African Gifted Foundation Annual report and accounts for the year ended 31 October 2021 C4)mpany Nwnber. 07061874 Registered Ch•rfty Mumber. 1133900 •AB8G5yty 1610712022 COMPANIES HOUSE A10 211
African Gifted Foundation Annual report for the year ended 31 October 2021 Contents Report ofthe "reCtrs Staternentof Drectors, reSP%lbE$ IlePendent aLvJittrs reFJl SlateThTht of firwncial activitEs Income eypendthre acwjnt 10 Balae sheet Notes ¢0 the finar*ial 5talements 12-15
African Gifted Foundation Report of the Directors for the year ended 31 October 2021 The Board ol Directors wesent their artnl reportfor Ihe yeareThkd 31 Oraober 2021, logettEr7th Ihe audited financial 51atements forthe year. have teen prepared in ¥thran th the FwTrJation's govemiThJ ¢JowmenL Statement of r¢e¢mmefvJed applioble io charite5 prYparir¥J their •Crtts accordanct %%ith the FinarKial Reporfing Stsndard appttsbfe in IhÈ UKand RebCOf Ireland IFRS 1021, Ihe Financial ReportiThJ Stsndwd 102 IFRS 1021 aTrJ the Coni5A2{K6. REFERENCÈ & ADMINISTRATIVE INFORIAAnoM The Aftitan Grfted FL)urxl8tion vM$ ffl¢l)ryrniea ty130 00r 2009 as a tharitJle 0ranY limited by 9uar3ntee ith number7061874. It rrystered as a ch ith effed 29 January 2010 chanty number 11338. The cornpans wistered offKe ond wncwl •dthtss 1$ 10 ta Street Plxe. EC4R 18E. Directors The DireLttors setved IhOUl11 and tolhe dale ofs¥JnirJ thi5 rewt we.. Thna9 lbe (CrI Frank Russe Andr lorissa Farr Fiona Bartels-Elis Rosalirtsl Nana Emela Kainyah Rhianna Kemi Adesv•A LoUe lknbe Zarine ar8$ m Andrew Company Sec¥etary. lan May Ireswd 21 Marth 20221 8en Harber{appotrted 21 20221 Audltor. Madrttyre $0. 6th Flow. 2 Wall Plx¢. L4)thn. E¢2Y&AU B¥nk•rs: 8ardays Bank F4c, One Pl. Lon. E14 5HP Solicltors: Bale5 WeNs Brnithl LLP. 10. QL4een Streei Il•ce. Lofrkn. EC4ft 18E
African Gifted Foundation Report of the Directors for the period ended 31 October 2021 continued STRUCTURE, GOVERNAMCE AIIO MANAGEMENT Governing Documgnt 141ernbers' Liability The rnernbers urtrjertake lo contrime to the assets ofthe FCuTrj3b event ofrt being up duriry memiership or%%iihfA one yw artermemberthpaSe8 such amuntas may be reqrEd. [1 eweding £10. fu Il debts al fwbifities contra¢t befor¢ mwnbershw) ceases. Gov•min9 Body The Directers are the Diredors olthe FouThJatw)n for Ihe puvposes olthe Coryan 2eth and Tw$tees for Ihe purpose$ ofcharity IEgibun. DoLor5 re by Ttion art eb"gtk for re-electron. Directors appointed according lo the srIfaE ol the requitd sets. Tls¢ indude ard a demonstrzted rxirrmfftnt. Re¢wiimert( Tralning and Induction •1 Dire¢to Oirector5 are seled by reference to ts%irelvJibitty. aThJ sFecaaligt $knl$. "rectO reNe regular lYEfing$ 4)n the JnesS plan. financial PeflryTnarKe and ddd •t¢S on oJ>eratwnal prtorilies of Ihe charity.Traiwr¥J and iTrJuclion wc¥Jrwn5 il be thveloped as ihe Fowbdation expaTh15 ils aL¥bti"es. Or9anlsatlon•l Mana9em0nt Oirectors meet as a Body as re¢pMred to deknrrtthe genera F¢¢Y ofthe FrMfftJ•ib)n revw tts overa management c[01$ aThJ fMHrKes. Orgnl$attOfbal Stru¢Wrr Rtlationships The Th'recior5 are r•spwt4e hN lh8 ovwal naE01tr FwrKlh Rlsk Mna9Èment The Directors have assessed Ihe mw the FoLan 15 exwed ill en$ure Ihat $ystVhS are in place to rnana9e r¢k OBJECTS, WMS, oBJecTWES AND PRINCIPAL ACTMTIES The ety"ecs of the Chanty ore to advance edatr"on. incknJir¥J 1lmlhL knitati'onl ty KleNti.ng. teathing mentorin9 aryj developing hwJhly gifted Afri(¥n ¢jHkIr artd Y£1 Feopk ad¥ancwyJ the educafr.on of ihe gifted generally. The ain is to set • bethark for 9ifted eduots.on aThl dehver hi quity gild educati¢nl QPportlI. o)operation iih kadirrfj AIn.n Unive115 armj Internatio partrer5. PUBLIC BENEFIT We have referred to Ihe Charity CrmmlssTh'sYt1lertyl gutt1 m pubb¢benefitvkn re¥ie*g our aim$ and objectives. The benefil of the charity 15, as detsled above. in prOm9 edLration and opporttJnit$ for gifted thireTr in Africa. Whitst many olthe acti¥iiKs are fora partyud¥9W3raphKal èw. the diie¢itysdo TrJiwigJ¥ thi5 lo be an unreaswth rest gNeTh the siTr ofthe ¢o¥wed.
