Registration numb¢r'. 1127759 RURAL AFRICA CHILDREN'S EDUCATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 A￿1n18 Acc4)untsnts RURAL AFRICA CHTLDREN'S EDUCATION TRUST CONTENTS P28e Personnel and charity overview A¢collntants' report tocoinc aod cAp¢nditurc accoullt Balauce sheet Notes to the accounts RURAL AFRICA CHILDREN'S EDUCATION TRUST PERSONTr4EL AND CHARITY OVERVIEW Status Rural Africa Children's Education Trust (RACET) is a Re￿Stered Charity based iti Sevenoaks, England. registration Durllber 1127759. Tbe Charity is managed by a Board comprisillg four frnstees, all resident in tbe UK and four employees tssked with the operation of the Charity ill Cross River State, Nigeria. Tbe cotistitution to wkn'ch the Tn]st works is the Charity Conunisgion recommended Model Tnjst Deed GD2. BACET was estAblished in 2008 primarily to advance educatlOD in Nigeria by assisting children from poor families in rural areas with the costs of secondary educatioll. Sitiee then, the scope of assistance provided has increased to include.. a} bllrsaries and scholarships for 108 children atross three secondary schools located in the Ntrigom area of Cross Rj'ver State. bl provision of a computer sulte and referellce library at the Sir Bralldon Gough Learning Centre, Ntiigotn and an additional learDillg centre based at blfuma alld Ipollo. c) general infrastructural assistance such as water aud electrÈcity at secondary sch(KJls in njral COEnTnunities, including solar lanterns for students and teachers,. d} initiatives to support the educatioll of girls alld yowig women including COTnmunity engagement and advocacy and practical measures such sanitation. e) graDts and scholarships to support graduating RACET seeolldary students in tertiary educatiou. Our Learning Centres at the Ntri8oTn, Mfuma & Ipollo Schools house computer suites with electricity and ligbting provided by soldr power. Staff at our LeamEng Celltres provide itiforniation technology education for all 705 children at the three schools supported by the charity. In addition. they extensively support the senior pupils tbrougbout the local community in their preparation for s¢hool leaving exams and wiiversity admission tests whicb are required to be undertakell in Nigeria elltitely at ¢o]nputer enabled centres. Without access to the support and resources available at our Centres, these children would have no realistic prospect of obtaining school leaving qualifieatioT]s, let alone applying for university athnission. The Tn￿teeS are delighted to report that 20 pupils supported by the Centre are now in university education and a ￿rther 7 have recently ￿adUated. We are immensely grateful to all our Ilonors who have contributed so much lo improve the well-being and future of the Children in Cr¢)ss River State, Nigeria. The next Trustee inspection is scheduled for the final quarter of 2025, the costs of which are paid for by the TNstees personally, as are all the costs of administering the charity. RURAL AIUCA CHtLDREN'S EDUCATION TRUST CEL4RTERED ACCOUNTANTS, REPORT As described OD page 4, you have ttpproved the accounts for the year ended 31 August 2024 set out on pages 3 to 7. In accordance with your instnjctions. we have CO￿piled these accounts from the accounting records and inforn￿li0ll and explattatiojs supplied to us. Ltsl 30th June 2025 Accountants 3" Floor Chaiicery House St Nicholas WAY Sutton Surrey SMI IJB RURAL AFRICA CHtLDREN'S EDUCATION TRUST tNCOME AND EXPENDITURK ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Year Year ended ended 31 August 31 August 2024 2023 Nots Income: Donatious & Cotitributions receivable {in¢l gift aid) Bank interest received 28.168 30,424 371 Eipen8es.' Bursaries & Scholarships Sir Brandon Gough Cetttre Other projects Charity Administration GoVerr￿ice & Compliance {7,255) {7,082) (14.724) (441) (1,070) (7,557) {5,601) 129,497) {523) Other recognised galnsloosses): Gain￿{loSses) on foreign exchange (70) {14,889) Surplus for the year Fund balances at 31 August 2023 Fund balAnces at 31 August 2024 (2,103) (27,643) 45.809 73,452 RURAL AFRICA CHILDREN'S EDUCATION TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 Year Year ellded ended 31 August 31 August 2024 2023 Note Current #ssets Cash at bat￿ and ]n hand 43,695 45,656 Cash b¢ld in Nigeria 153 43,706 45,809 Net assets Restricted fL￿dS Ullrestrieted funds The financial ststements were approved on 3010612025. Mr Adetunji Adeley¢ Trusteeftreasurer RURAL AFRICA CHtLDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Aceountlng polieies The f￿￿cIal statements have been prepared under the historical cost convention alld applicable accouEiting gtalldard5. These finallcial statements record the transactions of the Rural Africa Children's Education Trust for the year ended 31 August 2024. Income 2024 2023 Getterdl Donations incl Gift Aid 11256 8,000 1,712 7,200 8,424 6,6(Xl Trnstees Donations Fundra2sing Events SBGC Donations 7200 2,500 5,700 Education for Girls UDiversity Scholarship Scheme Incorne represents donations received by the chatity. Trustees. donations continue to cover the fijll cost of administering the cbatity alld the extraordinary cost of replacing th¢ school bus. Bursaries & Seholarshlps 2024 2023 Scholarships- Secondary School Scholarships- University 1,573 5,682 2,594 4,963 The above has been translated using the following exchange rate Nl,709.21.. £1 12023.. NI,135.84.. £1). RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3 1 AUGUST 2024 IJ Sir Brandon Gough Centre 2024 21123 Teaching staff costs Repairs & Maintenance Scbool bus costs Fixtures & Fittin88 5.156 1,065 861 4,685 334 582 Tbe &bove has been translated using the following exchange rate Nl,709.21.. £1 (2023.. NI,135.84.. £1). Other Projects 2024 2023 SO1￿ Lanterns Infra8tsucture for schools Keeping Girls In School (incl Period Poverty) Purcbase of School Bus & Tricycle 1,352 6,026 I,851 20.268 11,917 1,036 1,771 All costs relating to the Purchase of the School Bus and Tricycle were met by the truste&8- See note 1.7. Charity Administration 2024 21123 Website & Postage Bank Charges & Donation Platfortns Fundraising & Administrative Expenses 120 321 240 283 All costs relating to the administration of the charity are met by the trJstees- see note l. l. RURAL AFRICA CHILDREN'S EDUCATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Governanee & Compllanee 2024 2023 Inspection visits by UK tlustees 1,070 All ¢omplianc¢ ¢osts relating to the charity are tnet by tILe trustees- see note 1.1 Unrestricted Funda 2024 2023 General fuDds Designated fimd5- Replacement school bus 43,706 42.804 3.005 The general fimd represents the free reserves of the charity. There are no longer any designated fi￿d5 as the school bus was purchased during the year. The fr￿d was built up through unrestricted donations fro￿ the Trustees. The represented the excess in donations recelved froln Trustees which had not been used to cover the costs of adminisEration, governallce & compliance.