Charity rngistration numbor 1147666
THE AFRICA TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

THE AFRICA TRUST
LEGALAND ADMINISTRATIVE INFORMATION
Tru8tee¥
Mr David Fremel
Mrs kn'rsten Seade
Mr Jo3￿ja Searle
Charity number
1147666
Prlnclpal address
Se￿et￿ . ATrdan Geraghty
10 lQngs Court
Wllie Snaith Road
Newmarket
CB8 7SG
Audltor
38 Northgate
N8wark-on-Trent
NottinghamS￿re
NG24 1EZ
Bankers
HSBC PLC
63- 64 StAndrebVs Street
Cambridge
C82 3BZ

THE AFRICA TRUST
CONTENTS
Page
Trustees, report
Statement of trustees. responsibilthes
Independent authtofs report
9-11
Statement of finanaal acti￿tieS
12
Bal8mce sheet
13
Notes lo the fina￿18[ statements
14-19

THE AFRICA TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustee3 present their Annual Report and Financial Statements for the year ended 31 De￿mber 2023.
(Previous year ended 31 De￿rnber 2022).
The financial statements have been prepared in accordanee with the accounting policies set out in note 1 to the
financial ststemenls and comply wth the chartty's goveming dotsjment. the Charrties Act 2011 and 'Accounling and
Reporting by Charities". Statement of Recommended Pra¢*"ce applicable lo charities preparing their accounts in
accordance w¢lh the Finanoal Reporting Standard appli￿ble in the UK and Republic of Ireland {FRS 1021" las
amgnded for aceounling peiiods commencing from 1 January 20191
Objectives and actlvltles
The objectives of the Trust 8re.'
To promote sustainable development for the benefft of peO￿e in Africa through..
Al The relief of poverty and the improvement of the conditions of life in socially and ttonomical￿ disadvantaged
communities.,
Bl The promotion of sustainable means of ao*iewng ￿onoMiC growlh and regeneration..
C) The preservation. conservation and protection of the enwronment a partI￿lar fo￿5 on improvoments to
water supply an¢J sanitation..
D} To advance the educab.on of tho public {in the UK and elsewhere) in subjects relating to sustainable development
8nd to promote study and research in SLth subjects provided that the useful results of suth study are disseminated
lo the pUl￿1C at large.
'Sustsinable devel¢)pment' means 'Developmerrt vthich meets the needs of the present wthout compromising the
at)ility of frjture generations lo rn￿t Iheir own needs..
The Trust ca￿leS out these t￿le￿NeS by:
Al Providing grants lo partner organisabons in Afric8 to fvnd activities vthich VAII further the TnJsYs charitable
objectives while building the capacity of eath partner.
Bl Funding research into innovations. with 8 particular focus the Trnst's core strength of &an water supply and
sanitation.
The Trust carries out this programme through partnerships independent organisations in various countries
across Afri￿. These partners include the Zimbabwe Africa Trust and the Aliance Development Africa Trust in
Zimbabwe, the Alliance Development Africa Foundation in Malaw, LiwrrfJ Busness Education in Uganda and the
Another Hope Foundation in TanzaTha.
The Trustees have paid due regard to guidance issuéd by Ihe Charity CoMmis￿On in deading what activities the
charty should undertake.
Grant maklng poll¢y
The Trust has established ils grant making policy to 8L*ieve its objectives.
How the grant and research progrdmmes delivered public bgnofft: a reylow of tho achlovoments and
perfomiance.

