Company registration number: 06985729 CKiai'ity registration number: 1135540 Camara Education UK Ltd Formerly Camara Learning Limited (A company limited by guarantee) for the Year Ended 31 December 2020 camara education Contents Reference and Administrative Details.............................................................................................. Trustees, Repott..............................................................................................,-...................-............ Independent F.xaminer's Report.....................................................................................................8-9 Statement of Financial Activities............. ..................,.................................................................... io Balan￿ Sheet................................. .........................................................,........................................ii Note8 to the Financial Statements.....,.................................,......................................................12_22 Camara Education UK Ltd Fomierly Camara Learning Limited Reference and Administrative Details Dlreetor and Trustees The directors of Camara Education UK Ltd, who are xt5 trustees for the purpose of charity law, present the annual report of the charitable company for the year ended 31 December 2020. The twstees and officeT8 8ervins during the year and Subsequent to year end were as follows: Corn)ae Lynch (Chairman) IAppoÉnted on 24 September 20201 John D W Brown Andrew Jarvis Charles H M Ellinsham Andrew P Singer Oltvia Lichtenst@in (Appointed on 19 Mareh 2020) Richard Basham (Appointed on 19 March 2020) Rory Wardroper (Appointed on 19 March 2020) Fra1￿ Lehmann (Appointed on 24 September 20201 Princlpal Office 241a Portobello Road London WII ILT Registered Office: Sovereign House 212-224 Shaftesbury Avenue London WC2H 8HQ Company Regls¢Tation Number. 06985729 Charity Resi6tratlon Number. 1135540 Independent Examiner. Russell Joseph ACA Bourner Bull(Kk Chartered Accountant8 Soveteign House 212-224 Shaftesbury Avenue London WC2H 8HQ Website: www.camara.ors Camara Education UK Ltd Fornierly Camara Learning LAmited Trnstees, Report The trnstees are pleased to present their annual trustees. report together with the charity's financial staternents for the year ending 31 De￿mber 2020, which are al80 prepared to meetthe requirements for a truslees, report and accounts for Companies Act purposes. The financial statements comply with Ihe Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Associatio￿ and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accol￿tS in accOrdan￿WIth the Financial Repnrting Standard applie•ble in the UK and Republic of Ireland (2nd Editiorn effective January 20191 {"Charities SORP")). Appointment and Removal of Trustees The power to and responsibility for the appointment and reEnoval of Trustees from the Board rests with the Trustees eollectively. Objectives and Activities Camara Education UK Ltd Is part of a wider group of related entitie5 that carry out similar Work in Ireland {C&mara Education Ltd) and the USA (Camara Education Inel. Theseentlties support& network of education hubs in Afrtca, notably in Ethiopia, Keny￿ Lesotho, Tanzania and Zambia. Together we refer to these entities as the Camara Netmrork CatLtsra AS an intemational not for profit charity whose mission is to transforni education fi)T disadvantaged s￿dentS in the African eounlries it serves. Our vision is a world-cla55 technology- enabled educational system aceessible to all. We are dedicated to delivering real Impact throu8h technology by inspiring and empowering a young generation to improve their life opportunities. We believe better educatign means better life opportUnTties for children. Camara operates as a social enterprise and works with educational institutions to support them using teclmolo8y to delxver better educational outcomes, better grades and 21st-century sktlls. To achieve real impad in maximising educational opportunities, Camara focuses on five key goals.. Be the leadin8 ICT education organisation in the countries Én which we operate. Improve educational outcome5 by desi8nins and implementlng our pro8rammes to meet the needs of those thev serve. Measure and act upon our educational impact Employ the best people Cenerate the resources required to dejiver our strotegy The Camara African network consists of locally staffed education hub8 in Ethiopia, Kenya, lesotho, Tanzania and aimbia. Eath hub 1$ Tespongible for the front-line delivery of the Camara Education model Eo educational instÉlMtes within their respective countries. How this happensvaries from country tocountry. However. the overall obj'ective ofmeasurable improvement in leaming outcomes is eommon to all of them. Eadi hub 15 constitLtted as a social enterprÉse that applies commetcial 8trate8ies to maximiBe its ability to meet its 50cRal objeetive of transfoL7ning edueation in its home country. Camara Education UK Ltd