Charity registration number 1153346
NORTHWOOD AFRICAN EDUCATION FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
NORTHWOOD AFRICAN EDUCATION FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Sir Malcolm Colquhoun of Luss Lady (Katharine) Colquhoun of Luss Mrs Wendy Bailey Mr Rupert Fane Mr Nicholas Wilcock (Chairman) Mrs Evrim Maitland Mr Patrick Colquhoun Mrs Georgia Dawson Ms Lucy Brooke
(Appointed 25 January 2023) (Appointed 25 January 2023) (Appointed 25 January 2023)
Charity number 1153346 Independent examiner Azets Audit Services Carnac Place Cams Hall Estate Fareham Hampshire United Kingdom PO16 8UY
NORTHWOOD AFRICAN EDUCATION FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 16 |
NORTHWOOD AFRICAN EDUCATION FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report and financial statements for the year ended 31 August 2023.
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 governing document, the Charities Act 2011 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
Northwood African Education Foundation (NAEF)’s objectives are to advance the education of the people of the Federal Democratic Republic of Ethiopia by providing funding for the provision of facilities for education at St George’s School, Gondar. Since November 2014, NAEF has financed the construction and operations of Saint George’s School, Gondar by providing grants to St. George’s School. The financial accounts for St. George's School are audited in Ethiopia, under the rules and regulations issued by the Ministry of Finance and Economic Development in Ethiopia.
Through St. George’s School, NAEF aims to build an educated community of leading citizens in Ethiopia. There are no changes to the charity’s main objectives in the period under review. NAEF’s vision is to inspire real and long-term change across Ethiopia by using the power of education to transform lives. NAEF’s mission is to change the social structure in Gondar by developing some of Ethiopia’s most employable young adults, holding a well-rounded education and values of respect, responsibility, honesty and kindness, and to provide an educated community of moral and intellectual potential leaders to fight poverty in Ethiopia. The development of the school remains under the direction and funding of NAEF, which provides grants and oversight to St George’s School.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Summary of the main activities undertaken for public benefit in relation to these objectives
St. George’s School opened in Azezo, near Gondar in the Amhara region of northern Ethiopia, in March 2014 with an initial kindergarten class of one hundred children. In the academic year of 2022-23, St. George’s had 552 children enrolled, all receiving a completely free education. In addition to their education, NAEF funds two healthy meals daily, all school resources (books, uniform, stationery) and the school employs a nurse to provide medical assistance where required and to monitor the children’s health. During the summer holidays NAEF finances a Summer Feeding Programme to ensure that the children are fed whilst school is closed.
In September 2022 the children who had been the first pupils at St. George’s started secondary school. A full report
on this cohort is given below.
During the year under review the pupil sponsorship fundraising continued and 315 children at St. George’s were funded through that programme. All of the children at St. George’s come from extremely disadvantaged family circumstances and would not otherwise be in school. As well as receiving an excellent education, NAEF ensures that they are well fed daily in school and receive medical and pastoral assistance when required.
In addition to funding through the pupil sponsorship programme, funds are raised from fundraising events, from generous donors and trusts and, if requested by funders, are ring–fenced for specific projects and programmes.
St. George’s School during the year under review and Graduation from St. George's School to secondary school In May 2022 movement restrictions were declared by the Amhara regional government followed by a national State of Emergency in June. The State of Emergency continued throughout the period under review. During this period there were frequent school closures in the Amhara region where St George’s is located. This was the context in which St. George’s School started the scholastic year in September 2022. We are pleased to report the school remained undamaged and the children were able to continue to learn and flourish within the safety of the campus throughout the school year (apart from brief periods of closure).
It has always been the objective of NAEF to keep St. George’s boys and girls in education to 18.
In September 2022, the first cohort of students going to secondary school started at King’s Academy a local school in Gondar. NAEF funds the costs of the school fees for St. George’s graduates to attend King’s Academy, and in addition provides them with a daily breakfast, school uniform and books and coach transport to and from King’s Academy. The children also have additional academic support in Maths, English and Science subjects at St George’s School.
Political circumstances in Gondar had prevented any NAEF Trustee or representative from travelling to Ethiopia since before the Covid Pandemic. A group of Trustees were able to visit St George’s in February 2023.
