## Swawou School Foundation **(A company limited by guarantee)** **Report and Financial Statements For the Year Ending 31 December 2022** **Charity number 1148588 Company number 07847447** Page | 2 ## **Swawou School Foundation** **Report and Financial Statements For the Year Ended 31 December 2022** **Contents Page** 3. Reference and Administrative Information 4. Report of the Management Committee 11. Statement of Financial Activities 12. Balance Sheet 13. Notes forming part of the financial statements 16. Independent Examiner’s Report Page | 3 ## **Swawou School Foundation** ## **Report and Financial Statements** **For the Year Ended 31 December 2022** The Management Committee presents its directors’ report and audited financial statements for the year ended 31 December 2022 ## **Reference and Administrative Information** |Charity Name:|Swawou School Foundation| |---|---| |Charity registration number:|1148588| |Company registration number:|07847447| |Registered Office:|128 Freston Road| ||London, W10 6TR| |Management Committee:|Mr C Campbell| ||Mr R Davey| ||Mr S O’Meara| |Independent Examiners:|Rev’d Alan Clements (Fellow of the Association of Charity| ||Independent Examiner’s)| ||15 Carleton Road| ||Great Knowley| ||Chorley, PR6 8TQ| |Bankers:|CAF Bank Limited| ||25 Kings Hill Avenue| ||Kings Hill, West Malling| ||Kent, ME19 4JQ| |Solicitors:|Ronald Fletcher Baker LLP| ||77A Baker Street| ||London, W1U 6RF| Page | 4 ## **Swawou School Foundation** **Report and Financial Statements For the Year Ended 31 December 2022** **Our Aims and objectives** ## Purpose and Aims To advance the education of the pupils in the Swawou Layout area of Kenema, Sierra Leone, in particular those at the Swawou Layout Community Primary School for Girls, by providing funding and assisting in the provision of facilities for education ## Ensuring our work delivers our aims We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous period. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are setup to help. The review also helps us ensure our aims, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Page | 5 ## The focus of our work We work to raise funds for the local community of Swawou Layout, Kenema town that give disadvantaged girls access to a free quality education. By removing the barrier of poverty and creating a nurturing and safe school environment, we are able to get girls back into the classroom. The school operates with several unique features: - Assistance with uniforms and learning materials free of charge - Secure and clean sanitary facilities, including private toilets and a hand washing corner - Zero tolerance on physical punishment - Involvement of families and the community in school management and decision-making - A nutritious, hot school lunch every day to aid learning and support healthy physical and mental development ## **Financial Review** The Swawou School Foundation was incorporated on the 14 November 2011 with Companies House and gained charitable status with the Charity Commission on 16 August 2012. ## Principal Funding Sources The principal funding sources for the charity are currently by way of corporate donations as well as through individual charitable donations and gifts from charitable trusts and foundations. ## Reserves Policy The Management Committee has examined the charity’s requirements for reserves in light of the main risks to the organisation. The policy being that the available cash balance should be at least nine months running costs. The cash balance at 31 December was £99,886 and as such the Management Committee are confident that they are able to continue. Page | 6 ## **Activities and Achievements in 2022** ## Enrolment The School maintained an enrolment level of 120 pupils. Vigorous selection criteria were applied to ensure that the most needy girls were recruited; for example, those living below the poverty line and those who were otherwise not attending school. All pupils received a ‘back to school’ kit at the beginning of the school term, which included two school uniforms, textbooks and stationery. While the School was open, an entirely free education was provided, including a nutritious hot lunch each day. ## Trustees Visit In December 2022, the Trustees visited the school with staff members from Law Business Research. The first visit since the Covid lock downs and were delighted to see the school fully operational and witness the schools first football tournament to coincide with the (mens) World Cup in Qatar. Page | 7 ## School Farm The school farm serves as an excellent aid for the pupils and teachers during agricultural lessons (a core primary school subject), and also provides a small amount of food items that can be used for school lunches. ## Training and support We continue to invest in training and development for the staff of Swawou. ## Fundraising and awareness raising Swawou School is only possible thanks