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Registration number: 1127759
RURAL AFRICA CHILDREN'S EDUCATION TRUST ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023
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CLARKSON HYDE LLP Chartered Accountants
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RURAL AFRICA CHILDREN'S EDUCATION TRUST CONTENTS
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| Personnel and charity overview | 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
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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 four employees tasked with the operation of the Charity im 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.
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The Trustees are delighted to report that 23 former pupils supported by the Centre are now in university education. We are immensely grateful to all our donors who have contributed so much to improve the wellbeing and future of the children in Cross River State, Nigeria.
The Trustees carried out an inspection visit on 29 January 2024 over an 8 day period to include the three secondary schools located in the Ntrigom area and both universities in Cross River State. Those costs and expenses for administering the charity continue to be paid for by the Trustees personally.
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RURAL ARICA CHILDREN'S EDUCATION TRUST CHARTERED ACCOUNTANTS’ REPORT
As described on page 4, you have approved the accounts for the year ended 31 August 2023 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
26th June 2024
3"4 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 2023
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| Year | Year | ||
|---|---|---|---|
| ended | ended | ||
| 31 August | 31 August | ||
| 2023 | 2022 | ||
| Note | £ | £ | |
| Income: Donations&contributions receivable (incl giftaid) Bank interest received |
1.1 | 30,424 - |
37,578 - |
| Expenses: | |||
| Bursaries&Scholarships | 1.2 | (7,557) | (7,686) |
| SirBrandonGough Centre | 13 | (5,601) | (10,206) |
| Otherprojects | L4 | (29,497) | (1,886) |
| Charity Administration | 1.5 | (523) | (1,019) |
| Governance&Compliance | 1.6 | - | - |
| Other recognised gains/(losses): | |||
| Gains/(losses) on foreign exchange | (14,889) | 5,291 | |
| Surplusfortheyear Fundbalances at31 August2022 |
(27,643) 73,452 |
22,072 $1,380 |
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| Fundbalancesat31August2023 | 45,809 | 73,452 |
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RURAL AFRICA CHILDREN'S EDUCATION TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2023
| Year | Year | ||
|---|---|---|---|
| ended | ended | ||
| 31 August | 31 August | ||
| Note | 2023 | 2022 | |
| £ | £ | ||
| Current assets | |||
| Cash atbank and in hand | 45,656 | 47,021 | |
| Cash held in Nigeria | 153 | 26,431 | |
| 45,809 | 73,452 | ||
| Net assets | 45,809 | 73,452 | |
| Restricted funds | = | = | |
| Unrestricted funds | LF | 45,809 | 73,452 |
| 45,809 | 73,452 |
The financial statements were approved on 26/06/2024.
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Zon Le a
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Mr Adetunji Adeleye Trustee/Treasurer
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RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
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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 2023.
1.1 Income
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|2023|2022|
|£|£|
|General|Donations|incl|Gift Aid|8,424|12,983|
|Trustees|Donations|6,600|11,000|
|Fundraising|Events|-|-|
|SBGC|Donations|7,200|7,200|
|Education|for|Girls|2,500|510|
|University|Scholarship|Scheme|5,700|5,885|
|Infrastructure|Projects|-|-|
|30,424|37,578|
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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
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|---|---|---|---|
|2023|2022|
|£|£|
|Scholarships — Secondary School|2,594|2,889|
|Scholarships|- University|4,963|4,797|
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The above has been translated using the following exchange rate N1,135.84: £1 (2022: N765.41: £1).
RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
13 Sir Brandon Gough Centre
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Teaching staffcosts | 4,685 | 7,183 |
| Repairs& Maintenance | 334 | 1,835 |
| School bus costs | 582 | 1,160 |
| Fixtures& Fittings | - | 28 |
| 5,601 | 10,206 |
The above has been translated using the following exchange rate N1,135.84: £1 (2022: N765.41: £1),
1.4 Other Projects
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Solar Lanterns | 1,352 | - |
| Infrastructure for schools | 6,026 | 596 |
| Keeping Girls in School (incl Period Poverty) | 1,851 | 1,290 |
| Replacement School Bus | 20,268 | - |
| 29,497 | 1,886 |
All costs relating to the Replacement School Bus were met by the trustees — see note 1.7.
1.5 Charity Administration
| Charity Administration | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Website& Postage | 240 | 122 |
| Bank Charges & Donation Platforms | 283 | 897 |
| Fundraising &Administrative Expenses | - | - |
| 523 | 1,019 |
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 2023
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1.6 Governance & Compliance
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|2023|2022|
|£|£|
|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
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|1.7|Unrestricted|Funds|
|2023|2022|
|£|£|
|General|funds|42,804|56,256|
|Designated|funds — Replacement|school bus|3,005|17,196|
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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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