DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E REGISTERED CHARITY NUMBER.. 1163348 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 FOR THE CENTRE FOR AFRICAN ENTREPRENEURSHIP Bevan Buckland LLP Ground Floor Caidigan House Caslle Court Swansea Entewprise Pa Swansea SA7 9LA
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page CEO'S Summary Report of the Trustees 2 to 12 Inthpend?nt Examinerf¥ Report 13 stst?ment of Financial Activitie8 14 8¥lance Sheet 15 Cash Flow Ststsment 16 Not•s to thtr C•$h Flow Ststsm¢nt 17 Note¥ to t Flnanci¥l Ststwnents 18 10 30 D¢ts11 Ststsment of Flnan¢l•l A¢tl¥ltl¢• 31
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP CEO'S SUMMARY FOR THE YEAR ENDED 31 AUGUST 2024 As we reflect on the pericxj from September 2023 to August 2024. it is dear that this year has been one of resilien. impact, and forward momentum for The CAE. Our mission to eMPr ethnically dwerse communities, particularty refugees, asylum seekers, and migrants. has remained steadlast. and we have ccffltinued lo expand our reach. strengthen our advocacy. and deepen our partnerships. This year has been a transforrnative one for The CAE. mathed by rthv milestones, signfficant community irnpact. and an expansion of our influence beyond Wales. Looking bath. our journey has been one of resilience and collecty've effort, tuming ideas into tangible sucsSeS that have positively shared the lives of many. At our core. we have ahyays been about people supporting individuals and families lo overcome challenges. build confidence. and access opportunib'e5. Over the past year. we have.. Supported hundreds of relugees. asylum seekers. and migrants in accessing training. employment, and entrepreneurship opportunibe5. helpng them gain finanoal independence and contribute to the economy. Delivered employability and business supwirt 8cty"vib"e5. providing individuals wth skills and guidance lo navigate barriers in the labour market and starl their own ventures. Ran well-being initiative5. including sports and mental heajlh sUPWrt, helping individuals comb81 isolation. 8lre55, and anxiety. particularfy arTh)ng those adjusting lo life in a new country. Engaged young people In leadership arhd skills de¥elopmenl, en5unng that the next generation has the tools and confidence to build a brighter lulure. Through the$# activib"es, we havo Seen reaklrfe success sloritrs emèrge people who trn fèll Ir8pped in a cycle of un¢ertainty are now building bu$intrss&$, Sering stsblejobs, and a¢tivety cfjnlribub.ng lo the t>)mmunty. This year was not withwt its difficutties. One of the on90ing chalenges has been securing long-lerm sustainable funding lo maintsin 8nd expand our 8Ctivrti&s. lIe we have made great strides diversifying our funding sources, the dtrmand for our seNice$ continues lo oiJlpa¢e available r&sources. The past year has infOrCed my beli&1 in the rty)wer of wnmunrty. a¢fvo¢w. and strategic 8th'on. lItt the ¢h8lleng88 main significant, our su¢¢esse$ demon$lrale that ¢han9e is possible when we logelher with d¢¢emination and vision. I want lo &xt&nd my deepèst gratitud8 lo our staff, volLW)l•èrs, funders, and path¥rs who make our work possible. Your dedication, ¢ommilmenl, and btslief in our mis*on ¢onlinue lo dnve us fon¥8rd. Tog$thèr, we 8r• building a fairor. more in¢lu$iv¢, and ew)omi¢alty vibrant x<i&ty not ju$1 in Wales, but across the UK. Thank you, and I look forward lo another impa¢lfvl y&¥( ¥h¢ad. Franck Banza CEO Page 1