Formerly Camara Learning Limited Trustees, Report AdditionBlly.. there are two resour￿ LEntres; one based in Dublin and one in London, responsible for securing ftmds through their commereikl activities and providing management expernse to support oiir work in Africa. Camara Education SoUr￿S decommissioned computers frum orsanisations and individuals in the UK and Ireland who donate their end of use computer equipment to support our work. Equipment no. meeiing the technical specification required for our programmes in Africa is resold to %enerate unrestricted funds, which allows us to source suitable equipment in the most rost-effective manner pi)ssible. Any equipment that requires reeycling is pnxessed ateording to the EU ItrEEE virective. Since 21K)5 Camara has sOu￿d over 266,(MJO computers within its network. Computers are refurbished and shipped in bulk to our local hubs in AfrÈca, where appropriate county-specific software is loaded onto each computer prior to placement in computer labs in the respective schools. 2020 Achievements and Performance A. Main Achievement8 upport 709 schools, Our key measure Ofperfornlan￿ saw us: eath an a(i(iirional 3ii,440 S￿dents through education programme8 supported by iect)nolosy. Support Icr capaeity development of 2947 teachers via fa￿-tO-fa￿ Icr trainins and our teacher learning platform Camara Learnt￿ Academv. Fnstall J921 computers. Following careful consideration, the Board a8reed in early 2020 to revise its commercial strategy for handling computer acquisitions from its donorbase. The ever-increasirÈg need for data selvrity, GDPR requirements and Camara's target to grow its business Substantially in the coming years led the Board to alisn with an industy partner that could provide the expertise, strnctures, and fu￿re investment to copper fasten Camara's ability to provide a be8t-in-class service to its technol(Igy donors. As a result, a Teorsanisation and rationalisation of its activitie5 were implemented. 2020 wa8 a year dominated by CovÈd-19. Activities In knica were adversely impaeted as Schools were closed for ￿￿rIOdS wÈthin the year. Similarly, ac￿$5 to school buildings to perform routine maintenance work was disrupted and our own staff had to work remotely where necess8ry. Despite these obstades, Camara continued to place computers in schools and train teachers wherever po55ible resulting in the achievements above. Camara Education UK Ltd Fornierly Camara Learning Limited Trustees, Report B. Financial Revlew The yearfs financial results are outlined the Statemènt of Financial Activities and Balan￿ Sheet and fijrther explained in the notes to the accounts. Income The orsanxsation's total income in 2020 amounted to £65,681 {2019: £406,510), a decrease of 84%. Restruclurin8 the busines& in￿￿edIatelY followed by the Covid-19 pandemic lockdowns, has impacted our ability to arrange rr equipment collections, consequently impactins our primary revenue source. We have maintained strong relationship5 Wlth our existing partners and expanded the business with new organisations in 2020. As the pandemic restrictions are lifted, we expect IT donation volumes to ramp up in 2021 to exceed pre-covid levels. Expenditu Total expenditure for 2020 amounted to £161,293, including one-off TestructUEing costs of r29,835. The warehouse closure. The table below shows like-for-like expendtture incurred on continutng operations foE 2020 decreased by £159.582 compared to 2019. Operation41 Expelldi￿re 2020 2019 Change Drfference Expenditwe InCu￿¢d from Continuing Operations 161.293 291.040 (129.747) 450/ One-off restructuring cost8 (29.835) (29.835) NIA Total Expenditure in the year 131,458 291,040 {159582) 55/ These one-off restructurins costs comprise redundancy and facility termination costs. Exdudins these eX￿p￿onal costs, expenditure in 2020 amounted to a31,458 {2019.. £291,040), a 55% decrea8e vs 2019. Camara Education UK Ltd tormerly Camara Leaming Limited Trustees, Report Net Defitit Camara recorded a defiat of expenditure over irLcome 2020 01 £95,612 compared to a surplus 2019 of £115,470. Net Defieit of Expenditure over Income 2020 2019 Change Dlfferen¢e Exp¢nditure over Income (95,612) 115,470 (211,082) 183V/o One-off Restructuring Costs (29,835) (29,835) NIA Underlying Net Deficit of Expenditure over Income (65.777) 115.470 (181,247) 1570/0 The trustees are satisfied that the change in strate8y initiated in 2020 will be succe55ful. The reduction of operational overheads is sisnrfieant. Once the Covid-19 pandemic restrictions are lifted, we expect to realise pre-covid levels of donationsplus additional growth gained thxou8h new partnerships achieved in2020. ReseThes Policv It is the Trustees, intention lo hold reserves to the equivalent value of three month5, operating costs to ensure that the charity ean continue to meet itsobligations ata given pointin time. Therefore: the thariiv has been building its reserves to meet this policy during tne veal.. Golng Concern Based on the re8truthJrint that