> **Charity registration number 1149540 (England and Wales)**
**Company registration number 07988621**
## **TH E G I R A FFE PR O J ECT**
**==> picture [420 x 10] intentionally omitted <==**
# **F OR T H E YE A R ENDED 31 D ECE M BER 2024**
## **TH E G I R A FFE PR O JECT**
## **LEG A L AND ADMINISTRATIVE INFORMATION**
|**Trustees **|Mr I Dalton||
|---|---|---|
||MrRABaines||
||MrsDBaines||
||Mrs GHorstkotte-Wesseler||
||Mr Iosif Igna|(Appointed 4July 2024)|
|**Charity number (England and Wales) **|1149540||
|**Company number**|07988621||
|**Registered office **|71-75SheltonStreet||
||CoventGarden||
||London||
||WC2H 9JQ||
|**Independent examiner**|Colin DadswellFCAFCCA DChA||
||CaladineLimited||
||Chantry House||
||22 UppertonRoad||
||Eastbourne||
||EastSussex||
||BN21 1BF||
|**Bankers **|NCBABankKenya||
||MaraRoad||
||Upper-hill||
||P.OBox 44599-00100||
||Nairobi||
||Kenya||
||HSBC||
||1Corn Market||
||High Wycombe||
||Buckinghamshire||
||HP11 2AY||
## **TH E G I R A FFE PR O JECT**
## **CO N TE N TS**
||**Page **|
|---|---|
|Trustees' report|1 - 3|
|Statement ofTrustees' responsibilities|4|
|Independent examiner'sreport|5|
|Statement of financial activities|6 - 7|
|Statement of financial position|8|
|Notesto the financialstatements|9 - 16|
## **TH E G I R A FFE PR O JECT**
## **TR U STEES' REP O RT (INCLUDING D I RECT ORS' REP O RT)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
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 objective 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.
## _Public benefit_
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
## **Achievements and performance**
_Significant activities and achievements against objectives_
We are advancing the education of underprivileged children and young people in Nairobi, Kenya by sponsoring school children and college students through their education.
## **Our achievements in 2024**
We sponsored 349 children and young people through all levels of education in 2024.
## _Primary education_
In 2024 we funded 99 children in two primary schools - Green Pastures (Kibera) and Tumaini (Mathare North).
## _Secondary education_
We sponsored 58 Junior High School students and 122 secondary school students in a number of schools. Many oft the students coming from the poorest areas of Kenya, such as Dandora the site of Nairobi’s principal waste dump.
## _Higher education_
We sponsored 70 students through higher education in 2024. The courses are diverse with some of the more academic students sitting for degrees and diplomas whilst others pursue more practical programmes. In each case, our aim, and the aim of our partner schools, is to help these young people overcome disadvantages and go forward into employment and lead productive and fulfilled lives.
## _Alumni_
We remain in close contact with many of our alumni, who have formed an official Giraffe alumni Association. The main goal of the association is to support its members who may be seeking work, and to maintain relationships with each other and the officers of the Charity.
- 1 -
## **TH E G I R A FFE PR O JECT**
## **TR U STEES' REP O RT (INCLUDING D I RECT ORS' REP O RT) (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **Financial review**
In 2024 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.
Our main source of funding is sponsorship and donations from individuals and organisations across the world. We also undertake other fundraising activities, such as the Brussels 20km run.
The Charity received income of £241,941 (2023: £229,773) and had expenditure of £223,376 (2023: £219,570) during the year ended 31 December 2024. After adjustments for currency losses of £2,835 (2023: £15,336) the overall result for the year was a surplus of £15,730 (2023: Deficit of £5,133)
At 31 December 2024 the Giraffe Project had a positive fund balance of £132,236 made up of £91,450 in restricted funds and £40,786 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 the provision of computer networks to facilitate IT training.
## _Reserves policy_
Reserves, drawn from our unrestricted funds, are maintained at a level equivalent to between three and six months’ sponsorship expenditure which currently corresponds to between £50,000 and £100,000. The Trustees consider 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.
## _Major risks_
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.