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 As we refiect on The CAE'S pumey over the past year. we are filled wth immense pride and gratitude for the resilience, dedication. and collectbve impact Ihat has shaped this perh)d. The 202312024 year has been one of growth, transformation. and unwavering commitment lo our mission of emp)weriThJ elhnically diverse communibes, partiladY refugees, asylum seekers, and migrants. At the heart of this success is our CEO. Franck Banza. whose leadership has been instwmental in driving The CAE forward. Under his guidance. the organisation has not onty expanded rts reach bul also deepened its impact providing life-changing support through employability initiatives. tad(ling hardship. fostering wellbeing. and leading critical advocacy efforts. We extend our deepest appreciation lo The CAE team staff. volunteers. and mentors whose tireless efforts bring our mission to life every day. You are the backbone of this organisal1c. ensuring that our beneficiaries receive cornpassionate. effective, and empowering support. Vvhether it's coaching indiwduals into employment. delNering cruck81 wellbeing initiatives. or advocating for systemic change. your work 15 nolhing short of transformative. You have helped individual8 rnove frorn surviv81 lo self-sufflency. creating pathways for them lo Ihnve and cOntribe meaningfully to swety. None of our 8chievemenl3 would be possible without the support of our funders, donors. and strategic partners. Your generosity and belief in our work have enabled us to provide critical services to those who need them most. From securing employrnenl opportunitie5 to delivenng vrtal fwd and hardship support. your investment in The CAE has created 8 ripple effect of positive change across Wales and beyond. Thank you lor standing wrth us and for recognising the power of inclusive, community-driven initi'atives. This year has also reinforced the import8n¢e L)f collatrA)rabM and advocacy in 8ddr&ssing Slwctural inequ8lilies. We ar proud of The CAE'S growing role in influencang policy. raising 8w8renes5. and ensuring th81 the voices of marginalised cornrnunilies are heard and valued in decision-making spaces. The launch ol our Ending Workplace Exploitation initiative 18 3 milestone in our &ffort5 to ch811en9e Injustice and build a tsirer18bour markel for all. A5 we look ahead. we acknowledge Ihal challenge5 remain demand for seryice5 continues to grow. and su5tsinable funding remains a key focus. However, with the slrength ol our team. the trust ol our beneficiaries. and the unwavering 8UPPOrt of our nderS and rtners, we are ¢fitYnl in our ability lo conb"nu• making a profound impact. On behalf of the Board of Trustg$s, wfj cèlèbrate this yearfs successès and look forward to thè opportunits'ès ahead. We arg proud lo sland altsngside The CAE in rt$ mission lo ¢r&ale a fairtrr, more irtdu*¥tr ely, and w$ remain ctsmmitted lo supporting its conlinue<l growth anfj Im¢1. th our d•epast gratitud8 and appreciation. The 808rd ofTru$lges The CAE Page 2
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES ANO ACMVITIES Objectives and aims Our vision is to pioneer a transfomative shift to a truty equitable society Ihat supports upward mobility for all, eliminating disparities beeen communities and shaping a system conducive lor everyone to achieve their fvllest potential. Our mission is to tackle problems of inequality faced by migrants. breaking dn barriers for thern, and supports'ng them lo become economicalty active. thrive and wntribule fulty to sctiety. OUR VALUES Social Justice We advocate lor equty and faimess. seeking to eliminate sorioeconomic disparities. Co-Production We believe in the transfoThative eT of parlnership working and valuing lived experience. Innovotion We continually seek new 8nd effectsve ways lo drive our mi58ion. acting a5 trailblazers in the sector. Empow?rment We equip individuals wth the 10015 and reSourS to su¢xeed 8nd be self-reliant. Climate Ju¥tice & We address the threat of dirnale cange by supporting those most affected and working towards Su8talnablllty net-zero al&. ACHIEVEMENT AND PERFORMANCE Executive Summary Over the past year. our organisalion has made 5vJnrficant Strides in 3ddre55ing pressing 50cietal thallenges through 3 range of irnp8Ctful proieds. W& successfulty delivered over 1,2(K) services Its support individuals and families, with 500 new referrals Illustrating the increasing rea¢h and rtrlevanctr of our work. This year's a¢hiev8menl$ refltr¢t not only our comrnitrnenl lo empowering marginalised ¢ommunrts al the v81ue