**REGISTERED CHARITY NUMBER: 1163348** 

## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **FOR** 

**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA 



**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|7|
|**Independent Examiner's Report**||8||
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Notes to the Financial Statements**|11|to|20|
|**Detailed Statement of Financial Activities**||21||





## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 

The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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** 

Our vision is to pioneer a transformative shift to a truly equitable society that supports upward mobility for all, eliminating disparities between communities and shaping a system conducive for everyone to achieve their fullest potential. 

Our mission is to tackle problems of inequality faced by migrants, breaking down barriers for them, and supporting them to become economically active, thrive and contribute fully to society. 

## **OUR VALUES** 

## **Social Justice** 

We advocate for equity and fairness, seeking to eliminate socioeconomic disparities. 

## **Co-Production** 

We believe in the transformative power of partnership working and valuing lived experience. 

## **Innovation** 

We continually seek new and effective ways to drive our mission, acting as trailblazers in the sector. 

## **Empowerment** 

We equip individuals with the tools and resources to succeed and be self-reliant. 

## **Climate Justice & Sustainability** 

We address the threat of climate change by supporting those most affected and working towards net-zero goals. 

Page 1 



## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 

## **ACHIEVEMENT AND PERFORMANCE Charitable activities** 

## **Achievement & Performance** 

The CAE empowers & supports ethnically diverse communities, specifically migrants through providing a bespoke and person centred service that meets their individual needs. Breaking barriers for our community with a holistic approach in helping people: 

- Meet their basic needs 

- Access tools for inclusion 

- Amplify their voices 

By doing this, our communities will be able to thrive, become independent and economically active and contribute fully to society. - Purpose Statement CO-DESIGNED by Staff in 2022. 

## **Summary** 

In the past financial year, we delivered over 5000 services to 900+ beneficiaries, significantly overachieving our project targets. All our successes have been made possible by the support of our funders, dedicated staff, and volunteers as well as our most valued referral and delivery partners. 

## **Unrestricted Support** 

With thanks to AB Charitable Trust, Garfield Weston Foundation and Lloyds Bank Foundation for their unwavering support through their unrestricted grants which enable us to sustain our work 

## **Core Activities** 

Our core activities include employment, education, and entrepreneurship, we have successfully achieved the following: 

Reduced employment, self-employment, and further education barriers for 165 ethnically diverse individuals. 

- 77 ethnically diverse people got into employment, self-employment and further education by the end of the project through our one-to-one job preparation and guidance weekly activities. 

- 53 people have been referred with 15 receiving their qualifications in vocational training. 

- Engaged 15 individuals in our driving project, addressing transportation barriers to employment. 

- Improved skills, knowledge, and working experience of 52 ethnically diverse individuals through our mentoring, volunteering, and work placement activities. 

100% of beneficiaries reported raised aspirations. 

90% of beneficiaries reporting increased self-confidence, better supporting them to achieve their goals 

## **Volunteering** 

A total of 23 community members supported to gain valuable work experience, upskill and receive relevant certification through volunteering. 

Active travel: In 2024, 5 volunteers maintained bikes, ran the bike loan scheme, organized weekly rides, and helped build a diverse cycling community in Swansea. 

YEN: 4 Young people volunteered to share their skills for the development of the network. They were involved in planning and promotion of YEN activities and events. 

Foodbank: 14 volunteers involved in bi-weekly food delivery schemes. 

We have continued to provide valuable employability and entrepreneurial support to our beneficiaries, with thanks to support from The National Lottery Community Fund for our Skills and Work Integration for Refugees and Asylum Seekers (SWIRAS) Project and The South Wales Police and Crime Commissioner for our Financial Education for Ethnically Diverse Communities (FinEd for EDCs). 

## **Influencing** 

Initiated systemic change work, through partnerships with the Police and Crime Commissioners, Welsh Government Ministers, & Lord Mayor. 

## The Welsh Dream 

Launched The Welsh Dream Podcast, which is a platform that aims to: 

- Empower individuals and tackling self-limiting issues such as their confidence or lack of knowledge. 

- Address systemic issues and advocating for change informed by life experiences of our communities. - Work to reshape mindsets of the Welsh society to be more inclusive. 

Page 2 



**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 

Platform has reached over 500 engagements across its published platforms. 

## **Tackling Poverty** 

During International Women's Month, we launched a Period Dignity campaign to address period poverty and promote Sustainable Period Products. 

Our event had 30 attendees who received free environmentally friendly products like reusable pads, period cups and plastic-free pads and tampons. 

## Continued product delivery: 

- Provided support to over 60 women for access to period products and education on their benefits and usage. 

