REGISTERED CHARITY NUMBER 1136738 ## SALTPOND EDUCATION PROJECT UNINCORPORATED CHARITABLE ASSOCIATION TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2021 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## INDEX TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 2021 |Trustees’ Annual Report|2-5| |---|---| |Independent Examiner’s Report|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Accounts|9 - 10| 1 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 The trustees present their annual report and financial statements for the Saltpond Education Project for the year ended 31 March 2021. In shaping the objectives for the year and planning the charity's activities, the trustees referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. ## **Objectives and activities** The objectives as established in the governing document are to advance the education of underprivileged children and young people in Saltpond, Ghana by providing and assisting in the provision of facilities and resources. Currently these facilities and resources amount to a single primary school and community space, and a sponsorship programme which enables students to continue their education at local junior and senior high schools. An additional site was purchased adjacent to the current primary school and work began to build a junior high school on this site. A small, grassroots organisation assisted by volunteers in the UK, we work alongside Ghanaian staff so that they can run the project themselves whilst learning vital skills. We provide innovative teacher training via education professionals from both Ghana and the UK, as well as all project funding and materials. We offer a broad extra-curricular programme and free food, uniform and resources for all students who cannot access mainstream education due to the prohibitive costs of the above-mentioned required items. Our teachers focus on bilingual teaching and learning, and a play-based, skills-focused curriculum. We work under the guidance of the Ghana Education Service (GES) to ensure our research and development is sustainable and standardised, and of overall benefit to the community we serve. The main public-facing aims and articulations are: _A dynamic primary school and teacher-training project for underprivileged children in Saltpond, Ghana_ , with a mission of: - _Dynamic classroom practice_ - _Education beyond the classroom_ - _A healthy, safe environment_ The SEP Happy School (primary) is a registered independent school in Ghana, and the Saltpond Education Project is registered as an NGO in Ghana. It produces and files its own accounts in Ghana but it is answerable to the UK charity, which closely supervises its operations via a team of employees on the ground in Ghana, and regular visits by trustees and volunteers from the UK. Student population at the SEP Happy primary school is currently 133, with an additional 34 students being sponsored into two local Junior High Schools (JHS), and 11 students being sponsored into 5 local government and 1 private Senior High Schools. In total, the charity supports 178 Ghanaian children. The Ghanaian NGO currently employees 9 teaching staff, plus a full-time project manager, a part-time accountant, security guard, school nurse, and cook. 2 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **Activity in this period** All schools in Ghana remained closed from 16[th] March 2020 until 18[th] January 2021 due to the global Covid-19 pandemic. During this time, our project coordinator Mike made sure to check on the students and their families, while maintaining social distance. He delivered products to support with hygiene, such as soap and face masks, as well as rice and food to some of the families most in need. When the SEP Happy School reopened in January, Mike and his team made sure that all students had their temperature taken each morning, face masks were worn by all teachers and students, and regular handwashing took place. This helped to ensure that there were no cases of Covid within our school community. We continued to sponsor the students who have graduated from our primary school through their junior high and senior high schools, by covering all related costs, including uniforms, lunches and school resources. In total, we sponsor 45 students through their secondary education. Efforts were also started to initiate an apprenticeship programme for students who have finished their junior high education. We realised that it wouldn’t be financially possible to continue supporting all students through senior high school education. So we decided that we will sponsor whichever students pass the entrance exam to EDP Awutu-Winton, a senior high school located 2 hours away from Saltpond. And we have committed to sponsoring those students who do not pass that exam through an apprenticeship of their choosing with a local master. Our project coordinator and headteacher are currently speaking to various professionals within the Saltpond community to develop this programme. Unfortunately, work on the junior high school building had to stop in March 2020 as a result of the pandemic. Continued building material shortages meant that work was unable to restart during this period. The swimming lessons that began in February 2019 with a grant from the Whirlwind Trust were able to restart in early March 2021 with Class 6 students. In December 2020, we launched a brand-new website for SEP with a new layout, updated information and more online security. At the charity AGM in May 2020, all board positions were voted on and remained the same. Financial and other updates were presented to all the trustees. The meeting was held online via Zoom, due to the pandemic restrictions. ## **Grants and Corporate Sponsorship** SEP have been successful in maintaining our partnership with the Cereal Investments Company in Ghana who generously commit to a monthly donation of 225kg of rice. We have had to carry over the funds secured from a grant from the Whirlwind Trust for swimming lessons for this academic year, due to the closures during the pandemic. We were successful in securing grants towards the furnishing and set-up costs for the new junior high school building from the Ashworth Charitable Trust and the Coles-Medlock Foundation. Due to the 3 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 delays with the JHS building, we have not yet been able to use these funds. We also secured an unrestricted grant from the Nancy Kenyon Trust. ## **Financial Review** ## **Reserves policy** It is the charity’s policy to hold reserves amounting to £15,000, or approximately 