African Gifted Foundation Annual report and accounts for the year ended 31 October 2023 Company Number: 07061874 Registered Charity Numbèr: 1133900 African Gifted Foundation Annual report for the year ended 31 October 2023 Contents Report of the Directors Stslemenl ol DiTector8' responsibilrties Independent auditorfs report Ststemenl of financial activities Income and expenditure account Balance sheet 10 Notes to the financial statements 12-14 African Gifted Foundation Report of the Directors for the year ended 31 October 2023 The Board of Dirèctors prèsent thèir annual report for the year ended 31 October 2023, together ¥Mth the audited financial statements foi the period. which have been prepared in accordance wl(h the Foundation's governing document, the Statèment of Recomtnended Practice Accounting 8nd Reporting by Charities ISORP 20151, the Financ+al Reporting Standard lor Smaller Entitles (effective ￿nI2008) and the Companles Act 2006. REFERENCE & ADMINISTRATIVE INFORMATION The African Gffted Foundation was incorpor8led on 30 October 2009 as 8 charitable company limited by guarantee wfth company number 7061874. It registered as a charity with effect from 29 January 2010 with chaity number 11339(K). The company's principal address Is 10 Queen Street Place, London, EC4R 18E. Directors The Directtsrs who seNed throughout the period and to the date of signing thi5 report were.. Irube Thomas Segun Ch8ir Andrew Alli Rosalind Nana Emela Kainyah Kim Andrew Charlotte G Dewey (Appointed 4 September 20231 DT Rashada Hary (Appointed 4 September 20231 Mathew Maurice Ilube IAppointed 4 September 20231 Sandra Mary Stash IAppointed 4 September 20231 Stuart Mark Benjamin Hopper IAppointed 4 September 20231 Company Secrelary.. Ben Harber Auditor: MHA, 6th Floor. 2 London Place. London. EC2Y SAU. Bank•rs: Barclays Bank plc, One Churchill Plaee, London, E14 5HP Solicitors: Bates WeU8 Braithwartè LLP, 10, Queen Street Place, London, EC4R 1BE African Gifted Foundation Report of the Directors for the year ended 31 October 2023 continued STrUCTURE. GoveRNAN¢E AND MANAGEMENT Governing Document The Trust 15 govemed by the Memorandum and Artides ofASs0￿atitsTr dated 28 October 2009. Members. Llablllty The two members undertake to contribute to the a$5ets of the Foundation in the event of rt being wound up during membership orwithin one year after mernbership ceases such amount as may be required, not excEeding £10, for the debt5 8nd Iiabilrties contracted before metnber$hip ￿ase$. Goveming Body The Directors are the Directors of the Foundation for the purp05e$ of the Companies A¢t 2006 and Trustees for the purpose5 of thaiity legislation. Dire¢tors retire by rotation and are eligible for reelection. Directors are appointed acr))rding to the Bodys specrfications of the required skill Sets. These indude wisdom and a demonstrated commitménL Recruitment. Tralnlng and Inductlon of Dlrector8 Directors are selected by referen￿ to their eligibility, personal competence and spe￿8113t skrtL%. Training and induction wcgrams wll be developed as the Foundation expand5 its activities. Or9ani8atlonal Management Directors meet as a Body 8s required to determine the 9ener81 policy of the Foundation and review its overall management. controls end finances. Organlsatltsnal Structure and R8latlonship8 The Directors are responsib￿ for the overall management of the Ftsundation. Ri8k Management The Directors have assessed the major risks to whith the Foundation Is exKwed and will ensure that systems are in Pla￿ to manage these risks. OBJECTS. AIMS. OBJECTIVES AND PRINCIPAL ACTIVITIES The primary objectives of the Charity are to advan￿ educatKJn by identfying, teaching, mentoring, and developing highly gift8d Afn'can children and young people, as well a5 promoting the edu(al'on of gifted individuals more broadly. As an educational Gharity dedicated to developing future leaders. the Charity aims to. 1. Provide educatr.onal opportunitie5 to gifted siudents from Iow-incorne bad¢grounds, with a strong ernphasis on STEM education. 2. Improve the quality of general teaching. 