We distributed and donated: 

- 50 packs of tampons 

- 200 packs of single-use pads 

- 100 reusable pads 

- 50 period bags 

- 15 menstrual cups to community members 

## **Food Bank** 

91 households supported directly and over 450 people benefitting from the foodbank. 

- Donated 12,433 kg of food 

- Provided 30,361 meals 

- Saved 39,760 kg of CO2 

- Beneficiaries report being more independent because of support received. 

- Beneficiaries report being better placed to access additional services as their priority needs would have been addressed. 

## **Discretionary Hardship Support** 

## Discretionary grants: 

- 30 households received £150 each, directly impacting over 150 individuals. 

## Cost-of-living crisis support: 

- Provided short-term solutions for essential needs like food, hygiene products, transport, clothing and access to communication for vulnerable individuals. 

We appreciate Swansea Council's support through the Tackling Poverty scheme. Our initiatives address poverty's root causes while providing immediate relief. 

Via the Household Support Fund, we offer emergency assistance and essential supplies to vulnerable households, promoting their well-being and stability. 

Thanks to funding from the Moondance Foundation, we expanded our Food Bank project, providing essential supplies to individuals and families in need. Their grant covered costs for sourcing, storing, and distributing food, ensuring vital support for vulnerable community members. 

## **Active Travel** 

Through the project, we have focused on raising awareness of greener forms of travel such as cycling and walking, with the aim to support beneficiaries to take these up. 

- Train over 40 individuals in active travel. 

- Support 30 individuals through level 1 and 2 cycling proficiency training. 

- Purchase 10 bikes, available for free loans up to a 30-day period. 

- Purchase and donate 7 second-hand bikes to the community. 

- Arrange a family fun day with 30 people in attendance. 

- Over 10 participants joining the weekly cycling sessions each week,with a total over 80 engagements made. 

## As a result: 

- 80% of individuals have reported feeling less isolated 

- 90% of individuals have reported and increased feeling of mental wellbeing 

- 90% of individuals have reported increased physical wellbeing 

- 80% of individuals have reported feeling inspired to cycle more often 

- 70% of individuals have reported considering active transport 

- 70% of individuals have reported consideration for climate change 

- 100% of individuals reported they would consider joining the bike rides again in future 

Page 3 



**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 

Thanks to the funding received from The National Lottery Community Fund and UK Government through the Community Renewal Fund, we initiated the active travel work which supported beneficiaries to increase their climate action contributions and awareness. 

## **Holistic & Cost of Living Support** 

## Warm Hubs 

Our project provided an open and welcoming environment for beneficiaries, particularly through the winter months. We had a total of 160 engagements in the first quarter of 2023 with beneficiaries supported through the cost-of-living crisis. 

## The Homecare Project 

This project aimed to provide holistic support to these communities in Swansea, focusing on self-sufficiency and improved living conditions. We did this through delivery of face-to-face personalised support, with a focus on overall wellbeing as well as crisis support. 

- 33 beneficiaries receiving home visits and gaining support on housing and tenancy issues, as well as financial activities. 

- 62 people have received SIM cards, providing them with digital access, tackling digital poverty and exclusion. 

With thanks to Swansea Council Tackling poverty scheme, Nationwide Building Society and the Community Matters Fund through National Grid. 

## **Wellbeing** 

Through our community cohesion activities, we improved wellbeing, reduced isolation, and boosted self-confidence in 84 individuals. 

## Football: 

Team of 14 football players were involved. 

## Wellbeing Walks: 

Aimed at familiarising beneficiaries with their local natural environment and using nature and listening therapy as a form of wellbeing. These have been accessed by families, with 11 families supported. 

## Woodland Activities: 

These were in partnership with Small Woods, with 7 people accessing the programme. 

## Dance: 

Our Zumba, Salsa and Kizomba sessions were accessed by 51 people. 

We are grateful for the support from Swansea Council through the COAST funding scheme which has allowed us to organise recreational activities, educational workshops, and wellness support during the summer months, promoting well-being and community resilience. 

## **Youth Empowerment (YEN)** 

The Youth Empowerment Network (YEN) assists disadvantaged young people aged 16-30 to thrive. Our inclusive network provides a safe space for like-minded youth to connect and access external support networks in Wales, fostering growth. 

- 19 young people were supported to access opportunities in employment, entrepreneurship or education. 

- 302 young people were reached indirectly via our social media platforms. 

- 5 peer-led activities delivered. 

- 1 event delivered. 