6 months’ operating costs. The present level of funding is adequate to support the continuation of the charity for the medium term and the trustees consider the financial position of the charity to be satisfactory. ## **Principal funding sources** The principal funding source for the charity is currently by way of regular donations as well as grants and sponsorship. ## **Structure, governance and management** The Saltpond Education Project is controlled by its governing document, a constitution of charitable association, which was adopted on May 23rd 2010. It was registered as a charity on 6th July 2010. The board of trustees, chaired by the chairperson, is responsible for the organisation's good governance, and delegates day-to-day management responsibility to the director, who oversees the work of staff and volunteers. New trustees are recruited by word of mouth. ## **Risk management and child protection policy** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. All parties in regular contact with children are Ghanaian citizens and therefore not subject to legal checking procedures. Such parties are, however, subject to the organisation’s vetting process, which involves obtaining employment history and character references as far as is possible. All parties are subject to continued scrutiny in an open and law-abiding community, in which trustees are highly involved. Volunteership does not allow for one-on-one contact with children, and is usually undertaken by qualified UK teachers, who are subject to UK DBS checks via their own institutions. Trusteeship does not, by definition, involve regular contact with children. 4 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **The Board of Trustees** Ms Rachel Mann Ms Laura Percival Mr Ian Burbidge Mrs Tara Royle (Chairperson) Ms Ashley Barras (Director) Ms Natalie Falconer (Secretary) Mr Pierre Schouver (Treasurer) ## **Registered address** 29 St Albans Road London NW5 1RG ## **Charity number** 1136738 ## **Independent Examiner** On behalf of the board, ## **Tara Royle** Chairperson of the board of trustees 5 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **Independent Examiner’s Report to the Trustees of Saltpond Education Project** I report to the trustees on my examination of the accounts of Saltpond Education Project (the Charity) for the year ended 31 March 2021. This report is made solely to the Charity’s Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my examination, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent Examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - the accounts do not accord with those records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Catherine Sullivan FCA DCha 5 Marneys Close, Epsom KT18 7HR Date: 6 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **Statement of Financial Activities** |**Notes**
**Income from:**
Voluntary Income
2
**Expenditure**
Charitable Activities
3
**Net Income**
**Reconciliation of funds**
Funds Brought forward at 1 April
**Funds Carried forward at 31 March**|**2021**
**£**
35,646
35,646
20,439
20,439
**15,207**
58,219
**73,386**|**2020**
**£**
63,354| |---|---|---| |||63,354| |||31,631| |||31,631| |||| |||**31,723**| |||26,496| |||**58,219**| The notes on pages 9 to 10 form part of these accounts 7 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **Balance Sheet as at 31 March 2021** **----- Start of picture text -----**
2021 2020
Notes £ £ £ £
Fixed Assets 4 24,680 21,640
Current Assets
Cash at bank and in hand 48,706 36,539
48,706 36,539
Total assets less total liabilities 73,386 58,219
Funds
Unrestricted Funds 73,386 58,219
Approved by the Board of Trustees on 27 January 2022 and signed on its behalf by:
___________________________ ____________________________
Chairperson Treasurer
**----- End of picture text -----**
8 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **ACCOUNTING POLICIES** ## **Basis of Preparation** The financial statements have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. There are no significant areas of judgement or key assumptions that affect items in the financial statements other than those included within the accounting policies described below. The Trustees have taken advantage of the disclosure exemption in respect of the requirements of Section 7 “Statement of Cash Flows” in preparing these accounts as permitted by FRS 102 and the Charities SORP (FRS 102) Update Bulletin 1. ## **A Income** Income is recognized in the period in which the charity is in receipt of donation income. ## **B Expenditure** All expenditure is included on a payment’s basis. Charitable expenditure comprises grants which are provided for when approved by the Trustees, and support costs which are identifiable as wholly or mainly in support of the charity’s objectives based on the allocation of staff time and office resources. Support costs are those costs which enable fund generating and charitable activities to be undertaken. Where activities incurred relate to more than one cost category, it is apportioned on the basis of staff time incurred. ## **C Taxation** The charity is not liable to taxation on any surplus of income over expenditure and can recover tax suffered on donations received under Gift Aid. ## **D Cash and cash equivalents** Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less. 9 Saltpond Education Project Trustees’ Annual Report and Financial Statement for the year ended 31st March 2021 ## **Notes to the Accounts** ## **1. Voluntary Income** |Donations
Unrestricted Grants
**haritable Expenditure**
**Operations in Ghana:**
Food costs
School supplies
Staff costs
Administration
**Support costs:**
Publicity
Bank charges
Forex loss||**2021**
**£**
35,646
-
**35,646**
**2021**
**£**
1,220
5,702
11,822
554
**19,298**
47
384
711
**20,439**||**2020**
**£**
33,972
29,382| |---|---|---|---|---| |||||**63,354**| |||||**2020**
**£**
2,703
12,945
10,887
-
**26,535**
242
507
4,346
**31,631**| |||||| |||||| ## **2. Charitable Expenditure** ## **3. Fixed Assets** |**ixed Assets**|| |---|---| ||**Land and**| ||**Buildings**| ||**£**| |Brought forward at 1st April 2020|21,640| |Purchased in year|3,040| |Carried forward at 31st March 2021|**24,680**| The fixed asset relates to a new classroom which was being built in year. The building has yet to be brought into use, meaning that no depreciation was required in year. ## **4. Transactions with Trustees** No Trustee received any remuneration or reimbursement of expenses (2020: £Nil) incurred in carrying out their responsibilities. Tara Royle (Chair of the Trustees) made a donation in year of £10,400 (2020: £15,000) 10