-pupil expenses while PEAS only had to fundraise for the cost of building a school. Thanks to this partnership, since 2018 PEAS has opened two partnership schools, which both have zero-day fees. Through this partnership, in 2024 PEAS received an equivalent of £98k (Dec 2023 - £66k).

14. Corporation Tax

Promoting Equality in African Schools is a registered charity and as such is exempt from tax on its income to the extent this is applied for charitable purposes.

43 | Peas

15. Tangible fixed assets – Group

16. Tangible fixed assets – Charity

17. Intangible fixed assets – Group

44

18. Debtors: amounts falling due within one year

19c. Deferred Income Analysis

Deferred income refers to grants / donations received in advance of the expenditure on the activity funded by the grant or donation.

19a. Creditors: amounts falling due within one year

20. Analysis of movements in funds

19b. Creditors: amounts falling due after one year

45

Analysis of movements in funds - prior year

20. Analysis of movements in funds (continued)

GHANA - General Funding received from donors for PEAS Ghana
but not restricted to specific activity.
UGANDA -
Construction		 Funds to cover the design and building of our
schools in Uganda.
Empowerment and
Development for Girls
Education (EDGE)		 FCDO funded programme through FCDO
Zambia to enable PEAS to increase access to
high quality education, leveraged through
expansion of PEAS school network, delivering
school improvement services and improving
provision of quality education in government
and community schools.
UGANDA -
Programmes		 Funds to cover running of our schools and
educational programmes in Uganda.
ZAMBIA -
Construction		 Funds to cover the design and building of our
schools in Zambia.
ZAMBIA -
Programmes		 Funds to cover running of our schools and
educational programmes in Zambia.
School fixed asset
fund		 Funds representing the value of our schools’
network infrastructure.
Designated fund Funds designated to support implementation of
PEAS’ new 2024-26 growth strategy including
scaling of education system strengthening work
in Uganda & Zambia, expanding PEAS’ work to
new countries, and continued transformation
and expansion of PEAS Uganda and Zambia
school networks to reach financial
sustainability.

Transfers from restricted funds to school fixed asset fund represent the net additions to the schools’ network infrastructure in the year.

46

21. Analysis of net assets between funds

22. Post balance sheet events

After the balance sheet date, PEAS expanded its educational support in Zambia through a merger with the award-winning Impact Network programme. This strategic merger, completed on 1 January 2025, enables PEAS to provide comprehensive educational services spanning early childhood, primary, and secondary education in rural Zambia. The merger enhances PEAS’ capacity to support students continuously from the commencement of primary school through to graduation from secondary school. This event occurred after the balance sheet date and therefore does not affect the results reported for the financial year ended 31 December 2024. The financial and operational implications of this merger will be reflected in the subsequent reporting period.

23. Reconciliation of net movement in funds to net cash flow from operating activities

24. Capital Commitments and contingent liabilities

There were no capital commitments and contingent liabilities as at 31 December 2024.

.Jl rr Registered Charity no. l 126550 | Registered Company n 52715 WWW.PEAS.ORG.UK