African Gifted Foundation Annual report and accounts for the year ended 31 October 2024 Company Number.. 07061874 RegIsted Charity Number: 1133900
African Gifted Foundation Annual report for the year ended 31 October 2024 Contents Report of the Directors Statement of DiTe¢tors' responsibilities Independent audi(orfs report Statement of financial activities Income and expenditure account Balance sheet 10 Statement of Cash Flows 12 Notes lo the financial slalements 13-15
African Gifted Foundation Report of the Directors for the year ended 31 October 2024 The Board Of Diie¢tors present their annual report for the y8ar 8nde¢J 31 October 2024, togetherwith th8 audited financial slatemenls for the period, which have been prepared in accordance wth the Foundation's governing documènt, the Statement of RÈcomrnended Practice Accounting and Reporting by Charities ISORP 20191, 8n¢J the CoMpanS Ad 2006. REFERENCE & ADMINISTRATIVE INFORMATION The African Gifted Foun¢Jation w88 incorporated on 30 October 2009 as a chatltable company limited by guaranlee wrth company number 7061874. It registered as a charity 1th effect from 29 January 2010 wrfh charity numbèr 1133900. The companvs prln¢ip81 address is 8 Bishopsgale, London, United Kingdom, EC2N 4BQ. Dlroetorn The Dlrectors who seryed throughout the period and to the date of signing this report were.. Thomas Segun Ilube l Appointed 30 October 2009 Andrew Alli l Appointed 24th Febiu8ry 20101 Rosalind Nana Emela Kainyah l Appointed 12 November 20161 KyTnberlie Andrew l Appointed 24 June 20191 Chartotte Gr Dewey IAppointed 4 September 20231 Dr Rash8d8 Harry (Appointed 4 September 20231 Mathew Maurick Ilube (Appointed 4 September 20231 Sandra Mary Stash (Appointed 4 Septefflboi 20231 Sluart Mark 8enlamln Hopper {Appointert 4 September 20231 David Chisholm l Appointed 28 Ociober 20241 Bunmi Adeyemi-wilson l Appointed S Ottor 20241 Cecilia Harvey l Appointed 31 October 20241 Tina Gots¢hi l Appointed 11 March 20241 Company Secretary.. Ben Harber Audltor: MHA, 6th Floor. 2 London Place. London. EC2Y SAU. Bankerg.. 8arcaay5 Bank plc. One Churchill Place, London, E14 5HP Sollcltors: Bates Wells Braithwaite LLP, 10, Queen Street Place, London, EC4R 18E
African Glfted Foundation Roport of thè Directors for th8 year anded 31 Octobor 2024 continued STRLICTURE. GOVERNANCE AND MANAGEMENT Gov8miny Docum8nt The Trust 1$ governed by ihe Memorarnlum and Arte8 ofA$60Gk41ion dated 28 October 2009. M¢rnb8rn' Llability The iwo rnembers urnlertake lo wnlribute to the assets ofthe Foundation in Ihe event of il being durin9 membership or Wlhin one year after membership ceases svth amount as may be required, nDI eXdIng £10. forlhe debts and li8biliUes contracted before membership c8ase$. G0MIng Body The Director5 are the Dire¢tots of the FwrKlatiL¥I forthe wrposes oflhe Companies Ad 2006 and Tntstees for the purpo$e5 of chanty gislation. Direttot5 retire by rotation and are eligible for -0Ie¢t1on. DireGtor5 are appointed at(x)rding to the Body's 5pecification5 of the required skill sets. These indude wsdom and demonslraled eommitiTEnt. There is Ihird party Indeminity Insur8nte in pla In re8p8tt of al tyustees. R8cruitsnen( Tralnlng and Inductlon of Directors DirÈLtors are selected by reference to their eligibility, person81 competenf antl 5peoalist skills. TrainirvJ and irxluclion program&711 be devdoped a$ Ihe Foundation exparxls its advllies. Oryanisatfjonal ManagBTnent Directors meet as a Body as required trj determinethe general policy of the FouThJatr"on and wiewits overall management. controls and financ88. Oryani$ational Stwcturo and Rèlati0rhlpB The Oirectors are ponSI forthe overall management Dlthe Foundation and tsy tak8 all detisions. Rl8k Managornnt The Directors have asse55ed the major risk& lo bvhich the Foundation k8 exposed aThJ are committed to enSr¥ that 8ppropriate 5ysleTns and processes are in pla to manage these risks effÈL#ivety. As the organisatlDn wnlirTrue5 to gThin soe and (x)mplexity, operational Ggpacty rem81ns a key con&deration. The prinopal risks Idenlified by the Trustees indude nale8 around fijlure InMe streams and operaiional trAp8uty. To strengthen ovetsiyhl 8tKI accountability, the Board has established arTr Audit. Risk and Govemance c(mIttee. Id) Mei