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2024-08-31-accounts

Educ Leone Annual Report & Financial Statements

Contents

Annual Report & Financial Statements

0 A letter from our Chair
A word from our Chief Executive
Our strategy
Our vision and charitable objects
Audit Report
Our reach
Key moments
Alignment with UN's Sustainable Development Goals
Focus on SDGs 1, 4 and 5
Leveraging technology to advance education
Future plans
Partnerships
1.
2.
3.
About Us
Trustee Report
Independent Auditor's Report
Statement of Financial Activities
Balance Sheet
Statement of Cashflows
Notes to the Accounts
2
3
4
5
6
7
8
9
12
13
14
15
22
26
27
28
29
EducAid in 2023-24
0
0

A Letter From Our Chair

EducAid is Sierra Leone–driven and has been for almost 30 years - this is a testament to its commitment to long-term change and sustainability.

Dear Friends and Partners,

I am delighted to be writing in my third year as Chair of EducAid at a time when we celebrate all that has been achieved and all that lies ahead in the years to come.

EducAid has had a remarkable journey from its small beginnings to today being recognised as an influential partner at community, district, and national levels. Everything is framed by our strategy - including major educational programmes, role model schools, and research and advocacy projects across Sierra Leone - which in 2023–24 improved the education of 62,000 students in more than 300 schools .

Whilst there is undoubtedly more uncertainty in the world of international development than is ideal at the moment, EducAid is well placed to continue leading the conversation. Our ambitious vision of a democratic, dignified and globally engaged Sierra Leone, and our unwavering commitment to our mission and values, have allowed us to remain focused on what matters most - valuing collaboration over competition , and working alongside communities to improve education.

EducAid is Sierra Leone–driven and has been for almost 30 years. This is a testament to its commitment to long-term change and sustainability. In 2023–24, 84% of EducAid’s staff were former pupils. Our alumni can be found in almost every occupation and field across the country - especially as teachers, school leaders, and education stakeholders shaping Sierra Leone’s future.

team, led by our Chief Executive and Country Director. I thank them - and all our donors, partners, and stakeholders - for their invaluable contribution. Together, we can continue to make a difference.

Warm regards,

Rupert Eastall

Chair, Board of Trustees EducAid Sierra Leone

2

A Word From Our Chief Executive

acts locally, and values every voice.

that we achieved together, but I am even more proud of how we have done this .

from our trainings and coaching, and more pupils impacted by our work. EducAid’s influence has expanded, with our work reaching further, informing research and best practice, and being a valued voice in district and national policy conversations.

smaller ones that show not only EducAid’s innovation in pilot projects, but also illustrate that, despite our growth, we are still a grassroots organisation that listens first, acts locally, and values every voice .

In addition to the bigger programs, we still have pupils working to make a difference in their classroom, their school, and their community. A small team of girls working with their teachers to create STEM videos to explain simultaneous equations. Female staff members learning to ride motorbikes together. EducAid teachers mentoring and coaching teachers in partner schools. It’s these smaller breakthroughs—acts of courage, creativity and solidarity—that set EducAid apart .

In a world of big numbers and glossy campaigns, we hold tight to our core belief that real change happens when education is rooted in dignity, respect, equity and kindness .

Every child educated, every teacher trained, every barrier we dismantle and new educational norm we institute has been possible because of our extraordinary team, partners, and supporters. Thank you for helping us to make all of this possible.

Erin Northey Chief Executive Officer EducAid Sierra Leone

About Us

EducAid is a UK-registered charity (1163161) and Sierra Leone-registered NGO (NNGO/24/20225) that has been strengthening and transforming education in Sierra Leone since 1995.

Each year, EducAid impacts hundreds of schools and thousands of children and young people across Sierra Leone through our school improvement, equality and teacher training programmes. These projects work to transform education in Sierra Leone at all levels: in schools, communities and through district-wide initiatives for system-wide change.

EducAid also provides free, high-quality education to some of Sierra Leone’s most

underserved children, running a network of 5 free schools (primary, junior secondary and senior secondary) that serve almost 700 children (663 pupils, 54% girls in 2024). These schools serve as role model schools, teacher training centres and as a base for EducAid’s degree course with the University of Makeni.

In 2023-24, 84% of EducAid’s staff were former pupils – a powerful reflection of the local ownership, long-term sustainability and impact of our work.

EducAid Our Strategy 'ol•'moè•l i(11'o0 SducAld's Khooli Illvitrat• wh•t poMlbl• to vl•llln9 t••dwr• •nd ￿lid￿li P•rtn•i Ac•￿. qthxAld p•rth•f T•lth xho•ts t• tf• t•th•rn. Improv• s¢hool• •hd ¢h•r• knowl•d9• to Inlorni iy•t•m Twkl• () Edvc•llDn •(￿y￿•￿ ch•fi9•: EdvcAld shx•# l••rnln9 •1)d ivpi>tsrt• gOV•ff¥n•rt t• n•Jrt¥r• ffjy•l•m.l•v•l ¢h•hg• throu9h s<h•ol knpmv•rn•nt w•l•<t• •MI Gloii•l n•tTm)rkn •nd •OIioc•cw'. fducAld r•M•rch •nd ￿*¢thIn1 i• lfiftu••e• bfg•O•r Int•m•iigfi•1 •dyutl•rt l•ndK• ££ "Schoo15 do not Stand by themselves. They belong to the community; they are the community.- -Foday Kalokoh. Lead Reseafcher at EducAid Sierra Leone JJ

Our Vision

Our vision is to create a democratic, dignified and globally-engaged Sierra Leone, where poverty is eliminated by educated citizens.

Our mission

Our mission is to provide high quality, holistic education to young men and women, which is essential to unlocking human potential, overcoming poverty, improving wellbeing, and building democracy. We believe that education is the cornerstone of stable development.