## **Democracy** 

Many young people feel disconnected from the political process and believe their voices don't matter in all areas of Wales. By organising the Exploring Democracy event, YEN took proactive steps to bridge this gap and create a platform for young individuals to learn about and actively participate in the democratic process. 

- 24 individuals all reported feeling more confident about their democratic awareness and more interested in exploring how to best use their voice. 

The event raised political literacy among young people in Swansea through an educational workshop and open, non-judgemental discussion. By empowering young people with the knowledge and skills they need to engage in the democratic process, we supported them in creating the changes they would like to see. 

With thanks to Principality Building Society through their Future Generations Fund for the unwavering dedication to supporting young people in Wales. 

Page 4 



## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 

## **FINANCIAL REVIEW** 

## **Financial position** 

The trustees were delighted to receive grants in this period (01 September 2022 to 31 August 2023) which resulted in incoming resources of £421,415. 

We are grateful to the National Lottery Community Fund Wales, WCVA, Lloyds Bank Foundation, Moondance Foundation, Welsh Government, Swansea Council, AB CT, JRCT, South Wales Police, Criminal Justice Research, Charities Trust, Garfield Weston Foundation, Hackney Council, Julia and Hans Rausing Trust, The Environment CE and The Real Farming Trust for their support during the year. 

Total resources expended for the period were £399,816. 

## **Principal funding sources** 

The charity's Statement of Financial Activities shows that the majority of the income generated over this period was restricted in nature. Following initial meetings, plans have been developed to explore more extensive fundraising in future periods. In particular, the trustees plan to seek funds for developing trading activities and for specific projects which will further the objects of the charity. 

## **Investment policy and objectives** 

The trustees are currently exploring the idea of investing reserves as an effective way to generate income, and the Centre for African Entrepreneurship will aim to follow a proper process and secure the help of experts in order to develop a strategy that could generate good returns for our organisation 

## **Reserves policy** 

The trustees have reviewed the reserves of the charity. Their policy is to hold enough funds to meet four months' operating costs of the charity. The Trustees will continue to evaluate the charity's reserve requirements in view of its current and future aspirations. At the present time, it is not possible for the Trustees to establish a longer term reserves policy as the charity relies mostly on restricted funding for specific projects. For the time being, therefore, the trustees are simply adopting a policy of keeping sufficient funds in hand to meet known commitments. 

## **Going concern** 

The charity's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the charity should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity  therefore continues to adopt the going concern basis in preparing its financial statement. 

## **FUTURE PLANS** 

Our future plans are to continue to make a difference by tackling poverty and social inequality through specialised employability supports for vulnerable and disadvantaged people within BAME communities. To be able to do that and reach as many people as possible we will have to work towards diversifying our income sources, becoming less reliant on a few large funders, and looking to grow core/unrestricted income so that we can continue developing as an organisation. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The Centre for African Entrepreneurship is constituted as a charitable Incorporated Organisation CIO registered with the Charity Commission in September 2015 under charity number 1163348. It is governed by a constitution last updated in July 2016. 

## **Recruitment and appointment of new trustees** 

The existing trustees are responsible for the recruitment of new trustees but in so doing the trustees seek the views and recommendations of the CEO and service-users. The trustees believe this approach ensures that new trustees are respected members of the local communities and ensures that good relations are fostered between the charity and the people of the local community that we serve. 

In selecting new trustees, we seek to identify people who regularly attend events and activities organised by the charity and are willing to volunteer to help in our broader community work. Potential trustees will be invited to attend trustees' meetings as observers and are given more details of the charity's aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees' meeting. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills. 

Page 5 



**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Organisational structure** 

The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits. 

The trustees meet as a body every two months and are responsible for all decisions taken in relation to management of the organisation's resources and the activities provided by the charity. To assist in the smooth running of the charity the trustees have appointed a CEO that help them oversee all aspects of the charity's work. 

The day-to-day management of the Charity and projects are delegated to the CEO. 

The current chairperson is Agostinho Indequi Afi. 

Our current Chief Executive Officer Franck Banza, is the Founder of The CAE who is a Social Entrepreneur and has strong management experience in business. He possesses strong interpersonal skills and is able to drawing out a person's needs through open-ended questions. He also has the ability to recognize people's strengths and weaknesses. This experience, along with a varied background, supports the CAE's goals. Mr Banza is responsible for making a range of vital decisions within the organisation. His main role is to act as a liaison between the board of trustees and the rest of the organisation, and meets with the board of trustees once a week to keep them informed on operational issues and work with them to come up with strategic solutions to complex challenges. He oversees the heads of each area in the organisation, including marketing, fundraising, project development, HR management and accounting. 