The Trustees reported that St. George’s School continued to operate very well, despite the repeated political unrest and State of Emergency. The NAEF visitors in February 2023 ascertained that the education and the conditions at King’s Academy were less favourable than had seemed to be the case when the agreement had been reached to send the St George’s alumni to King’s Academy. Following the visit the Board of Trustees decided not to renew the annual agreement with King’s Academy and to investigate alternative secondary school options for former St. George’s pupils for September 2023. An Education Committee was set up to support the process.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Achievements and performance
Academic
The Ethiopian school system comprises eight years of elementary education (divided into two cycles of four years) followed by four years of secondary education (divided into two stages of two years). St. George’s School accepts children at five years old into the kindergarten class, from which pupils progress through Prep and then Grades 1-8. The school’s curriculum uses the syllabus provided by the Federal Democratic Republic of Ethiopia Ministry of Education and the Amhara Regional Bureau of Education. However, the development of a high level of teaching at St. George’s School remains under the direction and funding of NAEF, which provides academic guidelines, financial grants and oversight of all construction and building maintenance. NAEF is proud that St. George’s School is offering the highest standards of local elementary education and a clean, bright, safe school environment, with class sizes limited to twenty-five, six hours of teaching a day and all teachers (who are all Ethiopian) educated to degree level.
Pupil and staff retention has been nearly 100%; five children left St. George’s School during the year under review. Fifty new children started in kindergarten at the beginning of the school year. School attendance is 98% with academic attainment across kindergarten to Year 8 an average of 84% across all subjects.
Three children from St. George’s School were awarded gold medals from the mayor of Gondar for achieving some of the highest scores within the whole of Gondar region in their age groups for the last academic year. The Mayor of Gondar awarded St. George’s School a certificate in recognition and appreciation of the contribution made by the school for helping displaced people in Gondar, that was caused by the war in northern Ethiopia. Also, the local Kebele (municipality) awarded the school a certificate of appreciation in recognition of St. George’s sharing with local schools, some of its best experiences and for the achievements of St. George’s students in local quiz competitions. St. George’s shows other schools, for example, how pupils use its library and how it uses Jolly Phonics, a child-centred, multi-sensory method of teaching literacy through synthetic phonics.
The buildings
In the year under review, St. George’s School comprised 20 classrooms and a general-purpose hall which is also used for dining. There is a kitchen where all food is prepared and an open pantry beside the kitchen where food is stored. A science laboratory, IT room and a healthcare centre were completed by the end of August 2022, so were in use from the beginning of the school year.
The health centre, comprising seven consulting rooms was completed and started to be used from the beginning of the school year. The St. George’s School nurse uses the health centre for the pupils and staff of the school and during 2022-23 it was available for medical care for people in the local community.
NAEF recognises the importance of enabling St. George’s School to accommodate cultural customs of importance in Ethiopia and, from the outset, NAEF has ensured that there are segregated toilets and washing facilities for boys and girls.
Health and wellbeing
In an area where half of the local children are so malnourished their growth is stunted, St. George’s School provides two nutritious meals a day to pupils, together with regular health checks. St George’s monitors height and weight and intervenes with additional nutrition if any child is losing weight.
During the school’s summer vacation period, St. George’s ran a summer nourishment programme, providing food to the children of St George’s and their families. During the summer vacation of July-September 2023, political unrest meant that St. George’s was not able to buy fresh fruit and vegetables but provisions of the local grain ‘teff’ and rice were provided to the families of pupils. In a small number of cases, returning students showed signs of undernourishment and these were closely monitored and provided with supplementary nourishment.
Reproductive health training is in place for all students above Grade 5 and is undertaken by trainers from the University of Gondar and the school nurse. The training mainly focuses on behavioural change during pre-puberty/ puberty and its consequences (physical, emotional, social and psychological). The first session was given in two different classes for girls in one room and boys in the other. The second session of the training with boys and girls together.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Farming
St. George’s owns land around the school and has run, for the last seven years, a successful project with local farmer parents to grow teff (a nutty grain, used in cooking like flour) and chickpeas, with fifty percent of the crop being used to feed the school and the farmers selling the remainder.
Community
As part of NAEF’s aim to enable St. George’s School to have a sustainable presence in the local community and to be a powerful force for good within Azezo, NAEF has created an educational and communal centre at St. George’s with the potential to impact the immediate community of 50,000 people. St. George’s School helps the local community with employment opportunities and a microfarming programme with land for local farmers.
St. George’s runs mother and toddler groups that enable children under the age of five years old to play and learn while their mothers access healthcare advice. The multi-use teaching spaces enable pre/post school activities and are utilised by surrounding schools and the local community.