African Gifted Foundation Report of the Directors for the period ended 31 October 2021 continued Strateglc Alm ahd Intnd¢d Imp•¢i The aim o kn set a ben¢hrnark for gifted educat•)n and del¥erlMth quahty fted ed1)nal ¢pportfftities to gifted y¢xJre people each year. in COOFerafKffi ilh Alrn urriversities and sntematwjnal partner5. A tsrget ts tg idents.fy aThl estaNtsh a rrtrrthh¢"p erk auossAfrKa fog95iry on the #rE¥$ ot STEM Ixien¢e. te¢hTrJkgy, erJineeriThJ aTrJ malhematicsl and ¢0 set 8 permanenl scool. Obfv¢yOs for the Pertod The objedive lu the as to wpert V sdwl. Ihe Alraft Stn¢e AcatlÈmy IASAI iThGhan8. aftErthe 5chod cbsvre due to COVID in May X$20, and recothl gifted studerts from acrossAfrica and to take ow fifth mhort of studenls SUfLesshJly throthjh the pmgramme and Ppare them IL¥ university lrfe, %thils¢ further enhanc4rYJ Ihe reputstK•n of Ihe Alrican nce AUrny. hs the parthrri¢ the spread ayoss Ihe the 0tr4'e¢tive also to ensure that ourfith c4)hort and teanwe fdy ¥xc4naled aThl Plethd throughout lknrstudyés by Thplementr'ng cov>19 protocols 1h1n the Sch1. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD The fiflh ¢ohr1 olAfiican Soe0 Ac•J)Y IASAI students cw%sted of Ywn9Men fmm armss Afa tho tame to stth4y maths. further maths and physKs al Canre Inlemational Advanced Level standard. a&ell as leamiro compubry and a rar olothertLvi. In Qdober2021. Ihe stntS Sal IhrAS Level Exams vJ achTre¥ed our best AS Level Results yet In Auyust 2021. our Sludellls a150 Sat thwr SAT exams afvj a¢hieved our best eyer Set QISAT rewJlL Ow stentS are rw apptyw4 lo IEadkry unNe15its aro4md TAxKld a5 prepare lortheir finalA Levd exa. We dedded to a¢£¢pt an Kbtake ol a 5maLr numberolsbJdents116 h75tead of 251 to an¢>w us lo Jegualely 50cialy Stan $bJd¢n15 ark4 to rEopen taubously gwen Ihe abrupt xhrd c&)swe5 Y hi 2020. As a re5vM of the diffiwll ecorkfmic 511ualH)n due to COMD in 2020, Seve ofour m4ordonors ere lorceth to reduc or cancel Iheir pkd9ed donalKJns. hover YAere able tosetyJrÈ luThJiw to o)vefthe c¥)sts ofeducatffKJ r¢Urt 16 Stlents and have ojnb.nued a fvrxlr¥i5ry drive k¥ rryerourco515 for the 2022r23 arthmiG >E#r. We ended the pervl horg athieved ow cbiedive of reopenirg the 5choDI arcOMin9 ¥ fffth ctshort of9ifted Siudents. woviding thern all With fumy lur¥Jed sch)la•ps. Since operirvj in Z016, have noweducaled over 1CKI ft8d young WOM h8V gone ¢)n to $14Kly at uTh¥ersi¢s al ovwAfrv aThl the We are rKpAfbth"rg to the siTr ol ffte school frrKnAugust 2022. The Foundation'5 irKome 01£433,80912020..£224.402lps fvun a large numterolthJnaim& Total unrestricted luThls al 31 Odober 2021 are £154.77012020.. È91.9341. Reserves Pollcy The Twst F*YtTrJaittyi seeksto retiw mrves tts ctrdtratltrast 12 mnlhs UKop¥at¥4 expenses ¥kKhv e5Drnate k1 te £SCrf( in totsl for a year.