of collaborative efforts with our funders. volunteers. and partners. Our work has prfortli$ed und&r$landing and addressing lh& unique d)al&ng&$ facgd by our bengficiaries. For Insl¥n¢&, 54% ol thosè we supported werè malè and 46Vo wèrè fèmalè, a gender balancè that highlights thè inclusivity ol our programmès. Additionally, 56ts/y ol our benefiuaries reported having a disability. unders¢onng the need for accessible and lail¢red support. This yèar 81$0 saw a diverse reprèsentation across Èthnic groups. with 38Yts Identifyin9 a$ Bla¢k. 23)/o as Latin Ameri¢an. and 13010 as Asian. The majonly of our beneficianès 860A afe asylum seekèrs, rèlugeès, or individuals with no recourse lo publi¢ funds. This reflects our focus on supporling those in thè most precanous orcumstanc&s, helping them navigate complex systems while lostenn9 re$ilien¢e and independen¢¢. Employment remains a key aa of Inletvenlion, with 384/0 of b6nefici8ries in educat'on, 400h unemploytsd, and 14% èmployed or sèlf-em 0yed. These statistics underlin6 thè importanc0 of our amployabilrty initiatives, which provide tailorad coathiNJ, mènlorin9, and upskilling opportunities. Our outrèach èfforts have also provèn èffecbvè, wilh 70% of partiopants lèaming about our sèNicès through rèfèrrals from friends and CO139ue$. An additional 22Q/o were referred by other support or9anisations, highlighting the strength of our partnerships, while 8Q/ll engaged through online d)annels. These connechons have not only broadened our reach but also reinforced our role as a trusted resource within the communty. By presenting these stab'stics, we aim to shovKase the Èieadth and depth of our impact, vjhile also recognising the systemic barriers that our benefiaaries lace. Page 3
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STREAMS OF WORK AND CASE STUDIES 1. Core Activities- Empowemient through Employability and EntrePneUrshiP a. Skills and WO for Refvgees and Asylum Seekers Project This project contributed to national efforts to miligale the ¥npact of COVID-19 and support economic reo)very by providing targeted ernoyabllity and wellbeing support to ethnically diverse communibes in Swansea. It focused on addressing barriers to education and sustainable employment while fostering collaboraiion beeen employers and prospective employees. Outputs.. Weekly Wellbeing Club actNilies reduced isolation and improved the conffiden and self-esleem of 1,251 BAME individuals. Activities increased knowledge and understsndiThJ of dNerse communilies among 376 local employers and businesses. Through mentoring. vdunleering. and work FAacemenl opportvnrties. individuals improved their skills, knowledge. and work experience. One-to-one job prep8ratson sessions supported 257 1ndwlUa1S to gain ernOyMent.se1f-empl0Yrnent. or further education. The project 8UPPOrted 10 indNidu8ls in obtsining their driverfs Irnces, reduryng b8rTiers lo employment. The project achieved broader impacts by rai51ng aspirabon5 among participants and b005ting their seifsleem, confidence, and resilience. 11 encouraged p051ts.ve beh8vi¢xJrs. improved both phy51C81 and mentsl wellbein9, and loslered individu81 growth and sou81 indusion. Additjtinally, the proje¢l ¢onlwibuled lo strenglhened Community cohesion and develtspmenl. b. P81hw8ys lo PrI)srIty This project supported migrants in Swansea lo overcome barriers lo employment and upskilling. Thrtsugh tailored support, Ir8ining, and volunteering, rt foslere(I confidence, wdkbeing. and prtsfe$$ion81 developrnenl. Key A¢hlwgm&nl$'. Provided one-to-one assi$l¥n¢¥ 10 1W+ Onomical Ina¢ji individuals, helping Ihem move dOr lo sustainab employment. Delivered 8s$ential skills ¢ourse$, induding digrtal lit&ra¢y, English language, and career planning. Engag6d ovèr 50 participants in activities Ihat Improv skills, resilièncè, and community connections. Supported individuals to gain essèntial dlIa1 skills and confidence in onlin& tools. Equipped 85+ parti¢ipanls wrth $kills for employment in green indust$, aligning vrith su$tsin¥bility goals. The project raised aspirations, boosted confidence, and enhan¢ partiapants, well-being. 