## **Induction and training of new trustees** 

Following appointment, new trustees will be introduced to their new role and given copies of the constitution and a guide to the policies and procedures adopted by our charity. A number of publications from the Charity Commission are also provided. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. A number of training for trustees are available through the local CVS, and new trustees are asked to take part in these important training. Initially, new trustees will work with an existing trustee assisting on particular activities and projects run by the charity. Trustees are also requested to have a performance review meeting with the Chair every year to make sure they understand their roles and responsibility. 

## **Risk management** 

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

The trustees have assessed the risks the charity faces and have drawn up a risk matrix which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening and the measures taken to manage them. 

The trustees review this risk matrix regularly at their meetings and they are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified. In particular, insurance cover is in place and the finances of the Charity are kept under review. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1163348 

## **Principal address** 

222b High Street Swansea SA1 1NW 

## **Trustees** 

Ms V Ucele (resigned 17.12.22) A I Afi R Mamhende A Foroozan (appointed 20.4.23) E Vigario (appointed 20.4.23) (resigned 6.3.24) 

## **Independent Examiner** 

Michael Jones ACCA Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA 

Page 6 



THE CENTRE F
REPORT OF ThE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2023
proved ty orderof th¢ board of IN*e8s on ...... .
and svJn¢d M ts te￿a￿ by.
A l Afi- Trustse

## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **Independent examiner's report to the trustees of The Centre for African Entrepreneurship** 

I report to the charity trustees on my examination of the accounts of The Centre for African Entrepreneurship (the Trust) for the year ended 31 August 2023. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. 

I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 

3. the accounts 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 accounts to be reached. 


Michael Jones ACCA 

The Association of Chartered Certified Accountants 

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA 

Date: ...... 27 June 2024 ....................................... 

Page 8 



## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** 

|Unrestricted<br>funds<br>Notes<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>107,424<br>Other income<br>2,750<br>**Total**<br>110,174<br>**EXPENDITURE ON**<br>Raising funds<br>2<br>3,691<br>**Charitable activities**<br>Project Activities<br>37,931<br>**Total**<br>41,622<br>**NET INCOME/(EXPENDITURE)**<br>68,552<br>**Transfers between funds**<br>13<br>171,608<br>**Net movement in funds**<br>240,160<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>(881)<br>**TOTAL FUNDS CARRIED FORWARD**<br>239,279|Restricted<br>funds<br>£<br>263,241<br>-<br>263,241<br>-<br>346,634<br>346,634<br>(83,393)<br>(171,608)<br>(255,001)<br>255,001<br>-|2023<br>Total<br>funds<br>£<br>370,665<br>2,750<br>373,415<br>3,691<br>384,565<br>388,256<br>(14,841)<br>-<br>(14,841)<br>254,120<br>239,279|2022<br>Total<br>funds<br>£<br>559,560<br>-|
|---|---|---|---|
||||559,560|
||||1,984<br>367,722|
||||369,706|
||||189,854<br>-|
||||189,854<br>64,266|
||||254,120|



The notes form part of these financial statements 

Page 9 



ThE CE￿RE FOR AFRICAN ENTREPRENEURSHIP
BALANCE SHEET
31 AUGUST 2023
2tr23
Total
fvnds
2022
Total
funds
Unrestricted
funds
funds
Notes
FIXED ASSETS
Tangible assets
257,882
257,882
288,192
CURRENT ASSETS
Debtors
Cash at bonk and in hand
34.948
48,487
34,948
48.487
S82
51,547
83,435
83,435
52.629
CREDITORS
Amounts falling due wthln ontr ￿•r
{32,1111
{32.1111
128,7901
NET CURRENT ASSETS
51,324
S1.324
25.739
TOTAL h2SETS LESS CURRENT LIABILMES
309,006
309,OCe
293.931
CREDITORS
Amounts lalling duè after rThJr8 than ona y¥ar
169,7271
,7271
139,8111
NET AsseT8
239,279
239.279
254,120
FUNDS
Unr•$lrfcted funds
Reslrfcted lunds
13
239,279
18811
255,001
TOTAL FUND8
239.279
254,120
Tho fina
¢1 I slat•m•nts wtrre approved by th• Board ol Tru$ts•8 end authorlsad for 18su• on
. and ￿re signgd on ts t4half by..
R M*mhon¢i•-Trust•e
The notss fom part Olthese Inancial stat•ments
Page 10

**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, 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. The financial statements have been prepared under the historical cost convention. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

Grant income is accounted for on an accruals basis and is shown in the financial statements when the Charity earns the unconditional right to the funds. Grants received for a specific purpose are treated as restricted funds. Revenue grants are credited directly to the Statement of Financial Activities and Capital grants are released over the life of the asset in line with the depreciation policy. 