THE AFRICA TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achiavemfynts and porfornance
The total nurnber of beneffaaries at the start of 2023 vr4s 3.TT6.616 and 292,875 new beneficiaries were added.
Thls includes 6.329 benefiaaries for the entrepteneurial training and loans programmes. A lolal of 942 new pumps
were installed in 2023 (1,003 in 2022). The suspension of operations for nearly a month during the eleth'on period.
caused this reiluclion from 1,003 down 19 942 pumps built. Al of these pumps were installed in Zimbabwe. 18 new
toileis were built in Tanzania along wlh signfficanl improvements and exLen5ion of tre gravily-fed water pipelines.
After Cyclone Freddy, 51 f8milies in Malawi were asshsled to rebuild their devastated homes and move back from
camps.
wth over four million beneficAaries. TheAfrica Trust is now one of the leading aid and development organisatK)ns on
the conlinenl in terms of the number of beneficiaries served. This is despite the relatively small annual budget
ompared to the major aid agencies. Over 40.000 people have been assisted wth entrepreneurial training, loans
and the estsblishment of Mllage banks, allowing them lo set up small businesses to support themselves and their
families. This is now one of the largest enlrepreneur5hip programm¢$ in Africa, vthich differs from other approaches
in ils focus on helping people from the poorest communib'es lo lift themselves out of povety-
Zlmbabwe
942 new Elephant Pumps were buill in Zimbabwe, at a per pump eost which was below the agreed tar9el. The
savings were used for other approved projects, induding emergency relief and the distribution of ￿ment for toilet
slabs. This was achieved despite 8 reduction in funding and during an election year in Zimbabwe, in whith
operations were suspended for nearty a month. TVK) ol the project vehides {an 8-lonne Iru¢k and 2 pick-up) are still
in need of replacement (when fvnds all¢)wl after over eleven years of contsnuous, heavy usage. The annual
maintenance cost for these vehicles is increasing. even though one of the proiect stsff is a qualified mechanic and
does all repairs al cost.
Pump installation was comI￿ned with hygiene educalion durirwj 2023. through eommunlty-led totsl sanitation
meeh'ngs. Such meetings have ￿sUIted in much larger numbers of household5 instslling toilets for themselves. By
offering one bag of cement per household plu5 training. far more toilets are bein9 installed, benefting many more
people by avoiding open defecation in entire Communities. By addres￿ng both water supply and sanitation for an
entire cluster of villages, such as those in the catchment area of one rural sGhool, the positive health impact can be
far greater. Thi$ is seen in the reduction of the water bome disease burden and therefore improved school
attendance.
The entrepreneurial training wogramme in ￿Mbabwe continues to grow, while we assist our implementing partner
lo pul in place structures needed to secure signtficanl independonl fvnding from other organisations. In particular.
the Chief ExeeutNe has been progressing negoti3tsons wrth Christian Ad who are eJJrrently providing matched
nding for the REAP Malaw project. Although ne9otialions for ￿MmenceMent of a similar REAP Zimbalme project
have taken longer than was originalty antiapated, all signs are now positi.ve that this Fyojecl wll commence in 2024.
There is also interest from the Nelherfands Govemmenl and togèthèr wth Christian Aid. il is hoped that Afric8 Trust
grants lo our implementing partnerADAT {for entrepreneuri81 training and bans in Zimbabwel wll be soon matched.
Loan repayment has contrnued to exceed the target of 95%, wilh a fvrther increase from 96% in 2022 up to 97QA in
2023. This level of loan repayment is extTaordinary, espeaally when you consider the harsh economic environment
in which most Zimbabweans find themselves. Sinee 2021. when this programme was launched, 4,722 beneficiaries
have been trained and assisted lo start or improve their ¢)wn businesses. Further signrfi￿nI investment is n88d8d
for this programme, esperya1￿ in the first haw of 2024. for matched funding from Chrislian Aid and the Nethertands
government lo be secured. There are now clearfy developed plans in place to launch the £1 million REAP
Zimbabwe project in 2024 in which £S00.000. from IheAfrrca Trust over fve years. wll be matched by Chrislian Aid.

THE AFRICA TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Malawl
5,060 people received entrepreneuri4 training under the REAP Malaw prciect in 2023, which was abJve the
ambitious target of 4,800 despite the devastating impa¢X of Cydone Freddy in March. Loan repayment rates in
Malawi Kw8eha remained high. however this local ￿rrencY was devalued by the cur￿nt administration during 2023,
meaning that Ihe v81ue of loan rep8ymenls in pounds stoding was ￿v¢trd by around 44%. This came after more
than a decade {from 2012) wthout any SL￿den devaluats.on and was therefore impossible lo anticipate and budget
for. Discjjssions were had as to whether loans could be pegged to the pound at prevailing rates, but this would
impact negatively on the ability of benoficiaries lo make payments in the iase of a sudden devaluation. A furthgr
concem would be the appearan￿ of there being significant interest charged on loans rf calculated in Malawi
Kwacha. Overall il was decided that the priority was the pride and sense of achievement for beneficiaries when they
repay their loan$ in fvll lin Kwacha wth zero interest) even thwgh the pound sterliNJ value of these repayments
may have fallen.
The Africa Trust's entrepreneurial training loans programme in Malawi 15 now one of the largest micri>credit
organisalions in the whole county, in terms of the number of people benefitting from the loans and the village banks
that have been established and continue lo operate. 287 new Mllage banks were established during 2￿3. each with
around 1&20 members. The REAP mala￿ Projed has been tremendously S￿￿$S￿J1 and is expeded lo be
extended beyond the thre&year initial period. Furthemiore, REAP Malawi has provided a mod81 fraMew￿k foT th6
planned commencement of REAP Zimbabwe on a similar scale in 2024. One signfficant advantage in Zimbabwe, is
that USD are used, hence reducing the likelihood of sudden currency devaluations impacting on the r￿DIvIng fund.
Atthough funding for ADAF from The Africa Trust directly was lower in 2023, a grant of £135.000 made lo Chiistian
Aid in November 2022 was disbursed to ADAF in 2023 along with more than matched funding from ChrislianAid.
After Iloods caused by Cydone Freddy in March 2023 washed away entire villages, 51 families in Malaw were
assisted to rebuild their homes. 46 of these families were surviving in refugee ¢8rnps having k)sl everyihing. It
should be noted that the total cost of this project just £7,644, ￿1c￿ represents the cost incurred by other aid
agencies to rebuild the homesteads for four or five families. The Africa TNSI in partnership wlh ADAF. has sh¢)wn
that funijs can go len limes as far if the project is well structured, working hand in hand with the affected local
families. Other agencies were instead hiring o)ntradors to build housing. which o)sts much mofe with less suitable
resuW5.
Tanzanla
18 toilets were built in Tanzania along wrth fvrther significant extension and futureproofing of the gravity-fed
pipelines, which provide dean wal$r lo tens ol thousands of people. It was decided to draw the Tanzania project lo a
close at the end of the year to allow for exdusive focus on Zimbabwe and Malawi where the level of poverty is more
severe and the impact of funding is greater. A signtficant and sustained p0s￿Ve footprint wll be left behind in
Tanzania with improved sanitation, and 9ravity-fed pipelines that will prowde dean water for thousands of people for
decades lo come. It should be noted that before these pipelines were established. local wmmunilies were paying
extortionate amounts for their household water. which was being delivered in lorries.
The entire communfties in the areas vthere pipelinos We￿ instslled came out to assist wlh digging trench&s,
dèmonstrating Ihg importance of these projects. Al one time. the chief exe¢ukn"ve was digging deep trenches
alongside over f￿r thousand peoplel The topogTaphy meant that deèp trènches were needed at certain points
along more than tan kilomet￿5 ol piping lo allow for water lo flow by gravity rather than requiring diesel pumping
stations or syphon systems that are much more likely to fail. Good water pressures were achieved by gravity alone
81 all stsndpipe taps ¢onfounding local government experts, who had insisted that pump stations wth storage tanks
would be needed. The local communibes n¢)w have Contr￿ of this prosect, along Y￿th adequale training for long-
lem) maintenance.

