African Gifted Foundation Annual report and accounts for the year ended 31 October 2021 C4)mpany Nwnber. 07061874 Registered Ch•rfty Mumber. 1133900 •AB8￿G5yty 1610712022 COMPANIES HOUSE A10 211 African Gifted Foundation Annual report for the year ended 31 October 2021 Contents Report ofthe ￿"reCtr*s Staternentof Drectors, reSP￿%￿l￿bE$ I￿lePendent aLvJittrs reF*Jl SlateThTht of firwncial activitEs Income eypendthre acwjnt 10 Bala￿e 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 artn￿l reportfor Ihe yeareThkd 31 Oraober 2021, logettEr*7th Ihe audited financial 51atements forthe year. have teen prepared in ¥thr￿an￿ ￿th the FwTrJation's govemiThJ ¢JowmenL Statement of r¢e¢*mmefvJed applioble io charite5 prYparir¥J their •C￿rtts accordanct %%ith the FinarKial Reporfing Stsndard appttsbfe in IhÈ UKand Re￿b￿COf Ireland IFRS 1021, Ihe Financial ReportiThJ Stsndwd 102 IFRS 1021 aTrJ the Co￿ni￿5A￿2{K6. REFERENCÈ & ADMINISTRATIVE INFORIAAnoM The Aftitan Grfted FL)urxl8tion vM$ ffl¢l)ry￿rniea ty130 0￿0￿r 2009 as a tharit*Jle 0￿r￿anY limited by 9uar3ntee ith number7061874. It rrystered as a ch* *ith effed 29 January 2010 chanty number 11338￿. The cornpan*s wistered offKe ond wncwl •dthtss 1$ 10 ta￿ Street Plxe. EC4R 18E. Directors The DireLttors setved I￿￿hOUl11￿ and tolhe dale ofs¥Jnir*J thi5 rewt we.. Th￿na9 l￿be (C￿rI Frank Russe Andr￿ lorissa Farr Fiona Bartels-Elis Rosalirtsl Nana Emela Kainyah Rhianna Kemi Adesv•A LoU￿e lknbe Zarine ￿ar8$ m Andrew Company Sec¥etary. lan May Ireswd 21 Marth 20221 8en Harber{appotrted 21 20221 Audltor. Madrttyre ￿￿￿$0￿. 6th Flow. 2 Wall Plx¢. L4)thn. E¢2Y&AU B¥nk•rs: 8ardays Bank F4c, One Pl￿. Lon￿. E14 5HP Solicltors: Bale5 WeNs Brnith￿l* LLP. 10. QL4een Streei Il•ce. Lofrkn. EC4ft 18E African Gifted Foundation Report of the Directors for the period ended 31 October 2021 continued STRUCTURE, GOVERNAMCE AIIO MANAGEMENT Governing Documgnt 141ernbers' Liability The rnernbers urtrjertake lo contrime to the assets ofthe FCuTrj3b￿ event ofrt being up duriry memiership or%%iihfA one yw artermemberthp￿aSe8 such amuntas may be req￿rEd. [￿1 eweding £10. fu Il* debts al￿ fwbifities contra¢t￿ befor¢ mwnbershw) ceases. Gov•min9 Body The Directers are the Diredors olthe FouThJatw)n for Ihe puvposes olthe Coryan* 2eth and Tw$tees for Ihe purpose$ ofcharity IEgi*bun. DoL*or5 re￿ by T￿tion art eb"gt*k for re-electron. Directors appointed according lo the s￿rIf￿a￿E￿ ol the requitd sets. Tl*s¢ indude ard a demonstrzted rxirrmfftnt. Re¢wiimert( Tralning and Induction •1 Dire¢to Oirector5 are sele￿d by reference to ts%irelvJibitty. aThJ sFecaaligt $knl$. ￿"rectO￿ re￿Ne regular lYEfing$ 4)n the ￿J￿nesS plan. financial PeflryTnarKe and dd*d ￿•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 deknrrt￿the genera F¢￿¢Y ofthe FrMfftJ•ib)n rev*w tts overa management c[￿01$ aThJ fMHrKes. Org*nl$attOfbal Stru¢Wrr Rtlationships The Th'recior5 are r•spwt4e hN lh8 ovwal ￿￿na￿￿￿E01tr￿ FwrKl*h Rlsk M*na9Èment The Directors have assessed Ihe mw the FoL￿a￿n 15 exwed *ill en$ure Ihat $ystVhS are in place to rnana9e r¢k OBJECTS, WMS, oBJecTWES AND PRINCIPAL ACTMTIES The ety"ec*s of the Chanty ore to advance ed￿atr"on. incknJir¥J 1lmlhL￿ knitati'onl ty KleNti￿.ng. teathing mentorin9 aryj developing hwJhly gifted Afri(¥n ¢jHkIr￿ artd Y£￿1￿ Feopk ad¥ancwyJ the educafr.on of ihe gifted generally. The ain is to set • bethark for 9ifted eduots.on aThl dehver hi￿ qu*ity gil*d educati¢nl QPport￿lI￿. o)operation *iih kadirrfj AIn.