Registration number: 1127759
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2021
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CLARKSON HYDE LLP Chartered Accountants
RURAL AFRICA CHILDREN'S EDUCATION TRUST CONTENTS
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| Personnelandcharityoverview | 1 |
| Accountants’ report | 2 |
| Income and expenditure account | 3 |
| Balance sheet | 4 |
| Notestotheaccounts | 5-7 |
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RURAL AFRICA CHILDREN'S EDUCATION TRUST PERSONNEL AND CHARITY OVERVIEW ee
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Status
Rural Africa Children’s Education Trust (RACET) is a Registered Charity based in Sevenoaks, England, registration number 1127759.
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.
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The constitution to which the Trust works is the Charity Commission recommended Model Trust Deed GD2.
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:
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a) bursaries and scholarships for 67 children across three secondary schools located in the Nrigom 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 and an additional learning centre based at Mfuma;
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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.
Both Learning Centres at the Ntrigom & Mfuma Schools house computer learning suites with electricity and lighting provided by solar power.
Staff at both Learning Centres provide information technology education for all 603 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, Jet 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 im Cross River State, Nigeria.
The next Trustee inspection visit to Ntrigom is scheduled for October 2022 or January 2023, 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 2021 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.
Clarkson Hyde LLP
Chartered Accountants
29 June 2022
3°4 Floor Chancery House St Nicholas Way Sutton Surrey
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RURAL AFRICA CHILDREN'S EDUCATION TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021
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| Year | Year | ||
|---|---|---|---|
| ended | ended | ||
| 31 August | 31 August | ||
| 2021 | 2020 | ||
| Note | £ | £ | |
| Income: | |||
| Donations & contributions receivable | Ll | 35,961 | 57,683 |
| (incl gift aid) | |||
| Bank interest received | - | - | |
| Expenses: | |||
| Bursaries& Scholarships | 12 | (10,868) | (12,189) |
| SirBrandonGough Centre | 1.3 | (10,549) | (9,032) |
| Other projects | 1.4 | - | (24,422) |
| Charity Administration | 1.5 | (467) | (2,233) |
| Governance& Compliance | 1.6 | - | (5,598) |
| Other recognised gains/(losses): | |||
| Gains/(losses) on foreign exchange | 1,755 | - | |
| Surplus fortheyear | 15,832 | 4,209 | |
| Fund balances at 31 August2020 | 35,548 | 31,339 | |
| Fundbalancesat31August2021 | 51,380 | 35,548 |
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RURAL AFRICA CHILDREN'S EDUCATION TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2021
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| Year | Year | ||
|---|---|---|---|
| ended | ended | ||
| 31 August | 31 August | ||
| Note | 2021 | 2020 | |
| £ | £ | ||
| Current assets | |||
| Cash at bank and in hand | 35,809 | 35,332 | |
| Cash held in Nigeria | 15,571 | 216 | |
| 51,380 | 35,548 | ||
| Net assets | 31,380 | 35,548 | |
| Restricted funds | - | - | |
| Unrestricted funds | 51,380 | 35,548 | |
| 51,380 | 35,548 |
The financial statements were approved on 29/06/2022
Mrs M A Perasso Secretary
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021
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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 2021.
Ll Income
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| General Donations incl Gift Aid | 17,070 | 8,155 |
| Trustees Donations | 2,500 | 9,930 |
| Fundraising Events | 2,791 | 12,970 |
| SBGC Donations | 7,200 | 7,200 |
| Education for Girls | - | - |
| One World | - | 1,500 |
| University Scholarship Scheme | 6,400 | 2,100 |
| Infrastructure Projects | - | 15,828 |
| 35,962 | 57,683 |
Income represents donations received by the charity, including contributions from the trustees to cover the full cost of administering the charity.
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Bursaries & Scholarships
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Scholarships | — | Secondary | School | 8,034 | 5,405 |
| Scholarships | - | University | 2,834 | 6,784 | |
| 10,868 | _12,189 |
The above has been translated using the following exchange rate N641.25: £1 (2020: N467,L1:£1).
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021
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1.3 Sir Brandon Gough Centre
| Sir Brandon Gough CentreBrandon Gough CentreGough CentreCentre | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Teaching staffcosts | 6,076 | 6,250 |
| Repairs & Maintenance | 3,650 | 929 |
| School bus costs | 654 | 1,299 |
| Fixtures & Fittings | 169 | 554 |
| 10,549 | 9.032 |
The above has been translated using the following exchange rate N641.25: £1 (2020: N467.11:£1).
1.4 Other Projects
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| SolarLanterns | - | 3,033 |
| Infrastructure for schools | - | 20,482 |
| Keeping Girls in School (inclPeriod Poverty) | - | 407 |
| GrantstoDeprivedRuralSchools | - | 500 |
As aresult of mandated school closures by the state government to limit the impact of COVID-19, additional spending was not required for the 2020/21 academic year.
1.5 Charity Administration
| Charity Administration | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Website& Postage | 140 | 305 |
| BankCharges&DonationPlatforms | 327 | 234 |
| Fundraising& Administrative Expenses | - | 1,694 |
| — 467 |
—_— 2,233 |
All costs relating to the administration of the charity are met by the trustees — see note 1.1
RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021
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|1.6|Governance &|Compliance|
|2021|2020|
|£|£|
|Inspection|visits|by UK|trustees|-|5,598|
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Due to COVID-19 travel restrictions there were no inspection visits to Nigeria during the financial year.
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