African Gifted Foundation Report of the Directors for the period ended 31 October 2021 continued Futut¥ Pl•n$ Our plans are to double Ihe stze of Ihe schts)I to ¥me 50 stthts pEr Cohort from ALwJI 2022. We intend to remain in the sarne premises and we a bufidry ah addib.onal plabriCted bJildir¥J on our ¢urrent site to Crease our¢apaoty to wekune LP to SO gffted sbjknts Irom across Africa for sixlh cohort. Ow fwJ5 wiw on maths aTrJ ktyic aIthDh xvease of cnPUler soen¢e. vlh an emphasis Al and robotycs. rwr intenlth to streoqthen our a rarvJe cl UThV8rsibe5 in the USA and Canada. as EII 85 across Afr3. as deslination5 lor ¢)ur Stts. In Ihe k)nger tem. intend tt) explore C$ io expand Ihe schoc4. by inueasiTrJ the number of 51udents each year and broadening tlTre range ofsubjects that we offEr. We lefid to strategic plans as relaunch ASA apNJ assess Student needs over the ojming year5. In longer leryn, w8 to explore 4wiK)n5 lo a 13rger campu5 •rKI iraSe the Nmber of $tLMlents each ar to WJ to 150 Stletsts w cohorL We we a m4or luTrJri$wig drive to s8cura tha ¢4pffal and running cos15 over thè nex1thr80 yès. Allan S¢ten¢e A¢adtrny IA&4) i% an al swr15 AdvarK¢d Le1 s¢1[ ts maths 8ca¢nce. It 15 a P university cotteg8 kadiTrJ to gI)bY resFeeled Cambr¥Jge Int8maDO A Levels. ASA ¥Yas tnded by Its Alricon Gtfted F¢undaD"on Ghana {AGF.Gl is a Ghanaian re9iStered NGO. members and director5 of AGF-G are Tom Il¢Jte, FraThk Russdl. Helen Den>Er. R05ah"NJ Kainyah. D¢vo¢hy GordoTh. Twi Tag and and Ihe uKAfrin Grfted Folmdatitin as ¢(wrate metr4xr. ASA is a boardif¥J school for txrtslandry sc48rKe and m•iits "41. tt $eeks lo be a palhway to undergr•Yuate StY future ca(eers in Engirering, Science a Ccffipubng. sdents atteno Irr acros5 Alllra and a adrnitted oriw tIEyr senior darysdcakn in preparation for pr03re5sn to the b8St uni%wsibes in Afttca ar¢Kmd Ihe We aim to select ac&demicallygifted sttnts. v4ith a paOn lor maths and suence. Mezn5 test seholarsl'ps bur5arie$ a avali able to aN Sttwjents. The Aca(kny ains ts) oflhe leadMryJ schcds In Alrica lor gId young scienti51s. The many nationaliti85 that will ma(e up thE cOrnmunity ¢reate a ri¢h and an cluSive environmenL AUDITORS A resolution will be wt to member5 at the Annu General P•*£ba kwosffyj that M¥ln
African Gifted Foundation TrUSts, Responsibilities Statement for the year ended 31 October 2021 of the 51ale ol ol the chlb ojnpany * ol incomwJ restyJw and ap1¢#1 of . abserve IJ nwiKxls arKI SWfKiks Ch*iie5 SORP IFRS 1021. lnfcthats arxl ¢0 es&bh5h thatthe a11¢1$ lnati(