Income from room hire is recognised when the hire takes place. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Fixtures and fittings - Straight line over 4 years Motor vehicles - 15%  reducing balance 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Pension costs and other post-retirement benefits** 

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the  Statement of Financial Activities in the period to which they relate. 

## **Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **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. 

Page 11 

continued... 



**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **1. ACCOUNTING POLICIES - continued** 

## **Employee benefits** 

The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans. 

## **Short term benefits** 

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. 

## **Financial Instruments** 

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## **Basic financial assets** 

Basic financial assets, which include 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. 

## **Other financial assets** 

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. 

## **Impairment of financial assets** 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. 

## **Derecognition of financial assets** 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 

## **Classification of financial liabilities** 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. 

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continued... 



**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **1. ACCOUNTING POLICIES - continued** 

## **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 business 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. 

## **Other financial liabilities** 

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. 

## **Derecognition of financial liabilities** 

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 

## **2. RAISING FUNDS** 

## **Investment management costs** 

||2023|2022|
|---|---|---|
||£|£|
|Hire Purchase Interest|3,691|1,984|



## **3. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. 

## **4. STAFF COSTS** 

The average monthly number of employees during the year was as follows: 

||2023|2022|
|---|---|---|
|Average number of employees|9|13|



No employees received emoluments in excess of £60,000. 

Page 13 

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## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

|**5.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>113,523<br>**EXPENDITURE ON**<br>Raising funds<br>1,984<br>**Charitable activities**<br>Project Activities<br>176,686<br>**Total**<br>178,670<br>**NET INCOME/(EXPENDITURE)**<br>(65,147)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>64,266<br>**TOTAL FUNDS CARRIED FORWARD**<br>(881)<br>**6.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>Motor<br>property<br>fittings<br>vehicles<br>£<br>£<br>£<br>**COST**<br>At 1 September 2022<br>207,602<br>17,234<br>76,493<br>Additions<br>-<br>2,282<br>-<br>At 31 August 2023<br>207,602<br>19,516<br>76,493<br>**DEPRECIATION**<br>At 1 September 2022<br>-<br>7,764<br>26,072<br>Charge for year<br>-<br>4,879<br>7,563<br>At 31 August 2023<br>-<br>12,643<br>33,635<br>**NET BOOK VALUE**<br>At 31 August 2023<br>207,602<br>6,873<br>42,858<br>At 31 August 2022<br>207,602<br>9,470<br>50,421<br>**7.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade debtors<br>Other debtors|Restricted<br>funds<br>£<br>446,037<br>-<br>191,036<br>191,036<br>255,001<br>-<br>255,001<br>Computer<br>equipment<br>£<br>1,399<br>-<br>1,399<br>700<br>350<br>1,050<br>349<br>699<br>2023<br>£<br>25,000<br>9,948<br>34,948|Total<br>funds<br>£<br>559,560<br>1,984<br>367,722<br>369,706<br>189,854<br>64,266<br>254,120<br>Totals<br>£<br>302,728<br>2,282<br>305,010<br>34,536<br>12,792<br>47,328<br>257,682<br>268,192<br>2022<br>£<br>-<br>982<br>982|Total<br>funds<br>£<br>559,560|
|---|---|---|---|
||||1,984<br>367,722|
||||369,706|
||||189,854<br>64,266|
||||254,120|
|||||
|||||
|||||
|||||
|||||
|||||



Page 14 

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**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Hire purchase (see note 11)<br>Taxation and social security<br>Other creditors<br>**9.**<br>**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**<br>Hire purchase (see note 11)<br>Other creditors<br>**10.**<br>**LOANS**<br>An analysis of the maturity of loans is given below:<br>Amounts falling due within one year on demand:<br>Other loans<br>Amounts falling between one and two years:<br>Other loans - 1-2 years<br>Amounts falling due between two and five years:<br>Other loans - 2-5 years<br>**11.**<br>**LEASING AGREEMENTS**<br>Minimum lease payments under hire purchase fall due as follows:<br>Net obligations repayable:<br>Within one year<br>Between one and five years<br>**12.**<br>**SECURED DEBTS**<br>The following secured debts are included within creditors:<br>Hire purchase contracts<br>Hire purchase balances are secured on the assets to which they relate.|2023<br>£<br>8,530<br>6,414<br>17,167<br>32,111<br>2023<br>£<br>31,327<br>38,400<br>69,727<br>2023<br>£<br>9,600<br>19,200<br>19,200<br>2023<br>£<br>8,530<br>31,327<br>39,857<br>2023<br>£<br>39,857|2022<br>£<br>10,980<br>9,144<br>6,666|
|---|---|---|
|||26,790|
|||2022<br>£<br>39,811<br>-|
|||39,811|
|||2022<br>£<br>-|
|||-|
|||-|
|||2022<br>£<br>10,980<br>39,811|
|||50,791|
|||2022<br>£<br>50,791|
||||



