aw(xJ Fcurn4al Di) Swawou School Foundation IA company Ilmlted by 8uaranteel Report and FlnancSal Statements For the Year Endlng 31 December 2023 Charlty number 1148588 Company number 07847447
Page | 2 Swawou School Foundation Report and Financial Statements For the Year Ended 31 December 2023 Contents Pa8È 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 f inancial statements 16. Independent Examiner's Report imT%J.A QI)
Page | 3 Swawou School Foundation Report and Flnanclal Statements For the Year Ended 31 December 2023 The Management Committee presents its directors, report and audited financial statements for the year ended 31 December 2023 Reference and Administrative Information Charity Name: Swawou School Foundation Charity registration number: 1148588 Company registration number.. 07847447 Registered Office: 128 Freston Road London, WIO 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 Knowlev 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. WIU 6RF
Page 14 Swawou School Foundation Report and Financial Statements For the Year Ended 31 December 2023 Our Aims and objectives Pur ose 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 Ensurin 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 a150 helps us ensure our aims, objectives and activities remain focused on our stated purposes. We have referred to the 8uidance 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. FIxJnJ I4)
Page15 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 Flnanclal Revlew The Swawou School Foundation was incorporated on the 14 November 2011 with Companie5 House and gained charitable status with the Charity Commission on 16 August 2012, Princi al Fundin Sources The principal funding source5 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 Polic 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 w35 £84,744 and as such the Management Committee are confident that they are able to continue. liNJn-J.IIy)
Page | 6 Activities and Achievements in 2023 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 Oue to the series coup d'etat in sub- Sharan West Africa in 2023 and the failed coup d'etat in Sierra Leone itself with the concomitant effect on reliable air travel, the Trustee5 were unable to organise an autumn term 2023 visit to the School. A visit is planned in autumn term 2024 and thereafter annually with circumstances permitting. TrLtstees fund their own travel expenses in keeping with the ethos of the charity that all income is donated to the Swawou Lay Out School for girls except for UK regulatorv compliance costs.
Page17 School Farm The school farm Serves as an excellent aid for the pupils and teachers during agricultural lessons la core primary school subject), and also provides a small amount of food items that can be used for school lunches. Trainin and su ort We continue to invest in training and development for the staff of Swawou. Fundraisin and awareness raisin Swawou School is only possible thanks to the continued generous support of Law Business Research Ltd and its staff charity committees. Together, LBR Ltd and its staff raised all of the money necessary to f und the annual budget of The Swawou Lay out School for Gir15 by hosting a series of external and internal fundraising events.. SSF WOLtld like to thank the staff and management and the owners of Law Business Research Ltd (now ICGI for their incredible generosity over the last 15 years. A look ahead to 2024- plan5 and ambitlons Provision of ualit free rima education We will continue to offer free quality primary education to the pupils at Swawou school in a child- f riendly, safe and nurturing environment. We will continue to champion our core values, including zero tolerance policy on corporal punishment, the involvement of familie5 and the community in school management and decision makin8 and the maintenance of low teacher-pupil rat105 to ensure that each girl gets the support she need5 to learn and thrive. During the 2023 Trustees visit the need to f und an estate capital improvement was discussed between Trustees and the School Cornmunity. During 2024 a ringfenced amount of some £15,000 was raised to replace the roof and ceilings of the school building and work commenced in the summer 2024 vacation.
Page | 8 Structure, Governance and Management Governin 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 A550ciation which established the object5 and powers of the charitable company and is governed under its Articles of Association. Every member of the charity promise5, if the charity is dissolved while he or she or it is a member or within twelve months after he or She or it cease5 to be a member, to contribute such sum Inot exceeding £10) a5 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 or8anlsation to a Charitable Incorporated Organisation ICIOI, this process was completed in 2021. Recruitment and A ointment of Mana ement 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 member5 at any given time. It is considered that the Trustee5 and any others who could be understood to be 'manager5' in the activities and affairs of the Swawou School Foundation are deemed to be 'f it and proper, per50n5 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.