3. Enhan￿ educational infrastructure across the African wntinent. The Charity wllaborates wth leading Afncan universitEs 2nd intemational partners to set a benchmark for gifted Jucation and deliver high*ualrty educational opportuni*'es. PUBLIC BENEF We have ￿ferred la the Charity Commission s general guidanee on public benefrt when reviewng our aims and objectives. The public benefrt Df Ihe charrty 15, 85 detailed above. in providing e(*ucation and opportunities for gifted in Africa. Whi15t many of the athvities are for a particular geographir*l area, the direGtors do not considerthi5 to be 8n unreasonable restriction given the size of the area covered. African Gifted Foundation Report of the Directors for the year ended 31 October 2023 continued Strategic Alm and Intended Impact The Charity's strategic aims are focused on developing Africa's future STEM (Science, Technology, Engineering, and Malhemalics) leaders by providing exceptional educational opportuntties and support for gifted young women from across the Continent. The key Strategic aims are as follows.. Provide high-quality education lo grfted young women at the African Science Academy. Foster an environment that nurtures and develop5 the talents and skills of these futu￿ leadors. Collaboration and Partnerships.. Collabor*e with leading African universities and intemational partners lo secure scholarships and professional development oprx)rtunilies for our students. Leverage these partnerships to enhance the educational experiences and future pr05pect$ of our students. STEM Education Improvement= Prcfftole the improvement of STEM education across the African continent through tsrgeled outreach programs. Work to elevate the overall standard of STEM education, ensuring more students have access to high- quality leaming experiences. Leadership Development.. Focus on developing leadership skills in our students. preparing them lo become inffluential leaders in their respective fields. Encourage and support the pursuit of excellence, innovation, and ethical leadership among our students. Infrastructure Enhancement.. Invest in and improve the educational inffaslruclure necessary to support and sustsin high-quality STEM education. Ensure that our facilities and resources are ¢onducive to advanced learning an¢J research. By achieving these strategic aims, the Charity seeks to sel a benchmark for gifted education, contribute lo the development of future leaders. and make a lasting impact on STEM education African Gifted Foundation Report of the Directors for the year ended 31 October 2023 continued Resebves Pollcy The Trust Foundation seeks lo relain reserves to cover al least Isix monthsl UK operating expenses which we estimate would be £80k in total for a year. Future Plans Our plans are lo build a larger ASA campus and increase our capacity lo up to 200 students fiom 2025. We intend lo remain in the same premises for the next three years while we develop our campus and wlecrme SQ students per cohort in 2023124 and 2024125. Our focus wll remain on maths and physics although we will increase the level of computer science, with an emphasis on Al and robotics. Our aim is to have educate 1,000 qifted vounq African women by 2031. We also plan to expand our OLrtreaeh programme lo train up lo 2,500 Mathematics teachers across Africa by 2031. African Science Academy IASAI is an all girls Advanced Level school for maths and seience.11 is a pre- universty college leading lo globalty respected Cambridge International A Levels. ASA was founded by the African Gifted Foundation Ghana IAGF-G) which is a Ghanaian registered NGO. ASA is a boarding schwl for young women with outstanding science and maths potential. It seeks lo be a pathway to undergraduate study and future careers in Engineering, Science & Computing. Students allend from across Africa and are admitted after their senior secondary education in preparation for progression to the best univetsities in Africa and around the world. We aim to se￿cl academically gifted students, with a passion for maths and scien￿. Means tested scholarships 8nd bursaries are available lo all students. The Academy aims lo be one of the leading schools in Afric8 for gifted young scientists. The many n*ionalrties that will make up the