Independent Auditorfs Report to the Members of African Gifted Foundation Period Ended 31 October 2021 Oplnl• We have aj1(ed the fInarK ststements olAflfi Gdt¢d FLTration Lbj lts'itharlabk for the yèa en(Sed 31st Odober2021 CPe of the Statement OfFancial At#Nttres. Inme and Expendilwe AceouTht, Batsrtt Sheet. and nole5 lo the financial $tstThnts. a surnry ofsignifi¢on¢ aecotsnts"n9 polaes. The ancial reporbng Irwnevth that has been appl in 1[ preparatNM s apF4icable lawand Unrted KKWtsm A¢¢4Jnts"n9 Stsfidards. Indu1n9 Fina)81 Repth"ng StaTrJard 102 The Finants81 Reporting Standard aFvficable in UK and RepthlK oflrelaTrJ IUrwte¢Y Krydcffj GewJtyAc¢pW Accrxmling Prathcel. In our oixnion Ihe finanrial stslements". ' gNe a true and raw viewof Ihe state ofthe chaiilat4e affts as at 31st lknyber 2021. and of it5 irKorntng rEswros #rxl #pplKalian of resourrs. Ind1j its expen(turE. forthe >arlhen ertrjed. . hwe beefi prcyrfy ih •¢tJ)rdw ith UThied l&¥JduTr GeneraAtr A¢¢4untirvJ Prackn.. and Bsl$ for oplnlon We o)nduLed ourautht in ith Irtern siarthrts IUKI IISAS IUKII and appltsblp law. Ow responsibili under I)Se standards are furtherdesoibed in Ihe Auth"¢orfs re5ponsiTr4rties fcrf the 3j11 of the financial ststemertts settim ofoui weptsrt We a irkFeThJentofthe tharit)le ¢¢ywy in accordarrLith the elhical requiMnls Ihat a vant to DW aJit of the financlal stalements in Ihe UK. in¢bJdir¥J the FRC'S Ethical Standard, and %4E have fuinied our otherethiral ftspongbilities acCOrdar•th these reQuitnts. We believe that the audite¥pJenc have ottsine£l Ys appropriate to provk4e a ba for ¢on¢luslons r¢l•Ony to golng ¢on¢•rn In audibng the fJnarK4al statements. e have COlJed thol tl T¢$. use of going concem basts gf xtsounlirwJ in preparation ol th finantial Slatnts is apprrxiaie. Our eva4110 ¥F Il TNslee's 855e5smenl of the charitI5 ability to combnue to adopl Ihe Ihe going eoncm basss ol Ihe acUtr Ihe OfchaIty thcasts and financk?I perforrnarKe post year end. Based N the have perfi¥med. * have not lentid any Mat1 un¥tat$ relating to everts or t))ndilk)ns that indNyJually or collethiky. may cast 5wrAfiront doubt on the charitfs ability to r>ntirHJe a5 a gOIIW ncem fw a period pl at ie¥$ltrfftlv¢ monihs frc4m the finanoal Staterts a author for i5SU& Our responsiblities and the respCes of th8 tnJ5kes V4ith resped to conctrn a described in the ¥evelant st¢tioA$ tsfthi$ Other Informathn The trustees are responsbi fe for the ther infl¥maD. Tr ollw infomialion cornprM5 the lOatIon rnduded in the report of the dirE¢l5 trustees. itherthan Ihe f#al 5talwnents ar ow 8Jit0S report Ihereon. Ow opinion on the finanaal StaMents doEs not the o#r fftlornu1b aNJ. exom to the extenl oiherwise $tsted kn wr reM * *Yo not exF¥ess any fomi ofassurance ctyKIuft lhe.