to the continued generous support of Law Business Research, who raised all of the money necessary to run Swawou through several fundraising dinners. Swawou would like to thank the staff and management and the owners of Law Business Research (currently LLCP) for their incredible generosity over the last 17 years. In addition, numerous individuals have generously contributed funds for specific projects in particular St. John's Episcopal Church in McLean, Virginia USA as well as the other generous individuals who have supported our work. ## **A look ahead to 2023 - plans and ambitions** ## Provision of quality free primary education We will continue to offer free quality primary education to the pupils at Swawou school in a childfriendly, safe and nurturing environment. We will continue to champion our core values, including a zero tolerance policy on corporal punishment, the involvement of families and the community in school management and decision making and the maintenance of low teacher-pupil ratios to ensure that each girl gets the support she needs to learn and thrive. Page | 8 ## **Structure, Governance and Management** ## Governing Document The organisation is a charitable company limited by guarantee, incorporated on 14 November 2011 and registered as a charity on 16 August 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Every member of the charity promises, if the charity is dissolved while he or she or it is a member or within twelve months after he or she or it ceases to be a member, to contribute such sum (not exceeding £10) as may be demanded of him or her or it towards the payment of the debts and liabilities of the charity incurred before he or she or it ceases to be a member, and of the costs charges and expenses of winding up, and the adjustment of the rights of the contributories among themselves. To simplify the administration of the charity the decision was made to convert the organisation to a Charitable Incorporated Organisation (CIO), this process was completed in 2021. ## Recruitment and Appointment of Management Committee The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association there must be two or more members at any given time. It is considered that the Trustees and any others who could be understood to be ‘managers’ in the activities and affairs of the Swawou School Foundation are deemed to be ‘fit and proper’ persons under the terms of the Finance Act 2010. Training is available for the Trustees and any other members of the management team as and when required. Page | 9 ## **Responsibilities of the Management Committee** Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and; - prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis. The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. With regard to the ‘Safeguarding’ of vulnerable adults and children who come within the compass of school activities, whilst the Foundation is in effect the fund raising entity for the Swawou Layout Community run school and supports and encourages the school to ensure the girls have a safe and nurturing environment in which to learn, the Management Committee feel that ‘loco parentis’ rests with the school. To that end the school employs a Child Protection officer specifically to ensure the local legislative controls and protections are in place. Page | 10 ## Members of the Management Committee Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1. In accordance with company law, as the company’s directors, we certify that: - so far as we are aware, there is no relevant audit information of which the company’s auditors are unaware - as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information. The Trustees are confident that over the next two years that funding will be adequate to cover the running of the school. A 3 – 5 year time frame is harder to predict but is heavily reliant on the continued support of the primary donor Law Business Research Ltd, that said, if their support were to end we would anticipate adequate time to get other donors and/or make other arrangements to ensure the school continues to function. ## **Independent Examiners** Rev’d Alan Clements was appointed as the charitable company’s Independent Examiner during the period. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the provisions applicable to companies subject to the small companies regime. This report was approved by the Management Committee on on its behalf by: and signed Page | 11 ## **Swawou School Foundation** ## **Statement of Financial Activities (including Income & Expenditure Account)** |_Notes_
**Income resources from generated funds**
**Voluntary income:**
Donations and legacies
_3_
**Total incoming resources**
**Resources expended**
Charitable activities
Governance costs
**Total resources expended**
**Net incoming/(outgoing) resources from operations**
Other recognised gains
Depreciation
_5_