community will create a rich and diverse cultural atrnosphere, where maths. science and lechrloloav are delivered to vouna women in an indusive environmenL AUDITORS Following a rebranding exercise on 15th May 2023 the trading name of the company's independent auditor changed from MHA Macintyre Hudson lo MHA. A resolution lo reappoint MHA as independendt auditors will be proposed al the next GeneTal Maeting. African Gifted Foundation Trustees. R•Bponsibiliti•s Ststement for the year ended 31 October 2023 •observo the ftknJd5 gnd Pri￿ in the Ch¥ilies SORP 2015 IFFiS 1￿2),. tntstees have laken all step5 that they ¢)ughtto have taken trj make themth 84vare of any relmntwdit 81qn•d on Ms behalf . Independent Auditorfs Report to the Members of African Gifted Foundation Year Ended 31 October 2023 Oplnlon We have audited the financial slalements of African Gifted Foundation Ilhe 'charitable company'l for the year ended 31st October 2023 which comprise of the Slalemenl of Financial Aclivilies, Income and Expendi(ure Balance Sheet. and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard In OUT opinion the financial slatemenls.. give a true and fair view of the slate of the char*table company's affairs as at 31st October 2023. and of its resources and application of resources, including its income and expendi(ure, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice- ar have been prepared in accordance ￿th the requirements of the Companies Act 20C6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK) IISAS IUKII and Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in a￿OrdanCe wth ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Stsndard, and we have fulfilled our olhei ethical responsibilities in accordance with these Tequirements. We that the audit evidence we have obtained is sufficient and appropri*e to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of going concem basis of in preparation of the financi31 statements is approTiate. Based on the work we have performed, we have not identified any material uncertainties rel*ing to events or conditions that individually or collectivley, may cast signrficant doubt on the charity's ability lo continue as a goir concern for a period of at least twelve months fiom when the financial stslements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wrth respect to going conGern are described in the revelant sections of this report. Other infomiation The trustees are responsible for the other infom)alion. The other infomialion comprises the infomialion the report of the directors and trustees, other than the financial statements and our audilo¢s report Ihereon. Our opinion on the financial slalements does not cover the other information and, ex￿pt to the extent explicitly stated In our report, we do not express any form of assurance conclusion Ihereon. Independent Auditor's Report to the Members of African Gifted Foundation Year Ended 31 October 2023 In wineclion wi(h our audit of the financial slatemenls, our responsibility is to read the other infomialion and, li doing so, consider whether the other infomialion is materially Inconsistent with the financial statements or our knowledge obtained in the audit or othemse appears lo be Material￿ mis5taled. If we identrfy such material inconsistencies or apparent material misslalemenls, we are Tequired to detemine whether there is a material misstatement in the financial statements or a material misslalement of the other information. If. based on the we have performed, we conclude that there is a material misslat8ment of this otner information, we are require, report that fact. We have nothing to report in this regard. Oplnions on other matters pres¢rlbed by the Companle5 Act 2006. In our opinion, based on the worfK undertaken in the course of the audit.. .the information given in the trustees, report lincorporating the directors. report) for the financial year for which I financial statements are prepared is Consislenl with the financial slatemenls.. and -the directors, report been prepared in accordance with applicable legal requirements. att&Ys on whlch we are requirod to r8POrt by exception In the light of our knowledge and understanding of the charf(able company and ils environment obtained in the ourse of the audrt, we have not identified m*erial misstatements in the Directors, Report. We have nothing lo report in respect of Ihe following matters in relation lo which the Companies Act 20(6 s lo report to you if, in our opinion.. 