THE AFRICA TRUST
TRUSTEES. REPORT (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2023
Uganda
In 2023, the￿ We￿ 476 business thlls training graduates against a planned targèt of 360. The $￿e1 of funding for
LBE was increased from £12.000 up to £17.000 for the enti￿ year. It was previously deryded to end fijnding for
Uganda 81 the end of 2023. It was hard to juststy continued investment there, when there is such huge potential for
expansion in Malaw and Zimbabwe. The Scale of achievements from Africa Trust funding in Uganda is however
extraordinary, with over 15.000 new jobs ¢7eated due to the entrepreneurial training programme. AtoTh3side this,
there were many other achievements as documented over more than a decade. induding assistance for 1,200 chlli
farmers in northern Uganda, fijnding for a 60-se* classroom at Mirembe Green Academy, the Mazima Retirement
Scheme and the Mywater initiative to provide clean water in high density per1-u￿an areas. The chief exe¢LJlive will
continue to provide Livingstone and LBE some support vthen requested. such as assistance in writing fvnding
proposals.
Monltorlng achlevement
All partner organisalions provide regular updates ￿ progress induding a￿oUnts, narrative reports and photos for
all the projects. There are a number of layers ol monitoring both inlemally. within the partner organisations, and
exlemally, including Tegular visits {nomially) and conb"nuous remote monitoring by the chief exe¢ulive, independent
monitoring exeroses, Iruslee visits to projeets and regLFlar chethng of pr￿resS for all field programmes against
agreed milestones. Senior personnel from the partner organisations are also sent by the chief executive to visit the
Africa Trust funded projects in other countn.es for training and monitoring purposes. The trustaes of The Afric% Trust
review progress through fomial quartwty meth.ngs and keep w to date wth regular phone Calls and gnail
exchanges.
Flnanclal rèvlew
In total, incoming resovrces for the calendar year 2023 amounted lo £1,418.835 {2022'. £1.735,4921 from which
grants and paymènts lo partners and projects, induding the chief executive's remuneration, of £1,398,444 12022..
£1,e59,0281 have been rnade. Govemance costs of £8.67412022'. £10,184) have been deducted leawng a surplus
of £11,71712022: deficit £133,720) to be added to reserves.
The trustees ag￿e0 that the minimum level of free ￿seNe5 would now be set at £50.000. This loww level ol
reserves is possible due to the reliable and regular income flow from Aq￿id and because it has prowan p08sible lo
scale down operations, such as pump building, al short notTh rfand when this is required.
Total assets at the end of 2023 amounted to £179.085. H¢ywever, vAth £107,771 in liabilities, including £100,000
oulslanding for the long-lemi loan from the late Paul Searfe's brother John, the actual level of free reserves at the
end of 2023 was £71,314. This is above the largel of £50.000 that was set as a minimum Tevel for free reservès.
The surplus for the year was £11,717. Expefrence in 2020 demonstraled that operations can be scaled down and up
rapidly response lo changes in the flow of funding.
Rl$ks
The trustees have considered the major risks to whith the chartty is exposed and have revtewed those risks and
established systems and procedu￿$ to manage those risks.
The major risk is the extent to which the grants awarded wll fiJrther the aims ol the Trust due to operational
challenges on the ground. The trustees manage this risk and seek to maximEe the positive impaci by regularfy
reviewing the outputs and activities of all implemènting partners and by reviewng the fijnding lo each partner
accordin9 to their monrtored achievements.