Our charitable

objects

To advance the education of persons living and studying in Sierra Leone.

Our Reach in 2024 66 EducAid's impact goes beyond the classroom EducAid has pioneered a new approach to quality education. -Cor*rad Sackey (2024). Minister of Basic and Senior Secondary Education of Sierra Leone. 99 GUINEA 62.000 students Freetown SIERRA LEONE 2.000 teachers LIBERIA North Atlontlc Ocean 11 30TH AI414 VERSARY 300 schools

Key Moments in 2024

engaged Sierra Leone. Here are some of our favourite moments and achievements in 2024…

EducAid excelled in the WASSCE. Rolal achieved top scores in Port Loko district and Lumley the top chemistry scores in Sierra Leone.

5 staff members graduated from EducAid’s degree course with the University of Makeni in 2024.

Students spoke up against early marriage and for the importance of keeping girls in school at the Parliament of Sierra Leone.

All EducAid schools opened new ICT labs to close the digital divide and prepare for a digital world.

EducAid’s Country Director and the Deputy Director of Education in Port Loko co-presented their research at Brookings, Washington DC.

EducAid pupils cleaned up and took action for the environment, � winning the Bloomberg Youth Climate Action Funding.

EducAid pupils and staff stood up against gender-based violence and FGM.

EducAid staff, students and stakeholders were featured on the radio and international news.

More than schools: EducAid’s Alignment with Sustainable Development

Development Goals (SDGs). From eliminating barriers to education and promoting gender equality to driving climate action and fostering economic empowerment, we are committed to building a more just, sustainable, and equitable future for all.

EducAid removes EducAid promotes EducAid works to EducAid EducAid is a barriers to an innovative, fight gender empowers young catalyst for education by student-centred inequality and people to grow climate awareness providing free, and inclusive violence against into leaders, and action with high-quality approach to boys and girl teachers and activities ranging education in our teaching and through The changemakers to from beach and schools and learning that Strong Girl shape the future litter clean ups covering all costs ensures quality Incubator (SGI), of Sierra Leone and seed planting including school education. Girl Power Groups and confront the to larger recycling meals and (GPG), challenges of our and single-use materials. STEMPower and rapidly changing plastic reduction White Ribbon world. projects. Campaign (WRC). 633,000 62,000 95% 12 500 school meals provided students educated of girls in the SGI Ministries for the Trees planted by in 2024 successfully joined Future established the EducAid Green secondary at each EducAid Guardians education in 2024 school �

EducAid’s Top Ten Strategies codify 30 years of EducAid’s work to create a common language for actionable and accountable school improvement, aligning with MBSSE policies, curricula and initiatives.

656 teachers piloted EducAid’s Strategies in primary schools

Note: Green stars indicate EducAid’s core SDGs, defined as SDGs where EducAid impacts three or more targets.

Eliminating Poverty Through Education 633,000 2018

633,000

School meals provided in 2024

EducAid’s Alumni Network founded

EducAid’s vision explicitly connects education to poverty elimination. By providing free, quality education to underserved children and young people, EducAid addresses one of the root causes of poverty: lack of access to quality education.

EducAid’s alumni demonstrate the lasting impact of education in reducing poverty. Many of these students, once at risk of extreme poverty, are now financially independent, breaking the cycle of poverty for themselves and their families. 35 EducAid students have acquired a degree from the University of Makeni through EducAid’s degree course, and last year 84% of EducAid’s staff were former EducAid pupils.

Offering school feeding, accommodation materials, extra lessons ahead of exams and medicine when needed, EducAid ensures that students can focus on learning without the burden of school-related costs.

Alumni Stories

"When I joined EducAid, The sense of belonging and support fostered within the EducAid community empowered me to overcome obstacles and seize every opportunity that came my way. EducAid gave me the opportunity to be bold, be confident and to learn what I truly stand for.” Ibrahim, Chair of the EducAid Alumni Network.

“I will never forget the day I received my exam results and noticed that I got the requirements for university. I had never thought of reaching such a level due to many challenges - I will always be thankful to EducAid for that.” Foday, EducAid teacher and alumni

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Improving Education in Sierra Leone

62,000 2,000+ Children impacted and their quality of Teachers trained through EducAid education improved through EducAid programs

EducAid promotes an innovative, student-centred teaching approach and is committed to inclusive learning, working with schools, teachers and communities to transform education in Sierra Leone. EducAid informs its work across Sierra Leone with data-driven projects that create sustainable solutions, empowering schools and communities. Conrad Sackey, the current Minister of Basic and Secondary Education in Sierra Leone, asserts that “EducAid has pioneered a new approach to quality education.”

EducAid x Education Outcomes Fund

EducAid x Irish Aid

EducAid completed Year 2 of its Sierra Leone Education Innovation Challenge (SLEIC) project in 2023-24, working closely with 65 primary schools across 23 chiefdoms to improve literacy and numeracy outcomes. Student and teacher attendance and retention continued to improve in Year 2 alongside numeracy outcomes. EducAid’s intervention is multi-faceted, working with everyone in the school and establishing mutual accountability and support networks between schools and communities. EducAid works to create a common language and expectation of what good looks like, coaching teachers, school leaders and stakeholders on holistic, student-centred pedagogy.

EducAid launched its Accountable Inclusive Education project with Irish Aid in 2024, working to improve the performance of 20 underperforming secondary schools in Port Loko district by establishing new norms and behaviours to enable more conducive learning environments. The programme uses an inclusive, participatory approach to ensure acceptability and sustainability. Interventions at school level are complemented and supported by a robust advocacy action to challenge the negative norms affecting much of the secondary education service delivery at community, district and national levels. In Year 1, this project impacted 190 teachers and 5,500 students.