'adequate accounting records have not been kept. or relums adequate for our audit have not been received branches not visited by us,. or .the financial statements are not in agreement wth the accounting record8 and returns,. or 'certain disclosures of directors, remuneration specified by law are not made,. or 'we have not received all the infomialion and explanations we require for OUT audit,. or .Ihe trustees were not entitled lo prepare the financial stslements N) accordance with the small companies, and tske advantage of the small companies, exemptions in prepanng the d￿r￿tOrS, report and from the lo prepare 8 strategic report. Responslbilitie$ of trustegs As explained more ful￿ in the trustees. responsibilities statement, the Iruslees (who are also the directors of charitable company for the PLtrposes of company lawl are responsible for the PTepar*ion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the determine Is necessary to enable the preparation of financial slal8mentS that are free fr¢)m material whether due to fraud or error. In preparing the financial slalemenls, the truslees are responsible for assessing the charitsble compan18 continue as a going concem, disclosing, as applic8ble, matters related lo going concern and using the going concern basis of accounting unless the trustees either Inter￿ to liquidate the charrtable company or lo cease operations, OT have no realistic attemalive but to do so. Independent Auditor's Report to the Members of African Gifted Foundation Year Ended 31 October 2023 Auditorfs responslbllities for the audtt of the flnanclal statements Our objecb'ves are to obloin reasonable assurance about whether the financial statements as a whole are free material misslalement, whether due to fraud or error, and to issue an audilo¥'s report that includes our Reasonable assurance is a high level of assurance, bul is not a guarantee that an 8udil conducted in with ISAS IUKI will always detect a material misslalemenl when rt exists. Misstslements can arise from fraud error and are considered material if, individually or in the aggregate, they could reasonably be expected lo the economic decisions of users taken on the basis of these financial slatemenls. Iregularities, including fraud, are instances of non compliance wth laws and regulations. We design line wth our responsiblrties. outlined above, to delect material misstatements in respect of irregularilie5, fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularitie3, including fraud is detailed below.. .Enquiry of management and those charged with govemance around actual and potential litigation and claims., .Perfomiing audrt work over the risk of management override of controls, including testing ofjournal entries other adjustments for appropriateness, evaluating the business rationale of signrficanl transactions outside nomial course of business and revieing accounting estimates foi bias", .Reviewing financial statement disclosures and testing lo supporting documentslion to assess compliance applicable18ws and regulatrons. Because of the inherent limi(ations of an audit, there is a risk that we will not detect all irregularities, including leading to a material misslalement in the financial slalemenls or non compliance wth regulation. This risk increases the more th* compliance wth a law or Tegul*ion is removed from the events and transactions in the finanacial staleTnents, a5 we will be less likety lo become aware of instan￿S of non-compliance. The also greater regarding irrelgular(ties occuring due lo fraud rather than error, as fraud involve5 intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websf(e at." ww.frc.org.uklaudilorsre3ponsibililies. This description forms part of our report. Use of our report This report is made solely to the chariiable companls members. as a body, in accordance wth Chaptèr 3 of 