Page 15 

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## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **13. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>Lloyds Bank Foundation<br>Designated asset fund<br>**Restricted funds**<br>WCVA Inclusion<br>Welsh Government<br>Community foundation Wales<br>JRCT<br>The National Lottery Community Fund<br>Wales<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as<br>**Unrestricted funds**<br>General fund<br>Lloyds Bank Foundation<br>AB CT<br>Charities Trust<br>Garfield Weston Foundations<br>Hackney Council<br>**Restricted funds**<br>WCVA Inclusion<br>Welsh Government<br>Community foundation Wales<br>Criminal Justice Research<br>JRCT<br>South Wales Police<br>The National Lottery Community Fund<br>Wales<br>Julia and Hans Rausing Trust<br>The Environment CE<br>The Real Farming Trust<br>Moondance Foundation<br>Swansea Council<br>**TOTAL FUNDS**|At 1.9.22<br>£<br>(881)<br>-<br>-<br>(881)<br>-<br>250,000<br>5,001<br>-<br>-<br>255,001<br>254,120<br>follows:|Net<br>movement<br>in funds<br>£<br>43,552<br>25,000<br>-<br>68,552<br>(48,000)<br>(43,348)<br>(5,001)<br>994<br>11,962<br>(83,393)<br>(14,841)<br>Incoming<br>resources<br>£<br>7,523<br>52,750<br>20,000<br>9,826<br>20,000<br>75<br>110,174<br>2,052<br>-<br>-<br>250<br>37,915<br>20,000<br>102,906<br>4,352<br>2,500<br>3,198<br>19,332<br>70,736<br>263,241<br>373,415|Transfers<br>between<br>At<br>funds<br>31.8.23<br>£<br>£<br>(35,044)<br>7,627<br>-<br>25,000<br>206,652<br>206,652<br>171,608<br>239,279<br>48,000<br>-<br>(206,652)<br>-<br>-<br>-<br>(994)<br>-<br>(11,962)<br>-<br>(171,608)<br>-<br>-<br>239,279<br>Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>36,029<br>43,552<br>(27,750)<br>25,000<br>(20,000)<br>-<br>(9,826)<br>-<br>(20,000)<br>-<br>(75)<br>-<br>(41,622)<br>68,552<br>(50,052)<br>(48,000)<br>(43,348)<br>(43,348)<br>(5,001)<br>(5,001)<br>(250)<br>-<br>(36,921)<br>994<br>(20,000)<br>-<br>(90,944)<br>11,962<br>(4,352)<br>-<br>(2,500)<br>-<br>(3,198)<br>-<br>(19,332)<br>-<br>(70,736)<br>-<br>(346,634)<br>(83,393)<br>(388,256)<br>(14,841)|
|---|---|---|---|



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**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **13. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|At 1.9.21<br>£<br>**Unrestricted funds**<br>General fund<br>64,266<br>**Restricted funds**<br>Welsh Government<br>-<br>Community foundation Wales<br>-<br>-<br>**TOTAL FUNDS**<br>64,266<br>Comparative net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>(17,074)<br>SCVS<br>1,500<br>Moondance Foundation<br>7,500<br>WCVA VSEF<br>36,401<br>Swansea Council<br>19,265<br>HM Prison and Probation services<br>6,000<br>AB CT<br>15,000<br>UKRCF<br>40,286<br>Business in focus<br>4,645<br>113,523<br>**Restricted funds**<br>Swansea University<br>11,970<br>Welsh Government<br>250,000<br>Lloyds Bank Foundation<br>35,250<br>Community foundation Wales<br>5,000<br>NHS Charitable Fund<br>7,500<br>Albert Hunt<br>1,000<br>Criminal Justice Research<br>5,000<br>Groundwork UK<br>1,000<br>JRCT<br>37,918<br>Mind<br>700<br>South Wales Police<br>9,774<br>The National Lottery Community Fund<br>Wales<br>80,100<br>WWF<br>500<br>Bike Ability<br>100<br>The Shared Plate<br>225<br>446,037<br>**TOTAL FUNDS**<br>559,560|Net<br>movement<br>At<br>in funds<br>31.8.22<br>£<br>£<br>(65,147)<br>(881)<br>250,000<br>250,000<br>5,001<br>5,001<br>255,001<br>255,001<br>189,854<br>254,120<br>Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(48,073)<br>(65,147)<br>(1,500)<br>-<br>(7,500)<br>-<br>(36,401)<br>-<br>(19,265)<br>-<br>(6,000)<br>-<br>(15,000)<br>-<br>(40,286)<br>-<br>(4,645)<br>-<br>(178,670)<br>(65,147)<br>(11,970)<br>-<br>-<br>250,000<br>(35,250)<br>-<br>1<br>5,001<br>(7,500)<br>-<br>(1,000)<br>-<br>(5,000)<br>-<br>(1,000)<br>-<br>(37,918)<br>-<br>(700)<br>-<br>(9,774)<br>-<br>(80,100)<br>-<br>(500)<br>-<br>(100)<br>-<br>(225)<br>-<br>(191,036)<br>255,001<br>(369,706)<br>189,854|
|---|---|