Capital projects
During the year under review, no significant capital projects were undertaken.
Financial
During the year under review the Chairman of NAEF established a standing committee to deal with Finance, comprising himself as Chairman of the Finance Committee with Mr Rupert Fane and Mrs Evrim Maitland as a committee members. The purpose of the Finance Committee is to focus on the income and expenditure of NAEF, working closely with the Finance Director and the Chief Executive Officer, and to report regularly to the Board of Trustees.
During 2022-23, St. George’s School undertook its usual annual audit, which provides NAEF with an overview of the school’s finances. St. George’s School provided NAEF with the figures and clarity it requires that the NAEF grants are being spent in the manner agreed between the two organisations.
Staff at St. George's School
In 2022-23, St. George’s School employed seventy full-time staff in Ethiopia, including academic, administration, catering, cleaners and security. NAEF is committed to encouraging the continued professional development of St. George’s staff. All the teaching staff are qualified to degree level and each grade has a teaching assistant, who are all qualified to diploma level.
Fundraising
Raising funds for St. George’s School in the post-Covid period continued to be extremely difficult. The challenging financial climate meant that several fundraising initiatives had to be cancelled or scaled down. Of course, the Trustees are extremely grateful for all the support shown by donors, and to the families and individuals who sponsor the children at St. George’s.
The pupil sponsorship programme continued with people sponsoring 315 children during 2022-23 academic year. Through this programme, NAEF is able to ensure that pupils receive essentials they would otherwise not be able to afford, including two sets of uniform, shoes, exercise books, two nutritious daily meals, and regular health checks. Sponsorship income also contributes to the operational costs of running the school. NAEF is extremely grateful to those sponsoring children at St George’s School and those St George’s alumni attending secondary school.
During the year under review, NAEF was one of the nominated charities of Northwood Schools, the Broomwood Hall Ltd Parents Association and the Northcote Lodge Parents Association. The parents have once again been a great source of support and raised £16,409 for the charity during 2022-23. NAEF was able to host the annual Carols by Candlelight Fundraiser in December 2022 and the evening raised £13,516 for the charity. The Alpine Trek Challenge in 2022 saw 20 supporters trekking for three days in the Alps in challenging weather conditions. Their sponsorship raised £41,066 for NAEF. NAEF was grateful to receive substantial donations of £138,500 from Sir Malcolm and Lady Katharine Colquhoun.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Financial review
Reserves policy
The Trustees agreed for the period under review that the charity did not need to hold significant reserves as building for St George’s had been completed. The aim is to hold sufficient reserves to cover the operational costs of NAEF for 3 months (being the grants payable to St George’s School and the UK operating costs).
Principal sources of income and how expenditure meets objectives
The principal source of income of NAEF is from donations, including pupil sponsorship and the gift aid on such donations. The total income in 2022-23 amounted to £394,162.
The total expenditure of NAEF amounted to £367,753. Expenditure comprises two parts: the running of the charity in the UK together with the costs of fundraising; and NAEF’s charitable activities, which are regular grants to the NGO.
NAEF made grants to St. George’s School totaling £212,828 during the year under review. The grants paid to St. George’s School cover the operating costs of running the school and educating the children.
Risk management
The Trustees review the major strategic, financial and operating risks of NAEF and confirm that systems have been established, and/or are under review, to mitigate those risks. NAEF’s Chief Executive Officer liaises regularly with the School Director of St. George’s School to oversee the Risk Register of the NGO.
Results of the Strategic Review
Action Planning Consultancy was appointed to undertake a Strategic Review, which was conducted between December 2022 and March 2023, for which the final report was delivered to the Board of Trustees in May 2023. Recommendations were made in respect of the structure of NAEF and a fundraising plan was included.
Three new trustees were appointed to the Board of Trustees. Ms Lucy Wills, Ms Georgia Dawson and Mr Patrick Colquhoun joined the board of trustees on 25 January 2023.
The Trustees have two principal areas of focus for the foreseeable future: to increase funds raised through pupil sponsorship and other fundraising activities.
Three new committees were formed: Finance, Education and Fundraising committees.
Plans for future periods
NAEF is intent on continuing to enable St. George’s School to operate as a successful primary school through NAEF’s financial and educational support. A key component of NAEF’s support was to help with the transition of St George’s pupils to secondary school.
Structure, governance and management
The charity is a charitable incorporated organisation. The governing document is a constitution.