THE AFRICA TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Grants Approved for th8 P8rlod January 2024- December 2024
1. At least £900.000 wll be allc(ated lo the Iimbath¥e Africa Trust {ZATI primarity for the core programme of
instslling and maintaining Elephant Pumps to provide dean waler in poor rural comrnunilies in Zimbabwe
including allocation lo sanilalion projects and emergency relief. Under the terms of this grant. Z4T would
commit lo instslling one new pump for every one thousand hundred pounds provided. As ZAT is a non-
profit organizalion. any funds saved would be used by ZAT to.. instsll addition81 pumps. improve capacity
such as vehicles and to invest in secondary projects to relieve povety and emergency relief for those in
esperate situations. ZAT would be expected to provide the chief executive wth wee￿Y updates on
progress induding photos of pumps buitt and rep￿ts on the secorKlary projects. The impact of the projed$
would be monitofed induding estimates of the number of people who were assisted to have a sustainable
suppty of dean productive water. This ￿Unty programme is the flagship endeavour of theAfrica Trust,
which satisfies the needs and interests of theAfn"ca Trust's core funderAquAid. since money donated from
their watèr ￿tsIer business is used to establish supplies of clean drinking water in poor areas of Africa. If
funds allow. an eight-ton truck an¢Yor a pid(-up afe needed during 2023.
2. Up lo £15.000 for the year for em8rgerq relief at the discrelion of the Chief Executiv&.
3. A subsistence and operation81 allowan￿ of up lo £55,000 would k maintained for the Chief Executive to
oversee, monitor and develop the field progr8mmes. This is structured to include a formal UK nel salary of
£2,500 per month plus fvnds towards a pen￿on scheme. This allowan￿ can indude up to £5k towards
attommodalion. travel. food and other basKs such as air-time for phone and data needs.
4. Up lo £200,000 was approved to go towards the business skills trwning and small loans woject run by
ADAF in Malaw Ifunding can erther be direct or via Chrislian Aid under the REAP Malaw project>.
5. Up lo £200.000 would be allocated toADAT for b￿ne$S skill$ training wth108ns in Ombabwe.
6. Up to £10,000 is proposed for UK administration, induding audit.
Approved Budget for 2024
Beneficiaries
Exlstlng
Dgtalls
ncome
Expendlturn
Now lapprox.}
Aq￿d and other Sources
1.350.000
Pumps, Pipelines and Relief
950.000
4.011,251
280,000
Business Skills Training
lincluding loans, grants and
riculture
400,000
58.240
6,ODO
Pro
ects - Sub Total
1.350.000
UK adminislr81ion and audit
10.000
TOTAL
1,350.000
1,360.000
4.069,491
2B6,000
' Thè UK Payroll is ineorporated into the proied m8na9emenl 1x￿9￿t$.

THE AFRICA TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Stru￿Ure. govemance and management
The Africa Trust becamo a registered charity. number 1147666, on 12th thjne 2012 haMng been in operation since
December 2010 and is constrtuted under a trust deed.
The Trustees who served during the year and up lo the date of signature of the finanaal statements wero..
Mr David Fremel
Mrs Kirsten Searle
Mr Joshua Searfe
The Board wll next deode wjn any extensi¢M to the curnent lenuies of trustees in June 2026 for Joshua Searfe
and in May 2025 for David Fremel and lfjrsten Searfe.
New Iru$lees are appoinled by the existing trustees and serve for three lo fve years after which they may p
themselves forward for re-appointment. The trust deed provides for a minimum of 3 trustees. to a maxunum of 9
Iruslees, wlh no more than 3 trustees due for re-appointment in any one year.
All Iruslees give of their lime freely and no trustee remuneration was paid. No expenses were daimed by any of the
trustees. Trustees are required lo disdose all relevant interests and register them with the chief execub.ve and in
a¢cordance wlh the Trusvs policy, ￿thdraW from de(asions where a conflict of interest arises.
Al the quarterfy truslees. meetings, the bustees ￿ree the broad strategy and areas of acliwty for the Trust, induding
consideration of grant making, reserves and risk management policies and p?rfom)ance. Day-to-day administration
of grants and the processing and handling of applicab.ons prior lo consideration by the trust&es is dèlegated lo the
hief executive. The chief executive did not daim any expenses during the year. He was able to subsidvze his work
with his own funds and with part of the salary paid to him by the Trust durin9 the year. Salary payments paid lo the
chiel executive including his pension and national insurance contn"butions arnounted to £50,763 during ihe year.
The trustees fomially approved arrangements ￿M￿￿ng wth the ICSA guide 'Recruitment. Appointment and
Induction of Charity Trustees, and now convene the Nominalions Sub Committee as required both lo recrurt now
trustees for their experience. empathy and knowledge of the charlty and lo keep the skills and composition of the
tTL151ee body and succession planning under review. New Irustees may be sought by open advertisement or through
a dialogue with polential Candidates. Respecting the ethos of the Twsl to conb.nue the charitable work intended by
the fou[￿eT$. the ultimate decision on sdection is a matter for the truslees.
On appointment. new trustees commit to giwng of their time and expertise. The induo*on process follows the ICSA
900d practice guide with a fomial inducbon programme for any newly app￿nted truslee which indudes an initial
meeting with Ihe chaimian and the trustees. followed by a series of meetings wtth the thairman and chief executive
on responsibilities of the trustee board and the sub commrttees. This induction includes a brief history ol the Trust,
copies of trustee board and subcommittee minLttes. a copy of recent annual reports and accounts, a copy of the
governing trust deed and a copy of the Charity Commission's guidants The Essential Trustee.. ￿al You Need to
Knovl and.Charit￿$ and Public Benefiv.
The Iru8tses are related parties to the charity", lQrsten Searte is a director and controlling shareholder ofAquAid
Frand)Ising Limited which company is the major contributor lo the Charity, donating £1,127,925 in the year 2023
{2022'. £1.093,1351 In addition. she personally donated £110.00012022'. £366.250} in Ihe year 2023, Joshu8
Searfe donated £8.5￿ and David Fremel donated £4,800 {2022'. £4,800).

THE AFRICA TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Dlsclosure of Informatlon to audltor
Each of the Trustees has confim)ed that there 15 no infomiation of vthich they are aware which is relevant to the
audit, but of whith the aud(tor is unaware. They have further ￿nf1m)ed thal they have taken appropriate steps lo
idenufy such relevant information and to establish that the audrtor is aware of such irrformalion.
The trustees. re￿rt was approved by the Board of Trustees.
MrJoshua
Trustee
Dated. il.K*.&..LF.

