**Charity Registration No. 1149540**
**Company Registration No. 07988621 (England and Wales)**
## **THE GIRAFFE PROJECT**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **THE GIRAFFE PROJECT**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr I Dalton Mr R A Baines Mrs D Baines Mr J Koenemann Mrs G Horstkotte-Wesseler (Appointed 1 August 2020) Mrs V Kloppenburg (Appointed 12 July 2020) Mrs B Raabe-Von Witzleben (Appointed 16 June 2020)
**Charity number** 1149540 **Company number** 07988621 **Registered office** 71-75 Shelton Street Covent Garden London WC2H 9JQ **Independent examiner** Colin Dadswell FCA ACCA DChA Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF **Bankers** HSBC 1 Corn Market High Wycombe Buckinghamshire HP11 2AY UK BNP Paribas Waterloo Office Park Dreve Richelle 161 1410 Waterloo Belgium Commercial Bank of Africa Upper Hill Branch Nairobi Kenya
## **THE GIRAFFE PROJECT**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 5|
|Independent examiner's report|6|
|Statement of financial activities|7 - 8|
|Statement of financial position|9|
|Notes to the financial statements|10 - 17|
## **THE GIRAFFE PROJECT**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The Charity's object ive of The Giraffe Project (operating as The Giraffe Project children' s charity, as stated in the Memorandum of Association, is:
- to advance the education of underprivileged children and young people in Nairobi, Kenya and the surrounding area, by providing and assisting in the provision of fees, feeding programmes and facilities for education in schools.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
## **Achievements and performance**
## **A Year in Review – 2020**
## **A life-changing vision**
Some studies estimate that more than 1,000,000 children and young people live in urban poverty in Nairobi’s so-called informal communities.
_**The Giraffe Project is working to advance the education of underprivileged children and young people in Nairobi, Kenya by sponsoring school children and college students, and by providing feeding programmes in schools and facilities for education for schools and college students.**_
## **Our achievements in 2020**
- We sponsored over 450 children and young people
- During the COVID pandemic we supported more than 100 needy students and their families with essential food
- We started major improvements to Green Pastures and Tumaini schools which will be completed in 2021. Improvements will provide more classrooms, better sanitation and provide large PC networks for the students to learn on.
- 1 -
## **THE GIRAFFE PROJECT**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## _Primary Education_
In 2020 we funded more than 250 disadvantaged children in two primary schools - Green Pastures and Tumaini, located in the Kibera and Mathare, two large slums in Nairobi.
At Green Pastures and Tumaini, young children who would otherwise be working or at home, often with no one to look after them, find a place that offers them the structure and care that they need to develop and grow.
As well as education we provide them with much-needed food. In 2020, as in previous years, Giraffe has been providing both breakfast and lunch for sponsored children at both schools. During the period when they were forced to close because of the pandemic, the schools took charge of managing our food programme and distributing the food we had provided to the neediest families.
## _Secondary education: The Giraffe Education Centre (GEC)_
Nearly all of our secondary school students attend the Giraffe Education Centre, a co-ed boarding school located in Joska, to the east of Nairobi. This is a school that we founded in 2013 and in 2016 we gifted it to a Kenyan Trust, Elimu Trust, set up specifically to own and manage the School.
In 2020, we sponsored 138 secondary students at GEC. As with the primary schools, GEC has been forced to close during the pandemic. We are pleased to report that all GEC Form 4 students have now returned to school and it is expected that the remainder will return in January 2021. Students will sit their exams in March 2021 with results available in May 2021.
## _College_
We sponsored 54 students through college in 2020.
The courses are diverse with some of the more academic students sitting for degrees whilst others pursue more practical programmes. In every case the aim is the same – to help these young people overcome their tremendous disadvantages and go forward into employment and lead productive and fulfilled lives.
The COVID 19 pandemic has made this year particularly challenging. The majority of college students did manage to return in some form to their studies during the year, either on campus or on-line, and the remainder will begin in January 2021.
In most cases it is unknown if courses will be extended or if the institution can catch up. This could have a
knock-on effect on the amount of sponsor support needed.