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Empowering Young Women to Learn and Lead 154 95%

Girls successfully returned to education through the SGI in 2023-24

of SGI participants successfully entered mainstream secondary education in 2024

Sierra Leone is one of the most challenging places in the world to be a girl. Embedded in all of EducAid’s projects and work is a multi-faceted, locally informed approach to dismantle stereotypes, challenge harmful gender norms, and empower everyone in schools and communities to work for equality and to end violence against women and girls. Specific equality-focused projects include: Girl Power Groups, White Ribbon Campaigns, STEMpower, Pawa and the Strong Girl Incubator.

Spotlight On: The Strong Girl Incubator (SGI):

The SGI is an accelerated, tailored learning programme that equips out of school and at-risk girls with the knowledge, skills, confidence and support network to successfully join mainstream secondary education. In addition to their self-paced academic work, SGI participants enjoy workshops, sisterhood circles, and other activities they create to foster support networks, self-esteem and resilience.

Mabinty’s story

Unable to afford school fees to continue to secondary education, Mabinty joined EducAid in 2008. She was thrilled as this removed many of the barriers she faced in continuing her education. “Before EducAid my parents couldn’t afford to pay for my schooling. I was helping my family by going out alone to the markets to sell sugar, but I hated going to the market, because I was always so tired and hungry at the end of the day. I wanted this to change.”

for women in STEM and girls’ education. During Covid school closures, she helped teach radio lessons which reached 1.4 million children in Sierra Leone. Receiving the highest WASSCE scores in her region at the end of secondary school, Mabinty earned a full scholarship to study at Ashesi University in Ghana.

against gender inequality and gender-based violence and at the same time improving the quality of education in Sierra Leone and ensuring that children in remote areas acquire good quality education. I hope one day to be a great woman in society. I would like to help people.”

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Leveraging Innovative Technology to Advance Education

EducAid STEMpower: Education Uninterrupted Incubator with Plan International

EducAid pupils participated in the Education Uninterrupted Incubator (EUI) – a competitive, youth-led virtual accelerator, creating STEMpower. We created engaging girl-led video lessons in maths and science to challenge gender stereotypes, to serve as virtual academic support and to sustain learning through school disruptions. This initiative won the award for Sierra Leone and was piloted, underscoring the project’s potential for scale and sustainability.

10

4

Videos created Secondary schools

TheTeacher.AI (EducAid with Fab Data)

EducAid partnered with Fab Inc to train teachers, explore uses and conduct research on Fab Data’s AI-powered, WhatsApp-integrated chatbot developed for teachers. The chatbot offers on-demand support and training through conversational interactions. Tailored to the local context with added safeguards and best practice pedagogical content, this is a collaboration with Columbia University researchers to analyse teacher’s queries.

80%

240

Teachers trained Use the chatbot

Digital Foundational Learning Programme (EducAid with Imagine Worldwide)

EducAid implemented and piloted Imagine Worldwide’s tablet learning project to improve foundational literacy and numeracy skills acquisition of children with the support of adaptive, child-centred, and technology-facilitated software on a tablet.

53

11.4k

Schools included

Students served

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Future Plans strengthening District-Level Systerns Di9ital Growth and Data In$i9ht Looking ahead, EducAid Sierra Leone is committed to building on the foundations of the past three decades with bold and f orward-thinking initiatives. Central to our strategy is deepening our work in transforming the educational ecosystem at district level. By working more closely with local education authorities, school leaders. and cornmunity stakeholders. we airn to strengthen district-wide collaboration and drlve systemic improvement to ensure Quality education is accessible to all. Additionally. we will continue expanding our digital and ICT offerings to ensure learners and educators can thrive in an increasingly connected world. Through ongoing refinement of how we think about. approach. and collect data, we will aim to better understand the small but critical changes that drive meaningful impact-helping us to target our interventions more effectively and scale what works. Youth-L•d Innovatlon Celebratlng 30 Years of Impact We are also excited to support the next generation of changemakers through our youth-led Ministries for the Future. This innovative project will empower young people to ensure they and their fellow students leave school with not only strong exaffl scores. but also with the skills and knowledge to embrace opportunities and confront challenges In our rapidly changing world. As EducAid approaches ts 30th anniversary. EducAid's Alumni Network will be leading the planning to celebrate this milestone year. Their remarkable journeys and achievements are testarnent to the transformative power of education. and we look forward to honourlng their contributions. GG We are looklng ahead wlth future-faclng Initiatives that reflect our unwavering belief in educatlon as the rnost powerful tool for lastin9 change. -Erin Northey. Chief Executive Off Icer

Partners Achieving impact through collaboration A huge thank you to the following organisations for their generous support of our work in 2023-24. We also wish to extend our thanks to the many donors who chose to remain anonymous and to EducAid's individual supporters who have given generously to EducAid. taken part in fundraising events or told others about our work. Each of you has played a vital role in all EducAid has achieved. AMPHIGEAN FAB INC Ico. IMAGINE Ope.,OevEd - I" set411feié• knth"allTn RTI IJ IS I I•G 3. TROI Y T•knrtEdp S :WEM

EDUCAID SIERRA LEONE TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2024 Charity No: 1163161

The trustees present their annual report and financial statements of the Charity for the period ended 31st August 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply 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).

FINANCIAL REVIEW

EducAid’s financial performance in 2024 reflects both the growth in our programme activity and the ongoing challenges of foreign exchange and inflationary pressures. The Statement of Financial Activities shows a deficit for the period of £75,642 compared to a net surplus of £133,967 in 2023. This decreased our total reserves from £410,085 in 2023 to £334,443 in 2024.

INCOME

Our income increased by 16.5% to £1,382,276 in 2024. EducAid has loyal supporters whose generosity continues to humble us, especially through the pandemic and the following years. Their donations have increased from £251,571 in 2023 to £305,640 in 2024 and remain a significant and important source of funding.