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## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **13. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>Lloyds Bank Foundation<br>Designated asset fund<br>**Restricted funds**<br>WCVA Inclusion<br>Welsh Government<br>JRCT<br>The National Lottery Community Fund<br>Wales<br>**TOTAL FUNDS**|At 1.9.21<br>£<br>64,266<br>-<br>-<br>64,266<br>-<br>-<br>-<br>-<br>-<br>64,266|Net<br>movement<br>in funds<br>£<br>(21,595)<br>25,000<br>-<br>3,405<br>(48,000)<br>206,652<br>994<br>11,962<br>171,608<br>175,013|Transfers<br>between<br>funds<br>£<br>(35,044)<br>-<br>206,652<br>171,608<br>48,000<br>(206,652)<br>(994)<br>(11,962)<br>(171,608)<br>-|At<br>31.8.23<br>£<br>7,627<br>25,000<br>206,652|
|---|---|---|---|---|
|||||239,279<br>-<br>-<br>-<br>-|
|||||-|
|||||239,279|



Page 18 

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## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **13. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>SCVS<br>Moondance Foundation<br>WCVA VSEF<br>Swansea Council<br>Lloyds Bank Foundation<br>HM Prison and Probation services<br>AB CT<br>UKRCF<br>Business in focus<br>Charities Trust<br>Garfield Weston Foundations<br>Hackney Council<br>**Restricted funds**<br>Swansea University<br>WCVA Inclusion<br>Welsh Government<br>Lloyds Bank Foundation<br>Community foundation Wales<br>NHS Charitable Fund<br>Albert Hunt<br>Criminal Justice Research<br>Groundwork UK<br>JRCT<br>Mind<br>South Wales Police<br>The National Lottery Community Fund<br>Wales<br>WWF<br>Bike Ability<br>The Shared Plate<br>Julia and Hans Rausing Trust<br>The Environment CE<br>The Real Farming Trust<br>Moondance Foundation<br>Swansea Council<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>(9,551)<br>1,500<br>7,500<br>36,401<br>19,265<br>52,750<br>6,000<br>35,000<br>40,286<br>4,645<br>9,826<br>20,000<br>75<br>223,697<br>11,970<br>2,052<br>250,000<br>35,250<br>5,000<br>7,500<br>1,000<br>5,250<br>1,000<br>75,833<br>700<br>29,774<br>183,006<br>500<br>100<br>225<br>4,352<br>2,500<br>3,198<br>19,332<br>70,736<br>709,278<br>932,975|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(12,044)<br>(21,595)<br>(1,500)<br>-<br>(7,500)<br>-<br>(36,401)<br>-<br>(19,265)<br>-<br>(27,750)<br>25,000<br>(6,000)<br>-<br>(35,000)<br>-<br>(40,286)<br>-<br>(4,645)<br>-<br>(9,826)<br>-<br>(20,000)<br>-<br>(75)<br>-<br>(220,292)<br>3,405<br>(11,970)<br>-<br>(50,052)<br>(48,000)<br>(43,348)<br>206,652<br>(35,250)<br>-<br>(5,000)<br>-<br>(7,500)<br>-<br>(1,000)<br>-<br>(5,250)<br>-<br>(1,000)<br>-<br>(74,839)<br>994<br>(700)<br>-<br>(29,774)<br>-<br>(171,044)<br>11,962<br>(500)<br>-<br>(100)<br>-<br>(225)<br>-<br>(4,352)<br>-<br>(2,500)<br>-<br>(3,198)<br>-<br>(19,332)<br>-<br>(70,736)<br>-<br>(537,670)<br>171,608<br>(757,962)<br>175,013|
|---|---|---|



## **Lloyds Bank Foundation** 

This award was a continuation of an unrestricted grant to undertake core activities as well as gain organisational development support, enabling us to sustain our work. With thanks to the unwavering support of the Foundation. 