9 students should have graduated this year but still need to complete their courses due to the lockdown. Some are waiting for their final workplace attachment which could take some time, particularly for students in the hospitality sector.
- 2 -
## **THE GIRAFFE PROJECT**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Financial review**
Our main source of funding is sponsorship and donation from individuals, families and organisations across the world. And we also undertake other fundraising activities, such as the Brussels 20km run. In 2020 we did not work with any professional fundraisers. No income (contracts or grants) was received from any central government or local authority and we have no trading subsidiaries.
The Charity received income of £304,509 and had expenditure of £329,621 during the year ended 31 December 2020. The Trustees decided to launch a specific appeal to support the feeding programme during the pandemic, which raised approximately £20,000. We are very grateful to the donors who made it possible for us to continue to support the students whilst the schools were closed.
The trustees also decided to invest in the Physical and IT infrastructure at Tumaini and Green Pastures schools and the IT infrastructure for GEC school. These projects were funded from surpluses built up over previous years, in part due to favourable exchange rates. These improvements will improve the learning facilities for our students, provide more space (which in the short term will be used to improve social distancing in the schools) and will prolong the life of the buildings in which they are working.
The Giraffe Project closed 2020 with a positive fund balance of £ 223,474 made up of £115,674 in restricted
funds and £ 107,800 in general unrestricted funds.
The Board will continue to support education projects at schools where our sponsored students will directly benefit from the investments made, such as new classrooms to make social distancing easier and the provision of computer networks to facilitate IT training.
## _Reserves Policy_
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure which currently corresponds to £50,000 . The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems
are in place to mitigate exposure to the major risks.
The Trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The Giraffe Project is governed by a Memorandum of Association date 31 January 2012 when it became a charitable company. From foundation in 2006 until this date The Giraffe Project was constituted as a Charity, governed by a deed of trust.
The Giraffe Project is managed by 7 volunteer trustees supported by a Kenya executive and a small office in
Nairobi, which in 2020 had 3 staff members.
In Europe we are supported by a loyal group of approximately 10 volunteers who help us to raise funds, manage our communications our website. We’d like to thank each and every one of them for their hard work, creativity and encouragement. They are the unsung heroes of the Giraffe Project.
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## **THE GIRAFFE PROJECT**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## _General responsibilities of Trustees/Directors_
Trustees are appointed by the existing Board of Trustees, having regard to the skills, knowledge and experience needed for the effective leadership and administration of the charity.
Alongside the Chair and the Treasurer, individual trustees are responsible for overseeing fundraising, sponsorship, communications and our Kenya office.
All trustees are unpaid, but they are eligible for reimbursement for travel and administrative expenses. No trustee received any payment in 2020 apart from Tony Sims who received remuneration for the provision of professional bookkeeping services.
## _Changes to the Board of Trustees_
In 2020 we said goodbye to four trustees; John Newbold, Peter Stastny Nicola Silverleaf and Tony Sims. We also welcomed new trustees, Beate von Witzleben, Gesa Wesseler and Vicky Kloppenburg.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr I Dalton Mr R A Baines Mrs D Baines Mr J Koenemann Mr J Newbold (Resigned 31 December 2020) Mr S Sims (Resigned 31 March 2020) Mr P Stastny (Resigned 31 December 2020) Mrs G Horstkotte-Wesseler (Appointed 1 August 2020) Mrs V Kloppenburg (Appointed 12 July 2020) Mrs B Raabe-Von Witzleben (Appointed 16 June 2020) Mrs N Silverleaf (Appointed 8 January 2020 and resigned 4 April 2020)
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
## _In Kenya_
Activities of the charity in Kenya in 2020 were undertaken by The Giraffe Project Kenya (a branch office of The Giraffe Project). Staff changes in 2019 involved the replacement of a junior full-time role with a 0.6 appointment and a student intern, and recruitment of maternity cover for the Sponsorship Officer.
Staff in Kenya report either to the Treasurer or the Sponsorship Coordinator of The Giraffe Project.