Independent Auditor's Report to the Members of African Gifted Foundation Continued ... Period Ended 31 October 2021 In conne¢l¢on with ow at•Jit of finani?al slatemen15. our respLSibIfy is to read the olher information and, doing so, consider vthelher the other inlormatKJn is mateiially irKonsi5tent vfflth the fmancial statements or o knowledge obtained in the au¢t or othewse appears to be matwiauy mtsstated. If we identity SUL material inconsislencies or apparent malerial misstatements. we are required to determine whether there is a material misstatement in the finanoal statements or a malerial misstatemenl of Ihe othei inlomiatK)n. If, based )n the work we have perf¢)m)ed. crmclude that theie is a material misstatement of this other inforrnaiion. we are required to report that fact. We have Mthw)g to rewt li this regard. Opinions on other mattets prescribed by the Cornpani05 Act 200& In our opinion, based on Ihe undertaken n the course of the aL¥J • the information gNen in the trustees. report lin9 the directors. reFrfXt) for the financial year lor the financial statements a ppa is consistent Ihe finanual statements., and the directors, report been prepared in acr¥Ndance with aFfabtt lega requwements. Mattets on whlch we are reqtslrtd lo report by excepllo In the It of our knOedge and understanding ol the tharh•t4e ¢¢¥npafty its enrOnMent obtained In the course ofthe aurt we ha not hlenbfied malewial misslalornents in thè strategic ftswt and Ihe directors. report. We have nothing to rewt in re5peci of the folltrwiw¥J matters in relati lo wlyth the Crynpanies Act 20[ requires us to report to you if. in our Onb)n". • adequat¢ accwnting records ha¥e not been kep¢ or rtbjms adequate for our aytht have not been received from branches not 5ted by us., or • the financAal statements a in awttmenl with the ¥ntry records and retums," or • eertain <Jisck)swes of Lr•ctef$' remuneratKffj speufied by law are not made; or • we have not received aw Ihe information and exptanations wè require for tyjr audrt." or . the trustees were not tIlled to prepare Ihe finanual stalements in accordance %bilh the ¥mall eompanie¥' re9ime and tske advantage of the smal ¢ompanies' exempt5 in preParr the th"rectors' p(¥t and trom the requirement lo prepare a strategic reporL Responsibilitie$ of trusteès As explained mwe fvlty in the trvstses, re¥SIblh.tse5 Statement. ihe trustees (who are also Ihe directors of the chacitatjle cA)mpany for the purposes of rnPany la4V) are fesponsit4e for the preparation of Ihe financial statements and for being satssfied that Ihey give a true and ta.r view, and for such internal control as the trustees etermine is necessary to enaNe the Prera1 of ffinanC statements Ihat are free from material misstaigment. whether due to fraud or eor. In preparin9 the finanual ststernent5. th• Irustees are resp$11e for assessirg ¢Vitabl compan¥ abilty lo continue as a wng concem, d15dosing, as applKable. matters related lo win9 cor and usIa the goÉng concem basi5 of aeeounting unless thé tnjstees i)ten(I to IKwKlate the tharitatAe o)mpany or to cease operatlons. or have no realis1 altematNe tt to do so.
Independent Auditor's Report to the Members of
African Gifted Foundation Continued .
Period Ended 31 October 2021
Auditor's respoTrsibrlitios for the audil of the financial statsments
Our objedives are to obta¢n reasonatrAe assurance abrt 4thether the financtal statemenis as a whole are free from
material misstatemerrt, whether due to fraud L¥ err¢x. and to issue an audrtorfs TeFX)rt that indude5 our opinion.
Reasonable assurance is a Imgh levd of assLvance. bul is not a 9uarantee that audit conducted in ¥crdance
wilh ISAS IUKI will ah¥ays deteet a material misststemenl lthen it exssts. Misstatements can arise from fraud or
etror and are eonsidered Matla1 if, thdiwthjalty or in the a99re9ate. they eoidd reaSonaY be expecied to it)fiuet)ce
e e¢onomi¢ deos•Jns of users taken on the basis ol Ise fU1aal statemerts.
