2023-01-31-accounts

ALMA MATER EDUCATION Charity no. 1159983 Report of the Trustees and Financial Statements for the Year Ended 31 St January 2023

Alma Mater Education Content For the year ended 315t January 2023 Page Legal and admini3tratlve details Report of the Trustees Independent examiner's report Statement of finan¢lal actlvities Balance sheet Notes to the flnancial statements 8-17

Alma Mater Education Legal and administrative details For the year ended 31st January 2023 Status The organisation is a registered charity, registered on the 16m January 2015. Governing document The charity is constituted as a Charitable Ineorporated Organisation. Charlty number 1159983 Registered address Flat 1 50 Ladbroke Grove London W11 2PA Trustees Trustees who seNed during the year and up to the date this report is signed, were as follows.. Katharina Bielenberg Tom Cronin Christopher Bielenberg Chades Easmon Constsnce Agyeman (appointed on 09th September 20191 (appointed on 09￿ September 20191 (appointed on 12th December 20191 lappointed on 31 &1 March 20201 lappoinled on 01" January 20211 Bankers HSBC 16 King Street Covent Garden London WC2E 8JF Republic Bank Ghana Limited 35 Sixth Avenue North Ridge PO Box CT 4603 Cantonment5 A¢cra Ahafo Ano Premier Rural Bank Ltd Wioso Kumasi Ghana Independent examiner Chaweevan Wlliams FCCA Verdanl A¢countants Ltd 21k22 Wenlock Road London N17GU Page 1

ALMA MATER EDUCATION Tru5tees'Annual Report For the year endlng 31st January 2023 Report of Trustees The charity which was constituted as a Charitable Incorporated Or8anisation was registered with the Charity Commission on 16" january 2015. This report therefore, covers the first 8 years of the chariws work during which time, there have been regular and consistent board meetings, scrutiny and governance. The objectives of the charity as set out below, have been primarily to provide excellent education to students in rural communities in Ghana and we are delighted to report that these primary objects.ves are being consistently met, as will be noted in this review. Objectives and artlvltles The charity's objects as set out in our governing document are: To advance the reliel of poverty in under-re50urced communities, in Ghano, by supplyAng children with 5econdt7ry level educotion including.. The main activities undertaken for the public benefit in relation to our objects are- the construttion and management of Secondary schools in Ghana the supplying of these schools with equipment necessary for formal education the training of staff and teachers in effective management, accountability and teachin8 methods and providing financial management and strategic guidance to the schools. Achlevements and performance The year to 31" January 2023 was an extraordinarily busy year for Alma Mater Education both in terms of improvements and infrastructure and the enhancement of our educational processes. As evidence, our West African Examination Certificate, the principle measure of performance, with a pass rate of 97.4%, were the best in our school district and amongst the top S% of the country as o whole. Page 2

Teaching and Academic Resources The charity has been exclusively responsible for providing and funding the school's resources but has entered into negotiation with the Ghana government in relation to the financing of teachers, salaries and the feeding costs of our students. As a boarding school, students are fed 3 full meals a day, a proportion of which is svpplied by the school farm, of which more later. The AME facility is now an official examination centre for WAEC exams which has also required some investment. Infra5trutture Development In the year to JanLtary 2023, there was a very signiftcant investment in the construction of a new boys, dormitory which was completed in October 2022, has the capacity of 300 students 3nd now houses 140 boys and their monitoring teachers. Farm We are happy to report that the farm under its new manager, Francis Amentesa, has shown marked improvement and is now providing significant quantities of fresh vegetables to the school kitchen and should be able in the coming year, to market cocoa, ginger and tvrmeric as additional cash crops. Fundraising Alma Mater has been supported throu8hout its 8 years of existence by a number of generous individuals, foundations and clubs totalling some 130 donors. In parkncular we mention with gratitude, the Toni Garrn Foundation who have been particularly supportrve of all activities to do with girls, welfare and has also built a medical facility in the local community and has raised funds to build the extension of the girls. dormitory, currently under construction. Also of particvlar note, have been Caroline and Georges Muller and the Rotary Club Hamburg-8ergedorf, together with many other generou5 SUPPOrters. The Bielenberg Family Foundation continue5 Its support. Plans for the future In the current year 202314 additional dormitory capacity for girls, will be completed together with additional and enhanced staff quarters. In order to secure future funding for Alma Moter, we will continue to complete the Public Private partnership with the Ghana Educational Service, which will ensure both better terms and conditions for our teaching staff and reduce the financial burden on the charity. Ghana as a country is experiencing very high inflation due both to internal and global factors. However, the weakness of its domestic currency has enabled some of our capital investments to be completed at a lower cost for the charity. Independent Exarniners Verdant Accountants Ltd. were appointed as independent examiners to the charity during the year ending Janvary 2022 and have agreed to continue their work. Page 3