11 strèn9thenad social inclusion and empowered individuals to pursue education. employment, and community leadership. Ca8• Study Blanc2 Sibrian approached The CAE for help 1h her CV after receNing insuffioent supFx)rt elsewhere, leaving her applications unsuccessful and her confidence low. Her original CV contained inaccuracies and omrtted key details about her experience and volunteering roles. The team provided petsonalised support, supFK)rting her in rewrtting her CV to accurately highlight her skills, ad)ievements, and surtabilrty for job opwtunities. Blanca also received guidan on tailoring applications to specific roles and was connected with relevant job opportunth'es. As a result, Blanca's new CV significanlly im[Ved her Credility with employers, leading to fve interview invitations and restoring her confidence and opts'mism about her career prospects. Quote from Blanca". "The new CV has made a huge difference. I feel h'ke my experience is finally recognised, and I now have real opportunities ahead of me. I feel hq)eful for the first time in a long lime." Blanca is now motivated to pursue her goals, with ongoing support available for further steps, such as interview preparation. Page 4
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 2. Our Carmarthenshire Expansion This year, The CAE has expanded its work in Carmarlhenshire. focusiTrJ on Llanelli. an area wrth signfficant deprivation and a high concentration of service users. Our aim was lo estalsh a trusted presence, emp)wer individuals. and foster partnerships that enhance opportunibes for Ihe local community. Thanks to deduted efforts, we achieved significant milestones, building a foundation for continued grwth and impact. Key Achievements.. Delivered 25 events and participatory programmes. reaching 161 individuals through workshops, one-to-one support. and wellbeing activrties like salsa, football. and wellbeing walks. Supported 189 people. including 16 newty granted refugees. io secure jobs through CV support. inteNiew preparation. and partnerships wrth recruitment agencies. DelNered skills training, induding SIA and green jobs, with 21 young people benefiting. Addressed digital exdusion by providing fully loaded SIM cards. laplops. and digit81 literacy support lo 36 participants in partnership wth the Good Thing5 Foundation. Assisted four families faong eviction lo secure stsble counc41 hou5iryJ. offering addf(ional support with home essentials. Engaged 9 volunteers. f051ering ski115 development and cThnrnunty leadership. 129 beneficiaries reported increased confKlence and readiness to 8cce55 OPWrtunf(ies through tsur wellbeing cJub and activities. BeneflaneS expressed gratitude for tailored assisiance that held them Secure rneaningftjl employrnenl, including Xiom8ra, who highlighted our guidance (Juring her reftjgee joumey.. "On behalf of my family and l. we would like lo Ihank you for your help and your lime lo guide us in this proce55. 11 has been a great hdp since we felt very disoriented. and you have been a great guide." "I would like lo tske a moment lo express my sirKere gratrtude for ytsur invaluable support and for r&fernng me to the training program. Thi$ opportunity has $ignifi¢gndy ¢ontribuled lo my personal and proftrssional growth. provKling mtr wrth a crucièl skillset that h88 opened new career pathways." Our work in Carm8rthenShi has posilivety impaded Indiwduals and the community, addre$$in9 b8m&rs lo employment, W911being, and social in¢lusion. The achievements Ihi$ y&ar unders¢tye our MMitMnt to empowering vulnerable groups, building partnèrships. and creating OPF)Ortuniliès for Ihnving. ¢oh&sive ¢ommunib&$. Wth $trengthènèd fr)undation$, we look lorwaid lo sustaining and expanding this Im¢% in the fului8. 