Iriegularities. indudirvJ fraud. a Instan of compfk7nce vAlh rewlation5. We design pnxedwes in
line with %r responsiblities. above. to deted merial misstatements in sPect of irregularibe5, including
fraud. The speiyfic procedwe5 fLW this enga9ement arKS thè exteni to vAwch these are wable of detecbrq
irregulariiies. indudiThJ fratY is detaile
African Gifted Foundation Statement of Financial Activities for the period ended 31 October 2021 2021 20X Rstrkted Unrestricted Funds 2021 Total Funds 2020 Tolal Funds N4)tsS INCOMING RESOURCES Incomin9 re50ur¢es fforn charitable actsvilies Donations 433.059 433.809 216,107 8.295 Fundrang Total Incomln9 iesour¢•5 433.059 433.809 224,402 RESOURCES EXPENDED Charllable aclivltie8 Education Admini$tratlon Governance 10,442 359.978 10.152 3.4S8 370.421 10.152 3,456 188.936 1.916 3.456 Totsl resourwd expended 10M42 J73.5 304.021 194,30B NET MOVEMENT IN FUNDS FOR THE YEAR Funds bl ,692) 80.610 S9.4n 91.934 49.781 172 X.094 142.450 FuThls carried foTh•8rd 31 OctoL*f 2021 70.911 151.407 222.325 172.5M AN of the above represent ¢ontinvirt9 operalion$. There tre no recoynBe(I gains or10sse5 olherlhan tl¥)se above. The notes on page8 12- 15 form part of theye fiTranrial ¥Ateme
African Gifted Foundation Income and Expenditure Account for the period ended 31 October 2021 Note¥ 2021 2020 INCOME OonatKJns unrestric Donatv)n5 restricted Fundraising unreslricted 433.059 7x1 109.767 1C6,340 8.295 Total Inrne 453.809 224.402 EXPENDITURE Education AdrnitUstralv)n Governan 370.421 10.152 Y.456 168.936 1.916 3.456 Totsl expendIre 384,028 194.308 Exce55 Of In¢om¢ ovrxp¢ndltur• 49.711 10
African Gifted Foundation Balance Sheet as at 31 October 2021 X21 1456 ZU145 f71.205 113761 (I95ZJ 2U)2S 172J14 FVMDS 151J07 74918 •1.9 10 22132$ airethr5 Olm17072 C¢XrWryHe9*abcrttr 07C61a14
African Gifted Foundation Notes to the Financial Statements for the period ended 31 October 2021 1 ACCOUNTING POLICIES al General inforrnation and basls of preparation African Gifted Founda is a Charitale company limtted by gu¥antee wistered in Ewand and Wales. In the event of the charity being wr•md up, the labifty in res1 ofthe guaranlee is bmited to £10 per member ofthe charity. The address of Ihe rtgisteftd officè is givèn in thè Direetors. Rèwt on page l ofthese financial statements. The nature of the charity's operalMJns and wnupal actiwtie5 are detsikd on page 2. Th• charrty constitutès a Publ Benefit Entity as defined by FRS 102. Thè financial stateme$ have be•n prepared in accordance wilh Aco)unlng and Reportty by Charibe5." Statement of Recommended Pfacb"ce applieable to charities prepartng their aryounts in aGrdance th the Financial Rewling Starard applieablé in the UK and Republic of Ireland (FRS 1021. Ihe FinarKiat Repn9 StaThJard applicable in the United Iongdom and Republ of IrelwKI {FRS 102). the che5 Act 2011, Com8$ Aet 2006 and UK Generally Accept8d Accounting PtiCe. The financial slat•m•nts are Fyepared on è gg con¢em basi5 under the hi5ttrical cost convention. The fjnancial slatements are wesented in steF1ing whth is the fvndM)nal currency of Ihe charity and munded to the nearest £1. The strJnifKant acwjnting pc4Kies applied in the preparation of these finanaal 5tatemtnts èr• set out bèlcrw. Thesé ptsIKies have been con5iStenty applied io all years preserted unless 01heiSe staled. bl Income r•cognition All tn¢oming resources are incknjed in the Statement of Fin8¢ (SOFA) vtLen thè charity is lègally Èntsed to Ihe income after any performance conditions have been me{ the arnovnt be measured refblY and it is probabl8 that tho incomè wll bè rèeved. For donati¢)ns to be rectsJnised Ihè charity wdl havè been rnlified of the amounts and Ihe Settfement date h) writing. If ihere ale condth.ons aitached to the donabon and this requires a level of perfoman¢e before entitlement can be obtsined Ihen income is ijeferred unb"1 those condibS are fully met or Ihe fvlfilmenl of Ihose conditions Is wthln the contrc4 olthe dwrity and rt 1$ probab that they yl be fvlflled. No amount is induded in