Reserves policy The reserve5 policy of Alma Matef Educanon 15 to ensure the Iong-term susiainability of Ihe chariiy. We ivork With funder5 10 gain medium- and long-terrn agreemenis io help preserve Alma Mater Educaljon as a going concern. Donatrons of over £30.1IKJ have been rece5ved within six monihs ènd furure commitments of over £60.OW have been secured. We are confident that Alma Maler Educatton together with ihe suppon from the Ghana governrnent nienttoned above, will remain a going con¢ern_ Statem nt of rtS on es of h tru51 The iruslees are responsible for preparing ihe irustees, report and Ihe h"nancial staiements in accordance with applicable law and United Kingdom Accounnng Standardg including Financial Reporting Standard 102. The Financial Reporting slandJrd appli£able in ihe UK and the Republic of Irelènd (United Kingdom Generall¥ Aicepted Accounttng Prachcel The law applicable to charities in England and Wales requires the trustee lo prepare financial sfalements for eèch financial year. whith give a Irue and fèir view of the slate ol affairs of ihe charily nd the incoming resources ènd applicaty.on of re50urces. including the nei incame or eKpendilure of the charity for ihe year. lrn preparing those h"nancial slalemenis the iru5tees are required to. Selecl suiiable accounting policies and ihen apply them con515ienily Observe the methods and principle5 in ihe Charits'e5 SORP Make iudgemcnt5 and accountt.ng estr"mates that are reasonable artd prudent 5tèie whether applicable accounti"nE standards and staiements of recommended prattice have been lollowed. subject to any material departures dlsclosed and explained in the financial siaiemenis and Prepare ihe h"nancial siaiemenis on the going concern basis unless il is inappffopriaie to presume the charity will contr.rtue in operation The Iru5tees are responsible fof keeping proper ?ccounvn8 records which Oisc105e with reasonable accuracy at any trme ihe h"nancial position of the charity and thich enable them io ensure that Ihe fifjaficial siatemenl Comply wilh the Companies Act 2(M)6. Ihe Charily (Accounis and Reportsl Re8ulaty"ons 2LK18 and the provisions of the constttution. The irustee5 ore 0150 responsible for Ihe safegtkafding of fraud and other irregularities. The irusiees are responsible lor the maintenance ènd inte8rily of ihe corporaie and hnancial infofmation included on the charity's website. Leeis16rion in the United Kin8dorn governin8 the preparatt.on and dissernination of tinancial siaiement may differ from le8islatton in oiher jurssdicnons. Members of ihe charity have no liabilily lo contribute to the assets ot the chèri(v in the eveni of ending up insolveni The Iru5tee5 are members of ihe charily. bul this ennrles ihem only lo votr"n8 rights, The tr s have no benefi.cial inieresi in the charitv. Christop r Bielenbere. Chairman Tuesday 28" November. 2023 Page 4

INDEPENDENT EXAMINER’S REPORT

To the trustees of Alma Mater Education

I report on the accounts of the above Charity for the year ended 31 January 2023, which comprises the statement of Financial Activities, the Balance Sheet and the related notes 1-15.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’).

It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

(1) In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

• the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts do not accord with the accounting records; or

• the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Report) Regulation 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of independent examination.