￿n Unive￿11￿5 armj Internatio￿ partrer5. PUBLIC BENEFIT We have referred to Ihe Charity Crmmlss￿Th'sYt1lertyl gutt1￿ m pubb¢benefitvkn re¥ie**g our aim$ and objectives. The benefil of the charity 15, as detsled above. in prO￿￿m9 edLration and opporttJnit*$ for gifted thi￿reTr 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 Int*nd¢d Imp•¢i The aim o kn set a ben¢hrnark for gifted educat•)n and del¥erlMth quahty ￿fted ed￿*1￿)nal ¢pportfftities to gifted y¢xJre people each year. in COOFerafKffi *ilh Alr￿n urriversities and sntematwjnal partner5. A tsrget ts tg idents.fy aThl estaNtsh a rrtrrth￿h¢"p ￿e￿￿rk auossAfrKa fog95iry on the #rE¥$ ot STEM Ixien¢e. te¢hTrJkgy, er*JineeriThJ aTrJ malhematicsl and ¢0 set ￿ 8 permanenl sc*ool. Obfv¢￿yOs for the Pertod The objedive lu the *as to wpert V* sdwl. Ihe Alr*aft St*n¢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 P￿pare them IL¥ university lrfe, %thils¢ further enhanc4rYJ Ihe reputstK•n of Ihe Alrican ￿nce AU￿rny. hs the parthrri¢ the spread ayoss Ihe the 0tr4'e¢tive also to ensure that ourfith c4)hort and tean*we fdy ¥xc4naled aThl Pl￿ethd throughout lknrstudyés by Thplementr'ng cov*>19 protocols ￿1h1n the Sch￿1. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD The fiflh ¢ohr￿1 olAfiican Soe0￿ Ac•J￿)Y IASAI students cw%sted of Ywn9￿Men fmm armss Af￿a tho tame to stth4y maths. further maths and physKs al Can*r*e Inlemational Advanced Level standard. a&*ell as leamiro compubry and a rar￿ olothertLvi￿. In Qdober2021. Ihe st￿ntS Sal Ih*rAS 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 st￿￿entS are rw apptyw4 lo IEadkry unNe15it*s aro4md TAxKld a5 prepare lortheir finalA Levd exa￿. We dedded to a¢£¢pt an Kbtake ol a 5maL*r 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. ho**ver YAere able tosetyJrÈ luThJiw to o)vefthe c¥)sts ofeducatffKJ ￿r¢Ur￿￿t 16 St￿lents and have ojnb.nued a fvrxlr¥i5ry drive k¥ rryerourco515 for the 2022r23 arthmiG >E#r. We ended the pervl ho￿rg athieved ow cbiedive of reopenirg the 5choDI ar￿￿￿cOMin9 ¥ 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 $14Kly at uTh¥ersi¢s al ovwAfrv aThl the We are rKpAfbth"rg to the siTr ol ffte school frrKnAugust 2022. The Foundation'5 irKome 01£433,80912020..£224.402l*ps fvun a large numterolthJnaim& Total unrestricted luThls al 31 Odober 2021 are £154.77012020.. È91.9341. Reserves Pollcy The Twst F*YtTrJaittyi seeksto retiw mrves tts ctrdtratltrast 12 mnlhs UKop¥at¥4 expenses ¥kKhv e5Drnate ￿￿k1 te £SCrf( in totsl for a year. African Gifted Foundation Report of the Directors for the period ended 31 October 2021 continued Futut¥ Pl•n$ Our plans are to double Ihe stze of Ihe schts)I to **¥me 50 stthts pEr Cohort from ALwJ￿I 2022. We intend to remain in the sarne premises and we a￿ bufidry ah addib.onal p￿labriCted 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 aIthD￿h xvease of c￿nPUler soen¢e. v*lh an emphasis ￿ Al and robotycs. rwr intenlth to streoqthen our a rarvJe cl UThV8rsibe5 in the USA and Canada. as *EII 85 across Afr￿3. as deslination5 lor ¢)ur St￿ts. 