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Registration number: 1127759
RURAL AFRICA CHILDREN'S EDUCATION TRUST ACCOUNTS
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FOR THE YEAR ENDED 31 AUGUST 2022
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CLARKSON HYDE LLP Chartered Accountants
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RURAL AFRICA CHILDREN'S EDUCATION TRUST CONTENTS
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| Page | |
|---|---|
| Personnel and charity overview | i |
| Accountants’ report | 2 |
| Income and expenditure account | 3 |
| Balance sheet | 4 |
| Notestotheaccounts | 5-7 |
| RURAL AFRICA CHILDREN'S EDUCATION TRUST ! PERSONNEL AND CHARITY OVERVIEW
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 four 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.
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 82 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 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 612 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 21 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 January 2024, 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 2022 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.
6) Clarkson Hyde LLP Chartered Accountants
29th June 2023
3" Floor Chancery House St Nicholas Way Sutton Surrey SMI 1JB
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RURAL AFRICA CHILDREN'S EDUCATION TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 rr ——
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| Year | Year | ||
|---|---|---|---|
| ended | ended | ||
| 31 August | 31 August | ||
| 2022 | 2021 | ||
| Note | £ | £ | |
| Income: | |||
| Donations & contributions receivable | 1.1 | 37,578 | 35,961 |
| (incl gift aid) | |||
| Bank interest received | - | - | |
| Expenses: | |||
| Bursaries& Scholarships | 12 | (7,686) | (10,868) |
| SirBrandonGough Centre | 13 | (10,206) | (10,549) |
| Other projects | 1.4 | (1,886) | - |
| CharityAdministration | 1.5 | (1,019) | (467) |
| Governance& Compliance | 1.6 | - | - |
| Other recognised gains/(losses): | |||
| Gains/(losses) on foreign exchange | 5,291 | 1,755 | |
| Surplus for theyear | 22,072 | 15,832 | |
| Fundbalances at31 August2021 | 51,380 | 35,548 | |
| Fundbalancesat31August2022 | 73,452 | 51,380 |
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RURAL AFRICA CHILDREN'S EDUCATION TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2022
| Year | Year | ||
|---|---|---|---|
| ended | ended | ||
| 31 August | 31 August | ||
| Note | 2022 | 2021 | |
| £ | £ | ||
| Current assets | |||
| Cash atbankand inhand | 47,021 | 35,809 | |
| Cash held inNigeria | 26.431 | 15,57] | |
| 73,452 | 51,380 | ||
| Net assets | 73,452 | 51,380 | |
| Restricted funds | - | - | |
| Unrestricted funds | 1.7 | 73,452 | 51,380 |
| 73,452 | 51,380 |
The financial statements were approved on 23/06/2023.
va i) nok Se lenses semcieetaeee ns Secretary
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022
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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 2022.
11 Income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| General Donations incl GiftAid | 12,983 | 17,070 |
| Trustees Donations | 11,000 | 2,500 |
| Fundraising Events | - | 2,791 |
| SBGC Donations | 7,200 | 7,200 |
| Education for Girls | 510 | - |
| University Scholarship Scheme | 5,885 | 6,400 |
| Infrastructure Projects | - | - |
| 37,578 | 35,962 |
Income represents donations received by the charity. Trustees’ donations continue to cover the full cost of administering the charity and the extraordinary cost of replacing the school bus.
1.2 Bursaries & Scholarships
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Scholarships— | — | Secondary | School | 2,889 | 8,034 |
| Scholarships | - | University | 4,797 | 2,834 | |
| 7,686 | 10,868 |
The above has been translated using the following exchange rate N765.41: £1 (2021: N641.25: £1).
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022
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1.3 Sir Brandon Gough Centre
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Teaching staffcosts | 7,183 | 6,076 |
| Repairs& Maintenance | 1,835 | 3,650 |
| Schoolbus costs | 1,160 | 654 |
| Fixtures& Fittings | 28 | 169 |
| 10,206 | 10,549 |
The above has been translated using the following exchange rate N765.41: £1 (2021; N641.25: £1).
1.4 Other Projects
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| SolarLanterns | ss | - |
| Infrastructure for schools | 596 | - |
| Keeping Girls in School (inclPeriod Poverty) | 1,290 | - |
| Grants to DeprivedRural Schools | - | - |
| 1,886 | : |
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 | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Website& Postage | 122 | 140 |
| Bank Charges& DonationPlatforms | 897 | 327 |
| Fundraising& Administrative Expenses | - | - |
| 1,019 | 467 |
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 2022
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|---|---|---|---|---|---|
|1.6|Governance &|Compliance|
|2022|2021|
|£|£|
|Inspection|visits|by UK|trustees|=|-|
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All compliance costs relating to the charity are met by the trustees — see note 1.1
However, due to COVID-19 travel restrictions there were no inspection visits to Nigeria during the financial year.
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|1.7|Unrestricted|Funds|
|2022|2021|
|£|£|
|General|funds|56,256|44,165|
|Designated|funds — Replacement|school bus|17,196|7,215|
|73,452|51,380|
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The general fund represents the free reserves of the charity.
The designated funds have been ring-fenced by the Trustees for the purpose of replacing the school bus. The fund is being built up through unrestricted donations from the Trustees. The movement in the fund represents the excess in donations received from Trustees which have not been used to cover the costs of administration, governance & compliance.
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