• (2) 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 accounts to be reached.

Chaweevan Williams FCCA

Date: 30 November 2023

Chartered Certified Accountant Verdant Accountants Ltd 20-22 Wenlock Road London N1 7GU

Page 5

Alma Mater Education Statement of financial actlvltles For the year ended 31" January 2023 2023 2022 Note Income from: Grants Donations Charitable acb'vities Other trading activities. 131.694 222 229,923 2,447 Total income 131,916 232,370 Expenditure on: Raising funds Charitable activities 40 213,905 141.314 Total expenditure 141.314 213,945 Net Ineome l {expenditurg1 and net movement in funds. {9.3981 18,425 Reconcillatlon of funds.. Total funds brought forward 286.320 267.895 Total funds carried fop•vard 276.922 286.320 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those slated above. Movements in funds are disclosed in note 12 to the accounts. All income and expenditure during the year was unrestricted. Page 6

Nirna Mater Eduea16on Balance sheet As at 31", January 2023 2023 2022 Flxed 3ss•ts Tangible assets No 326.793 277 219 Curr¢ni Assets Debtors Cash ai bank and in hand 10 15.667 10.271 Llabililies Crediiors amtsunts falling due wthin 1 year 16S.$3ei 11 170) Net current as$¥ts 149.871} 9,101 Net a3$eis 276,922 286.320 Funds unTestri￿ed fvtnds General lund5 12 276.922 286.320 Total charity funds 276.922 286,320 Approved by ihe trustees on 29 November 2023 and signed on Ihew bellaff by Chn510 er Bielenberg. Chairman Page 7

Alma Mater Education Notes to the financlal statements For the year ended 3151 January 2023 1 Accounting policies al Basis ol preparatlon The financial statements have been prepared in accordance with A¢counting and Reporting by Charities Statement of Recommended Practice applicable lo charities in preparing their. accounts in accordance with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20151- Icharilies SORP IFRS 10211. Ajma Mater Education meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Ini11311y recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy note. bl Going eoncem basis of accounting The accounts have been prepared on the assumption that the charity is able to continue as a going concern which the trustees consider appropriate having regard to future farm rentsl income generated during 2018119. There are some material uncertainties about the charity's ability to continue as a going concern. Further detail is provided in the trustees annual reporL cl Income Income is recognised when the charity has entillemenl to the fvnds ariy perf0m￿nCe conditions attached lo the item of income have been mel, it Is probable that the income will be received and the amount can be measured reliably. Income from the govemment and other grants, whether 'capital' grants or 'revenue' grants, is recogni5ed when the charity has enlitlemenl to the funds, any performance conditions attached lo the grants have been mel, it Is probable that the income will be received and the amount can be measured reliably and is not deferred. dl Funds accountlng Unreslricled funds are available to spend on activits.es that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the tru51ees have decided at their discretion lo sel aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. el Expenditure and Irrecovevable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third paty, it is probable that setuement will be required and the amount of the obligation can be measured reliably. I￿eCoVerable VAT is charged at a cost against the activity for which the expenditure was incurred. Page 8

Alma Mater Education Notes to the finan¢lal statements For the year ended 3151 January 2023 1 Accounting poli¢les (continued) Allocation of support eosts Support costs are those functions that assist the work of the charity but do not direcuy undertake charitable activities Governan￿ costs are the costs associated with the governance atrangemenls of the charity, including the costs of complying with consb'lulional and statutory requirements and any costs assoryated with the strategic management of the charity's activities. These Costs have been allocated be￿een cost of raising funds and expenditure on charitable activities on the following basis. which is based on the proportion of direct costs.. 2023 2022 Raising funds Charitable activities 0.90% 99.10% 0.900 gl Tangible fixed assets Depreciab'on is provided at rates calculated lo write down the cost of each asset to its eslimaled residual value over ils expected useful life The depreciation rates in use during the current and prior period were as follows.. Land Freehold buildings Plant and eqijipment Not depreciated 20 years straight line 20 years straight line h) Debtorn Trade and other debtors are recoynised al the set￿ement amount due after any trade dI￿Ount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. l) Cash at bank and In hand Cash at bank and cash in hand includes cash and short temi highty liquid investments wth a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar accounL l) Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a thiTd party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally re¢ognised at their 5ettiement amount after allowing for any trade discounts due. kl Financial instruments The charity only has financial asset5 and financial liabilities of a kind that qualify as basic fin8ncial instruments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method. 11 Foreign cuirency transactions Transactions in foreign currencies are translated at rates prevailing al the end of the month of the transaction. 8alances denominated in foreign currencies a￿ translated al the rate of exchange prevailing al the year end. Page 9