THE AFRICA TRUST
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees are TesFL)nsible for preparing the Trustees, Rewi and the accounts in acenrdanee wilh apF4icable law
and United lfjngdom Accounting Standards {United Kingdom GeneraltyAcrnpled Acwjnting Practi(s}.
Thg law applicable to charits'es in England and ￿e$ requires the Trustees to prepare accounts for each financial
year which give 8 tru¢ and fair view of the state of affairs of tharity and of Ihe inc4)min9 resources and appli¢a¢ion of
resources of the charty for th* year.
In preparing these accounts, the Trustees are required to:
- Se￿Cl suitable accounting Foliaes and then appty them ¢on$stentJy;
- obsetve the methods and prinuples n the Chariknes SORP"
- make judgements and estimates that are reasonable 8fKI wudent
#tale whether applicable accounting standards have been fdlowed. subject lo any material departures dlsdosed
and explained in the accounts.. and
- prepare the accounts on the going con¢em bask8 Lnless r( is inappropriate to presum8 that the tharity will continue
in operation.
The Trustees are responsible for keeping sufficient accounting reeords that disdose wth reasonable accuracy at
any lime the financial position of the charity and enable them to ensure that the accounts comply with the Ch8r¢ties
Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the Provisions of the trust deed. They are also
responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and
detection of fraud and other irwularilies.

THE AFRICA TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THEAFRICA TRUST
Oplnlon
We have audited th& financial statements of The Africa Trust (the 'Cha￿t￿l for the year ended 31 December 2023
which comprise the slalement of finanual aciivities, the balance sheet and notes to the financial statements.
including significant accounting polioes. The finanryal reporting framewod( that has been 8pplied in their preparation
is applicable law and United Kingdom Aecounting Standards. induding Finanaal Reporting Standard 102 Th8
Fin8ncial Reporting Standard applicabl8 in tha UK and R8piJblic of lTrland (United lQ"ngdom Generally Accepted
Accounting Pla￿Ce).
In our opinion, the flnartial statements..
give a true and fair Mew of the stale of the tharitys aff￿[3 as at 31 December 2023 and of ils incoming
resources and applicatson of resour￿. for the year then ended.,
have been propedy p￿pared in accordance with United kn"ngdom Generally Accopted Acuunting Practice;
and
have been prepared in accordance ￿￿th th8 requirements of ts CharitiesAct 2011.
Basis for oplnlon
We conducted our audit in aceordanee wrth Intemational Standards on Auditing IUKI IISAS (UKII and applicable
law. Our responsibilities under those sland8rds are further described in the Auditorfs responsibilrfies for the audit ol
Ihe financAal slatem8nts sec*ion of our report. We are independent of the charity in accoTdance Nvith the ethical
requirements that are relevarrt lo our audii of the financial statements in the UK, induding the FRC'S Ethical
Standard, and we have fulfilled our other ethical respongbililie$ in a￿rdance with these requirements. We believe
that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to going concern
In auditing the finan￿al statements, we have Cp)nduded that thè tTU$tee$' use of the gryng concem basis ol
accounting in the preparation of the finanaal statements is appropriate.
Based on the woth we have perfomed. we have not identtfied any material unC￿tsintie5 relating to events or
conditions that, individually or ¢olleth"vely, may cast significant doubt on the charity's ability to continue 8s a going
cOn￿M lor a period of 81 least twefve months trom %then the finanoal stslemenls are authorised for issue.
Our responsibil￿e3 and the responsibilities of the Trustees with respect to going concem are described in the
relevant sections of this reporL
Other Inforniatlon
The olheT information comprises the InforrnatA￿ induded in the annual report other than the finar￿la1 stslements
and our auditorfs report Ihereon. The Trustees are responsible for the other information Contained within the annual
report. Our opinion on the finanaal statements does not cover the other infomialion and we do not express any fomi
of assurance conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing $0, consider
whether the other information is materially inconsistent wrth the finanaal stslements or our knowledge obtained in
the course of the audiL or olhemse appears to be materially misststed. If we identify such matertal inconsistencies
or apparent material misstatsments, we are required to d8lemiine whether this gives rise to a material misststement
In the financial ststsments themselves. If. based on the work we have perfomied, we condude that there is a
mateiial misslalement of this other information. we requ(red to ￿pOrt that fact.
We have nothing to report in this regard.
Matters on whlch we are requlred to report by exception
We have nothing to report in respect of the follomng matters in relakn¢Jn lo whth the Charities {Accounls and
Repgrts) Regulations 2008 require us to report lo you rf. in our opinion..
the infomialion gwen in the finanual statements is inconsistent in any material respect the trustees,
report.. or
suffirient aceounling records have not been kepL or
th6 financial slalements a￿ not in agreemenl with the a¢xoJnting records.. or
we have not received all ts infomialion and explanations we require for our audit.