## **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 5 volunteer trustees supported by a Kenya executive and 2 staff members. In Europe we are supported by a wonderful group of volunteers who help us to raise funds. We’d like to thank each and every one of them for their hard work, creativity and encouragement.
## _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 2024 and flights and accommodation were paid by the charity for one trip to Kenya from Europe for two trustees.
## _Changes to the Board of Trustees_
> 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 Mrs G Horstkotte-Wesseler Mr Iosif Igna (Appointed 4 July 2024)
~~- 2 -~~
## **TH E G I R A FFE PR O JECT**
## **TR U STEES' REP O RT (INCLUDING D I RECT ORS' REP O RT) (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
_Recruitment and appointment of trustees_
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.
The Trustees' report was approved by the Board of Trustees.
Mr I Dalton **Director**
**==> picture [80 x 27] intentionally omitted <==**
**----- Start of picture text -----**
..............................
Mr R A Baines
Director
**----- End of picture text -----**
Date: 18/09/2025
## **TH E G I R A FFE PR O JECT**
## **STATEMEN T OF TR U STEES' RESP O N SI B I LIT I ES**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
The Trustees, who are also the directors of The Giraffe Project for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SO RP ;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## **TH E G I R A FFE PR O JECT**
## **INDEPENDENT EXA MIN ER'S REP O RT**
## **TO TH E TR U STEES OF TH E GI R A FFE PR O J EC T**
I report to the Trustees on my examination of the financial statements of The Giraffe Project (the Charity) for the year ended 31 December 2024.
## **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.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
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 Companies Act 2006.
- 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 Companies Act 2006 other than any requirement that the financial statements 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 financial statements 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 F C CA DChA**
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex BN21 1BF
Date: ............................
- 5 -
## **TH E G I R A FFE PR O JECT**
## **STATEMEN T OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPEN DITU RE ACCOUNT**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
|**Current financial year **
**Income from: **
Donationsand legacies
Charitable activities
Investments
**Unrestricted**
**funds **
**2024**
**Notes**
**£**
**3**
24,859
**4**
21,753
**5**6,846
**Restricted**
**funds **
**2024**
**£**
188,483
-
-
**Total income**
53,458
188,483
**Expenditure on: **
Raising funds
Charitable activities
**6**2,702
**7**37,539
-
183,135
**Total expenditure**
**Net income**
40,241
183,135
13,217
5,348
**Other recognised gains and losses:**
Other losses
**14**
**Net movement in funds**
**10**
(2,835)
10,382
-
5,348
**Reconciliation of funds:**
Fund balancesat 1January 2024
**Fund balances at 31 December 2024**
30,404
86,102
40,786
91,450|**Total**
**2024**
**£**
213,342
21,753
6,846
241,941
2,702
220,674
223,376
18,565
(2,835)
15,730
116,506
132,236|**Total**
**2023**
**£**
211,473
18,157
143
229,773
1,928
217,642
219,570
10,203
(15,336)
(5,133)
121,639
116,506|
|---|---|---|
> The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
- 6 -
## **TH E G I R A FFE PR O JECT**
## **STATEMEN T OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPEN DITU RE ACCOUNT**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
|**Prior financial year **
**Income from: **
Donationsand legacies
Charitable activities
Investments
**Unrestricted**
**funds **
**2023**
**Notes**
**£**
**3**
3,730
**4**16,790
**5**143
**Restricted**
**funds **
**2023**
**£**
207,743
1,367
-
**Total income**
20,663
209,110
**Expenditure on: **
Raising funds
Charitable activities
**Total expenditure**
**6**
1,928
**7**66,556
68,484
-
151,086
151,086
**Net income/(expenditure)**
(47,821)
58,024
**Other recognised gains and losses:**
Other losses
**Net movement in funds **
**14**
(15,336)
-
**10**
(63,157)
58,024
**Reconciliation of funds:**
Fund balancesat 1January 2023
**Fund balances at 31 December 2023**
93,561
28,078
30,404
86,102|**Total**
**2023**
**£**
211,473
18,157
143
229,773
1,928
217,642
219,570
10,203
(15,336)
(5,133)
121,639
116,506|
|---|---|
- 7 -
## **TH E G I R A FFE PR O JECT**
## **STATEMEN T OF FINANCIAL POSITION**
## _**AS AT 31 D ECE M BER 2024**_
||||**2024**||**2023**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Current assets **|||||||
|Trade and other receivables|**15**|6,224|||6,957||
|Cash at bank and in hand||126,565|565||110,102||
|||132,789|||117,059||
|**Current liabilities **|**16**|(553)|||(553)||
|**Net current assets**||||132,236||116,506|
|**The funds of the Charity **|||||||
|Restricted income funds|s**17**|||91,450||86,102|
|Unrestricted funds|s**18**|||40,786||30,404|
|||||132,236||116,506|
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 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 17[th] September 2025 .............................. vs LLcd PE. Mr I Dalton Mr R A Baines **Director Director**
Company registration number 07988621 (England and Wales)
- 8 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **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 Ba si s of preparation**
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 F R S 102.