## _Outside Kenya_
Activities outside Kenya consist of administration of the sponsorship programme (communication with existing sponsors, addition of new sponsors, financial administration), fundraising and communication. In 2020 these activities were led by the Trustees, supported by volunteers located in the UK and the EU.
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## **THE GIRAFFE PROJECT**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Public benefit**
With approximately 450 disadvantaged children and young people receiving an education and school meals under the care of professional teachers, the Giraffe project creates a clear and demonstrable benefit.
## _Employment_
We endeavour to maintain contact with alumni as they seek their first steps in the world of work. According to government figures, (Kenya National Bureau of Statistics Quarterly Labour Force Service) in the age group 20-24 years unemployment was over 20%.
Nevertheless, we have many examples of Giraffe alumni finding positions for which they have trained. Examples in 2020 include jobs in banking, IT and nursing, and one graduate employed by an NGO working in the Kibera district of Nairobi. Given that growth in the number of sponsored students studying for degrees has been relatively recent (Table 2), it is premature to evaluate their success in gaining employment.
## _Other benefits in Kenya_
During 2020, The Giraffe Project provided direct employment to an office staff of 3 full-time equivalents in Nairobi. Our funding of GEC supported 13 teaching and support staff. Additionally, our sponsorships of children at Green Pastures and Tumaini primary schools contribute to the economic livelihood of their staff, whilst school improvement projects support local builders and their suppliers.
## **Specific activies of Trustees and Executive team in 2020**
In 2020, the trustees held 9 board meetings and remained in close contact with each other despite the travel limitations imposed as a result of the pandemic.
## _Visits to Kenya_
The Trustees executive staff and volunteers of The Giraffe Project have also remained in regular contact with staff in Kenya. In 2020, most of our planned visits to Kenya were curtailed because of travel restrictions due to the pandemic, although one trip for the Chairman and Sponsorship Coordinator at that time did go ahead just before restrictions were put in place. In the main however, contact was maintained through regular online meetings. The trustees expect to resume visits again once travel is permitted by the relevant Kenyan and European authorities.
The Trustees' r eport was approved by the Board of Trustees.
.............................. .............................. **Mr I Dalton Mr R A Baines** Director Director Dated: ......................... Dated:.........................
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## **THE GIRAFFE PROJECT**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GIRAFFE PROJECT**
I report to the Trustees on my examination of the financial statements of The Giraffe Project (the Charity) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
## Colin Dadswell FCA ACCA DChA
Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
Dated: .........................
- 6 -
## **THE GIRAFFE PROJECT**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Current financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
58,963
245,546
Charitable activities
**4**
-
-
Investments
**5**
-
-
**Total income**
58,963
245,546
**Expenditure on:**
Raising funds
**6**
1,322
-
Charitable activities
**7**
41,614
286,685
**Total resources expended**
42,936
286,685
**Net incoming/(outgoing) resources before**
**transfers**
16,027
(41,139)
Gross transfers between funds
**15**
(22)
22
**Net income/(expenditure) for the year/**
**Net incoming/(outgoing) resources**
16,005
(41,117)
**Other recognised gains and losses**
Other gains or losses
**12**
(7,648)
-
**Net movement in funds**
8,357
(41,117)
Fund balances at 1 January 2020
99,443
156,791
**Fund balances at 31 December 2020**
107,800
115,674|**Total**
**2020**
**£**
304,509
-
-
304,509
1,322
328,299
329,621
(25,112)
-
(25,112)
(7,648)
(32,760)
256,234
223,474|Total
2019
**£**
295,162
14,858
9
310,029
4,347
246,666
251,013
59,016
-
59,016
(10,334)
48,682
207,552
256,234|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 7 -
## **THE GIRAFFE PROJECT**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Prior financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2019**
**2019**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
56,426
238,736
Charitable activities
**4**
14,858