Income from Charitable Activities (Grants and Contract Income): EducAid significantly increased its income from charitable activities to £1,065,019 (£934,065 in 2023) with more institutional funding for projects and schools. EducAid’s Sierra Leone Education Innovation Challenge programme, funded by Bridges Outcomes Partnership continued to be the key driver of this income in the second year of this three-year project accounting for £348,647 of the total (25.4%). This project, combined with work with Imagine Worldwide and an Accountable Inclusive Education programme in Port Loko District with Irish Aid accounted for 65.5% of the total, indicating the increased importance of large projects.

EXPENDITURE

Total expenditure in the year was up 38.6% at £1,457,918, reflecting the increased programme activity. In 2024, the level of foreign exchange volatility was less than in 2023, however as the operations are funded from the UK in sterling and US dollars, the impact is still marked. Inflationary pressures remain significant. The twin challenges of the volatility of exchange rates and high inflation are managed through a focus on both general cost control and cash flow management.

Fundraising costs were £58,531 (2023 - £9�,���), equivalent to 4% of total income, compared with 8% in the previous year.

Income for the year, including the purpose for which received, is further analyzed in notes 2 and 3 of the accounts.

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Principal Funding Sources

The income sources during the period under review were:

£
Donations less than £5,000 43,713
Individual donations of £5,000 or more 260,882
Donation in Kind 1,045
Sub Total 305,640
BRIDGES OUTCOME PARTNERSHIP 348,647
IMAGINE WORLDWIDE 378,288
THE BIG GIVE 10,000
L’APPEL DEUTSCHLAND E.V. 15,277
GUERNSEY OVERSEAS AID 4,287
A MOLLER 7,893
SL EVENTS AND FUNDRAISING 10,559
OPEN DEVELOPMENT AND EDUCATION 7,500
SET4LIFE 6,000
SOUTER CHARITABLE TRUST 3,000
FAB INC 52,367
IRISH AID 170,775
RTI 32,439
EVAN CORNISH FOUNDATION 10,000
SOUTHHALL 5,000
EUI 2,987
Sub Total 1,065,019
Total 1,370,659

Investment powers and policy

Under the terms of the Constitution, the Charity has the power to make any investment, which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that bank deposits meet their requirements to hold monies for future expenditure.

Reserves policy

The trustees consider it prudent to maintain an adequate balance of unrestricted funds to cover the Charity’s contractual commitments and ideally would like these to be at a minimum level of between 3 and 6 months’ average unrestricted expenditure.

The Trustees consider that the Charity’s reserves will enhance the services provided and provide financial security for the future. The reserves held in unrestricted funds, which have not been designated or invested in fixed assets, at 31st August 2024 were �������� (2023 - £178,895). The overall level of reserves at 31 August 2024 stood at £334,443 decreased from £410,085 at 31 August 2023.

Fundraising in the year ahead

In 2024, EducAid expanded its project work, increasing the total amount raised to £1,382,276 (£1,185,636 in 2023). EducAid Sierra Leone has continued to work to diversify the funding base which has relied more on trusts and foundations (T&F) in recent years. In the year ending 31 August 2024, restricted income comprised 77% of total income (79% in 2022). EducAid’s fundraising efforts in 2023-24 focused on securing funding from institutional sources for specific projects and initiatives, including schools. Priority was given to research grants and opportunities as EducAid works to establish itself as an educational research hub in Sierra Leone.

EducAid continued to raise its profile via different communications channels. EducAid will continue these efforts to raise its profile and reach in 2024-25, working to increase unrestricted income which provides important flexibility and larger, multi-year projects that will allow EducAid to deliver its ambitious strategy and vision.

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2��

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Charity trustees 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).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Constitution. 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.

The trustees are responsible for the maintenance and integrity of the Charity and the financial information included on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

STATEMENT OF DISCLOSURE TO AUDITOR

In so far as the Trustees are aware:

AUDITORS

A resolution will be proposed and agreed at the Annual General Meeting that SCB (Accountants) Ltd be reappointed as auditors of the Charity for the ensuing period.

APPROVAL

This report was approved by the Board of Trustees on 27[th] June 2025 and signed on its behalf:

Rupert Eastell

Jack Robinson

Chair

Treasurer

2��

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCAID SIERRA LEONE

Opinion

We have audited the financial statements of EducAid Sierra Leone for the year ended 31[st] August 2024, which comprise the Statement of Financial Activities (Summary Income and Expenditure Account), the Balance Sheet, the Cash Flow statements and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Charities Act 2011

In our opinion, based on the work undertaken in the course of the audit:

2�2

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCAID SIERRA LEONE

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statements set out on page 11, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charities’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act 2011, SORP 2019 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and appropriateness of other entries in the nominal ledger; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

2��

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EDUCAID SIERRA LEONE

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report, including the opinions, has been prepared for and only for the Charity’s Trustees as a body in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act (Regulation 30 of the Charities (Accounts and Reports) Regulations 2008) and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

JEFFRY BOR FCA (Senior Statutory Auditor) for and on behalf of SCB (Accountants) Ltd CHARTERED ACCOUNTANTS STATUTORY AUDITOR

31 Sackville Street, Manchester, M1 3LZ

Date: xxxxx 27/06/2025

2��

EDUCAID SIERRA LEONE

STATEMENT OF FINANCIAL ACTIVITIES

Notes Unrestricted
Funds

Restricted
Funds

2024 2023 (As
restated) Ref
Note 18
£ £ £ £
Income
Donations and Legacies 2 305,640 - 305,640 251,571
Income from charitable activities 3 - 1,065,019 1,065,019 934,065
Other Income 4 11,617 - 11,617 -
-
Total income 317,257 1,065,019 1,382,276 1,185,636
Expenditure
Cost of raisingfunds 5 58,531 - 58,531 94,676
Expenditure on charitable activities 5 288,504 1,110,883 1,399,387 956,993
Total expenditure 347,035 1,110,883 1,457,918 1,051,669
Net income/( expenditure) before
transfers
(29,778) (45,864) (75,642) 133,967
Transfers between funds - - - -
Net income/(expenditure) before
other recognisedgains
(29,778) (45,864) (75,642) 133,967
Net movement in funds (29,778) (45,864) (75,642) 133,967
Reconciliation of funds
Total funds,brought forward 359,810 50,275 410,085 276,118
Total funds, carried forward 14 330,032 4,411 334,443 410,085

CONTINUING OPERATIONS

None of the Charity’s activities were acquired or discontinued during the above financial period.