fortrE first time in December 2024. This committee wll play a key role in i(Jentrfying, assessing and mituab.ng n8ks, ensurtng Iha¢wt remain re&lienl and vdl-govwrEd in the years ahead. OBJECTS. AIMS, OWECnVES AND PRINCIPAL ACMVIIIES The primary objeflives of the Charity are lo advance edu(ation by ldent.ng, te8thing. mentoring. and developiThJ hvjh gifted African d)ildren young peoe, 8$ 11 as promoting the education of 9ffted individuals more broadty. As an educatn81 charity dedlcated to developing future18aders, Ihe Charity aitns to.. 1. Provkle edu¢aboTral opportunrties lo gifted Sttjdents from Iwncome backgrounds, th a Str emphasls on STEM education. 2. Improve qualty of general leaching. 3. Enhan educational infraslrudurÈ acros5 It African continent. The Charity collaborates leading African universNles 8nd intemational p8rthrs lo set a benchmork for gifled educallon and deliver high-qualty educatlDnal opportunili88. PUBUC BENEFIT We have referrea 10 iThe Lnanty GomrTNssion's general guKlantr on public benerrt revMng our aims and objectives. The publiG benefft of IIE ch8rty is. &s dtrtailed above. in prO¥Ing education and optM)rtunities for gified childrer* in Affics. VVhi181 rn8ny of activit$ are for a parbculargeographic41 area. the direor5 do nol COnderth18 to be an nasable restriolion given th8 ze of the area covered.
African Gifted Foundation Report of the Directors for the year ended 31 October 2024 continued Stratsglc Aim and Intended lrnpact The Chartys strategic aims are focused on developing Africa's future STEM IScEnce, Technology, Oblectiv8s for thg Period The obi'ectThie for the period was to educate 40 gifted young women from across Africa after reopening the African Science Academy IASAI al full capacity after the pandemic. We aimed to successfully guide our seventh cohort through the program and prepare them for unwersity life while further enhancing ASA'S reputation. In addition, we sel out to build and open a new building to Increase our capacity from 25 10 So students al ASA, oponing the new building in April 2024. We also relaunched our Maths Masterclass and teacher training program, which had been paused due to COVID-19, and trained an additional 150 teachers across Ghana. Simultaneously. we aimed to recruii students for the 2024124 academic year from across the continent. utilyzing a nelwork of volunteers and online recruitment methods. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD During this period, we were able lo educate 40 gffted students from across A1ca. After recieving and education at our school, they secure full scholarships to leading universrties such as Hong Kong Universty. Ashesi University and African Leadership University. We also train teachers across three regions in Ghana. benefitting 15,000 schoolchildren nationwtde. We also succesfulty raised £100,000 to develop a new schc¥)I building lo increasg our capacity from 25 10 50 students per cohort. The building was officially opened in April 2024 and we will welcome 50 students for the first time in August 2024. In September 2024, we launched plans to further expand the school to provide even more gifted young women from low income b8ckgrounds across Africa wf(h educational opporturiilies. The Foundation's income of £934,15812023.. £750,484.98} was from a large number of donations. Totsl unrestricted fund5 at 31 October 2024 are £643,20712023.' £750,485). Reserves Policy The Trust Foundation seeks lo retsin re8eYves to covei al least Isix month81 UK oper81ing expenses which we estimate would be £80k in lolal for a year. At 31st October 2024, the charty had unrestricted reserves of £141,459 and resrticted reserves of £274,883 Future Plans Our plans are to build a largerASA campus and increase our capacity to up to 21)0 students from 2025. We intend to remain in the same premises for the nex1 three years while we develop our ampus and welcome 50 students per cohort in 2024124 and 2024125. Our focus will remain 04 maths and physics ahOUgh we wll increase the level of computer science, wf(h an emphasis on Al and rObOtS. Our aim is to hav6 8du¢ated 1,OLX) grfted young African women by 2031. We also plan to expand our oulr&ich programme to train up to 2,500 Mathematics teacher8 acros8 Africa by 2031.