the final481 statements fcy ¥OkMt i¥ne in ne the SORP {FRS 1021. Further derail 15 9iven irTr the Trustees, Annual Rewt. For legacies. enernent is the t>tr ofthe tharity beir4 Mbfied of an IMPdi thslrbulion or the lewy be9 received. At this polnt income rs recognised. On occasion rege$ 11 be notified to Ihe tharity howevef it is not possible to measure the amount expecte<l to be distribuied. On these Olon$, the legxy is treated as a contingent asset and iJisck)sed. c} Resourcès èxpended All expendilure 1$ a¢¢rAJnled fw M an accwals ba"s and has been classified ur*Jer adin93 Ihat 099re9ate 811 costs related to the catewy. 12
African Gifted Foundation Notes to the Financial Statements for the period ended 31 October 2021 1 ACCOUNTING POLICIES Ill Chaiitable •cti¥ltles Charitabfe acti¥ities indudè expenditure ¥swle ilh advancry edu¢alion of higNy gifted Afran thibyrèn arKI young people and adv1th3 the etn of Ihe gifted generaly. 1511 Gov4manco costs GovemanrR 515 are asso<aated wth the govemance aryarwnts ofthe FOun10n vthith relate io its genera Ww1n9 lo ensure compliance wh ¢Sb1Uli0nal and stsiutory requIremt$. dl IrrÈeovtsrablÈ VAT Any iffecovefable VAT is charged to the statement of fela[ aCtbe$. oreapitalised as part ofthe C•)St of thè related asset, vthe appfopnate. el Re¢ognltlon of Ilabllltles Liabilities are e0gnISed wh•n obfigalTh aris•5 to trS1T •conLwnK benèfits as a r•sult of past transact5 or events. fj Fund a¢¢ountlng General funds ale unrestricted funds whith are avalable for use at the disuelion of the Dectors in fwiherance ol the general objectives of the Foundatron. Restrlcted funds are fvnds whieh are to be used irh O¢xudanee ith 5pecif¢ restr$ knF)5ed by dr0¢$. gl Forelgn ¢urrencles Assets and liabilitses in 1¢xei currwKies are translated into ste1 at the rates of exChe at the balarKe sheet date. Transacons wi fofgn cuffencies translated wito stwlng at the fate of exchan rufing at Ihe date of the transactw. Exchange differences are taken into accc¥Jnt arriwn9 at the net movement in funds the year. h) Employ08 pensions and benefits When employe&% have rendered seTrice to Ihe charity. short lerm emrAoyee benefits to whith the employees are entilled are rewnised at the WKliscrAJnled amount exwed lo be PaKI sn exthan9e for that ¥eNce. Where employee$ are infrjrmed of redundanues by batarKe s1 da¢¢. provisions are induded in the financial 3talements. The charity operates a defined ¢onlrl)ub(m pensw klan for the benefft of its oyees. contri0$ are expensed as they become payable in acc¥rdae ofthe scheme. 13
African Gifted Foundation Notes to the Financial Statements for the period ended 31 October 2021 2 INCOIVNG AfSOUR¢ES FROII lTABLE A¢MlIEs 21 2020 Omallons Vnre$triu8d Re511Kted Urwestythd 433.0S9 750 10.767 lQ6.340 295 224.102 Fundrais 4JJ.VQg 3 EOUCAMON EXPENOITiIRE 3021 2020 J70.421 118.936 4ADMINISTRATIQN EXPENDITIffiE 2021 2020 min1s1ra0rb 10.152 SGOVEIiNAN¢E COSTS x+ 2020 AudA fee5 Accouniancycosts 1.8 1.656 3.45$ Govem¢eeosts InthAe ¢05ts pay&Jle b)the authkn501EI.thI I>J20". É1.6S6) $ TRANSACTIONS WITH DIRECTORS The Owedors n• remurrotio• oraiher bewfvs periad no È¥ ero In¢urv•d (2020 rMI). Thfrsthltrs are the Kqy pew¥*lofthE dlalIt ccfflpany. 7 OE8TQRS: 21 2020 Prep•>mets)ts 1,29 O CREDITORS.. AMOUNTS FALUNG DUE ValTNIN ONE YEAR 2021 2020 Acwu•ls 2.376 ?,3T$ 2.952 14
African Gifted Foundation Notes to the Financial Stalements for the period ended 31 October 2021 • STAFF COSYSAND PIWERS 20 1020 Sakn95 33.DlO 21.868 ?,J39 971 25.2 Pertslon 1.952 2021 2•20 10 FUNV5 Balane• 4t 31Mty2020 31M1ft102ts expèft J111012tsZ1 uNes¢ted RejbicIedflS $1.J34 .810 43J.OSS 373.96 10.442 1Sf.407 70.918 91.934 10.61Q T¢tsiFwrf¥ 172A14 ?• 212.3?5 11 AP44LYSI$OFt4ET AS$ET$ eET¥ All 2021 2021 Rntitted Lhvestit 2021 Toial io Fr Cwonl ass¢ts Cwr•nt That4liti•S 70.91• 153.713 (iJ7S 224,701 11376) 175.496 12.9S21 J15 12 RELATEOPARTYTRANSACTIC15 Frnnk Ritysei Jat>)b&thg and the UK¥ CO¢d as • oxFwx4kthembÈr. TLYh Jte ond Fra* Rwl Gthd FOUrln. 15