3. Ho118tle Support The holi$li¢ wellb¢ing slwm ol CAE'$ work IcKuses ¥th"vrti¢s that foster m¢n¢al, emolion¥l, and phy$i¢81 health while building sctial connections. These activities have proven espeually impactful for asUM seékers and relugees, offering Vltal opportunities lor integration, confidence-building, and stress relief. F tball Football has served as a lrfeline for participants, parbcuLarty duriThJ and after the COVID-19 pandemic. by promoting resilience, confiden, and conneclion. week games attraci an average of 30 attendees. with a total of 60 active participants on the platfomi. Many join through referrals and word-of-mouth, refiecting football's abilty to unite and inspire. Partiapants have highlighted the programme's impact on mental and physical heaNh. exwessing gratitude lor the sense of community it provides. As one participant said, 'Football has held me wilh stress- it's been a way to have fun, exerose, and integrate." Others said.. 'Football has opened doors for al ol us" 'Feel good aboLrt being able lo demonstrate talent and skiir 'Formed new friends- not just friends bui a new fami 'This has helped me a lol- mentaly and Fthysicalty l am graleful to meet and connect wrth people from different countries" 'Feel very fortunate lo know an organisats'on that cares atojl migrants" .1 kive football as it unites us in our diversty and promotes selflessness" Page S
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Salsa Sessions Salsa sessions have provided parb'cipants with an engagiThJ way to improve wellbeing through dan. Held twce monthly since June 2024. these events have attracted 219 altendees across 12 sessions. Participants reported reduced stress, increased confidence, and enhanced physical fitness. wth 88°k noting improved mental health. One participant shared, 'This session changed rny mooj and confidence- I fert wdcome and enefgised." Another testimonial from Krys.. "I truly appreciated how my space and feelings were respected throughout the sessions. Little by little. I gained more confidence. and wrth the instructorfs help. I fert much more comfortable improving my steps. Now, I'rn even looking fOard to performing. which is something I never thought I'd say." Both activib'es have significantty contributed to partJp8nts. wellbeing by reduring isolation. boosting confidence, and fostering community connections. They offer vital suppcwt for asylum seekers and migrants, creating pathways for integration and personal growth while promoting health. 4. Tackling Poverty The Foodb8nk is a vrtal part of The CAE'5 TackliThJ Povety stream. 8ddre55ing the imrnediate need5 of rnarginalised and vulnerable individuals severely impacted by Ihe o)St-of-living crisis. Key Achievements.. Over the past year, 1,644 food parcel$ have been delivered. 7*rith an avera9tr of 150 eng8gernent$ each month. Received significant donations from Icral busesses. induding Oldway Centre Sludenl Accommodation, Lush. and continued 5UPPOrt from Fareshare. The Foodbank has reduceil financial strain on displa¢ed people aftd reftJgee$, enabling them lo focus tsn stability and transition inlo new lives. Benefioaries have also exp&rien¢ed improvtrmenls in heafth and emotional well-being, as healthier food options have encouraged balanced diets. 15 volunteers have contributed lo the Foodbank. developing employability skills and fomiing mtraningful connections within the commtjnily. Volunletrring opportunities have offered skill d&vek)pmenl, emotional support, and a sense ol longIng, allowing Indiwdual$ to give bath whil$ bèing part ol a supportiv¥ communrty. Te$limonial$'. 'Volunteèrin9 whilè also teing a beneficiary has bn a unique experience. I can see both sid&s th& help I receive and the impact I can make on olhers.- 'The Foodbank ha$ given me lood, how, and a way to improve my life. l am l&¥min9 English, mgeling ppIe, and feeling useful. 