has taken pla￿ in 2020: the perforrnan￿ in 2021 to date, foreca8t ca5hÉlows and the sufficiency of unrestricted reserve5, the Board believes that the charitv has adequate resources for the foreseeable future. The Board believes that there ?Te no material uneertatnties that call into doubt Camara Education's ability to eontinue in operation. The￿(Ore, the financial statements have been prepared on a 80ing Cort￿￿ basi& Risk Management Camara Education has an Internal tlsk control system in place. The Trustees are aware of the controls and are committed to reviewing these resuiarly. A comprehenslve finance manual 1$ in pla￿, ana contro]8 exist i)ver ￿Thd￿ng, eXpendi￿re and general financial management. Management accounts, induding cash and reserves positiory are shared with the Board at every board meeting. Camara Education UK Ltd Formerly Camara Learnlng Limited Tru8tees' Report Staff and Volunteers Camara Education is operated through a network of committed staff and volunteers. Camara would not be the fotte it is without their conlinuing drive and commitment. The trustees reaffirm their commitment to an or8anisational culture that cares for our people and those we serve. Unprecedented External Events- Covid-19 {coronaviru81 Wtthin the current financial year. the World Health Organisation IWHOI declared Covid-19 a pandemic. In the opinion of the trllstees, there are si8nificant risks and uncertainties at this time due to the outbreak of the pandemic. Mlhile this is a constantly changfftng situatio￿ the Board of Trustees is monitoring and following the G0Ven￿nent and the Depart]nent of Health's advi￿, induding introducing socialdi5tancin8protc￿o1g. Consequently, the organisation's offi￿5 are dosed, with allstafE member5 working remotely. The Board ofTrustees will continue to monitor the situation and take any measures necessary tOe[￿ure that any financial impact is mini]msed to the bestextent possible. The tsvstees have Biven due consideration to the impact ol the crisis on the charity using all available information at the date of signing this report and have eoncluded that no adjustments are required for the Financtal Statements as at 31 December 2020 in relation lo Covid-19. FutuTe Plans The outbreak of Covid-19 and its impaet on the worldwide community has resulted in a chan8e Rn almost all aspects of our work. Despite this, Camara will strive to continue to deliver on our mission "to transform education usin8 tethnolosy to empower disadvantaged students" In line with this, Camara will continue to.. Increase our income from computer donatiotts throush the outsourcing agreement with our ITAD parther to provide a sustainable income base for our work. Develop and broaden our fundraising strategies to increase income to support out project work. Invest in our product offerings to constantly improve our support to our students. Invest in our staff tts enable them to grow and ￿lfil their potential within Camara. Camara Education UK Ltd Fornierly Camara Learnins LimAted Trnstees, Report Trustee8' respon8ibi]ity In r¢lation to the flnanelal statement8 The trustees (who are also dizeclors of Camara Education UK Ltd for the purposes ofcompany law) are responsible for preparins the Trustees, Annual Report and the financial statements in aecordance with applicable law and resulations. Company law requires the trnstees to prepare financial statements for each financial year. Under that law the trustees must prepare the Einancial statements in accordance with United Kingdom Generally A(￿PIed Accotmting Practice (United Kingdom Accounting Standards and applicable lawl- Under ompany law the trustees must not approve the linaneial statements unless they are salisfied that they give a true and fair view of the state OE afEairs of the charitable company and of the incomxng resources and application of resources, includin8 the income and expenditure, OE the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accountin8 policies and then apply them eonsistentlyi observe the methods and princtples in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent,. state whether applicabk UK Accountrng Standards have been followed, Subject to any material dePar￿reS disclosed and explained in the finanaal statements,. and prepare the finanoal statements on the going concem ba8is unless it is inappropriate to presume that the charitable company will continue to operate. The trustee5 are respon517)le for keeping adequate accounting records that are sufficient to show and explain the charitable company'5 transactions and disclose with reasonable accuracy at any time the finaneial position OE the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safesuarding the assets of the company and hen￿ for taking reasonable steps Eor the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and fizthncial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of finanaai statements may differ from lesislation in otherjurisdictions. The financial Statements on pages 8 