The Charity has taken advantage of the provisions in the S O RP for charities applying F R S 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 amounts 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 or grantors 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.
- 9 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **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 F R S 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.
## _**B asic financial asse ts**_
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.
## _**B asic 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 payments 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.
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 10 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **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.
## **3 Income from donations and legacies**
|**Unrestricted**
**funds **
**2024**
**£**
**Restricted**
**funds **
**2024**
**£**
Donationsand gifts
Sponsorship income
Gift aid
4,883 671
19,976 181,670
- 6,142
24,859
188,483
**Income from charitable activities **
**Unrestricted**
**funds **
**2024**
**£**
**Restricted**
**funds **
**2024**
**£**
**Charitable activities **
Brussels20kmsponsored
run 10,575
Other eventsand appeals9,278
-
-
**Rental for charitable purposes **
Charitable rental income
1,900
21,753
-
-|**TotalUnrestricted**
**funds **
**20242023**
**££ **
**Restricted**
**funds **
**2023**
**£**
5,554
201,646
6,142
3,730
825
- 200,156
- 6,762
213,342
3,730
207,743
**TotalUnrestricted**
**funds **
**20242023**
**££ **
**Restricted**
**funds **
**2023**
**£**
10,575
9,278
5,727 -
11,063 1,367
1,900
21,753
-
-
16,790
1,367|**Total**
**2023**
**£**
4,555
200,156
6,762|
|---|---|---|
|||211,473|
|||**Total**
**2023**
**£**
5,727
12,430
-|
|||18,157|
## **4 Income from charitable activities**
**5 Income from investments**
Interest receivable
|**Unrestricted**|**Unrestricted**|
|---|---|
|**funds **|**funds **|
|**2024**|**2023**|
|**£**|**£**|
|6,846|143|
- 11 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **6 Expenditure on raising funds**
|**Fundraising and publicity**
Advertising
**Unrestricted**
**funds **
**2024**
**£**
2,702
**Unrestricted**
**funds **
**2023**
**£**
1,928
**7**
**Expenditure on charitable activities **
**Charitable**
**activities **
Charitable
activities
**Direct costs **
Studentsponsorship costs
Grant funding of activities(see note 8)
**Share of support and governance costs (see note 9)**
Support
Governance
**2024**
**£**
182,528
605
36,101
1,440
2023
**£**
150,368
32,226
33,608
1,440
220,674
217,642
**Analysis by fund**
Unrestricted funds
Restricted funds
37,539
183,135
66,556
151,086
220,674
217,642
**8**
**Grants payable **
**2024**2023
**£**£
School development -sanitation
Computers, booksand equipment
Otherschool grants
- 29,328
- 1,676
605
1,222
605
32,226|**Fundraising and publicity**
Advertising
**Unrestricted**
**funds **
**2024**
**£**
2,702
**Unrestricted**
**funds **
**2023**
**£**
1,928
**7**
**Expenditure on charitable activities **
**Charitable**
**activities **
Charitable
activities
**Direct costs **
Studentsponsorship costs
Grant funding of activities(see note 8)
**Share of support and governance costs (see note 9)**
Support
Governance
**2024**
**£**
182,528
605
36,101
1,440
2023
**£**
150,368
32,226
33,608
1,440
220,674
217,642
**Analysis by fund**
Unrestricted funds
Restricted funds