THE AFRICA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE AFRICA TRUST
Responslbllltles of Trustees
As explained mofe lully in the ststement of trustees, responsibilities, the Trustees are responsible for the
preparation of the financial statements and for bwng 5ats"sfied that they give a true and fair view, and for such
Internal control as the Trustees deterniine is necessary lo enable the preparation of financial slalemenls that are
free from material misslatemenl, whether due lo fraud or error. In preparing the financial statements. the Trustees
are responsible lor assessing th¢ charity's ability to ￿ntinue as a going concem. disclos￿g, as applicable, matters
related lo going concem and using the going concern ba515 of a¢c¢JJnting unless the Tfustees either intend lo coase
operations, or have no re81istic aitemalive but lo do so.
Audltorfs responslbllltles for the audlt of thè financial statements
We have been appointed as auditor under section 144 of the chariti.es A¢t 2011 and report in aceordanee wlh the
Act and relevant regulalions made or having effect thereunder.
Our objectlves are lo obtain rea80na￿e a&8urarbce abc¥Jt ￿ether the finarrial slalemenls as a ￿ole are free from
malerial misstatement, whether due to fraud or error. and to issue an auditorfs report that indudes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance
with ISAS {UK) will always detect a matefial misstalemenl when it exists. Misslalemenls can arise from fraud or
error and are considered malerial rf, individually or in the aggregate. they could reasonably be expeded to influenr
the economic decisions of users taken on the basis of these financial statements.
We identify and assess the risks of material misstatement of the entI￿S finan￿al sL*ements, whether due to fraud
or eThor, desgn and perform audit pr¢xedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
mi5repre$fjntslions, cf the override of Intern￿ control.
We obtsin an understsnding of internal control relevant lo the audii in order to design audrt PfDcedures that are
appropriate in the arcumstances, bul not for the purpose of expressing an opinion on tho effeCtive￿sS of the
group's inlemal control.
We evaluate the appropriateness of accounting p)lioye8 used and the reasonablenèss of a¢c£Junling estimates and
related disclosures made by the trustee$.
We condude on the appropriateness ol the Iru$18es' use ol the going ￿ncern basis of accounting and, based on
the audit ewdence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the charity's abilty to continue as a going con￿M. If we cx)nclude that a material uncertainly
exists, we are required lo draw attention in our auditor's report to the related disclosures in the finanoal statements
or, if such disclgsures are inadequate. lo modify our opinion. Our conclusions are based on the audit evidence
Obtain￿ up to the date of our auditor's rewt. However. future events or ￿ndit￿trns may cause the charity to cease
to continue as a going con¢em.
We evaluate the overall presenlalion, structure content of the financtal Stalemenls. in¢lLKling the dI￿10S￿re$,
and whether the financial slalements represent the underlying transactions and events in a mann8r that achièves
lair piesenlalion {i.e. gives a true and fair view).
We communicate wth those charged govemance regarding, among other matters. the planned scope and
timing of the audit and significant audrt findir¥Js. induding any significant defiL?enues in internal control that we
identify durfng our audit.
10-

THE AFRICA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE AFRICA TRUST
1Thggularib'es, induding fraud, are instances of non-compliance laws and regulations. We design procedures in
line with our ￿sponsibl1111e$, outlined above. lo delect material misstatement5 in respect of irregularities. including
fraud. The extent lo which our procedures are capable of detedÈng irtegularib'es. induding fraud is detaled below..
making enquiries of management as to where they considered there was Su￿Ptib11ty lo fraud, the
knowledge of actual. suspected 8nd alleged fraud.,
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations., and
lesled journal entTies to idenlrfy unusual ￿SactiOns.
assessed whether judgements and assumptions made in detemiining the accounting esb'mates were
Indicats"ve of potential bias.,
• invesligoled the rab'onale behind ￿gnfftanI or unusual transathons:
agreeing finanaal statement disdosures to underlying supporting documentab'on;
• reading the minutes of meetings of those charged y￿th govemance..
enquiring of management as to aciual and potentiallrtsgation and d8ims.'
A fvrther (Jescription of our responsibilrties is available on the Fin￿la1 Reporting Coun¢il'$ website at.. https.'Il
www.frc.org.uklauditorsresponsibilities. TINS description fC￿lS part of our auditorfs report.
Other matters
Your attention is drawn to thè la(A that the charity has prepared finanaal statements in accordance with Accounting
and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordan￿ with the Financial Reporting Standard appIl￿ble in the UK and Republic of Ireland IFRS 102)" las
amended) in preference to the Accounting and Reporting by Charities: Slalement of Recommendeil Practs'ce issued
on 1 April 2005 which 15 refe￿¢d to in the extant regulations Ixrt has now been withdrawn.
This h88 been done in order for the financial statements lo prowde a true arKJ fair wew in accordance wth current
Gener811y Accepted Accounting Practi￿.
Uso of our report
This report Is made solely to the Charty's trustees, as a body, in accordance Mth part 4 of the Charities {A¢counts
and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's Iruslees
those matters we are requireé lo slate lo them in an aLtditorfs report and for no other purposg. To Ihe fullost exlfynl
pemitted by law. we do not accept or assume responsibilty to anyone other than the Chaiity and the charity's
Iruslees as a body, for our audit work. for this repori or for the opinions we have fomied.
Brown Warner LLP
Chartered Accountants
Statutory Audltor
38 Northgate
Newark-on-Trent
Nottinghamshire
NG24 1 EZ
Brown Warner LLP is eligible for appointment as auditor of the charity by vithe of its eligibilty for appointment as
auditor of a company under section 1212 01 the CompaniesAct 2006.
11