## **WCVA Inclusion** 

The grant supported the capital project for delivery of the Community Enterprise Hub. The Hub provides a safe and supportive environment for beneficiaries to meet and connect with each other, with external support providers, all aimed at improving their professional, social and wellbeing outcomes. The Hub celebrates the cultural diversity of Swansea, reducing inequality. 

## **Welsh Government** 

Page 19 

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**THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** 

## **13. MOVEMENT IN FUNDS - continued** 

This capital grant was used to purchase the property on 28 Oxford which is the Community Enterprise Hub - a vibrant, central meeting space where diverse communities are empowered to achieve their Welsh Dream - the first Hub of its kind in Wales, by the community, for the community. The three-storey building provides co-working space, meeting rooms, a cafe (in development) which will provide opportunities for entrepreneurial beneficiaries to upskill, gain vocational qualifications, work experience in the food and hospitality industry whilst developing transferable skills applicable across sectors and an accessible green roof. 

## **JRCT** 

This was a continuation of the grant received for Climate Action: Bringing Awareness to BAME communities. We set out to raise awareness of the climate crisis to our communities who are most affected by the issue, through delivery of activities to engage people, compounded with building our own internal knowledge and confidence around the subject. We are incredibly proud to have already overachieved on outcomes, both on a community engagement level and collaborative level with existing environment organisations and the public sector. 

The National Lottery Community Fund Wales 

This is a continuation of the Skills, Work and Integration support for Refugees and Asylum Seekers (SWIRAS Project), aimed at providing holistic employability support to people most affected by Covid-19 to overcome barriers into work. Beneficiaries have reported having increased their self-confidence and becoming better prepared for work, as well as gaining increased skills and experience. 

## **Transfers between funds** 

WCVA issued £48,000 repayable assistance during the financial year. Also disclosed above, is a £48,000 transfer to the General fund from WCVA as a result of the monies received being spent in full during the year. 

The Welsh Government previously issued a restricted capital grant of £250,000 to purchase and renovate a building. During the year, the cost of the building was transferred from the restricted funds to the designated asset fund as the grant has fulfilled its purpose. 

## **14. RELATED PARTY DISCLOSURES** 

There were related party transactions for the year ended 31 August 2023. Super Bio-boost Limited has a balance outstanding of £682. 

In addition to the above balance, was an employee loan totalling £10,766 issued during the year, of which, £1,500 has been repaid. Therefore, the current balance of the employee loan at the year end was £9,266. The employee loan is free from interest and is repayable on demand. 

Page 20 



## **THE CENTRE FOR AFRICAN ENTREPRENEURSHIP** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** 

|**FOR THE YEAR ENDED**|**31 AUGUST 2023**||
|---|---|---|
||2023|2022|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|422|1,125|
|Grants|370,243|558,435|
||370,665|559,560|
|**Other income**|||
|Other Income|2,750|-|
|**Total incoming resources**|373,415|559,560|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Hire Purchase Interest|3,691|1,984|
|**Charitable activities**|||
|Wages|165,363|191,785|
|Social security|59,628|52,110|
|Pensions|9,576|11,006|
|Insurance|5,422|6,445|
|Light and heat|942|-|
|Telephone|2,542|2,719|
|Advertising|2,318|2,681|
|Awards & Events Costs|2,994|3,388|
|Cleaning costs|1,662|-|
|Office Expenses|24,382|13,433|
|Hall Hire/ Lunch|4,096|5,104|
|Volunteer Expenses|429|-|
|Professional Fees|34,915|15,328|
|Rent|4,009|4,399|
|PR Travel|5,618|4,155|
|Accountancy|5,782|4,968|
|Rates|1,865|1,021|
|Repairs|2,655|-|
|Staff training|6,164|625|
|Subscriptions|834|195|
|Computer cost|988|189|
|Motor Expenses|13,454|15,158|
|Food bank|11,385|8,810|
|Donations|4,750|421|
|Depn of fixtures & fittings|4,879|4,309|
|Depn of motor vehicles|7,563|19,123|
|Depn of computer equipment|350|350|
||384,565|367,722|
|Total resources expended|388,256|369,706|
|**Net (expenditure)/income**|(14,841)|189,854|



This page does not form part of the statutory financial statements 

Page 21