to 22 of the report have been prepared in accordance with the provjsions applicable lo companies subject to the small companies, re8ime. Approved by the Board and signed on its behalf by.. J Brown Trustse Date.. Camara Edutation UK Ltd Formerly Camara Learning Limited Independent Examiner's Report to the trnstees of CamaTa Education UK Ltd I report to the trustee$ (who are also Diwlors for the purpose OE company law) on my examination of the financial statements of Camara Education UK Ltd I'the charitable eompany'} for the year ended 31 December 2020 which compri8e the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely lo the eharity's t￿Stees, as a body, in accordan￿ with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the tharity's trustees those matters I am Yequired to state to them fftn thi$ report and for no other pulyose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for my work, for this report, or Eor the opinions I have forn￿a. Re8pon8ibilitie$ and bag18 of report As the trnstees ofcharitable eompany you ate responsible for the P￿ParatIon OE the finanaal BtatemeThts in accordan￿ wlth the requirements of the Companies Act 2006 ('the 20(hS AcY}. Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examinatlon, I report in respect of my examination of the charitable company's financlal statements carried out under section 145 of the Charities Act2011 ('the2011 ACV) and in carryin8 Out my examination J havefollowed all the applicable Directions 8iven by the Ch&rity Commission under section 14515)Ibl of the 2011 Act. As permitted by Direction 2, issued by the Charity Commission the firni for which I work has provided the Company with bookkeepin8 ServI￿S during the year ended 31 De￿mber 2020. As a Conseque[￿ I have followed the requirement of the FRCS Ethical Standard when undertdking this assisrunent. An independent examination does not Involve gatherin8 all the eviden￿ that would be required in an audit and consequently does not eover all the matters that an auditor considers in siving their opinion on the financial statement5. The planntng atid conduct of an audit soes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion a5 to whether the financial statements present a 'true and fairf view and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examlnefs statement I have completed my examination. I confirm that no materÈai matter8 have come to my attention in connection with the exam2nation siving me cause to believe that in any material respect.. > accounting records were not kept in respect of the charilable company as required by section 386 of the 2006 Act; or > the financial statements do not accord with those records,. or > the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'trne ond faTr view which is not a matter considered as part of an independent examinatio￿ OE Camara Edueatlon UK Ltd Formerly Camara Learning Limited Independent Examiner's Report to the trustees of call￿1a Education UK Ltd trie financtal statements haire notbeen prepared in accordance with the methods and prineiples of the Statement of Recommended Prac11￿ Eor accounting and reporting by charities applicable lo charities prèparin8 their accounts in aCCOTdance with the Finanoal RepoTting Standard applicable in the UK and Republic of Ireland (FRS 1021- I have no concetns and have ¢ome across no other matters in Coy￿eCtion with the examinatlon to which .Attention should be drawn in this report in order to enable a proper understanding OE the financial statements to be reached. l Joseph ACA Boumer Bullock Chartered Accountants Sovereign House 212-224 Shaftesbury Avenue London WC2H 8HQ Date.. 27.05.21 Camara Education UK Ltd Foimerly Camaia Learning Limited Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expendtture Account and Statement of Total Recognised Gains and Losses Unreslricted fund9 Re$tsA¢ted funds Total 2020 Total 2019 Note Income from: DonatiOfLS 6,266 6,266 288,662 Charitable activities 50,918 3,505 117.754 Other incoffle 4,992 4,992 94 Total Income 62.176 3,505 65,681 406510 Expettditure on.. Charitable activities 141,026 13,505 154,531 291,040 Provision for bad debt 15 6,762 6,762 Total Expenditu Net incomellexpenditUTe) Net movement in funds 147,788 13.505 161,293 291,040 {85,612 185,6121 io,(KJoi {io,0001 (95,612 195,612 115,470 115,470 Reconcitlatlon ofr Total funds brought forward Total fund5 carried forward 150,716 10,000 160,716 45,246 14 65,104 65,104 160,716 All of the Charitys activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 14. io Camara Education UK Ltd Fornierly Caniara Learnins Limited (Registration number: 06985729) Balance Sheet as at 31 December 2020 2020 2019 Note Fixed assets Fixed assets 3,706 Investmenls io Current asset8 Stock DebtOTS 15,865 11 24572 45,409 Cash at bank 60,080 161S,487 111,478} 160,716 Credltor8: Am(wnts falling due within one year Net assetsl(liabilities 12 I4￿78) 65.104 Fund8 of the Charity Unrestricted inconie funds Restricted income funds Total ftsnds 14 