TOTAL RECOGNISED GAINS AND LOSSES

The Charity has no unrecognized gains or losses other than the above movement in funds for the above financial year.

The notes on pages 2� to 4� form part of these accounts.

2��

EDUCAID SIERRA LEONE BALANCE SHEET AS AT 31ST AUGUST 2024

Notes 2024 2024 2024 2023 2023 2023
£ £ £ £
Fixed Assets
Tangible Fixed Assets 10 171,133 180,915
Current Assets
Debtors and Prepayments 11 53,659 120,388
Cash at Bank and in Hand 474,906 186,823
528,565 307,211
Liabilities
Creditors: due within oneyear 12 (365,255) (78,041)
Net Current Assets 163,310 229,170
Net Assets 334,443 410,085
The Funds of the Charity
Unrestricted Funds 14 330,032 359,810
Restricted Funds 14 4,411 50,275
Total Charity Funds 334,443 410,085

The Trustees have prepared accounts in accordance with Section 138 of the Charities Act 2011.

These accounts were approved by the Board of Trustees on 27 June 2025 were signed on its behalf by:

…………………………………………………………. Rupert Eastell - Chair

Registration No 1163161

The notes on pages 2� to 4� form part of these accounts.

2��

EDUCAID SIERRA LEONE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST AUGUST 2024

EDUCAID SIERRA LEONE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST AUGUST 2024
2024 2023
£ £
Net cash inflow from operating activities 323,029 94,988
Cash flows from investing activities
Additions to fixed assets (34,946) (144,082)
Net cash(outflow) from investing activities (34,946) (144,082)
Increase/(decrease)in cash & cash equivalents duringtheyear 288,083 (49,094)
Cash & cash equivalents at the beginningof theyear 186,823 235,917
Total cash & cash equivalents at the end of theyear 474,906 186,823
- -

Reconciliation of net movement in funds to net cashflow from operating activities:

£ £
Net movement in funds (75,642) 133,967
Adjustments for:
Depreciation charges 33,703 8,898
Reduction in value of openingfixed assets caused bycurrencyfluctuations 11,026 30,483
Decrease in stock - 1,306
Decrease/(Increase)in debtors 66,728 (70,758)
Increase/(decrease)in creditors 287,214 (8,908)
Net cash inflow from operating activities 323,029 94,988

2��

EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2024

1. ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The financial statements of the charity have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011 and applicable regulations.

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 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 accounts (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 £.

EducAid Sierra Leone meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

1.2 Preparation of accounts on a going concern basis

The Charity’s Financial Statements show a net deficit of £75,642 for the year and free reserves (unrestricted reserves excluding fixed assets) of ���������

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern.

Trustees will continue to monitor and ensure that spending is in line with income in order to maintain reserves at or above the minimum level of between 3 and 6 months’ average unrestricted expenditure. The review of forecast cash flow for the12 months from the date of approval of the financial statements, considered the relevant assumptions that underpin the forecast, the pipeline of new income and the steps that could be taken to reduce expenditure should this be necessary.

Based on the information above, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future and will remain in surplus in future periods. Therefore, the trustees have adopted the going concern basis in preparing these accounts.

1.3

Income

All income is included in the consolidated SOFA when the charity is legally entitled to it, receipt is probable and the amount can be measured with sufficient reliability.

Grant income

Grants are credited to the SOFA when the charity is entitled to the funds. Grant income is only deferred where there are time constraints imposed by the donor or if the funding is performance related.

Where entitlement to grants receivable is dependent upon the fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions have been met.

Grants supporting the core activities of the charity and with no specific restrictions placed upon their use are included within donations and legacies. Grants that have specific restrictions placed upon their use are included within income from charitable activities.

Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Deprecation on the related fixed assets is charged against the restricted fund.

Unrealized gain resulting from the conversion of Sierra Leone fixed assets into pound sterling are recognised to statement of financial activities.

2��

EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

Investment income

Investment income is included when receivable.

Contract income

Income from charitable activities include income recognised as earned (as the related goods and services are provided) under contract.

Donations and legacies

Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.

1.4 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of ambassadors is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

1.5 Expenditure recognition and irrecoverable VAT

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.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6

Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back-office costs, finance and administration personnel, payroll and governance costs which support the Charity’s programmes and activities. These costs have been allocated between the cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 6.

1.7 Funds structure

The unrestricted fund comprises those monies, which may be used towards meeting the charitable objectives of the Charity at the discretion of the Board.

The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor-imposed conditions.

1.8 Tangible fixed assets and depreciation

Tangible fixed assets (excluding investments) are stated at cost less depreciation. The cost of minor additions or those costing less than £5,000 are not capitalized. Tangible fixed assets in Sierra Leone are converted in pound sterling as at balance sheet date. Unrealized gains/losses on account of currency fluctuations are charged/recognised to the statement of financial activities.

2��

EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

Depreciation is provided at rates calculated to write of the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land - Not depreciated. Freehold buildings - Over 15 years on a straight-line basis. Furniture, Fixtures and equipment - Over 5 years on a straight-line basis. Vehicles - Over 3 years on a straight-line basis.

1.9 Stock

Stock is shown at the lower of cost and net realisable value.

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term cash deposits.