The principal address of the charity is 29b Sudbrooke Road, London, SW12 8QT and its website is www.naef.uk.com.
HRH Princess Beatrice of York is a patron of the charity.
As noted below, during the year under review Sir Malcolm and Lady Colquhoun took up the position of Founding Patrons of the charity.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees who served during the year and up to the date of signature of the financial statements were: Sir Malcolm Colquhoun of Luss Lady (Katharine) Colquhoun of Luss Mrs Wendy Bailey Mr Rupert Fane Mr Nicholas Wilcock (Chairman) Mrs Evrim Maitland Mr Patrick Colquhoun (Appointed 25 January 2023) Mrs Georgia Dawson (Appointed 25 January 2023) Ms Lucy Brooke (Appointed 25 January 2023)
The power of appointment of new and additional Trustees is held by the present Trustees. The Trustees meet and consult regularly throughout the year to review the governance and strategic direction of NAEF and all matters concerning the running of the NGO, St. George’s School.
During the year under review Sir Malcolm Colquhoun of Luss, whilst remaining a Trustee, retired from executive duties for the charity. Sir Malcolm and Lady Colquhoun accepted the designation of Founding Patrons.
During the year under review three new Trustees were appointed to the Board: Mr Patrick Colquhoun Ms Georgia Dawson and Ms Lucy Brooke. Mr Colquhoun has been involved in NAEF in a voluntary capacity for many years, bringing knowledge and experience of marketing and digital management, Ms Dawson is a Senior Lawyer in a global law firm, whilst Ms Brooke is an architect who advised NAEF on building plans for St. George’s School in previous years. Both Mr Patrick Colquhoun and Ms Lucy Brooke have previously visited Gondar to visit St. George’s School.
The Trustees delegate the day-to-day administration to Ms Ann-Marie Rania, the Chief Executive Officer (part-time role). During the year under review, a new Financial Director was appointed (part-time role). The UK team further comprised a team of additional part-time, paid staff: Sponsorship Database Associate and Marketing & Communications Associate. In addition, NAEF has occasional voluntary help.
The Trustees' report was approved by the Board of Trustees.
Mr Nicholas Wilcock (Chairman)
Trustee
21 June 2024
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NORTHWOOD AFRICAN EDUCATION FOUNDATION
I report to the Trustees on my examination of the financial statements of Northwood African Education Foundation (the charity) for the year ended 31 August 2023.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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 ACCA, 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 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
James Reilly ACCA
Carnac Place Cams Hall Estate Fareham Hampshire PO16 8UY United Kingdom
Dated: 25 June 2024
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 181,911 133,186 Other trading activities 3 79,065 - Total income 260,976 133,186 Expenditure on: Raising funds 4 43,007 1,134 Charitable activities 5 73,309 250,303 Total expenditure 116,316 251,437 Net incoming/(outgoing) resources before transfers 144,660 (118,251) Gross transfers between funds (26,518) 26,518 Net income/(expenditure) for the year/ Net movement in funds 118,142 (91,733) Fund balances at 1 September 2022 162,998 121,235 Fund balances at 31 August 2023 281,140 29,502 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 315,097 103,281 172,292 79,065 64,266 - 394,162 167,547 172,292 44,141 54,846 1,231 323,612 26,007 202,777 367,753 80,853 204,008 26,409 86,694 (31,716) - - - 26,409 86,694 (31,716) 284,233 76,304 152,951 310,642 162,998 121,235 |
Total 2022 £ 275,573 64,266 |
|---|---|---|
| 339,839 | ||
| 56,077 | ||
| 228,784 | ||
| 284,861 | ||
| 54,978 - |
||
| 54,978 229,255 |
||
| 284,233 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
BALANCE SHEET
AS AT 31 AUGUST 2023
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Restricted funds Unrestricted funds |
2023 £ 110,971 220,610 331,581 (22,443) |
£ 1,504 309,138 310,642 29,502 281,140 310,642 |
2022 £ 184,815 106,230 291,045 (7,270) |
£ 458 283,775 |
|---|---|---|---|---|
| 284,233 | ||||
| 121,235 162,998 |
||||
| 284,233 |
The financial statements were approved by the Trustees on 19 June 2024
Mr Nicholas Wilcock (Chairman) Trustee
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
Charity information
Northwood African Education Foundation is a charitable incorporated organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis under the following headings.