African Gifted Foundation Report of the Directors for the year ended 31 October 2024 continued ResoNe¥ Pollcy The Trust Foundation seeks to relain reserves lo cover al least six months UK ¢)peraling expenses Yknith we esth.male would be £80k in total for a year. At 31st October 2024, the charty had unrestricted reserves of £141,459 and reslricled resetves of £274,883. Futurg Plans Our plans are to build a largerASA campus and increase our capacity lo up lo 200 students from 2025. We intend to remain in the same premises for the next three years vA)ile we develop our campus and welcome 50 students per cohort in 2025126. Our focus will remain on maths and physics although w wll increase the level of computer science, wfih an emphasis on Al and robotics. Our aim 1510 have educated 1,000 qifted vouno African wr)men bv 2031. We also plan to expand our oulre8eh programme to train up to 2,500 Mathematics teachers across Afrlca by 2031. African Science Academy IASAI is an all git1s Advanced Level school for maths and science. 11 is a pre- universty college leading to globally respected Cambridge Inlernatsonal A Levels. ASA vras founded by the Afn'can Gifted Foundation Ghana IAGF-G) lch is a Ghanaian Teqistered NGO. ASA is a boarding school for young women with outstanding saence and maths potential. 11 seeks to be a pathway to undergradu*e study and future careers in Engineering, Science & Computing. Students attend from across Africa and are admitted after their senior secondary education in paration for prO9Ssion to the best universi(ies in Africa and around the worfd. We aim lo select academically gifted students, with a passion for maths and sryence. Means tested scholarships and bursaries are available to all students. The Academy aims lo be one of the leading schools in Africa for gffted young scientists. The many nalionalilies that will make up the community will create a rich and diverse cullLsral atmosphere, %there maths, science and technology are delivered to young women in an incfusive environment. The dor19 moniior 811 fvndoising. No professonal fund raisers are used by the charity. AUDITORS The Auditor. MHA, previously traded through the legal entty Macintyre Hudson LLP. In response to regulatory changes, Maantyre Hudson LLP ceased lo hold an 8udf( registration wlh the engagement Iransilioning lo MHA Audit Services LLP. MHA wll be proposed for reappointment as auditors in accordance with section 485 of companies Act 2006.
24.07.2025
Independent Auditor's Report to the Members of African Gifted Foundation Year Ended 31 October 2024 Opinion We have audf(ed the ftnancial statements of African Gifted Foundats'on lthe'charilable cornpany'l lor the year ended 31st October 2024 which comprise of Statem8nt of Finanaal Activities, Income and Expenditure Aecounl. Balan Sheet. statement Of CashFIow3, and note8 to the finanaal statemènts. induding a summary ol significant aco)unting policies. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards. induding Financial Re.g Standard 102 The Finana81 Reporting Stsndards appliixble in ihe UK and ReputAic of Ire18nd Iunitecl Kingdom Gen8rally Accepted Actounting Practi}. In our opinion the tinancial statements: give a true and fair wew of the state of the charitable cotnpany's affairs as at 31st Octc*)er 2024, and of rts ino)ming resources and application of resoUrs, induding ts inc¥)me and expendituro. for the year then ended., . have been property prepared in accordan wth United Kingdom Gererally Ac£epted Accounts"ng Practica," and . have been prepared in accordanc£ ¥Mth thtr rtyuirements of the Companies Act 28. Basis tor opinion We conducted our audrt in accordan witr Intem81ional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsI'11ties under those standards are further described in the Auditor's responsibilities for the audrft of the finanasl statements section ol our report. We are independent of the charitsble company in accordanTr with the ethiGal requiiefflents th81 are relevant to our audit of the financial statements In the UK, including the Financial Reporting CoLJncil's Ethical Standard, and we h8ve fulfilled wr other ethical spOnSibl51t1eS in accordance wlh these requirements. We believe that the audit 8viiJence we have obtained is sufficient and apprcpriata to pr¢vide a basis for our opinion. Gonclusions relatlng to going concem In audrting the fin8na81 staternents, we have concluded that the Trustees, use of going concern basis of aCUnting in preparation of the fin8nts818tatements is approriate. Basèd on the work we have perftsmied. we have not Identified arry m8teri31 unrtaltreS relating to events or conditions that individually or collectivley, may (3s15ignificant doubt on the charity's ability to continue as 8 going ¢xn¢om lor a period of at least I1Ve months from the fin8nrial statements are authorised for issue. Our responsibilities and the SponSIbl11.eS ol thè trustees with respect to going conrn are describe(I In the revelant sections of this report. other Inlomiation The trustees are rtssponsible for the other inform8tion The other information compris88 th8 infomiatDn included in the report of the direLtors and trustees. other than the finanual statements and our auditorfs report thereon. Our opinlon on the fina1 statements dogs not cA)ver the other infoitn8tion 8nd. expt to the extent otheTh%ise expliotly stated in our report, do not express any fomi of assurance condusion thereon.