Alma Mater Education Notes to the financial statements For the year ended 31st January 2023 1 Accountlng policies (continued) ml Accounting estimates and key judgements In the application of the charity's accounting policies the trustees are required to make judgements, eslimales and assvmplions about the carrying values of assets and liabilities that are not readily apparent from other sgurees. The estimates and underlying assumptions are based on historical experience and other factors that are Considered to be relevant. Aelual results may differ from these estimates. The estimates and undertying assumpb'ons are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods rf the revision affeels both current and future periods. The key sources of eslimalion uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. n) Depreciation As described in note 1 gl to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to ils estimated residual value over its expected useful life. No Depreciation in the year of donation on new dormitory. 2 Prior period ¢omparatives: statement of financial activities 2022 Total Unrestn'cted Income from: Donations Charitable activities Other trading activities 229,923 2,447 229,923 2,447 Total ineome 232370 232370 Expenditure Raising funds Charitable activities 40 213,905 40 213905 Total expenditure 213945 213945 Net Income and net movement In funds 18,425 18,425 Page 10

Alma Mater Education Notes to the financial statements For the year ended 31 &t January 2023 3 Income from donations 2023 Total Restricted Unrestrlcted Bielenberg Family Foundation Rotary Hilfe The Toni Garm Foundation l AJG Model Support) Christopher Bielenberg Allan and Nesla Ferguson Twsl Georges and Caroline Muller The Quin Charitable Trust Donations from individuals, £2,500 and less 36,000 21.169 4,225 36,000 21,169 4,225 15,000 55,300 15,000 55,300 Totsl donatlon8 131.694 131,694 Prior period comparatlve 2022 Restricted Unrestricted Total Bielenberg Family Foundation Rotary Hilfe The Toni Garm Foundation l AJG Model Support) Christopher Bielenberg Allan and Nests Ferguson Trust Georges and Caroline Muller The Quin Charitable Trust Donats'on5 from individuals, £2.500 and less 52,283 5.106 69,386 17,447 52,283 5,106 69,386 17.447 21,750 63,951 21,750 63,951 Total donatlons 229,923 229,923 4 In¢ome from charitable activities 2023 Total Reslricled Unrestricted Income from school fges 222 222 Income from charitable aelivilies in the prior year was £2,446 and was fully unrestricted. Page11

Alma Mater Education Notes to the financial statements For the year ended 31FT January 2023 S Total expendlture SupF)Qrt and governance costs Raising funds Charitable acb'vilies 2023 Total School equipment and running costs Stsff costs- Ghana Fundraising expenses Farm Costs School feeding Home economics lab Transport Freelancer fees Travel costs -UK Administration costs Accountancy Depreciation Bank charges and transfer fees Foreign exchange Igains11 losses Repairs & maintenance 30,128 55,144 30,128 55.144 3.405 10,002 3,405 10.002 16,575 2,925 1.639 6,800 1,320 19.500 1.639 6,800 1,320 15,093 650 14.0651 1,698 15,093 650 14,0651 1,698 Sub-total 130,347 10,967 141,314 Allocation of support and governance costs Tolal expendituro 10,967 141,314 110,9671 141,314 Paye 12