-
Investments
**5**
9
-
**Total income**
71,293
238,736
**Expenditure on:**
Raising funds
**6**
4,347
-
Charitable activities
**7**
37,786
208,880
**Total resources expended**
42,133
208,880
**Net incoming/(outgoing) resources before transfers**
29,160
29,856
**Net income/(expenditure) for the year/**
**Net incoming/(outgoing) resources**
29,160
29,856
**Other recognised gains and losses**
Other gains or losses
**12**
(2,376)
(7,958)
**Net movement in funds**
26,784
21,898
Fund balances at 1 January 2019
72,659
134,893
**Fund balances at 31 December 2019**
99,443
156,791|**Total**
**2019**
**£**
295,162
14,858
9
310,029
4,347
246,666
251,013
59,016
59,016
(10,334)
48,682
207,552
256,234|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 8 -
## **THE GIRAFFE PROJECT**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 DECEMBER 2020**_
|**Notes**
**Current assets**
Trade and other receivables
**13**
Cash at bank and in hand
**Current liabilities**
Net current assets
**Income funds**
Restricted funds
**15**
Unrestricted funds
Designated funds:
General Designated funds
**16**
General unrestricted funds|**2020**
**£**
-
223,474
223,474
-
50,000
50,000
57,800|**£**
223,474
115,674
107,800
223,474|**2019**
**£**
9,300
254,243
263,543
(7,309)
42,325
42,325
57,118|**£**
256,234
156,791
99,443
256,234|
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
.............................. .............................. Mr I Dalton Mr R A Baines **Director Director**
**Company Registration No. 07988621**
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## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **Company information**
The Giraffe Project is a private company limited by guarantee incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's Memorandum of Association , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Liabilities are recognised when a constructive obligation exists, the payment is probable and the obligation can be measured or estimated reliably.
Resources expended are allocated to the particular cost centre to which they relate and include irrecoverable VAT .
- 10 -
## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies (Continued)**
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**£**
**£**
Donations and gifts
58,963
20,982
Sponsorship income
-
224,564
Gift a id
-
-
58,963
245,546|**Total**Unrestricted
Restricted
funds
funds
**2020**
2019
2019
**£**
£
£
79,945
54,603
2,758
224,564
-
228,683
-
1,823
7,295
304,509
56,426
238,736|Total
2019
£
57,361
228,683
9,118
295,162|
|---|---|---|
## **4 Charitable activities**
||**Unrestricted**|
Unrestricted|
|---|---|---|
||**Funds**|
Funds|
||**2020**|
2019|
||**£**|
£|
|Brussels 20km Run Sponsored Runners|-|
12,361|
|Miscellaneous sales and events|-|
2,497|
||-|
14,858|
## **5 Investments**
||**Total**|Unrestricted|
|---|---|---|
|||funds|
||**2020**|2019|
||**£**|£|
|Interest receivable|-|9|
|**Raising funds**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2020**|2019|
||**£**|£|
|Fundraising and publicity|||
|Advertising|1,322|4,347|
## **6 Raising funds**
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## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **7 Charitable activities**
|Student s ponsorship costs
Grant funding of activities (see note 8)
Share of governance costs (see note 9)
**Analysis by fund**
Unrestricted funds
Restricted funds
**8**
**Grants payable**
Grants to institutions:
School development - buildings and classrooms
Student needs - uniforms/clothing
Student needs - books. stationery
School educational trips
Teacher training
Payroll support
School development - toilet refurbishment
School development - computer equipment
Corona food aid|**2020**
**£**
216,824
69,860
41,615
328,299
41,614
286,685
328,299
**2020**
**£**
34,127
1,959
5,641
1,007
112
-
2,057
564
24,393
69,860|2019
£
189,429
19,451
37,786
246,666
37,786
208,880
246,666
2019
£
2,258
5,290
7,841
1,862
203
1,997
-
-
-
19,451|
|---|---|---|
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## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **9 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy
-
9,637
Bank Charges
-
883
Kenya Office
-
15,982
Management Costs
-
4,968
Sponsorship
Coordination
-
10,145
-
41,615
Analysed between
Charitable activities
-
41,615|**Total**
**2020**
Support
costs
Governance
costs
**£**
£
£
9,637
-
5,570
883
-
979
15,982
-
18,555
4,968
-
5,883
10,145
-
6,799
41,615
-
37,786
41,615
-
37,786|Total
2019
£
5,570
979
18,555
5,883
6,799
37,786
37,786|
|---|---|---|
## **10 Trustees**
None of the Trustees received any remuneration as Trustees in the period (2019:£nil).