65,104 150,716 10,000 160,716 14 65,104 For the financial year ended 31 D￿rnber 2020, the charity wa5 entitled to exemption from audit undey sectton 477 of the Companies Act 2006 relating to small companies. The members have not required the charity to obtain an audit of its Aeeounts for the year in question in accordance with section 476. The directors acknowled8e their responsibilities for complyÈng with the requirements of the Act with respect to accounting records and the preparation oi accounts. The financial statement8 on pages 8 to 20 of the report have been prepared in accordance with the provisions appiicaDie to companies subject to the small companies, re8ime. The finaneial statements were approved by the trustees, and authorised for issue on ITr. 1.s.IM.. and signed on thefftr behalf bv: J Brown TNslee li Camara Education UK Ltd Fonnerly Camara Learnins Limited Notes to the Financial Statements for the Year Ended 31 December 2020 l Accounting polleles Summary of significant aceountlns polioes and key accountlng estijnates The principal accounting policies applied in the preparation OE these fwncial statements are set out below. Thesepolicies have been consistently applied to all the years presented, unle55 Otherwise stated. Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by CharAties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 2Q15)- {Charities SORP {FRS 1021), the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the CompanÈes Act 2006. Calllara Education UK Ltd meets the definition of a public benefit entity under FRS 102. Assels and liabilities are initially recognised at hxstorical tost or transaction value unless otherwise stated in the relevant accountin8 policy note5. Golng concern The financial ststements have been PTepared on a goin8 con￿rn basi& The trustees assess whether the use of goin8 cOn￿M 16 appropriate i.e. whether there are anv material uneertainties related to events or conditions that may cast stgnifieant doubt on the abÉlity OE the Charity to contlnue as a goins conceEn. The trustees make this assessment in respert of a period of one year from the date of approval of the financial statements. Income Dollrttions Voluntary income including donations, gtfts and srants that provide core funding or are Tecogni8ed when the Charity has entitlement to the income, it is probable that the incorne will be received and the amcwnt can be rneasured with sufficient re]iability. Jtteomefrom eharitrtble activities Income is generated by sales of refurbished computer sets (PC + monitor or a laptop) with relevant cables and peripherals, by call￿ra Education UK Ltd's computer re￿rb1shmellt hub to Camara Education hubs in Africa and in Ireland to suppl! demand from schoojs there. 12 Camara Education UK Ltd Fornierly Camara Learning Limited Notes to the Financial Statements for the Year Ended 31 December 2020 Gifts ill kittd C)ifts in kind are reeognised in different ways dependent on how they are used by the Cknrity.. Those donated for resale produ￿ income when they ate sold. They are valued at the amount aetually realised. lill Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resou￿$ and resources expended when they are distributed. They are valued at the amount the Charity would have had to pay to acquire them. (lit) Those donated for use by the Charity itself are included when receivable. They are valued at the amount the Charity would have had to pay to acquire them. Dottated services d#d.fAulities Where servi￿5 or facilities are provided to the Charity as a donation that would nonnally be pureha8ed from our suppliers, this benefit 1$ included in the financial statements at its fair value unless its fair value cannot be reliably measured, then at the cost to the donor or the resale vglue of goi￿5 that are to be sold. Government srant8 Grants relating to the Govemment'8 Coronavirns Job Retention Stheme are reco8nised in other income on a systematic basis over the periods in which the Charity recognises the related costs for which the grant Is intended to compensate. A grant that becoll￿$ re￿1vable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in Incon￿ in the period in whÈeh it become$ re￿1Vable. Expendlture All expendiiure is recognised Ott￿ there is a lesal or constructive obligation to that expenditure, it 1$ probable settlement 15 required and the amount can be mea8ured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with ￿ntral staff costs allocated on the basis of time spenl and depreciation charges a]localed on the portion OE the asset's use. Other support costs are allocated based on the spread of staff costs. The restricted pension costs have been allocated accordingly on the basis of tEie restricted grants received. Charitable activities ChaTltable expenditure comprises those costs incurred by the Charity in the delivery of its activitie5 and servfftces for its beneliciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature ne￿SsarY to support them. Support costs Support costs indude central funetions and have been allocated to artivity cost categ￿leS on a basis consistent with the use of re$ources, for example, allocaling property cost5 by floor areas. or per ¢apita. staff costs by the time spent and other costs by their usage. Governance costs These include the c051s attributable to the Charity's eompltanoe with constitutional and statutory requirements, including audit, strate8icmanagement and Trustee'smeetin8s and reimbursed expenses. 