'The Foodbank has helped me to have a better balance(I diet because you put frurt and vegetables, which in turn has helped me to improve my moc¥J, my emob.onal state, and my heatth." Work Experience Testimonial from Mario". The CAE provided me with an invaluable opportunity to vclunteer in a field l am deeply passionate about supporting the community through the food bank project. This experience went beyond personal fulfillment,. rt was essential in shaping my professional joumey. Voluntring allowed me to develop critical skills like communication, leadership, and proeM-sCv1ng, whith prepared me for more complex reSponbill.es. It also gave me a sense of purpose and InfOrCed the importance of giving back. Thanks to these experienS. l eventually eamed the position of Food Bank Coordinator, where I now lead inthatives to strengthen and expand our impact." Through our discretionary hardship fund, The CAE provided 25 families wilh grants to cover food and essential costs, offering further financial relief during challenging times. Page 6
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 5. Climate Justice and Sustainability a. Ernpowered VoKes for Climale Justi The project amplifies underrepresented perspectives. eqUIpThJ CL1mmunii with the tools to address the climate crisis through a lens of social justice. Key Achievements.. Trained 12 volunteers from underrepresenled communities in dimate sryence, advocacy. and campaign development, preparing thern to lead community inrtiatives. Delivered and collaborated on event5 during The Great Big Green Week. 1ndY1ng street interviews. children's workshops. scavenger hunts. and cyding sessk)ns, fostering awareness and engagement. Weekly cyding lessons and group rides promoted Sustainab transport. fitness. and confidence among participants. Bike loaning scheme 0110 bikes supp)rtiThJ at leas115 partiapants over Ihe year lo break down barrier3 in tran5POrt, whilst increasing awareness of active travel. Hosted an inclusive Climate JusD"ce Forum featuring expert talks. migrant cvmmunity panels. and workshops, empowering p8rtirypants and 8mplrfying diverse vryces. We have engaged with over 1 parbcipanls over the past year who have.. Gained confidence in dimate knowledge and decision-making pr¢xesse5. Slrenglhened connects'ons, rnobvated action. and reduced barriers lo p8rb"rypalion in dimaltr 8dvoc8Cy. Enh8n¢ed skills In leadership, ¢ommunication, and grgani$alion among voluntetrrs. Beneficiaries accessed training and resources to engage with 8ustsinatle industries. Te8limonials'. "Bein9 part of lh& climate jyslti gfoup has inspired me lo te ¥ wsili¥& lor¢¢ in my community. I feel more detemined than ever lo work lor 8 tsirer and more $ustsin8tye future.'_ Heman Godoy Active travel le$limonial from Ekemini.. "I want lo use this medium lo thank the CAE for ¥ssi$b'ng m& in the t>)mpletion ol SIA Isewrity Industry Authority) training course which took placè al the Mèrcufe Swansea Hotel In Llansamlèt, Swansea from thè 16th lo the 21st ol July 2024. This training would help me se¢ure a job in the security which would help In my financial neèd$. The CAE provided me with a bicydè that assist mè in traveling to thè vènuè from my house, whieh normally would have takèn me more than an hour to walk down. It also helped me save the money I would have used lor the expensive bus li¢kel$ and time as w&ll. $0 that l Could a¥y$ gel lo th¥ ¥¥nu¥ on tim& without having problems ol the bus coming late Of missing thè bus. The training was successfulty completed and I passed all the lesls in one sitting, all thanks to the CAE. I really hope the CAE will conts'nue supporting other people wfv) need their support in future. l am so glad I oin8d the CAE and I look lo81¢j to doing mofe activth.ès wtth and for Ihè community. b. Twnning Projeci The Twinning prqect has ¢ated meaningful connecbons belween The CAE and Cae Tan, bringing together utban and rural communities to foster collaboration, cuhural exchange, and mutual leaming. Outcomes.. 49 direct benefiaaries and 126 indirect benefioaries have partiapated. gaining valuable skills, new connections, and a sense of belotvJing. Strengthened relationships btheen urban migrants and rural communi1, promoting understanding and collaboration. Partiapants developed practical skills in famiing, lood preparation, and prc4ect delivery, enhanang employability and confidence. Shared leaming beh¥een The CAE and Cae Tan has inform&J future projects and expanded best practices. Page 7