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable company's members those matters we are required lo state to them in an auditor's report and for no other To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the charitable company's membets as a body, for our audit work, for this report, or opinions we have fomied. M.J fcA Rajeev Shaunak FCA (Senior Statutory Auditor} For and Beh81f of MHA Chartered Accountsnls and Stslutory Audrtors London, United Kingdom 31.07.2024 MHA is the trading name of Maclntyre Hudson LLP, a limrted liability partnership in England and Wales {Registered number OC3123131. Afrfcan Gifted Foundation Statement of Flnancial Activitles for the y&ar ended 31 October 2023 2023 2023 Notes Restricted Unrestricted Funds Fund$ 2023 Total Funds 2022 Totsl Funds Incomlng Resources from Charftable activitles Donabons Fundraising Total Incomlng resources 750.48S 750,485 719.847 750,486 750,485 719,847 Resources Expendod Charitable Activitles Education Adminislralion Govemance 677,839 4,540 23,841 877,839 4,540 23,841 846,646 3,151 5.640 Total resources exponded NET MOVEMENT IN FUNDS FOR THE YEAR Fund5 Blfvvd 06.220 706,220 8S4,43 44,265 25,660 62,074 44,265 1134.590) 87.734 222,326 Fund5 Carried forward 31 October 2023 62,074 69.925 131,999 87,735 All of the above represent continuing operations. There were no recognised gains or losses other than those shown above. The notes on pages 12 to 14 fomi part of these financial stalemenl5. Afrlcan Giftad Foundatlon Income and Expenditure Account for the year ended 31 October 2023 Ngtes 2023 2022 INCOME Donations unrestricted Donaty'ons restncted 750,485 619,097 100,750 Totsl Incomo 750,48S EXPENDITURE Education Adminislralion Govemance 877,839 4,540 23,841 845,646 3.161 5,640 Totsl expenditure Exc•s# of1oxpendltur8 over Ineomevlncomè over 70 .220 854.437 44,28S The notes on page 12-14 form part of these financial statements. 10 Balance She81 African Gifted Foundation Limited As at 31 Othber 2023 1￿,985 10Q71 111796) FUNDS 132JllXI 10 small companteB UFKler Part 15 oflhe comp￿leS Act 2[￿. Ttrw￿re aly0￿1 by Ihe behdf ty. and aut1￿1$￿ for issue on aThl sigied ¢Jn their CL¥npany R•trakn MJmkn. 07[￿1874 The n(*es paps 12 to 14 f(w7n ofltr￿ f￿a￿l81 stalemenl 11 Afrlcan Glfted Foundation Notes to the Flnancial Ststements for the year ended 31 October 2023 I ACCOUNTING POLICIES al Gernrgl Infonnation and baslJ of preparatlon Af￿ran Gifted Foundation is a charitable company limited by guarantee registered in England and Wales. In the event of Ihe charity being wound up, the liability in respect of tt)e guarantee is limitsd io ei0 per mtrrnber of the charity. The address ofthe registered office is glven in tharity infomation on page 2 of these financi81 $tslements. The nature of tha challtls operatsons and prindpal actIV￿"e5 are detailed on page 2. The charity con5titute5 a Public eenefft Entity as defined by FRS 102. The fitsBnual statements have been prepared in accordano wlh Aruunling and RepoTtsng by Charitses.. Statement of Recomrnended Practice dpplicable lo charities preparing their accounts in acu)rdance with the Finanoal Reportsng Standard applicable in the UK and Republic of Ireland IFRS 1021, tre Financial Reporting Standard applicable In the United Kingdom and Republic of I￿land IFRS 1021, the Charrt￿ Act 2011, Companies Act 2006 and UK G8nerallyAc(xpted Accounting Prathr£. The finana81 $t8tem8nts are prepared on a going ￿ncern basi5 under the histontal cost convention. The finantsal statements are presented in sterling %vhich 15 the fundional currency of the charity and rounded to the n8aresi £1. bl Income recognltion I Incoming re50urce$ are induded in the Statement of Finan(iaIActNrt￿3 ISOFAI when th¢ charity is legallyentitkd to the 4Th￿>￿e after any perfotmance conditions h8ve been met, the amevnt can be measured reliably ond it is probable that the income wll b8 ￿¢tIve￿. For donations to be recognised the chaFity *ill have been notsfied of the amounts and the settlement dale in writing. If th?re are condition8 attached to the donation and this requir&8 a level of performan￿ before enlillement be obtained th8n incorne is deferred until those condition5 are fulty rnet orthe fulfilmÈnt of thos8 ttJndilion5 18 within the control of the charity and it is probabl8 that theywlll be fulfilled. No amount 15 included in Ihe financlol statemènts for volunteer time in line *ilh the SORP IFRS 1021. Further detail is cl ReBourGes expended All expendrture 15 accounted for on an acGruals basi4 and h88 been da88ified under h8adlng$ that aggregatè all wsts 111 Charftable actlvlU88 Charrtable activitiÈ$ indude expenditure 8SSOa8ted odvanung education ol hlghly gifted Afncan thildren and yvung people and advanang the 8duGation Df the gifted generalty. 