13 Camara Education UK Ltd Fornierly Camara Learning Limited Notes to the Financial Statements for the Year Ended 31 December 2020 Taxalion The Charity Is considered to pass the tests set out in Para8raph I Schedule 6 of the FinaTh￿ Act 2010 and theie£ore it meets the definition of a charitable company for UK corporation tax purposes. AceoTdingly, the Charity is potentially exempt from taxatson in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act IW2, to the extent that such income OT gains are applied exdusively to charitable purposes. Forelgn curreney Iranslation Transactions denominated in foreign currencie5 are recorded at the rate ruling at the date of the transaction. Monetary a￿ets and liabilities denorninated in currenoes ate translated into sterlin8 at the rates of exchange ruling at the balan￿ sheet date. All diffe￿[￿5 are included in net movements in funds. Tansible fixed agsets Individual fixed assets costRng £100 or more are initially recorded at cosL less any subsequent accumulated depreciation and subsequent accumulated impaimient losse& Depreciatlon and amorli$#tion Depreaation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expeeted useful economic liEe a$ folbws.. Asset dass Depteciation method and rate Fixture, fittings and equipment 20-33.3% straight line Investments Investments in 5ub5idiaries a￿ held at cost less any impainnents. Stock The cost of any stock of good5 donated for distrlbution to benelieiaries is deemed to be the fair value of those gifts at the time OE their re￿IPt. Finan (291,0401 lo.(￿￿ Total *unds 45,246 406,510 160,716 The specific purposes foE whith the fimds are to be applied aTe as follows: Unrestricted fi￿dS.. these funds are provided by donors for support of the charity. without restrictton on how funds should be deployed. Restricted funds.. these funds include grants specifically for the Project Ethiopia and salaries which is integral for the Charkty to carry out its charitable acttvities. 15 Related party transactlons During the year, Camara Education UK Ltd paid management fees of £nil (2019.. £14,IB2) to Camara Education Limited ICELI and re￿)Ved repayments of £346 from CEL, a charity unaer common control. At the year end, there was an amount owed from CEL of£nil {2019.. £3461. During the year, Camara Education UK Ltd received dividend of profits under gift aid stheme of £3,95512019.. £215,975) from Camara Trading Limited, a wholly owned subsidtary. At the yeaT end there was an amount due Ifmm}Ito Camara Trading Limited OE I£I)12019.. £9.682}. During the year, CamaTa Education UK Limited sold reEurbished computers to Camara Tanzani8, a company under common c(Trntrol, for £DiI {2019-£13,5001. At the year end there was an amount due to Camara Education UK Limited of £6,762 (2019-£6,7621. A provision lor bad debt of £6,762 was taised against the amount due from Camara TanzanRa. A88regate donations ￿ceiVed during the year from 8roup companies given without conditions placed on the charity were £nil {2019: £121,809). Aggregate donations received durÉng the year from Trnstees and parties cojmeeted to the Trustees given without conditions placed on the d)arity were £850 {2019: £2,100). 21 Camara Education UK Ltd Fornierly Camara Learning Limited Note8 to the Financial Statements for the Year Ended 31 December 2020 16 Obll8ation8 under leases Operatin8 leases 2020 2019 The total of future minimum lease payments 18 as Eollows: Not later than one year Later than one year and not later than five yeaTS Total 40,000 6.575 46,575 Amounts reco8ni$ed as an operating lease expense during the year total £31,811 (2019: £44,118). 17 Developmenls in the ye#T On 30 January 2020 the World Health Orsanisati(Trn dedared the outbreak of the Coronavlws ICovid-191 pandemic to be a public health emergency of international concern. Durins the year the pandemtc had an impact on the charitys operating activitre8, with reduction8 in the eharity'5 trading activitie5 as a result. The board have been reviewin& and continue to review, the impact of the pandemie on the operations of the charity on a regular basis and have taken measures to ensure the risks faced are mitigated, whidi induded utilislng the Government support measures. Since the year-end, due to the global impact of the Coronavirus ICovid-191 pandemic, the value 0£ assets and liabilitie5 have been impacted. It is not possible, at this time, to quantify the change in n)arket value in a meaningtul way, due to ongoing volatility as the situati(m is fluid and unpredictable.