Registration number: 1127759
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RURAL AFRICA CHILDREN'S EDUCATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020
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CLARKSON HYDE LLP Chartered Accountants
RURAL AFRICA CHILDREN'S EDUCATION TRUST CONTENTS
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| Personnel and charityoverview | 1 |
| Accountants’ report | 2 |
| Incomeandexpenditureaccount | 3 |
| Balance sheet | 4 |
| Notestotheaccounts | 5-7 |
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RURAL AFRICA CHILDREN'S EDUCATION TRUST PERSONNEL AND CHARITY OVERVIEW
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Status
Rural Africa Children’s Education Trust (RACET) is a Registered Charity based in Sevenoaks, England, registration number | 127759.
The Charity is managed by a Board comprising four Trustees, all resident in the UK and employees tasked with the operation of the Charity in Cross River State, Nigeria.
The constitution to which the Trust works is the Charity Commission recommended Model Trust Deed GD2.
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RACET was established in 2008 primarily to advance education in Nigeria by assisting children from poor families in rural areas with the costs of secondary education. Since then, the scope of assistance provided has increased to include: a) bursaries and scholarships for 62 children across three secondary schools located in the Ntrigom area of Cross River State;
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b) provision of a computer suite and reference library at the Sir Brandon Gough Learning Centre, Ntrigom. An additional learning centre based at Mfuma school was commissioned during the financial year courtesy of a generous grant amounting to £15,828 from the British and Foreign School Society (BFSS);
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c) general infrastructural assistance such as water and electricity at secondary schools in rural communities, including solar lanterns for students and teachers;
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d) grants and scholarships to support graduating RACET secondary students in tertiary education.
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Both Learning Centres at the Ntrigom & Mfuma Schools house computer learning suites with electricity and lighting provided by solar power. These are the only buildings with electricity in the surrounding area which is characterised by subsistence farmland.
Staff at both Learning Centres provide information technology education for all of the children at the three schools supported by the charity. In addition, they support the senior pupils extensively in their preparation for school leaving and university admission examinations which are required to be undertaken in Nigeria entirely at computer enabled centres. Without access to the support and resources available at both Centres, these children would have no realistic prospect of obtaining school leaving qualifications, let alone applying for university admission.
The Trustees are delighted to report that sixteen former pupils supported by the Centre are now in university education, the first to do so from their community. We are immensely grateful to all our donors who have contributed so much to improve the well-being and future of the children in Cross River State, Nigeria.
The next Trustee inspection visit to Ntrigom is scheduled for October 2021 subject to COVID-19 restrictions, the costs of which are paid for by the Trustees personally, as are all the costs of administering the charity.
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RURAL ARICA CHILDREN'S EDUCATION TRUST CHARTERED ACCOUNTANTS’ REPORT
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As described on page 4, you have approved the accounts for the year ended 31 August 2020 set out on pages 3 to 7, In accordance with your instructions, we have compiled these accounts from the accounting records and information and explanations supplied to us.
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Clarkson Hyde LLP
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Chartered Accountants
3°4 Floor Chancery House St Nicholas Way Sutton SM1 1JB
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RURAL AFRICA CHILDREN'S EDUCATION TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020
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|Year|Year|
|ended|ended|
|31|August|31|August|
|2020|2019|
|Note|£|£|
|Income:|
|Donations|&|contributions|receivable|1.1|57,683|31,615|
|(incl|gift|aid)|
|Bank interest received|-|-|
|Expenses:|
|Bursaries &|Scholarships|12|(12,189)|(7,246)|
|Sir Brandon Gough Centre|13|(9,032)|(6,389)|
|Other projects|1.4|(24,422)|(3,739)|
|Charity|Administration|1.5|(2,233)|(2,495)|
|Governance &|Compliance|1.6|(5,598)|(734)|
|Surplus|for the year|4,209|11,012|
|Fund balances|at 31|August 2019|31,339|20,327|
|Fund balances|at 31|August 2026| 35,548| 31,339|
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RURAL AFRICA CHILDREN'S EDUCATION TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2020
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| Year | Year | ||
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| ended 31 August |
ended 31 August |
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| Note | 2020 | 2019 | |
| £ | £ | ||
| Current assets | |||
| Cashat bankandinhand | 35,332 | 31,339 | |
| Cashheld inNigeria | 216 | - | |
| 35,548 | 31,339 | ||
| Netassets | 33,548 | 31,339 | |
| Restrictedfinds | - | - | |
| Unrestricted funds | 35,548 | 31,339 | |
| 35,548 | 31,339 |
The financial statements were approved on 27/06/2021
Mrs M A Peyasso Secretary
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020
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1 Accounting policies
The financial statements have been prepared under the historical cost convention and applicable accounting standards.
These financial statements record the transactions of the Rural Africa Children's Education Trust for the year ended 31 August 2020.
1.1 Income
| 2020 | 2019 | |
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| £ | £ | |
| General Donations incl GiftAid | 8,155 | 11,684 |
| Trustees Donations | 9,930 | 6,315 |
| Fundraising Events | 12,970 | 2,196 |
| SBGC Donations | 7,200 | 6,300 |
| Education for Girls | - | 2,400 |
| One World | 1,500 | 2,000 |
| University Scholarship Scheme | 2,100 | 420 |
| Infrastructure Projects | 15,828 | 300 |
| 51683 | =31,615 |
Income represents donations received by the charity, including contributions from the trustees to cover the full cost of administering the charity.
1.2 Bursaries & Scholarships
| 2020 | 2019 | ||||
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| £ | £ | ||||
| Scholarships | — | Secondary | School | 5,405 | 3,525 |
| Scholarships | - | University | 6,784 | 3,720 | |
| 12,189 | 7,246 |
The above has been translated using the following exchange rate N467: £1 (2019: N473:£1).
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020
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1.3 Sir Brandon Gough Centre
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|Teaching staffcosts|6,250|4,101||||
|Repairs&Maintenance|929|97||||
|School bus costs|1,299|1,394||||
|Fixtures& Fittings|554|797|||
||2,032|6,389|||||
|Other Projects||||||
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£
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|Solar Lanterns|3,033|578|||
|Infrastructure forschools|20,482|2,441||||
|Keeping Girls in School (inclPeriodPoverty)|407|320||||
|Grants toDeprivedRural Schools|500|400|,||
||24,422|3,739||||
1.4 Other Projects
Infrastructure for schools in the current financial year includes grant funding of £15,828 from the British and Foreign School Society (BFSS) which enabled creation of a second Learning & Computer Centre at the Comprehensive Secondary School Mfuma — see note 1.1
1.5 Charity Administration
| 2020 | 2019 | ||
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| £ | £ | ||
| Website&Postage | 305 | 595 | |
| BankCharges&Donation Platforms | 234 | 240 | |
| Fundraising | & Administrative Expenses | 1,694 | 1,660 |
| 2233 | __2,495 |
All costs relating to the administration of the charity are met by the trustees — see note 1.1
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020
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| 1.6 | Governance& Compliance | ||
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| 2020 | 2019 | ||
| £ | £ | ||
| Inspection visits byUK trustees | 5,598 | 734 | |
| 5,598 | —B4 |
All costs relating to the inspection visits made by trustees to the schools supported by the charity are met by the trustees — see note 1.1