THE AFRICA TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOMEAND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unre$trl¢ted Unrestrl¢ted
funds
funds
2023
2022
Notss
Income from:
Donations and legacie$
1,418.835
1,735,492
Total Incom•
1,418,835
1,735,492
Exp•nd1tU￿ on:
Charitable activities
1,407,118
1.869,212
Totsl expendlture
1.407,118
1.869,212
Net Incomellexpèndlture) and movement In lund8
11.717
1133,720}
Recon¢iliatlon of funds-
Fund balancos at 1 January 2023
59,597
193,317
Fund balances at 310ecembor 2023
71.314
59.597
The statement of financial activities inc]udes all gains and losses recognised in the year. All income and expendlture
derive from continuing activities.
12-

THE AFRICA TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Notes
Current a55ets
Debtors
Cash at bank and in hand
57.296
121.789
55.378
210.712
179.085
266.088
CredTtors: amounts falllng due within
one year
10
1107.7711
1106.4911
Net current assets
71.314
159.597
CredrtovJ.' amounts falllng due after
more than one year
11
1100.000)
Net assets
71.314
59.597
The funds ol the charlty
Unrestricted lunds
71.314
59,597
71.314
59,597
The ffinancial stslements were approved by the Trustees on L4.
Mr Joshua Searle
Trustee
13-

THE AFRICA TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollclgs
Charfty Inforniation
The Africa Trust is a Registered Charity, number 1147666.
1.1 Accountlng Conventlon
The accounts have been prepared in accordance woth the tharilys Trust Deed, the Charrbes Act 2011 and
'Accounting and Reporkn"n9 by Charities.. Statement of Recommended Practice applicable to charities
preparing th￿r accounts in ac¢ordan¢e with the Financial Reporting Standard appli¢able in the UK and
Republic of Ireland (FRS 102)" {as amended for accounting periods ty)mmenang from 1 January 2019). The
arity is a Public Benefft Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applw.ng FRS 102 Update Bulletin
1 not to prepare a Statement of Cash Flows.
Tha finanaal statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo
the extent required lo provide a true and fair wew. This departure has inVo￿ed following the Stslemenl of
Recommended Practice for charities applysng FRS 102 rather than the version of the Statement of
Recommended Pra￿¢8 which is referred to in the Regulati￿$ bLrt which has sirKe withdrawn.
The financial slalements are prepared in steding. which is the fvnctional cJJrrency of the ¢harity- Monetary
amounts in these finaroal statements are n)urKled to the nearest £.
The financAal slalemenls have been prepared under the historical cost convention. The prinapal a¢¢ounling
poliues adopted are set out below.
1.2 Golng concern
Al the time of approving the financial Stalemenls. the Trustees have a reasonable expectation that the charity
has adequate resources lo continue in operational e￿$tence for the foreseeable future. Thus the TrLStees
conlinue lo adopt the going ￿nCeM basis of o¢counting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at ts disuetion of the Trustees in fiJrtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors or grantors a5 to how they may be used. The
purposes and uses of the reslncte(J fiJnds are set out in the notes to the financial statements.
Endowment fund$ are subje(I to speofic con￿￿OnS by donors that fhe Capita musl be maintained by the
charity.
1.4 Incoming resources
Income is re￿nISed when the charity is legalty entitled to it after any perfomiance conditions have been met,
the amounts can be measured reliably, and it is probable that income TrMII be recèNed.
Cash donations are ra¢ognised on receipt. othor donations are reo)gnisod once the c*arty has been wb.fied
of the donation, unless perfomiance conditions require deferral of the amount. Inwme tsx recoverable in
relalion lo donations received under GiftAid oi deeds of covenant is recognised al the time of the donation.
Legacies are r¥ognised on receipt or otheTh￿Se rf the charity has been nottfied of an impending dislribulion.
the amount Is known. and receipt is expe¢ied. If the amount is not known. the legacy Is treated as a
contingent asset.
14-

THE AFRICA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting polkles
(Continued)
1.5 Cash and cash equlvalents
Cash and cash equivalents include cash in hand. dewts held al ￿11 ¥￿th banks, other short-temi liquid
inveslmenls with original maturiti'es of three months or less. and bank overdrafts. Bank Ove￿raft$ are shown
within borrowings in current liabilities.
1.6 Flnanclal Instruments
The charity has elected to apply Ihe provisions of Seclion 11 'Basic Finanoal Instruments. and Section 12
'Other Financial InstnJments Issues. of FRS 102 to all of rls fina￿la1 instrument$.
Financial irbstruments are recognised In the ch￿$ balance sheet when the tharty becomes paty lo the
ntractual provisons of the instrument.
Financial assets and liabilibes are offset, ¥￿th the net amounts presented in the financial statements, %then
Ihefe is a legally enfor￿able right lo sel off the recognised amounts and there is an intention lo settle on a net
basis or to realise the asset and settle the liabilty simultaneously.
Baslc Ilnanclal assets
Basic financial assets, which i￿￿de debtots and cash and bank balanc*s, are initially measured at
transaction price induding transacaion costs and are subsequenly carried at amortised cost using the effe(aive
interest method unless the afrangeTnent consbtules a financAng transaction. where the transadion is
measured al the present value of the future receipts discounte(l al a marf(et rate of intere$L Financial assets
classified as receivable wthln one year are not amort"tsed.
Bo$1¢ flnancial liabilities
Basic financial liabilbknes, induding creditors and bank loans are inilk41ty recognised at transaction price unless
the arrangement eonstitules a financing transaction. vthere the debt instrument is rneasured at the present
value of the future payments discounted at a market rate ol interest. Financ3al liabilib'es classified as payable
wlh41 one year are not amortJ"sed.
Debt instruments are subsequently carried at amortised cost. usiThJ the effectNe interest rato method.
Trade creditors are obligations to pay lor goods or swvices that have been acquired in the ordIn￿Y course of
operats'ons from suppli&rs. Amounts payable are dass)led as current liabilities if payment is due within one
year or less. If not, they are presented as non-currenl liabilities. Trade credrtors are recognised initially at
transaction pr￿e and subs8quendy measured at ￿ortised cost using the effective inleTest method.
Der8¢ognltlon of financial liabilities
Financial liabilities are de￿ognISed ￿en the Chari￿s contractual obligth.ons expire or are discharged or
C8ncelled.
1.7 Employee ben&fits
The cost of any unused holiday efttillement is recognised in the perithj in which the employee's services are
rerrived.
Termination benefits are recognised immediatety as an expense vthen the charity is deMC￿stsa￿Y committed
to terminate the employment of an employee or lo provide teminalK•n bènefits.
1.8 Retirem•nt benefrts
Payments to defined contribution retiremerrt benefit schemes are charged as an expense as they fall due.
15-