Independent Auditor's Report to the Members of African Gifted Foundation Continued ... Period Ended 31 October 2024 In o)nne¢tBJn wth our audit of the finan(ial statemer7ts, our rèsponsibilrty 15 to read thè other infom)ab'on and. In doing so. consider vA)ether the other information is tnalerially inwnsistent wlh the financi81 statements or our knovAedge obtained In the audit or otherwse appears to be rnaterially misstated. If we Identify such material inconsistenoes or apparent material rnisstatements. are required to d61errnine thether there is a merial mi3Statemenl in the financial statements or a Fnaterial rnisstatem8nl ol the other information. If. based on the worf( we h8ve perfom&Y. we conclude that there Is a matenal misstatement ofthis other information, are required to report that fact We have nothing to report in this gard. Opinions on other matters prescribed by the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audrt. .the infomation given in the ttUStees' report (incorporating the directors, report) for the frnanual year forvrt)ieh the finanaal stalernents are prepared is consistent with the financial st8lements,' and .the directors, report been prepared in accordan wth applicable legal reqvirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable MpanY and its environment obtained in the ¢¢urse of the audit, we have not identified material misststernents in the Directors, ReptsrL We have nothing lo report In iespeci of the followng matters in relatlon to 1(# the Companies Ad 2006 require$ us lo report to you if, in our opinion.. 'adequ8te accounting lgcords have not been kept. or returns adequaltr for our audit have not b8en rwNed from branthes not visited by us, or .Ihe finana81 stslernents are n¢t in agreement wlh the accounts'ng records aThJ tUm$., or .rtain disd05ures ol directors, remuneration spwfied by law are not made.. or 'we have not roceived all the infomation and explanations require ft)i our aud((,' or .Ihe trustees were not enb.tled to prepare the finanaal statements in accordance bmlh the small o)mpanies' lme nd take advantsge of the small companies, exemptions in preparing the directors. report and frorn the requirement to prepare a strategi¢ reKk)rt. Responsibilities of trustsès A5 explained tnore fully in the trustee5' responsibilibes stslement, the trustees Ivtho 8r8 also Ihe directors of the d)arFtable company for the purposes of company law) are responsible forthe preparation of ihe financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees deterrnine is nessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial 8tstements, the trustees are responsible for assessing the charitable company's abilrty to continue as a going conM, disclosing, as applicable. m8tter5 related to going cOnrTh and using the going concem b88is of accounting unless the trustees either intend to liquid8t8 the charitable Cajrnpany or to cease operats'ons. or have no realists'c altemalive but to do so
Independent Auditor's Report to the Members of African Gifted Foundation Continued Period Ended 31 October 2024 Auditoffs responslbllities for the audit ol the financial statements Our objectives are to obtain reasonable a$surare about thelher the financial stslemenls as a thole are frstr from material rnisstaternent, vthelher due to fraud or error, and tD Issue an auditors report that indudes our opinion. Reasonable assuranc& is a high level ol assuran, butls not a guarantee that an audit conducted in accordance th ISAS IUKI will always detect a matèrial rnisstatement when it exists. Misstatements can arise from fraud or error and are cA)nsidered