P3ge19 Responsibilities of the Management Committee Company law requires the Management Committee to prepare f inancial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company a5 at the ba13nce Sheet date and of its incoming re50Ltrces 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 unle55 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 disc105e 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 re350nable steps for the prevention and detection of f raud and other irregularities. With regard to the 'Safeguarding' of vulnerable adults and children who come within the compass of school activities, whilst the Foundation 15 in effect the fund raising entity for the Swawou Layout Community run school and support5 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 ofthe Mana ement 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 l. 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 auditor5 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 fSve years that funding will be adequate to cover the running of the school. The time f rame beyond that 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 engage alternative donors andlor make other arrangements to ensure the school continues to function. Independent Examlners 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 20051 and in accordance with the provisions applicable to companies subject to the small companies regime. This report was approved by the Management Committee on behalf by.. 11 oq Zo and signed on it5 R Davev
Page | 11 Swawou School Foundation Statement of Flnanclal Actlvitles Ilncluding Income & Expenditure Account) 2023 Total 2022 Total Note5 Income resources from generated funds Voluntary Income: Donation5 and legacies Interest income 55,865 134 56,170 Total incoming resources S5,999 56,170 Resources expended Charitable activities Governance costs 49,036 105 44,242 21 Total resources expended 49,141 44,263 Net incomin&l(out8oingl resources from operatlons 6,857 11,907 Other recognised gains Depreciation 4,844 4,923 Net Incomlng/(outgolngl resources for the year 2,013 6,984 Reconclllatlon of funds Total funds brou8ht forward 151,924 144,939 Total funds carried forward 153,937 151,924
Page | 12 Swawou School Foundation Balance Sheet as at 31 December 2023 2023 2022 Notes Fimed Assets Tangible assets 69,193 69,193 74,038 74,038 Current A55et5 Debtors Cash at bank and in hand 84,744 84,744 99,886 99,886 Current Llabilltle5 Loan from Director 22,000 22,000 Net Current Assets 84,744 153,937 77,886 Net Assets 151.924 Unrestrlcted Funds Opening Net incominglloutgoingl resources for the year General funds 151,924 2,013 144,939 6.984 153,937 151,924 Restrlcted Fund5 Total Funds 153,937 151,924 For the year ended 31 December 2023 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 director5 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 companie5 subject to the small companies regime. Approved by the management cornmittee on 11 01- 10 1 g and signed on its behalf by= R Davev
Page | 13 Swawou School Foundation Notes forming part of the Financial Statements for the year ended 31 December 2023 l. Accounting Policie5 The principal accounting policie5 are summarised below. The accountin8 policies have been applied consistently throughout the year and in the preceding year. lal 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. Ibl Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Ic} Incomlng resources All incoming resource5 are included in the statement of financial activities when the charity is entitled to, and virtually certain to receive, the incorne 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 become5 unconditionally entitled to the 8rant. 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. &.Frd
Page | 14 2. Loan from Dlrector, 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 on an interest free, repayable on demand basis. The outstanding balance at 31 December 2023 was nil12022 £22,000) with the loan being repaid in full in March 2023. 3. Donations 2023 2022 Law Business Research Ltd Other donations Total unrestricted donations Total restrlcted fund5 Total DonatSon recelved 55,865 50,000 6,170 56,170 55,865 55,865 56,170 Law Business Research Ltd continues to support the Foundation, in July 2023 £50,000 was received related to its 2022 external events programme, a further £5,865 wa5 generously raised by the Law Business Research Ltd staff during 2023. 4. Taxatlon 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 Land & Bulldlngs Flxtures & Fittings Total Opening C05t Additions Disposals Closing C05t 104,125 3,363 107,488 104,125 3,363 107,488 Opening Accumulated Depreciation Depreciation Closlng Accumulated Depreclatlon 30,093 4,839 34,932 3,358 33,451 4,844 38,295 3,363 Opening Book Value Closlng Book Value 74,032 69,193 74,038 69,193 Land & Buildings £74,03212022'. £74,0321 relate to the school in Kenema town in eastern Sierra Leone which off icially opened 1st September 2017 Fixed a55ets 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. l(JJTrl 4 KNI
Page | 16 Independent Examinerfs Report to the Tru5tses of the Swawou School Foundatlon. I report on the accounts ofthe company for the year ended 31st. December 2023, which are set out on pages Ilto 15. Respectlve responsibilitles of trustees and examlner. The trustees (who are also the directors of the charity for the purposes of company lawl are responsible for the preparation of the accounts. The trustee5 consider that an audit is not required for the year under section 144121 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 undef section 145 ofthe 2011 Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Att, and to state whether particular matters have come to my attention. Basis of the Independent exarninerfs reporL My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accountin8 records kept by the charity and comparison of the account5 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 evldence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair Vie and the report is limited to those matters set out in the statement below. Independent examinerfs statement. In connection with my examination, no rrrdtter has come to my attention: 111 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 requirement5 of section 386 of the Companies Art 2CQ6 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charitie5 have not been met; or 12) to which, In my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed Dat Relevant professional qualification Address. . l.E. Master Sheets ICC 2011 amended)