1.11 Creditors and provisions

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 third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.13 Foreign currency transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities. Tangible fixed assets in Sierra Leone are converted in pound sterling as at balance sheet date. Unrealized gains/losses on account of currency fluctuations are charged/recognised to statement of financial activities�

Taxation

1.14

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Judgement and key sources of estimation uncertainty

1.15

In the application of the company’s accounting policies, the Charity is required to make judgments, 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 recognized 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 which are addressed as below:

���

EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

2. D��������

D��������
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Individual donation above £5000 43,713 - 43,713 62,564
Other donations(Less than £5,000) 260,882 - 260,882 167,007
Donations in kind 1,045 - 1,045 22,000
305,640 - 305,640 251,571

The donations and legacies income in 2024 totaling £305,640 (2023: £251,571) was attributed to unrestricted funds.

The donations in kind are recognized within income as donations, and corresponding charges included within support costs under pro bono advice. The values placed on this contribution are as follows: In other words, it is our determination of value not the donors as per our accounting policy.

���

EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

3. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Grants and Contract Income
Bridges Outcomes Partnerships - 348,647 348,647 654,058
Imagine Worldwide - 378,288 378,288 96,150
The BigGive - 10,000 10,000 21,612
L’appel Deutschland e.V. - 15,277 15,277 19,272
GuernseyOverseas Aid - 4,287 4,287 19,293
A Moller - 7,893 7,893 8,320
SL Events and Fundraising - 10,559 10,559 8,064
Open Development and Education - 7,500 7,500 6,804
Set4Life - 6,000 6,000 4,699
Souter Charitable Trust - 3,000 3,000 3,000
Fab Inc - 52,367 52,367 1,100
Irish Aid - 170,775 170,775 -
RTI - 32,439 32,439 -
Evan Cornish Foundation - 10,000 10,000 -
Southhall - 5,000 5,000 -
EUI - 2,987 2,987 -
The Rockdale Foundation - - - 26,030
Rockefeller PhilanthropyAdvisors - - - 12,209
Freetown CityCouncil - - - 11,632
Apex Foundation - - - 10,000
StrongGirl Incubator(SGI) - - - 9,556
Brookings - - - 9,155
SCHELLER - - - 8,500
Ashesi University - - - 3,932
Christian Cole FamilyScholarshipFund - - - 679
- 1,065,019 1,065,019 934,065

Income from charitable activities in 2023 totaling £934,065 was attributed to restricted funds.

4. OTHER INCOME

OTHER INCOME
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Bank interest 953 - 953 -
Other Income 10,664 - 10,664 -
11,617 - 11,617 -

All of the investment income of £��� (2023: Nil) arises from money held in interest bearing deposit accounts and other income. Other income related to proceeds received from the sales of fixed assets.

��2

EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

5. ANALYSIS OF EXPENDITURE

ANALYSIS OF EXPENDITURE
Raising
Funds
Running
Schools
School
Improvement /
Teacher
Training
Post
Secondary
Strategy

Equality,
Technology &
Other Projects
Total Total
2024 2023 (As
Restated)
Ref Note 18
£ £ £ £ £ £ £
Staff Salaries and Other Costs 38,104 121,525 68,411 19,748 123,523 371,311 217,034
Other Direct Costs 15,829 271,122 109,006 11,273 563,878 971,108 721,377
Support Costs(Note 6) 4,262 32,074 14,020 2,451 54,320 107,127 104,762
Governance Costs(Note 6) 336 2,450 1,106 193 4,287 8,372 8,496
58,531 427,171 192,543 33,665 746,008 1,457,918 1,051,669

Of the £1,457,918 (2023: £1,051,669) expenditure of £347,035 was charged to unrestricted funds (2023: £54,195) and £1,110,883 to restricted funds (2023: £997,474)� ������������������������7�

6. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s key activity undertaken (see note 5) in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.

General Governance Total Total
Support 2024 2023
£ £ £ £
Staff Costs 44,302 - 44,302 37,296
Other Support Costs 46,265 692 46,957 42,716
Legal & Professional Fees 15,515 - 15,515 3,766
Pro bono benefit 1,045 - 1,045 22,000
Audit Fees - 7,680 7,680 7,480
107,127 8,372 115,499 113,258

7. NET MOVEMENT FOR THE YEAR

2024 2023
£ £
This is stated after charging:
Audit Fees 7,680 7,487
Depreciation 33,703 8,897
41,383 16,384

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

  1. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL
2024 2023
£ £
STAFF COSTS
Salaries and wages 334,680 223,446
Social SecurityCosts 24,023 17,742
Pension 56,910 13,138
415,613 254,326

One employee received employee benefits (excluding employer pension costs) within the band of £70,000 to £80,000 during the year (2023: One employee) and one employee received employee benefits (excluding employer pension cost) within the band of £60,000 to £70,000 during the year (2023: one employee)

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

The key management personnel of the Charity comprise the UK Chief Executive and the Country Director Sierra Leone. The total employee benefits of the key management personnel in the year were £143,543 (2023: £138,602).

9. STAFF NUMBERS

The average number of full-time equivalent employees was as follows:
2024 2023
Fundraisingand management 3 3
Teaching& Project Staff 74 51
Administration and Support 7 8
84 62

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

10. TANGIBLE FIXED ASSETS

2024 2023
£ £
Net Book Values
Freehold Buildings 86,050 41,421
Fixtures,Fittings & Equipment 49,508 8,976
Motor Vehicles 35,575 53,312
Asset under Construction - 77,206
171,133 180,915
Movements in the Year
Opening Currency Closing
Balances Additions Devaluation Balances
Cost or Valuation £ £ £ £
Freehold Buildings 55,799 54,706 (4,918) 105,587
Fixtures,Fittings & Equipment 39,612 50,627 (3,491) 86,748
Motor Vehicle 77,791 6,819 (6,857) 77,753
Asset under Construction 77,206 (77,206) - -
250,408 34,946 (15,267) 270,088
Movements in the Year Opening Charge for Currency Closing
Balances Year Devaluation Balances
Depreciation £ £ £ £
Freehold Buildings 14,378 6,430 (1,271) 19,537
Fixtures,Fittings & Equipment 30,636 9,304 (2,700) 37,240
Motor Vehicle 24,479 17,969 (270) 42,178
69,493 33,703 (4,241) 98,955

The assets under construction were completed during the year and transferred to freehold buildings, fixture, fittings and equipment and Motor Vehicle.