1111 Governance costs Governance costs are asstsciated *ilh the governance arrangement$ tsf the Foundat￿￿ which rLil8te to rts general running to ensure &)mplianc8 Gonstitutional and statutgry requirement5. dl Irrecoverable VAT Any irrecoverable VAT is charged to the staternant of financial adiyities, or capitalised as part of the ¢ost of tho ralated 888el, where appropriat?. el R8cognblior4 of Ibabllltles Liabilitie5 are r6cognL4ed when an obligation ari5e5 to tran$fer economic benefits as 8 résult of past trans8thons or events. fj accountlng General funds are unrastncted fvndswhith are avallable for usè al the discretion of the DirectOT5 ITr further8nc8 of Ihe general obje¢Aives of tht Foundation. Restricted funds are funds whith are to be used in accordance With 5peafic restrictions imposed by donors. gl Foreign currensie5 A$set5 liabilitie5 in foreign ojrrenues are translated into sterling at Ihe rgle5 of Èxchanae ruling al IhÈ halance shè date. Transactions in foreign currencies are translated into 51erfing at the rate of exchange ruling at th? dale vfthe transaction. EKchang8 differences are taken into aculunt in arrivlng at the n81 movement in funds forth8 year. h) Ernployoe pontslons and benofrts When ernployees have rendeTed service to the chanty, short term employee benefits lo which the ern￿oYeeS gr8 entftled re recognised at the undiscounted amount expected to be paid in exchange forthat sery1￿. Whère 8mployees are infomed of redundancies by balance Sheet date. provision8 arè induded In th? finanGial 5ts1ements. The charty operate8 defined contr4bLrtion pension plan forthe benefrt of rts employaas. Contributions are expEnses as they become payabk ￿￿th the rules of the 5chem8. 12 African Gifted Foundation Notes to the Financlal Statements for the year ended 31 October 2023 2 INCOMING RESOURCES FRIJM CHARITABLE ACTMnES 2023 2022 Donations Unrestricted Restricted Unresthctsd 7SO,485 619,097 100,7SO Fundra15ing OA85 19,847 3 EDUCATION EXPENDITURE 2023 2022 Educathen and tutorfees 677 389 4 ADMINISTRATION EXPENDITiIRE 2023 2022 Administrats"on 5 GOVERNANCE COSTS 2023 2022 Audit lees Accountancy costs Consutting (x)sts Advertising and rnarkets.ng 1,800 3,840 14,064 8,620.00 1,157 23 6 TRANSACTIONS WITh DIRECTORS The Directors r￿1ved no wuneration or other benefits for the period. 7 DEBTORS: 2023 2022 Prepayments 821 821 B CREDITOR5.' AhlOUNTS FALLING DUE TMTHIN ONE YEAR 2023 2022 Trade crEdrtors Accruals 6.169 9,816 15,985 13 African Gifted Foundation Notes to the Flnancial Statements for the year ended 31 October 2023 9 STAFF COSTS AND NUMBERS Staff costs were as follows.. 2023 2022 S81aries and wages Soaal security costs Pension 67,288 2.506 49,291 695 1.369 51,355 71.233 The average weekly number of employees during the period was as follows.. 2023 No. 2021 No. Educational servi￿$ 10 FUNDS Balancè at Incoming Resources Balan¢e at 3111012022 resource expended 3111012023 Balance at 3111012022 Unrestrfcted funds Restricted funds 25,660 62.074 750,486 734.601 41,544 62.074 25,660 62,074 Totsl Fund¥ 7SO.485 734 601 103 618 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS 21123 2023 R•stricted Unrestrict Funds Fund¥ Z023 Total Funds 2022 Total Fund• Current assèts Current liabilit1è5 147,985 115.9861 147,985 115.98S1 101.530 113.7961 Total not assets 132,000 132 000 87,734 12 RELATED PARTY TRANSACTIONS The African Gifted Foundation Gh8na is a Ghanaian wistered NGO. The member5 and directOTS are Tom Ilube. and the UK African Gifted Foundation as a COTporate member. Tom Ilube is a trustee and director of the African Gifted Foundation.