**Net incoming/(outgoing) resources for the year**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**2022**
**Total**
**£**
56,170
56,170
44,242
21
44,263
11,907
-
4,923
6,984
144,939
151,924|**2021**
**Total**
**£**
30,269| |---|---|---| |||30,269| |||51,414
144| |||51,558| |||(21,290)
-
5,131| |||(26,421)
171,360| |||144,939| Page | 12 ## **Swawou School Foundation** ## **Balance Sheet as at 31 December 2022** |_Notes_
**Fixed Assets**
Tangible assets
_5_
**Current Assets**
Debtors
Cash at bank and in hand
**Current Liabilities**
Loan from Director
_2_
**Net Current Assets**
**Net Assets**
**Unrestricted Funds**
Opening
Net incoming/(outgoing) resources for the year
General funds
**Restricted Funds**
_3_
**Total Funds**|**£**
**£**
**£**
**£**
74,038
78,960
74,038
78,960
-
-
99,886
65,979
99,886
65,979
22,000
-
22,000
-
77,886
65,979
151,924
144,940
144,939
171,360
6,984
(26,421)
151,924
144,939
-
-
151,924
144,939
**2022**
**2021**| |---|---| ||| For the year ended 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the management committee on and signed on its behalf by: Page | 13 ## **Swawou School Foundation Notes forming part of the Financial Statements for the year ended 31 December 2022** ## **1. Accounting Policies** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. ## **(a) Basis of accounting** The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value, and in accordance with the Companies Act 2006 and the Statement of Recommended Practice : Accounting and Reporting by Charities issued in March 2005. ## **(b) Fund accounting** Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. ## **(c) Incoming resources** All incoming resources are included in the statement of financial activities when the charity is entitled to, and virtually certain to receive, the income and the amount can be quantified with reasonable accuracy. The following policies are applied to particular categories of income: - Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. - Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. ## **(d) Resources expended** Expenditure is recognised on an accrual basis as a liability is incurred. Page | 14 ## **2. Loan from Director, Trustee Remuneration and Related Party Transactions** No members of the management committee received any remuneration during the period. Mr R Davey lent money to the Foundation during the year on an interest free, repayable on demand basis. The outstanding balance at 31 December 2022 was £22,000 (2021 nil), this loan was repaid in full in March 2023. Mr R Davey in the year ending 31 December 2022 donated £6,000 (2021 nil). ## **3. Donations** |Law Business Research Ltd
Other donations
Total unrestricted donations
Total restricted funds
**Total Donation received**|**2022**
**2021**
**£**
**£**
50,000
27,260
6,170
3,009
56,170
30,269
-
-
56,170
30,269| |---|---| Law Business Research Ltd continue to support the Foundation, in July 2022 £50,000 was received related to their 2021 fund raising activities. The timing and amount of the 2023 payment related to the 2022 fund raising activities is still to be confirmed. ## **4. Taxation** The company is registered as a charity and as such is entitled to the exemptions under the Corporation Taxes Act 2011. Page | 15 ## **5. Fixed Assets** |Opening Cost
Additions
Disposals
**Closing Cost**
Opening Accumulated Depreciation
Depreciation
**Closing Accumulated Depreciation**
Opening Book Value
**Closing Book Value**|**Land &**
**Buildings**
**Fixtures &**
**Fittings**
**Total**
104,125
3,363
**107,488**
-
-
**-**
-
-
**-**| |---|---| ||**104,125**
**3,363**
**107,488**
25,254
3,274
**28,528**
4,839
84
**4,923**| ||**30,093**
**3,358**
**33,451**
78,871
89
78,960
**74,032**
**5**
**74,038**| Land & Buildings £74,032 (2021: £78,871) relate to the school in Kenema town in eastern Sierra Leone which officially opened 1st September 2017 Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which for the building is estimated at 20 years and for fixtures and fittings at 3 years. Page | 16 ## **Independent Examiner’s Report to the Trustees of the Swawou School Foundation.** I report on the accounts of the company for the year ended 31st. December 2022, which are set out on pages 11 to 15. ## **Respective responsibilities of trustees and examiner.** The trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for the year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under section 145 of the 2011 Act - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and - to state whether particular matters have come to my attention. ## **Basis of the independent examiner’s report.** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement.** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 386 of the Companies Act 2006; and - to prepare accounts which accord with accounting records, comply with the accounting requirements of section 386 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.