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

11. DEBTORS

DEBTORS
2024 2023
£ £
Gift Aid Receivable 3,245 1,681
Other Debtors - 38
Prepayments 3,861 2,966
Accrued Income 46,553 115,703
53,659 120,388

12. CREDITORS

CREDITORS
2024 2023
£ £
Taxation and Social Security 10,038 6,478
Other Creditors 3,865 2,462
Accruals 14,680 21,389
Deferred Income(Note 13) 336,672 47,712
365,255 78,041

13. DEFERRED INCOME

DEFERRED INCOME
2024 2023
Movements in theyear:
Deferred Income at 1st September 2023 47,712 47,430
Resources deferred in theyear 336,672 47,712
Released duringtheyear (47,712) (47,430)
Deferred Income at 31st August 2024 336,672 47,712

Deferred Income in 2024 represents income received from Irish Aid - funds for Accountable Inclusive Education project.

Deferred Income in 2023 represents income received from Imagine Worldwide for the implementation of a tablet learning programme in Port Loko.

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

14. MOVEMENTS IN FUNDS

Balance at Income Expenditure Transfers Balance at
01.09.2023 31.08.2024
Restricted Funds £ £ £ £ £
L’appel Deutschland e.V. 30,315 15,277 (45,592) - -
Open Development and Education 7,500 (7,500) - -
Set4Life 6,000 (3,313) - 2,687
Souter Charitable Trust 6,000 3,000 (9,000) - -
Southhall 5,000 (5,000) - -
EUI 2,987 (2,987) - -
A Moller 7,893 (6,169) - 1,724
Evan Cornish Foundation 10,000 (10,000) - -
Bridges Outcomes Partnerships 348,647 (348,647) - -
GuernseyOverseas Aid 13,281 4,287 (17,568) - -
Imagine Worldwide 378,288 (378,288) - -
Irish Aid 170,775 (170,775) - -
Fab Inc 52,367 (52,367) - -
Christian Cole FamilyScholarshipFund 679 - (679) - -
The BigGive 10,000 (10,000) -
SL Events and Fundraising 10,559 (10,559) - -
RTI 32,439 (32,439) - -
50,275 1,065,019 (1,110,883) - 4,411
Unrestricted Funds
General Funds 359,810 317,257 (347,035) - 330,032
Total Funds 410,085 1,382,276 (1,457,918) - 334,443

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

MOVEMENTS IN FUNDS - PREVIOUS YEAR (AS RESTATED)

Balance at Income Expenditure Transfers Balance at
01.09.2022 31.08.2023
Restricted Funds £ £ £ £ £
The Rockdale Foundation 68,826 26,030 (94,856) - -
Education Development Trust - - 3,549 (3,549) -
Freetown CityCouncil 12,287 11,632 (23,919) - -
StrongGirl Incubator(SGI) 17,000 9,556 (26,556) - -
StichtingSmarter Hospital 5,225 - (4,015) (1,210) -
L’appel Deutschland e.V. 2,054 19,272 8,989 - 30,315
Open Development and Education 7,049 6,804 (13,853) - -
Set4Life 1,359 4,699 (6,058) - -
Souter Charitable Trust 3,000 3,000 - - 6,000
Aberdeen Women’s Center 566 - (566) - -
A Moller - 8,320 (8,320) - -
Ashesi University - 3,932 (3,932) - -
SCHELLER - 8,500 (8,500) - -
Bridges Outcomes Partnerships - 654,058 (654,058) - -
Rockefeller PhilanthropyAdvisors 1,077 12,209 (13,286) - -
GuernseyOverseas Aid - 19,293 (6,012) - 13,281
Imagine Worldwide - 96,150 (96,150) - -
Brookings - 9,155 (9,155) - -
Fab Inc - 1,100 (1,100) - -
Christian Cole FamilyScholarshipFund - 679 - - 679
The BigGive - 21,612 (21,612) - -
Apex Foundation - 10,000 (10,000) - -
SL Fundraising - 8,064 (8,064) - -
118,443 934,065 (997,474) (4,759) 50,275
Unrestricted Funds
General Funds 157,675 251,571 (54,195) 4,759 359,810
Total Funds 276,118 1,185,636 (1,051,669) - 410,085

Description, nature & purpose of restricted funds:

Rockdale Foundation - The Rockdale Foundation awarded 2 grants to EducAid during this period:

Education Development Trust - Funds received from the Education Development Trust for support mobilsing, implementing and adapting an early primary literacy and numeracy project in Sierra Leone.

Freetown City Council - This represents funding received for EducAid’s contribution to the Freetown City Council / Rising Academies Network project training school leaders in Freetown.

Strong Girl Incubator (SGI) - This is an accelerated learning programme for young women returning to school in Sierra Leone. It provides a supportive environment to equip young women with the necessary tools to succeed in mainstream education.

Stichting Smarter Hospital - Sichting Smarter Hospital provided funds towards delivery of QEP (Teach-theTeacher Programme) in Yele.

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2023

L’appel Deutshland e.V - L’Appel awarded a grant towards the academic empowerment of women and girls in

Sierra Leone. This includes sponsorship of young women earning degrees.