m*erial il, individually or in thè aggregate, they could r68sonably be expected to Influenc the ecrx)omic decisions of users taken on the basis ol these financial siatements. Irregulariti'es, including fraud. are instances ol non compliance with laws and regul8b"ons. We design procedures In line wth our resp)nsiblities, ouuined above, to detect material misst8tsments in respect of irregularitie8. including fraud. The spe¢ifiG procedures for thi8 engagement arKI the extent to which these are capable of detecting IrguI8ties. including fraud is detailed belt)W. .Enquiry of man8gernent and those charged with governano around actual and potentia1 litigation and d8ims,' .Pertoiming audit work over the risk of rnanagemenl override ol controls, ineluding testing ofjournal entries and other adjustrnents for appropri8leness, evaluab.ng the business rationale of significant tr8nsacll0r outside the normal c4)urse of business and reweing accountsng eslifflates for bias,. Reviewng financial statement disdosures and testing to supwjrting documentation to assess Complian vmh applicable laws and Ul8on8. B8c8Use of the inherent limitations of an audit, there is a risk that wll not deted all ittegularities, induding trose leading lo 8 rnaterial misstaternent in the fin8nill81 statements or non- compliance wth regulth"on. This risk increases the more th8t complianTr with a law or regulation 18 removed frorn the events and trans8Ction5 reflected in the finanacial statements. as we wll be less likdy to 1CoMe aKore of instances of non-¢ompliance. The risk is also greater regarding Irrelgularilies owuring due to fraud rather than error, as fraud Involves intentiona corKealment, forgwy, collusion. omission or misrepresentstion. A further descripbon of our responsibilities for the audit of the finanaal statements is lotsted on the Finanaal Reportn5 Counol's website at. ww4.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report Usè of our Teport This report is made scAety to tre charFtable company's members, as a body, in accordance with Chapter 3 of Part 16 01 tre Companies Act 2006. Our audrt work has been undertaken so that we might statè to the charitable company's mèmbers those m8tter5 we are required lo stale lo thern In an auditor's report and lor no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitae company and the chantable company'8 tnembers 8s 8 body. for our audit work, lorthis report, or lor the opinions have formed. R1w FCA Rajeev Shaunak FCA (Senior Statutory Auditor) For and on Behalf of MHA Chartered Accountants and Statutory Auditors London, United .gdoM 25.07.2025 MHA is the trading name of Madntyre Hudson LLP, a limited liabilty partnership in England and W8le3 IR8gi8tered number OC4555421.
Afrlcan Gifted Foundatlon Statement of Financial Activities for the year onded 31 October 2024 2024 2024 Notes Restricted UnrgStrict8d 2024 Total 2023Total Funds Ineornln Donations Fundraising HMRC Charities Gift Aid Total Incoming re80urc•$ Resources from Charitable activltles 290.950 639.198 930,148 760.486 4,009 643.207 4,009 934,157 290,950 750.485 Charitsble Activities Education Administration Govemance 16.067 801,634 10.325 21.7B9 617,701 10.325 21,789 677,839 23,841 Totsl resources expended 16,067 633, 649,81 6,220 NEf MoveMENT IN FUNDS FOR THE YEAR Funds Blfwd 274.883 9,459 132,000 284,342 132.000 44,266 87.734 Funds C8[rd forward 31 Octob8r 2024 274.883 141A59 416,342 132,000 All of the above represent continuing operations. There were no recognised gains or losses other than those shown above. The notes on p8ge$ 13 10 15 form part of these financial statements.