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 ir￿aSe the Nmber of $tLMlents each ￿ar to WJ to 150 St￿letsts w cohorL We we a m4or luTrJri$wig drive to s8cura tha ¢4pffal and running cos15 over thè nex1thr80 yè*s. All￿an S¢ten¢e A¢adtrny IA&4) i% an al swr15 AdvarK¢d Le￿1 s¢1￿[ ts maths 8ca¢nce. It 15 a P university cotteg8 kadiTrJ to gI)b￿Y resFeeled Cambr¥Jge Int8maDO￿ A Levels. ASA ¥Yas t￿nded 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 uKAfri￿n Grfted Folmdatitin as ¢(wrate metr4xr. ASA is a boardif¥J school for txrtslandry sc48rKe and m•iits ￿￿"41. tt $eeks lo be a palhway to undergr•Yuate St￿￿Y future ca(eers in Engir*ering, Science a Ccffipubng. s￿dents atteno Irr￿ acros5 Alllra and a￿ adrnitted oriw tIEyr senior ￿￿darysd￿cakn in preparation for pr03re5s￿n to the b8St uni%wsibes in Afttca ar¢Kmd Ihe We aim to select ac&demicallygifted stt￿nts. v4ith a pa￿On lor maths and suence. Mezn5 test￿ seholarsl*'ps bur5arie$ a￿ avali able to aN Sttwjents. The Aca(kny ains ts) oflhe leadMryJ schcds In Alrica lor gI￿d 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•*£b￿a kwosffyj that M¥ln African Gifted Foundation TrUSt￿s, Responsibilities Statement for the year ended 31 October 2021 of the 51ale ol ol the ch￿l￿b* ojnpany * ol ￿ incomw*J restyJw and ap￿1¢#1￿ of . abserve IJ* nwiKxls arKI SWfKik*s Ch*iie5 SORP IFRS 1021. lnfcthats￿ arxl ¢0 es&bh5h thatthe a￿11¢￿1$ ￿l￿nati( Independent Auditorfs Report to the Members of African Gifted Foundation Period Ended 31 October 2021 Oplnl• We have a￿j1(ed the fInarK￿ ststements olAf￿lfi Gdt¢d FL￿Tr￿ation Lbj lts'itharlabk for the yèa en(Sed 31st Odober2021 C￿P￿e of the Statement OfF￿ancial At#Nttres. In￿me and Expendilwe AceouTht, Batsrtt Sheet. and nole5 lo the financial $tstThnts. a surn￿ry ofsignifi¢on¢ aecotsnts"n9 polaes. The ancial reporbng Irwnevth that has been appl￿ in ￿1[ preparatNM s apF4icable lawand Unrted KKWtsm A¢¢4Jnts"n9 Stsfidards. Indu￿1n9 Fina￿)81 Repth"ng StaTrJard 102 The Finants81 Reporting Standard aFvficable in UK and RepthlK oflrelaTrJ IUrwte¢Y Krydcffj GewJtyAc¢*pW Accrxmling Prathcel. In our oixnion Ihe finanrial stslements". ' gNe a true and raw viewof Ihe state ofthe chaiilat4e aff*ts as at 31st lknyber 2021. and of it5 irKorntng rEswros #rxl #pplKalian of resourr*s. Ind￿￿1￿j its expen(*turE. forthe >*arlhen ertrjed. . hwe beefi prcyrfy ih •¢tJ)rdw *ith UThied l&¥JduTr Genera￿Atr￿ A¢¢4untirvJ Prackn.. and B*sl$ for oplnlon We o)nduL*ed 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 3￿j11 of the financial ststemertts settim ofoui weptsrt We a￿ ir*kFeThJentofthe tharit*)le ¢¢ywy in accordarrL*ith the elhical requiM*nls Ihat a￿ ￿￿vant to DW a￿Jit 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 reQuit￿nts. 