37,539
183,135
66,556
151,086
220,674
217,642
**8**
**Grants payable **
**2024**2023
**£**£
School development -sanitation
Computers, booksand equipment
Otherschool grants
- 29,328
- 1,676
605
1,222
605
32,226|**Fundraising and publicity**
Advertising
**Unrestricted**
**funds **
**2024**
**£**
2,702
**Unrestricted**
**funds **
**2023**
**£**
1,928
**7**
**Expenditure on charitable activities **
**Charitable**
**activities **
Charitable
activities
**Direct costs **
Studentsponsorship costs
Grant funding of activities(see note 8)
**Share of support and governance costs (see note 9)**
Support
Governance
**2024**
**£**
182,528
605
36,101
1,440
2023
**£**
150,368
32,226
33,608
1,440
220,674
217,642
**Analysis by fund**
Unrestricted funds
Restricted funds
37,539
183,135
66,556
151,086
220,674
217,642
**8**
**Grants payable **
**2024**2023
**£**£
School development -sanitation
Computers, booksand equipment
Otherschool grants
- 29,328
- 1,676
605
1,222
605
32,226|**Fundraising and publicity**
Advertising
**Unrestricted**
**funds **
**2024**
**£**
2,702
**Unrestricted**
**funds **
**2023**
**£**
1,928
**7**
**Expenditure on charitable activities **
**Charitable**
**activities **
Charitable
activities
**Direct costs **
Studentsponsorship costs
Grant funding of activities(see note 8)
**Share of support and governance costs (see note 9)**
Support
Governance
**2024**
**£**
182,528
605
36,101
1,440
2023
**£**
150,368
32,226
33,608
1,440
220,674
217,642
**Analysis by fund**
Unrestricted funds
Restricted funds
37,539
183,135
66,556
151,086
220,674
217,642
**8**
**Grants payable **
**2024**2023
**£**£
School development -sanitation
Computers, booksand equipment
Otherschool grants
- 29,328
- 1,676
605
1,222
605
32,226|
|---|---|---|---|
||||217,642|
||||66,556
151,086|
||||217,642|
|||||
|||||
|||**2024**
**£**
-
-
605
605|2023
£
29,328
1,676
1,222|
||||32,226|
- 12 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
**9 Support co s ts allocated to activities**
|**10**|Bookkeepingservices
Bank charges
Kenya Office
Management costs
Rental property costs
Governance costs
Analysed between:
Charitable activities
**Governance costs comprise: **
Independent examination fees
Accountancy
**Net movement in funds **
The net movement in fundsis stated after charging/(crediting):
Feespayable for the independent examination of the charity'sfinancial
statements|**2024**
**£**
9,401
1,479
18,330
4,548
2,343
1,440
37,541
37,541
**2024**
**£**
540
900
1,440
**2024**
**£**
540|**2023**
**£**
8,424
1,444
17,420
6,320
-
1,440|
|---|---|---|---|
||||35,048|
||||35,048|
||||**2023**
**£**
540
900|
||||1,440|
||||**2023**
**£**
540|
## **11 Trustees**
None of the Trustees received any remuneration as Trustees in the year (2023: £nil).
The Trustees were not directly reimbursed for any out of pocket expenses during the year. As part of the charity's governance, the charity paid £2,517 (2023: Two Trustees for £5,716) for travel and accommodation expenses for 2 Trustees to facilitate a monitoring visit to Kenya to meet with key stakeholders and £0 towards travel costs for 0 Trustees (2023: £168).
The aggregate value of donations made by the Trustees in 2024 was £10,000 (2023: £6,954).
- 13 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **12 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|GiraffeProjectKenya Office|3|2|
> There were no employees whose annual remuneration was more than £60,000.