Afrfcan Gifted Foundatlon Income and Expenditure Account for the year ended 31 October 2024 Notes 2024 2023 INCOME Donations unresbicted Donations $trIctd Gift Aid unrestricted 639,198 290,9SO 4.009 750A85 Totsl Incomè 934.167 7SO,485 EXPENDITURE Education Administration Govemance 617,701 10,325 21.789 677,839 4.540 23.841 Total expenditurg ,B15 706.220 Excess of Ilneom8 ovgr •xpenditure 284,342 44,266 The notes on pages 13 to 15 fomi part of these financi81 statements. 10
24.07.2025 Iwi<• •MI ¥lywd 11
Statement of Cash Flows African Gifled Foundation For the year ended 31 October 2024 2024 2023 Net Incom& for the year 284.342 44,265 Ilncreaseydecrèase in debtors 1108,2811 821 IDecreas81 I Increase in ¢xedilors Ng1 cash providtrd by acti¥Ati8s 164,258 47,27S Cash and c08h •qulvalènts Cs5h and cash equivalents at beginning of period N8t change in e8sh for period Cash and c88h equivalents at end ol periLKI 147,984 164,258 312.243 100.709 47,275 147.984 Net debt reconclliatlon The only movement in the year and previous year is on the cash at bank 12
African Gifted Foundation Notes to the Financial Statements for the year ended 31 October 2024 1 ACCOUNTING POLICIES al General Infomiatlon and basls ol prèparation AfrKan Gffted Fovntlalion 1$ 8 charitable Company lirniled by guarantee regi51ered in England and Waks. In the event of the charity being wound up, tha liability in respect ef th8 guarantee is1inited to £10 per nRmber of the charity The address of the registered office is given in the charity infomiaiitsn on page 2 of these financ81 statements The nature of th8 d)antY5 operation5 and prinupal a¢bvrtles 8r? detai on page 2. The charity constitutes a Public Benefit Entity as defined by FRS 102. Th8 finanual statements have been prepad in accordan with Acrxjunting and Reporting by Charthes Ststernent of R8MMended Pra(#ice 8pplicabla lo char18¥ preparing thèir a(wunts in ao))rdance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021, th8 Finano81 Reporting Stsndard applicAble In the United Kingdom and RepubliG of Ireland IFRS 1021. the Charities Ad 2011. Cornpanies Act 2006 and UK Gen8ralIyAcpted Accounting Practicè. The finanoal statemènts are prepared on a going ¢oncern basis under the histurfrAI cost )nVerttlOn and has unrestricted fvnds in plaee lo meet expenditure as it falls due. The financial Statements are presented in sterfing which 15 the functional currency of the charty and rounded to the nea$1 £1. The 51gnrficant 8ccounling polir>e$ applEd in the preparation of these fin3nThal slalemen15 are set out below. These policies have b88n cA>nsi$tsntty appld to 811 years pr88ent8d unkss otherwise statsd. bl Income ro¢oonftion All incorning resources are induded in the Statement of Fin8naal Activit8 ISOFAI when the charrty 18 legally entrtled to the InfX)Tr after any p8rfemanc¢ ¢ondib'on$ have been met, the amount can be measured reliably and it is probaN8 that the incJ)me wll bp rethived. For donations to be rettJgni88d the ¢haritywill have been netified of the amounts and the 88tllemenl date in writing. ff there are conditioD5 attached to the donation and this requires a level of perfomance befo entrtlement fn be obtained then income is defeed until those o)ndrtion8 are fully met or fUtheNt of those Conditions iswithin the r4)ntrol of Ihg charty and probable that Iheyvlill be fuilled. No amount L8 Induded In the f nanc4al statem&ntsfor volunteer tirne in line with the SORP IFRS 1021. Furtherd8tail is gwen 11 the TfU5tee5' Annual ReporL For k9&G5. entitlement 15 Ihe eartier of the charity being notified of an impending distribution orthe legacy Ing recaived. At this point income is recognised. On occasion legacies will be notified to the charY howEver it 1$ not possible to measure th8 amount cl Resourcw oxpend8d All expenditure is aGGounted for on an aGcruals ba515 8nd has been cla5srfieil untler heading8 that aggregate all costs related to the category. 111 Charftable xlfvttle Charitable activit5 include eXnltu a$Sl#ted with advgntyng edu¢a¥on of highty gifted Afiican chiklfftn and >oung peop and advancing the education of the gifted generally. lill G¢)v¢mon¢e costs Governance 8t5 are assoated the governance arraryernents of the Foundation %vhich relats lo ts general wnnlng t ensure complignce with Gonstitutional and stslutory requirement5 dl IrreGo¥erabl8 VAT Any Irr8eJverable VAT is charyed to Ihe statement of finanual actl¥l¥es, ¢r c8pitali8ed as part of the c051 of the r8lat8d a8s8( where apptopri81e. el Recognhlon of Ilablllti88 Liabilitie5 are recognised when 8n oblwation ansesto transfer ecJ)nomic benefrt5 as a of patransactns orevent5. Expen888 paid in advan of the obligation are Fecognised as prepahy axwnses In tsebtors. fj Fund accounting Genèral funds are unreslri¢ted fvnd$whiGh are yvailable for use al the dietn of Diredors in furtheranc8 of the gereral obiedwes of the Foundation. Re$tri¢ied funds a fund$ which a to be used in acthrd8nce wrth 5PEcrfK restri1on$ Imposed by (Soners. gl For¢i#n ¢urrtn¢i¢• Assets and liabilities in foreign CLJrrencies are translated into Sterling at the rates of exthange ruling atthe balan sheet dat. Tr8nsactl¢ns in foreign currenties art translated into sterting at Ihe rate of exthange ruling atthè data of the transaction. Exchartoe drffÈrenrks are taken into a(£Ouht in rrin9 at the rno¥8tnent in funds for thÈ r. h) Dollnad Contrfbutlon penBlon plan Tht charity operate$ a dèfinèd Contribution pen5i0n pl8n for 115 employees underwhich thè d)arty pays fixed contributions to 8 separate enity. Once the contributions have b8en paid, the charity has no fUrtr obliqalions. Tha as8ets of the plan are hekl separately Irom the (x)mpany In Independentty administered fuNJs.