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 CO￿l￿Jed thol tl* T￿￿¢$. use of going concem basts gf xtsounlirwJ in preparation ol th* finantial Slat￿nts is apprrxiaie. Our eva￿4110￿ ¥F Il* TNslee's 855e5smenl of the charitI5 ability to combnue to adopl Ihe Ihe going eonc*m basss ol Ihe ac￿U￿tr￿ Ihe ￿￿OfchaIty thcasts and financk?I perforrnarKe post year end. Based N the have perfi¥med. * have not *lenti￿d any Mat￿￿1 un￿¥ta￿t*$ 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¥$ltrfftlv¢ monihs frc4m the finanoal State￿￿rts a￿ author￿ for i5SU& Our responsiblities and the respC￿￿￿￿es of th8 tnJ5kes V4ith resped to conctrn a￿ described in the ¥evelant st¢tioA$ tsfthi$ Other Informathn The trustees are responsbi fe for the ther infl¥maD￿. Tr* ollw infomialion cornprM5 the ￿lO￿atIon rnduded in the report of the dirE¢l￿5 trustees. itherthan Ihe f#￿￿￿al 5talwnents ar￿ ow 8￿Jit0￿S report Ihereon. Ow opinion on the finanaal Sta￿Ments doEs not the o#*r fftlornu1b￿ aNJ. exom to the extenl oiherwise $tsted kn wr reM * *Yo not exF¥ess any fomi ofassurance ctyKIu￿ft lh￿e￿. 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 respL￿SibI￿fy 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 li￿n9 the directors. reFrfXt) for the financial year lor the financial statements a￿ p￿pa￿ is consistent Ihe finanual statements., and the directors, report been prepared in acr¥Ndance with aFf*abtt lega requwements. Mattets on whlch we are reqtslrtd lo report by excepllo In the I￿￿t of our knO￿edge and understanding ol the tharh•t4e ¢¢¥npafty its en￿rOnMent 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 O￿nb)n". • adequat¢ accwnting records ha¥e not been kep¢ or rtbjms adequate for our aytht have not been received from branches not ￿5￿ted by us., or • the financAal statements a￿ in awttmenl with the ¥￿ntry records and retums," or • eertain Jmentakn to assess ojmph'ance applicable laws and re9ulation5. Because ol the inherent limiiat*ons of an auth"t. th¥e is a risk Ihatwe ¥•ill not deled ￿1 iNe9ularities. *)cludin9 those leading to a matefial misstatement in the ￿ancIal slatements or non complonce with re9ulats'on. This risk irrAeases the more that compliarKe wrfh a law or reg￿8￿On is removed trom the events and transaction$ reflecied In the finanacial slaternents, as we wdl te Eess likely to become aware of in$tsn¢es of non-￿mPlIanCe. The r4$k is also greater regardiThJ irrdgdarAie5 occ￿r￿￿ due to fraud father than error. a5 fraud invofv&5 intentional concealmènL forgery. coThusion. omk8sK￿ w misfey¥esentattr￿. A fvrther dese￿￿tion ol our fesponsbilth.es frK the audit of the fnancial 5tatemerts is located on the Financial ReptsrtU￿ CtyJnd's website at.. w4¥w.frc.