Charity registration number 1127759 (England and Wales)
RURAL AFRICA CHILDREN'S EDUCATION TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
RURAL AFRICA CHILDREN'S EDUCATION TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Adetunji Adeleye | |
|---|---|---|
| Deirdre Frances Trapp | ||
| Mary Ann Perasso | ||
| Elizabeth Maia Clifford | ||
| Charity registration | England and Wales | 1127759 |
| Independent examiner | Affinia | |
| 3rd Floor | ||
| Chancery House | ||
| St Nicholas Way | ||
| Sutton | ||
| Surrey | ||
| SM1 1JB |
RURAL AFRICA CHILDREN'S EDUCATION TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
RURAL AFRICA CHILDREN'S EDUCATION TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The trustees present their annual report and financial statements for the year ended 31 August 2025.
Rural Africa Children’s Education Trust (RACET) is a Registered Charity (No.1127759), based at 145 Pilgrims Way, Kemsing, Sevenoaks, England, TN15 6TR.
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.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
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 109 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 additional learning centres based at Mfuma and Ipollo;
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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. initiatives to support the education of girls and young women including community engagement and advocacy and practical measures such as sanitation;
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e. grants and scholarships to support graduating RACET secondary students in tertiary education.
Our Learning Centres at the Ntrigom, Mfuma & Ipollo Schools house computer suites with electricity and lighting provided by solar power.
Staff at our Learning Centres provide information technology education for all 811 children at the three schools supported by the charity. In addition, they extensively support the senior pupils throughout the local community in their preparation for the school leaving exams and university admission tests which are required to be undertaken in Nigeria entirely at computer enabled centres. Without access to the support and resources available at our Centres, these children would have no realistic prospect of obtaining school leaving qualifications, let alone applying for university admission.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
The Trustees are delighted to report that 23 former pupils supported by the Centre are now in university education and a further 13 have recently graduated. 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.
Financial review
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level higher or equivalent to two year's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Structure, governance and management
The charity is a trust controlled by its governing document, a deed of trust.
The trustees who served during the year and up to the date of signature of the financial statements were: Adetunji Adeleye Deirdre Frances Trapp Mary Ann Perasso Elizabeth Maia Clifford
Recruitment and appointment of trustees
The trustees have procedures in place with regard to the appointment of trustees as included in the charities governing document. There must be at least three trustees. Apart from the first trustees, every trustee must be appointed by a resolution of the trustees passed at a special meeting called under clause 15 of the deed of trust.
In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Charity.
The trustees' report was approved by the Board of Trustees.
Adetunji Adeleye Trustee
30 June 2026
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RURAL AFRICA CHILDREN'S EDUCATION TRUST
I report to the trustees on my examination of the financial statements of Rural Africa Children's Education Trust (the charity) for the year ended 31 August 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Affinia
3rd Floor Chancery House St Nicholas Way Sutton Surrey SM1 1JB Date: ............................
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 2 | 74,585 | 28,168 |
| Bank interest received | 3 | 1,142 | 371 |
| Total income | 75,727 | 28,539 | |
| Expenditure on: | |||
| Charitable activities | 4 | 22,698 | 30,572 |
| Total expenditure | 22,698 | 30,572 | |
| Net income/(expenditure) | 53,029 | (2,033) | |
| Other recognised gains and losses: | |||
| Other losses | 9 | - | (70) |
| Net movement in funds | 53,029 | (2,103) | |
| Reconciliation of funds: | |||
| Fund balances at 1 September 2024 | 43,706 | 45,809 | |
| Fund balances at 31 August 2025 | 96,735 | 43,706 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
BALANCE SHEET
AS AT 31 AUGUST 2025
| 2025 Notes £ Current assets Cash at bank and in hand 96,735 Net current assets The funds of the charity Unrestricted funds 10 The financial statements were approved by the trustees on 30 June 2026 Adetunji Adeleye Trustee |
£ 96,735 96,735 96,735 |
2024 £ 43,706 |
£ 43,706 |
|---|---|---|---|
| 43,706 | |||
| 43,706 | |||
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
Charity information
Rural Africa Children's Education Trust is constituted as a charitable trust with a board of trustees. It is an unincorporated body.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Income
Donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant are recognised once received.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised on payment.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 74,585 | 28,168 |
3 Bank interest received
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Bank interest | 1,142 | 371 |
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
4 Expenditure on charitable activities
| Advancement | Advancement | |
|---|---|---|
| of education | of education | |
| in Nigeria | in Nigeria | |
| 2025 | 2024 | |
| £ | £ | |
| Direct costs | ||
| Bursaries & Scholarships | 10,359 | 7,255 |
| Sir Brandon Gough Centre | 5,230 | 7,082 |
| Other Projects | 2,822 | 14,724 |
| Charity Administration | 4,287 | 441 |
| 22,698 | 29,502 | |
| Share of support and governance costs (see note 5) | ||
| Governance | - | 1,070 |
| 22,698 | 30,572 | |
| Analysis by fund | ||
| Unrestricted funds - general | 22,698 | 30,572 |
| Support costs allocated to activities | ||
| 2025 | 2024 | |
| £ | £ | |
| Governance costs | - | 1,070 |
| Analysed between: | ||
| Advancement of education in Nigeria | - | 1,070 |
5 Support costs allocated to activities
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Teachers | 4 | 4 |
There were no employees whose annual remuneration was more than £60,000.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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RURAL AFRICA CHILDREN'S EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
9 Other gains and losses
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) upon: | £ | £ |
| Foreign exchange | - | 70 |
10 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 September | At 1 September | Incoming | Resources | Transfers | Gains and | Gains and | At | 31 August | |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | resources | expended | losses | 2025 | |||||
| £ | £ | £ | £ | £ | £ | ||||
| Inspiring Futures | |||||||||
| Fund | - | 50,000 | (6,333) | - | - | 43,667 | |||
| General funds | 43,706 | 25,727 | (16,365) | - | - | 53,068 | |||
| 43,706 | 75,727 | (22,698) | - | - | 96,735 | ||||
| Previous year: | At 1 September | Incoming | Resources | Transfers | Gains and | At | 31 August | ||
| 2023 | resources | expended | losses | 2024 | |||||
| £ | £ | £ | £ | £ | £ | ||||
| Replacement | |||||||||
| school bus | 3,005 | 6,489 | (1,770) | (7,724) | - | - | |||
| General funds | 42,804 | 22,050 | (28,802) | 7,724 | (70) | 43,706 | |||
| 45,809 | 28,539 | (30,572) | - | (70) | 43,706 |
In the prior year, the designated funds in relation to the replacement school bus were cleared as the school bus was purchased during the year. The fund had been built up through unrestricted donations from the Trustees. The fund represented the excess in donations received from Trustees which had not been used to cover the costs of administration, governance & compliance.
During the year, the Inspiring Futures Fund was established to support up to 100 academically talented students from disadvantaged backgrounds in rural Cross River State, Nigeria, to pursue highly skilled professional university courses including Medical Sciences, Engineering, Law, Computing and Economics.
11 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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