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **14 Other gains and losses**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds **|**funds **|
|||**2024**|**2023**|
||Gains/(losses) upon:|**£**|**£**|
||Foreign exchange|2,835|15,336|
|**15**|**Trade and other receivables **|||
|||**2024**|2023|
||**Amounts falling due within one year: **|**£**|£|
||Gift Aid|6,061|6,363|
||Kenya Office Deposit|139|-|
||Prepaymentsand accrued income|24|594|
|||6,224|6,957|
|**16**|**Current liabilities **|||
|||**2024**|**2023**|
|||**£**|**£**|
||Other payables|553|553|
- 14 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **17 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At 1 **
School Development
IndividualStudentSponsorship
**Previous year: **
School Development
IndividualStudentSponsorship
GeneralEducational Needs
**At 1 **|**January**
**2024**
**£**
**Incoming **
**resources **
**£**
**Resources **
**expended **
**£**
**Transfers **
**£**
**At 31**
**December**
**2024**
**£**
2,783 671
83,319 187,812
(605)
(182,530)
- 2,849
- 88,601
86,102
188,483
(183,135)
-
91,450
**January**
**2023**
**£**
3,180
23,387
1,511
**Incoming **
**resources **
**£**
825
206,918
1,367
**Resources **
**expended **
**£**
(1,222)
(143,438)
(6,426)
**Transfers **
**£**
-
(3,548)
3,548
**At 31**
**December**
**2023**
**£**
2,783
83,319
-
28,078
209,110
(151,086)
-
86,102|**January**
**2024**
**£**
**Incoming **
**resources **
**£**
**Resources **
**expended **
**£**
**Transfers **
**£**
**At 31**
**December**
**2024**
**£**
2,783 671
83,319 187,812
(605)
(182,530)
- 2,849
- 88,601
86,102
188,483
(183,135)
-
91,450
**January**
**2023**
**£**
3,180
23,387
1,511
**Incoming **
**resources **
**£**
825
206,918
1,367
**Resources **
**expended **
**£**
(1,222)
(143,438)
(6,426)
**Transfers **
**£**
-
(3,548)
3,548
**At 31**
**December**
**2023**
**£**
2,783
83,319
-
28,078
209,110
(151,086)
-
86,102|
|---|---|---|
|||86,102|
## **Restricted Funds**
> **School Development** - Given to specific projects funded by the Charity such as the construction of the Giraffe Education Centre School. All funds have now been expended and the fund is closed.
**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.
- 15 -
## **TH E G I R A FFE PR O JECT**
## **N O TES TO TH E FINANCIAL STATE ME N TS (CONTINUED)**
## _**F OR TH E YE A R ENDED 31 D ECE M BER 2024**_
## **18 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1 **
General funds
**Previous year: **
General funds
**At 1 **|**January**
**2024**
**£**
**Incoming **
**resources **
**£**
**Resources **
**expended **
**£**
**Gains and**
**losses **
**£**
**At 31**
**December**
**2024**
**£**
30,404
**January**
**2023**
**£**
93,561
53,458
**Incoming **
**resources **
**£**
20,663
(40,241)
**Resources **
**expended **
**£**
(68,484)
(2,835)
**Gains and**
**losses **
**£**
(15,336)
40,786
**At 31**
**December**
**2023**
**£**
30,404|
|---|---|
## **19 Analysis of net assets between funds**
|**At 31 December 2024: **
Current assets/(liabilities)
**At 31 December 2023: **
Current assets/(liabilities)
**Unrestricted**
**funds **
**2024**
**£**
40,786
40,786
**Unrestricted**
**funds **
**2023**
**£**
30,404
**Restricted**
**funds **
**2024**
**£**
91,450
91,450
**Restricted**
**funds **
**2023**
**£**
86,102
30,404
86,102|**Total**
**2024**
**£**
132,236|
|---|---|
||132,236|
||**Total**
**2023**
**£**
116,506|
||116,506|
## **20 Related party transactions**
> There were no disclosable related party transactions during the year (2023 - none).
- 16 -