Open Development and Education (ODE) - Towards the delivery of the Dubai Cares-funded E-Cubed programme “Tich Mi Ar Tich Dem”.

Set4Life - EducAid provided teachers and teacher training to a school in Yiben and education to children from Yiben.

Souter Charitable Trust - This represents grant received for costs of EducAid’s Lumley School for the year 2022-2023 and 2023-2024.

Aberdeen Women’s Centre - This represents a grant received for the Strong Girl’s Incubator.

A Moller - This represents two restricted donations. One for £2,276 to repair the solar at Maronka Primary School and another for £7,861 for EducAid’s degree course with the University of Makeni (BAM).

Ashesi University - This represents a grant received for EducAid to deliver Giving Voice to Values workshops.

Scheller - Legacy donation received for Rolal school repairs.

Bridges Outcome Partnership - funds received for the Sierra Leone Education Innovation Challenge, a programme overseen by the Education Outcome Fund.

Rockefeller Philanthropy Advisors – funds for the Education Workforce Initiative project with Open Development and Education

Guernsey Overseas Aid – funds received for WASH upgrades to EducAid school sites.

Imagine Worldwide – represents funds received tablet-based learning in partner schools.

Brookings - research funding for Conversation Starter Tools.

Fab Inc - research funds for EWi (2022-23) and Teacher AI (2023-24).

The Big Give –-Funds raised for Rolal Educaid school.

Apex Foundation - funds raised for Lumley EducAid school.

SL Fundraising - event-based funds raised for the Strong Girl Incubator.

Southall Trust – funds for the Strong Girl Incubator.

Education Uninterrupted Incubator – Plan International project to develop technology innovation to encourage girls in STEM.

Evan Cornish Foundation – funds for the Strong Girl Incubator.

Irish Aid – funds for Accountable Inclusive Education project.

Christian Cole Family Scholarship Fund – scholarship established by the family of Christian Cole.

Research Triangle Institute (RTI) – research project related to Gates Foundation Science if Teaching materials.

Restricted Donations – Restricted donations were provided by a number of individuals towards several activities including university sponsorships and contributions towards the Business Administration and Management Course.

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

General Funds

General funds represent funds available to spend at the discretion of the trustees after allowing for all designated funds

15.

ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted
Funds Funds Total
£ £ £
Fixed assets 171,133 - 171,133
Net Current assets 158,899 4,411 163,310
330,032 4,411 334,443

Analysis of net assets between funds - previous year

Unrestricted Restricted
Funds Funds Total
£ £ £
Fixed assets 180,915 - 180,915
Net Current assets 178,895 50,275 229,170
359,810 50,275 410,085

16. RELATED PARTY TRANSACTIONS

During the year the Charity received donations totalling £30,290 (2023 - £18,640) from Trustees. There were no other related party transactions during the year (2023: £nil).

17. ULTIMATE CONTROLLING PARTY

The Charity is controlled by the trustees on behalf of the members.

18 PRIOR YEAR ADJUSTMENTS

Trustees have identified that EducAid transferred grants to SL for the year ended 31st August 2023 and incurred foreign exchange losses which were incorrectly shown on the face of SOFA. As these grants were used for SL schools’ running costs, any exchange losses are part of the direct costs of running schools and should be included within school running costs. As a result, the financial statements for the year ended 31[st] August 2023 have been restated. The change has resulted in the restatement of the “comparative” figures of the SOFA, note 5 and note 14 (movement of funds for the year end 31st August 2023). The presentational change has reallocated expenses previously allocated to foreign exchange gains/losses to their associated expenditure, resulting in the presented 2023 total expenditure increasing from GBP 927,352 to GBP 1,051,669 This change has no effect on the closing balance of restricted, unrestricted and overall reserves and the balance sheet as of 31st August 2023 . Below is the revised SOFA for the year ended 31st August 2023.

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EDUCAID SIERRA LEONE NOTES TO THE ACCOUNTS (Cont/d) FOR THE YEAR ENDED 31ST AUGUST 2024

Statement of Financial Activity for the year ended 31[st] August 2023

Note 5 Notes Unrestricted
Funds
Unrestricted
Funds


Restricted
Funds
Restricted
Funds

2023(As
restated)
2023(As
restated)
2022 2022
£ £ £ £
Income
Donations and Legacies 2 251,571 - 251,571 370,354
Income from charitable activities 3 - 934,065 934,065 393,623
Investment income 4 - - - 2
-
Total income 251,571 934,065 1,185,636 763,979
Expenditure
Cost of raisingfunds 5 - 94,676 94,676 57,679
Expenditure on charitable activities 5 54,195 902,798 956,993 705,036
Total expenditure 54,195 997,474 1,051,669 762,715
Net income/( expenditure) before
transfers
197,376 (63,409) 133,967 1,264
Transfers between funds 4,759 (4,759) - -
Net income/(expenditure) before
other recognisedgains
202,135 (68,168) 133,967 1,264
Net movement in funds 202,135 (68,168) 133,967 1,264
Reconciliation of funds
Total funds,brought forward 157,675 118,443 276,118 274,854
Total funds, carried forward 14 359,810 50,275 410,085 276,118
– Restated after adjusting foreign exchanges losses within direct school running costs.
Raising
Funds
Running
Schools
School
Improvement
/ Teacher
Training
Post
Secondary
Strategy
Women's &
Other Projects
Total Total
2023(As
restated)

2022
£ £ £ £ £ £ £
Staff Salaries and Other Costs 69,730 71,761 66,134 3,128 6,281 217,034 236,091
Other Direct Costs 16,555 337,846 316,927 37,469 12,580 721,377 419,991
Support Costs(Note 6) 7,610 58,125 33,784 3,580 1,663 104,762 98,112
Governance Costs(Note 6) 781 3,708 3,468 368 171 8,496 8,521
94,676 471,440 420,313 44,545 20,695 1,051,669 762,715

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