One Trustee (S A Sims) was paid £ 2,969 for the provision of bookkeeping services (2019:£4,800).
The aggregate value of unconditional donations made by the Trustees in 2020 was £ 7,287 (2019:£2,035).
## **11 Employees**
The average monthly number of employees during the year was:
||**2020**|**2019**|
|---|---|---|
||**Number**|**Number**|
|Giraffe Project Kenya Office|3|3|
|There were no employees whose annual remuneration was £60,000 or more.|||
## **12 Other gains or losses**
|**Other gains or losses**|||||
|---|---|---|---|---|
||**Unrestricted**|Unrestricted|Restricted|Total|
||**funds**|funds|funds||
||**2020**|2019|2019|2019|
||**£**|£|£|£|
|Foreign exchange losses|7,648|2,376|7,958|10,334|
- 14 -
## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**13**
**Trade and other receivables**
**Amounts falling due within one year:**
Gift Aid
Kenya Office Deposit
**14**
**Deferred income**
Other deferred income|**2020**
**£**
-
-
-
**2020**
**£**
-|2019
£
9,122
178
9,300
**2019**
**£**
7,309|
|---|---|---|
- 15 -
## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **15 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at**
**1 January 2019**
**£**
Restricted Funds
134,893
Corona Appeal
-
School Development
-
Individual Student
Sponsorship
-
General Educational Needs
-
134,893|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers Revaluations,**
**gains and**
**losses**
**Balance at**
**1 January 2020**
**£**
**£**
**£**
**£**
**£**
238,736
(208,880)
(156,791)
(7,958)
-
-
-
-
-
-
-
-
8,000
-
8,000
-
-
20,000
-
20,000
-
-
128,791
-
128,791
238,736
(208,880)
-
(7,958)
156,791|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
20,745
(24,393)
237
(958)
199,590
(192,780)
24,974
(68,554)
245,546
(286,685)|**Transfers**
**Balance at**
**31 December**
**2020**
**£**
**£**
-
-
3,648
-
-
7,279
(6,896)
19,914
3,270
88,481
22
115,674|
|---|---|---|---|
## **Restricted Funds**
**Corona Appeal** - Money was given specifically in response to an appeal to assist families in need as a result of the coronavirus pandemic. All funds were utilised for this purpose during the year.
**School Development** - Given to a specific project funded by the Charity such as the construction of the Giraffe Education Centre School. Funds restricted to the project specified by the donor.
**Individual Student Sponsorship** - Given on a monthly, semester or annual basis for the education of a child or teenager. Restricted to the education of students in the sponsorship programme.
**General Educational Needs** - Funds for student sponsorship in excess of that required for direct funding of the children's education is held for use more generally in supporting their education. Funds are granted to the schools which the children attend in response to grant applications to assist with the supply of new equipment or buildings.
- 16 -
## **THE GIRAFFE PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **16 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Movement in**
**Balance at**
**1 January 2019**
**Incoming**
**resources**
**£**
**£**
General Designated
37,039
44,313
**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2020**
**2020**
**£**
**£**
Fund balances are represented by:
Current assets/
(liabilities)
107,800
115,674
107,800
115,674|**funds**
**Resources**
**expended**
**Balance at**
**1 January 2020**
**Transfers**
**Balance at**
**31 December**
**2020**
**£**
**£**
**£**
**£**
(39,027)
42,325
7,675
50,000
**Total**Unrestricted
funds
Restricted
funds
Total
**2020**
2019
2019
2019
**£**
£
£
£
223,474
99,443
156,791
256,234
223,474
99,443
156,791
256,234|
|---|---|
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2019 - none).
- 17 -