(ry.u￿aud1Ic￿srespCW￿ls￿. TINS descriptth forms part of our auditor's report. Use of our raport Thls report Is made sdely to Ihe tharilab]e company's members. as a body, in accordance %%ith Chapter 3 of Part 76 of thè Compènt85 Act 20￿. Our audrt vL)rk has been undertaken w that we mNJht state lo the charitable ¢ompany'5 members thosè mattars we are required to state to ttRm in ?n auditorfs rewt and for no other purpose. To the lulkst extent perrnitted by law, we do not axept or assume responsibilty to anyone other than the aritablè company and the tharilabje comparfs members as a body, for our audrt work, for this report, or for the oThnions we have lomied. Pjkni FCA Raje•v Shaunak FCA (Senior Slatutory A¢Klitw) For and Behalfof MHA Maclntyre Hudson Chartered AcctyJntar)ts arvj StalutoryAJJditors 6th Floor 2 London Wall Place London EC2Y 4AU IJAtyW African Gifted Foundation Statement of Financial Activities for the period ended 31 October 2021 2021 20X R*strkted 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 Fundra￿ng 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 In￿rne 453.809 224.402 EXPENDITURE Education AdrnitUstralv)n Governan 370.421 10.152 Y.456 168.936 1.916 3.456 Totsl expendI￿re 384,028 194.308 Exce55 Of In¢om¢ ov*r*xp¢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*￿abc￿￿rttr 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 Charital￿e company limtted by gu¥antee wistered in Ewand and Wales. In the event of the charity being wr•md up, the labifty in res￿1 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 aG￿rdance ￿th the Financial Rewling Star￿ard applieablé in the UK and Republic of Ireland (FRS 1021. Ihe FinarKiat Rep￿n9 StaThJard applicable in the United Iongdom and Republ￿ of IrelwKI {FRS 102). the ch￿e5 Act 2011, Com￿￿8$ Aet 2006 and UK Generally Accept8d Accounting P￿tiCe. The financial slat•m•nts are Fyepared on è g￿g 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 01he￿iSe staled. bl Income r•cognition All tn¢oming resources are incknjed in the Statement of Fin￿8¢ (SOFA) v*tLen thè charity is lègally Ènts￿ed to Ihe income after any performance conditions have been me{ the arnovnt ￿ be measured ref￿blY and it is probabl8 that tho incomè wll bè rèe*ved. 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 condib￿S 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 final￿481 statements fcy ¥OkMt￿ i¥ne in ￿ne the SORP {FRS 1021. Further derail 15 9iven irTr the Trustees, Annual Rewt. For legacies. en￿ernent is the t>￿tr ofthe tharity beir4 Mbfied of an IMP￿di￿ thslrbulion or the lewy be￿9 received. At this polnt income rs recognised. On occasion reg￿e$ ￿11 be notified to Ihe tharity howevef it is not possible to measure the amount expecteJ20". É1.6S6) $ TRANSACTIONS WITH DIRECTORS The Owedors n• remur*rotio• oraiher bewfvs periad no È¥ ero In¢urv•d (2020 rMI). Thfrsthltrs are the Kqy pew¥*lofthE d￿lalIt 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 31M*1ft102ts expèft￿ J111012tsZ1 uNes￿¢ted RejbicIedf￿lS $1.J34 .810 43J.OSS 373.96 10.442 1Sf.407 70.918 91.934 10.61Q T¢tsiFwrf¥ 172A14 ?• 212.3?5 11 AP44LYSI$OFt4ET AS$ET$ eET¥￿ All 2021 2021 Rntitted Lhvestit 2021 Toial io F￿r Cwonl ass¢ts Cwr•nt That4liti•S 70.91• 153.713 (iJ7S 224,701 11376) 175.496 12.9S21 J15 12 RELATEOPARTYTRANSACTIC*15 Frnnk Ritysei Jat>)b*&thg and the UK￿¥ CO¢d as • oxFwx4kthembÈr. TLYh *Jte ond Fra￿* Rwl Gthd FOUr￿l￿n. 15