Alma Mater Education Notes to the flnancial statements For the year ended 318l January 2023 5 Total expenditure (cont'd Prior period eomparatlve Support and governance costs Raising frjnds Charitable activitr'es 2022 Total School equipment and running costs Staff costs- Ghana Fundraising expenses Farm Costs School feeding Home economics lab Transport Freelancer fees Travel costs -UK Administration costs Accountancy Depreciation Bank charges and transfer fees Foreign exchange (gains11 losses Repairs & maintenance Sub-total 96,126 43,387 96,126 43.387 36 3,493 18,790 36 3,493 18.790 363 13,940 363 16,400 2.770 2,460 2,770 1,170 1,170 15,093 709 15,093 709 5,595 10,013 22,717 5,595 10.013 213,945 36 191,192 Allocation of support and govemance costs Total expenditure Total governance costs were £1,32012022'. £1,170). 22,713 213,905 (22,7171 40 213,945 6 Net rnovernent in funds This is slated after charying.. 2023 2022 DeP￿¢satIon Tnjstees, indemnity insuran Trustees, reimbursed expenses Trustees, remuneration (see below) Independent Examiner's remuneration (including VAD 15,093 15,093 1,320 1,170 Trustees, femuneration No Iruslee was paid in 20231 Nil in 20221 Page 13

Alma Mater Education Notes to the financial statements For the year ended 31 St January 2023 7 Staff costs and numbers Staff eosts were as follows.. 2023 2022 Salaries and wages- Ghana Freelance staff - UK 55.145 18,330 43,387 16,400 73.475 59,787 No employee earned more than £60,000 during the period. The key management personnel of the charity are deemed to be the trustees. The total employee benefits paid to trustees were £ nil. 2023 2022 Average staff head count 36 38 8 Taxation The charity is exempl from corporation tax as all Ils income is charitable and is applied for charitable purposes. 9 Tanglble flxed assets Land and buildings Plant and equlpment Total Cost Al 111 February 2022 Additions 324,559 64.668 28,280 350,839 64.668 At 31￿ January 2023 389,227 26.280 415.507 Depreciation At February 2022 Charge for the year 67.788 13,779 5,833 1,314 73,621 1 S,093 At 3111 January 2023 81,567 7,147 88,714 Net book value At 31*t January 2023 307.660 19,133 326.793 Al 315t January 2022 256,771 20,447 277,218 Page 14

Alma Mater Education Notes to the financlal ststements For the year ended 31. January 2023 10 Debtors 2023 2022 Other debtors 11 Creditors: amounts due within 1 year 2023 2022 Accruals Other creditors 11.3201 164.2181 11,1701 165.5381 11,170} Page 15

Alma Mater Education Notes to the financlal statements For the year ended 31 sl January 2023 12 Movements In funds At1 February 2022 At31 January 2023 Income Expenditure Unrestrlcted funds General funds 286,320 131,916 (141,3141 276,922 Total funds 286,320 131,916 1141,3141 276,922 Prior year comparative At1 February 2021 A131 January 2022 Income Expenditure Unrestrieted funds General funds 267.895 232.370 1213,9451 286,320 Totsl funds 267,895 232,370 1213,9451 286,320 All funds are Unre$tri￿ed during the wrrent and previous years. 13 Related party transactions During the year, a donation of £36.000 was received from the 8ielenberg Family Foundab'on 12022. £52,283) The Foundab'on is wn by the family of Katharina Bielenberg, a Iruslee of Alma Mater Education. Page 16

Alma Mater Education Notes to the financial statements For the year ended 3191 January 2023 14 Group structure The UK reglstered charity has tsvo foreign subsidiaries under its control. The results of these entsties are not consolidated in these financial statements as the charity is taking advantage of the exemption pemiitted under the SORP for small groups. 15 Finan¢lal In$truments 2023 2022 Financial assets that are debt instruments measured at amortised cost.. Other debtors Cash at bank and in hand 1 5,667 10,271 15,667 10,271 Financial liabilities measured al amortised cost.. Accruals Other creditors 11.320) 164,2181 {1,1701 {6S.S381 11 1701 Page 17