African Glft8d Foundation Notes to tho Financial Statements for the year ended 31 October 2024 2 INCOMING RESOURCES FROM CHARITABLE ACMVITIES 2024 2023 DonJlKins Unrogtrtctèy 639,19B 290,950 750NBS Fundr8i$iTW GittNid Unr8Stnct8d 934.157 750N8S 3 EDUCAMON EXPENDITURE 2024 2023 EduCatn and tutorf889 617 701 4 AOMINISTRAnoN EXPENDITURE 2024 ministralion 8 GOVERNANCE COSTS 2024 2023 Audit fae Attourf8nLy costs COttIng costs Athert151ng and marketin 2,592 14,2S6 2.736 2.205 1.500 12.564 8.620 1,157 Non auditCtsSI of £2.59212023 £1.5001 TrANSACTIONSWITH DIRECTORS Th8 Dirèciots re¢eiv8d no remunerAlion orother b8D8fi1S fortht y88r The directors art the key marwmenl personnd of the charity and IheyunlnbLrte Ihwrtime and skills on basis. There is notru5tee gxpen¥e irtU0 In ihè yeBr. T DEBTORS.. 2024 other Debtors Prepaid expen86S 2.000 106,281 ¢REOITORS.' AMOUNTS FALLING DIJE WITHIN ONE VEAR 2024 2023 Trade ¢r8ditor8 AtUal8 4,182 6,169 9816 14
Afrlcan Glfted Foundation Notes to the Financial Statements for tha year ended 31 October 2024 9 STAFF COSTS ANO NUM8ERS Staff costs **re 88 follows.. 2024 2023 Salar5 8Thd wages Social 8ecurity fXJSts Pension 87,430 3,595 67.288 2.506 1.440 Th• average weekly numberof employee$ during the pernd was a$ follo. 2024 2023 EducatDnal servi$ 1 emplo0 received 8 salary of beiween £fjo,rKo and £70,000 during the year12023 none over £60.0(N)I. 10 FUNOS Balance at 3111012023 IncomlnB Resourc08 Balance al rosourc •xponded 3111012024 Balae at 311101202J Unrestrictell n$ Restrided funds 132.000 643,207 290.950 633.748 16,067 141A59 274,883 132,000 Tolal Fund8 132.000 934 157 418342 132 000 Restricted fund$ of £274,883 are forthe ASA buSk1ing project. 11 ANALYSIS OF NET ASSETS BETWEN FUNDS 2024 2024 Rostrlcted Unresirl¢ted Funds Funds 2024 T¢>tal Funds 2023 Total Funds Cutrent 88set8 cuent li8b11.eS 274,883 145,641 14,1821 420,S24 14,1821 147,98S 115,9881 Total neta¥s 274 883 141.4S9 132 000 12 RELATED PARTY TRANSACTIONS The Afncan Gifted Foundab'¢n Ghana is a Ghanaian gIstered NGO. The members and 1ctorS are Thomas Illube
ntl the UK Afncan Grfted Foun(tatn as a corporate member. Thomas IllubE is a trustee and director of the Afrl¢8n
Gifted Foundation. Tho irnn98ctionB ond bglBn¢ts in respect ollhi& entity are 8¥ follo¥*t' Educ4lDn lees In the ye8r£617.701 12023 É677,YU91. The debtar bsl8nc8 8t thB yeer end 1$£ltK.281 12023 £NIll 15