African Gifted Foundation
Annual report and accounts
for the year ended 31 October 2024
Company Number.. 07061874
RegIste￿d 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 CoMpan￿S 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 Otto￿r 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 Art￿e8 ofA$60Gk41ion dated 28 October 2009.
M¢rnb8rn' Llability
The iwo rnembers urnlertake lo wnlribute to the assets ofthe Foundation in Ihe event of il being
durin9 membership or Wlhin one year after membership ceases svth amount as may be required, nDI
eX￿dIng £10. forlhe debts and li8biliUes contracted before membership c8ase$.
G0￿MIng 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$ational Stwcturo and Rèlati0r￿hlpB
The Oirectors are ￿ponSI￿* forthe overall management Dlthe Foundation and tsy tak8 all detisions.
Rl8k Managornnt
The Directors have asse55ed the major risk& lo bvhich the Foundation k8 exposed aThJ are committed to enS￿r¥￿ that
8ppropriate 5ysleTns and processes are in pla￿ to manage these risks effÈL#ivety.
As the organisatlDn wnlirTrue5 to gThin soe and (x)mplexity, operational Ggpacty rem81ns a key con&deration.
The prinopal risks Idenlified by the Trustees indude ￿n￿￿al￿￿e8 around fijlure In￿Me streams and operaiional trAp8uty.
To strengthen ovetsiyhl 8tKI accountability, the Board has established arTr Audit. Risk and Govemance c(￿mIttee.
Id) Mei fortrE first time in December 2024. This committee wll play a key role in i(Jentrfying, assessing and
mituab.ng n8ks, ensurtng Iha¢wt remain re&lienl and vdl-govwrEd in the years ahead.
OBJECTS. AIMS, OWECnVES AND PRINCIPAL ACMVIIIES
The primary objeflives of the Charity are lo advance edu(ation by ldent￿.ng, te8thing. mentoring. and developiThJ hvjh
gifted African d)ildren young peo￿e, 8$ ￿*11 as promoting the education of 9ffted individuals more broadty.
As an educat￿n81 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 rev*Mng 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 dire￿or5 do nol COn￿derth18 to be an ￿n￿as￿able
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 A1￿ca. 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 a￿hOUgh we wll increase the level of computer science, wf(h an emphasis on Al and
rObOt￿S. 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
prO9￿Ssion 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 dor￿19 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 resoUr￿s, 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 2￿8.
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 aC￿Unting
in preparation of the fin8nts818tatements is approriate.
Basèd on the work we have perftsmied. we have not Identified arry m8teri31 un￿rtal￿treS 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 I￿￿1Ve months from the fin8nrial statements are authorised for issue.
Our responsibilities and the ￿SponSIbl11￿.eS ol thè trustees with respect to going con￿rn 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 fina￿￿￿1 statements dogs not cA)ver the other infoitn8tion 8nd. ex￿pt 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 m*erial
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 rw*Ned 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 ne￿ssary 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 con￿M, disclosing, as applicable. m8tter5 related to going cOn￿rTh 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$surar￿e 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
Ir￿guI8￿ties. 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 ￿Ul8￿on8.
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 1￿CoMe 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
Report￿n5 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
charita￿e 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[r￿d 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 ￿$trIct￿d
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 financ￿81 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 prepa￿d in accordan
with Acrxjunting and Reporting by Charthes Ststernent of R8￿MMended Pra(#ice 8pplicabla lo char￿18¥ 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 Gen8ralIyAc￿pted 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$tsntty appl￿d to 811 years pr88ent8d unkss otherwise statsd.
bl Income ro¢oonftion
All incorning resources are induded in the Statement of Fin8naal Activit￿8 ISOFAI when the charrty 18 legally entrtled to the InfX)Tr
after any p8rfemanc¢ ¢ondib'on$ 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 f*n be obtained then income is
defe￿ed until those o)ndrtion8 are fully met or fU￿theNt of those Conditions iswithin the r4)ntrol of Ihg charty and probable
that Iheyvlill be fu￿illed.
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&G￿5. 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 char￿Y 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 activit￿5 include eX￿n￿ltu￿ a$S￿l#ted with advgntyng edu¢a¥on of highty gifted Afiican chiklfftn and >oung peop
and advancing the education of the gifted generally.
lill G¢)v¢mon¢e costs
Governance ￿8t5 are asso￿ated the governance arraryernents of the Foundation %vhich relats lo ts general wnnlng t
ensure complignce with Gonstitutional and stslutory requirement5
dl IrreGo¥erabl8 VAT
Any Irr8e*Jverable VAT is charyed to Ihe statement of finanual actl¥l¥es, ¢r c8pitali8ed as part of the c051 of the r8lat8d a8s8(
where apptopri81e.
el Recognhlon of Ilablllti88
Liabilitie5 are recognised when 8n oblwation ansesto transfer ecJ)nomic benefrt5 as a of pa*transact￿ns orevent5.
Expen888 paid in advan￿ of the obligation are Fecognised as prepahy axwnses In tsebtors.
fj Fund accounting
Genèral funds are unreslri¢ted fvnd$whiGh are yvailable for use al the di￿et￿n 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 restri1￿on$ 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 ￿rri￿n9 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 fUrt￿r 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
EduCat￿n and tutorf889
617 701
4 AOMINISTRAnoN EXPENDITURE
2024
ministralion
8 GOVERNANCE COSTS
2024
2023
Audit fae
Attourf8nLy costs
CO￿￿ttIng 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 irtU￿0 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
A￿tUal8
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
Salar￿5 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 emplo￿0 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
Bala￿e 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 BETW￿EN FUNDS
2024
2024
Rostrlcted Unresirl¢ted
Funds
Funds
2024
T¢>tal
Funds
2023
Total
Funds
Cutrent 88set8
cu￿ent 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 ￿1￿ctorS are Thomas Illube
#ntl the UK Afncan Grfted Foun(tat￿n 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