Costs of raising funds comprises fundraising costs incurred in seeking donations, grants and legacies.
Expenditure on charitable activities includes the costs of building and maintaining St George's School in Ethiopia, undertaken to further the purposes of the charity and their associated support costs.
Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include governance costs, finance and office costs. Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity.
Support costs are allocated to the principal activity of the charity, being the building and maintaining of St George's School in Ethiopia. More detail on the analysis and allocation is given in note 6 to the financial statements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 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.
1.9 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.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors 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 creditors 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 creditors 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 creditors 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.
1.10 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.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
2 Donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts 181,411 132,106 Trusts and grants 500 1,080 181,911 133,186 Grants receivable for core activities Trusts and grants - - Other 500 1,080 500 1,080 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 313,517 102,281 166,792 1,580 1,000 5,500 315,097 103,281 172,292 - 1,000 5,500 1,580 - - 1,580 1,000 5,500 |
Total 2022 £ 269,073 6,500 |
|---|---|---|
| 275,573 | ||
| 6,500 - |
||
| 6,500 |
3 Other trading activities
Fundraising events
| **Unrestricted ** | Unrestricted |
|---|---|
| funds | funds |
| 2023 | 2022 |
| £ | £ |
| 79,065 | 64,266 |
4 Raising funds
| Unrestricted Restricted funds funds 2023 2023 £ £ Fundraising and publicity Advertising 3,000 - Other fundraising costs 9,870 1,134 Staff costs 30,137 - Fundraising and publicity 43,007 1,134 43,007 1,134 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 3,000 - - 11,004 16,877 1,231 30,137 37,969 - 44,141 54,846 1,231 44,141 54,846 1,231 |
Total 2022 £ - 18,108 37,969 |
|---|---|---|
| 56,077 | ||
| 56,077 |
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
4 Raising funds
(Continued)
5 Charitable activities
| Operating costs Capital build costs Project costs Share of support costs (see note 6) Share of governance costs (see note 6) Analysis by fund Unrestricted funds Restricted funds Support costs Support costs Governance costs £ £ Staff costs 30,259 - Depreciation 376 - Other support costs 9,854 - Independent examination fees - 3,780 Other governance costs - 29,040 40,489 32,820 Analysed between Charitable activities 40,489 32,820 |
St. George's School St. George's School 2023 2022 £ £ 212,828 150,331 13,759 48,475 23,716 3,971 250,303 202,777 40,489 21,420 32,820 4,587 323,612 228,784 73,309 26,007 250,303 202,777 323,612 228,784 2023Support costs Governance costs 2022 £ £ £ £ 30,259 13,987 - 13,987 376 820 - 820 9,854 6,613 - 6,613 3,780 - 3,600 3,600 29,040 - 987 987 73,309 21,420 4,587 26,007 73,309 21,420 4,587 26,007 |
|---|---|
6 Support costs
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| 4 | 4 | |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 58,344 | 50,246 |
| Other pension costs | 2,052 | 1,710 |
| 60,396 | 51,956 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Computers | |
| £ | |
| Cost | |
| At 1 September 2022 | 768 |
| Additions | 1,422 |
| At 31 August 2023 | 2,190 |
| Depreciation and impairment | |
| At 1 September 2022 | 310 |
| Depreciation charged in the year | 376 |
| At 31 August 2023 | 686 |
| Carrying amount | |
| At 31 August 2023 | 1,504 |
| At 31 August 2022 | 458 |
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NORTHWOOD AFRICAN EDUCATION FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
11 Debtors
| Amounts falling due within one year: Other debtors Prepayments and accrued income Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2023 £ 109,893 1,078 110,971 2023 £ 917 1,614 5,032 14,880 22,443 |
2022 £ 181,796 3,019 |
|---|---|---|
| 184,815 | ||
| 2022 £ 695 - 1,989 4,586 |
||
| 7,270 |
12 Creditors: amounts falling due within one year
| 13 Analysis of net assets between funds Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 31 August 2023 are represented by: Tangible assets 1,504 - Current assets/(liabilities) 279,636 29,502 281,140 29,502 |
Total Unrestricted funds Restricted funds 2023 2022 2022 £ £ £ 1,504 458 - 309,138 162,540 121,235 310,642 162,998 121,235 |
Total 2022 £ 458 283,775 |
|---|---|---|
| 284,233 |
14 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Aggregate compensation | 23,400 | 12,850 |
There were no other disclosable related party transactions during the year (2022 - none).
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