THE AFRICA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Donatlons and legacle8
Unrestrlcted Unrestricted
funds
funds
genÈraS
general
2023
2022
Donation5 and gifts
1,418.835
1.735,492
Charftablè actlvltles
2023
2022
Staff costs
Bank and other charges
Legal and professional expenses
50,763
74
8,600
51,072
288
9,e96
59.437
61,256
Grant fundlng of activities18ee note 4>
1.347,681
1.807,958
1,407,118
1.869,212
Grants payable
2023
2022
Grants lo institutions..
1,347.681
1,807,956
Induded within the cost of pumps, pipelines and sanitation are grants paid lo Zimbabwe Africa Trust lotalling
£1,138,095 (2022.. £1,112.263) which is the largest reopient of funds during the year.
Trust888
None of the Trustees {or any pwsons eonnected with them) received any remuneration during the year, but
the chief executive was paid a salary and pension fvnd contributions as set out in note 6.
16-

THE AFRICA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Employees
The 8verag8 monthly number of employees. induding the Trustees, during the year wa$:
2023
Number
2022
Numbèr
Employment costs
2023
2022
Wages and salaries
Other pension costs
43,263
7,500
41,072
10,000
50.763
51.072
There vrfere no em￿OyeeS whose annual remuneration vrds more than £60,OCKI.
Taxation
The charity is exempt Irom taxation on its artivsties because all its income is appl￿ for charitable purposes.
Dgbtors
2023
2022
Amounts falling du&wlthln oneyear.
Trade debtors
57.296
55.376
Loans and overdrafts
2023
2022
Other loans
100.000
200,000
Payable within one year (see note 101
Payable after one year {$ee note 11)
100,000
100.000
100,000
A loan of £250,000 was provided by co¢jer￿d Limited. in August 2022 and is repayable in equal six monthly
instalmenls of £50.000 commen¢ing in December 2022. The loan is unsecured and is free of inlerest.
17-

THE AFRICA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Creditors: amounts falling due within one year
2023
2022
Borrowngs
Accruals and deferred income
100,0
7.771
100,000
6,491
107,771
106,491
11 Credltors., amounts falllng due after morn than on• y•ar
2023
2022
Borrowings
100,000
12 Retirement benefrt schernes
2023
2022
Deflned contrlbutlon schem
Charge to profit or loss in respect of defined ¢))ntribuiion 5themes
7,500
10,000
The Charity operates a defined ¢ontribution pension sche￿￿ for all qualifying employees. The assets of the
scheme are held separately from those of the charity in an independently administered fund.
13 Unrostrlcted fvnd8
The unreslrieted funds of the chaiity comprise the unexpended balances of donations and grants whith are
not subject to S￿IfiC conditions by donors and granlors as lo how they may be used. These indude
designated lunds whith have been set aside out of unr8s1ricled funds by the trustees for $peryfic purposes.
At 1 January
2023
Incoming
iesources
Resour￿5
expended
At31
Docgmber
2023
Gener81 funds
59.597
1.418,835
11,407.1181
71,314
Previous year.
At 1 January
2022
Incomlng
rg$ources
ResoU￿e$
expènded
At31
Dgcember
2022
General funds
193.317
1,735.492
(1.869.212)
59,597
18-

THE AFRICA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14 Related party transactions
Remuneratlon of key management personnol
The remuneration of key management personnel was as foliows..
2023
2022
Aggregate compensat'on
51,072
50,266
Tran$a¢tions wlth related parties
During the year the ¢harity entered into the fcllowThJ transactions %Mth related parties..
The trustees are related Pa￿eS lo the charity, Kirsten Seade 1$, and Paul Seade was. a director and
controlling shareholder of AquAKI Franchising Limrted vthich company is the major contributor to the Charity,
donating £1,127,925 in the year 2023 {2022'. £1.093.1351 In addibon, she ptrrwnally donated £110,000
12022.. £366,250) in the year 2023. Joshua Seade donatèd £8.500 and David Fremel donated £4,80012022.'
£4,800).
19-