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Impaci Highligms.. Eva's Story.. Volunteers supported Eva at Cae Tan by assisting wilh harvesting and surplus prOssing. This redUd her workload while providing partiwants with hands-on famiing experience and fostering community engagement. Setondji's Journey.. Selondji c0ntritrted lo the projecl Ihrough meal preparation, entertainment, and workshops. His invOement showcased his skills and SUppted the project's grovAh by reducing food waste and promoting sustainable practices. Community Connections.. Participants like Tyler Evans valued the oppcfftunity lo connect with people from diverse backgrounds. gaining insight into growing projects and the collaboration beeen urt)an and rural communities. Testimonials.. "Being involved in the Twinning proiecl has been both enriching and eywening. The CAE'S mernberB have brought vibrancy and energy to Ihe fann.. . Eva. Cae Tan Trainee 'The project has helped me realise that. even when rt feels like l am on my own. l am not truly alone.' SS, Beneficiary "l enjoyed visiting Cae Tan and Seeing how the project connects urban and wral communits'es. It was fulfilling nd eye-opening.' Tyler Evans. Partiripanl 6. Advocacy and InflnGIng In 2024, The CAE proudly18un¢he(l rts first influencing project, Endiny VVorkpla¢e Exploilalion, building on over a decade of comrnunily support. This trailblazing inib'ative tsthles unfair treatsnent ol rnigrants in Ihe workplace by promoting their right5, protecting their dignity. and driving systemic thange. Key A¢hievemenls'. Empowered Communilies.. 77 individvals reported in¢0$e cfjnfidence and $eW-worth. Individuals supported to navigate workplarA ¢halleng¢$, 98ining darity and confid¢n¢• in addréssing unfair tr&atm&nl. 65 participants felt empowwed lo stand up for their rights duè to greatèr awar¢n8$ 84 individijal$ expenenceil an in¢rtrase(I sense of mmunity and btrlonging. Succèssfully recruited and retained 12 advisory panel members, &n$urin9 pres¥nI011Qn and guidancè from lived •Xences. Enhanced public sensitivity to the challengès fac8d by mi9rant workèrs Ihrou9h avènts, swal media campaigns, and spaking &ngagements. Delivèred diversity, equity. inclusion, and aSSIbIlity training, ¥long wilh migrant rights gwar$nos$ workshops, leading to more indusive wothplac6 cuttures. The Ending Workplacè Explortation project maths a pivotal step in The CAE'S joumèy to influencè systèmic changè. By empowering individuals, supporting employers, and rain9 public awarèness, Thè CAE is leading efforts to create fairer workplaces and stronger, more inclusive communitses. Conelu8lon The CAE'S work across its five streams has empowered communities, fostered indusion, and driven meaningful systemic change. By addressing immediate needs, ueats'ng opportunities, and amplfying marginalised VolS, The CAE has bui stronger, more connected communities while paving the way for long-terni resilience and equrty. These achievements reflect our unwavering commitment to empowering indNi¢Juals and fostering a brighter, farer future for au. FINANCIAL REVIEW Flnancial positlon The trustees were delighted to receive grants in this period 101 September 2023 to 31 August 20241 which resulted in incoming resources of £684,868. Total reSoUrS expended for the period were £478.531. Page 8
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Funding Streams Funders AB Charilable Trust Lloyds Bank Foundation Unrestricted Catal Clothworkers Foundalic SPF Swansea Open Call Welsh Govemment GFP Employability, Entrepreneurship. Education. Volunteering Office of Police and Crime Commissioner Dafed Powys SPF Camiarthenshire- Palhways to Prosperity SPF Swansea- PalFMays io Work The Nabonal Lottery Communty Fund Holistic Support Swansea Council- Warn Spaces Fund Communrty Matters Fund Tackling Poverty- Hardship Foodbank Llanelli Community Fn(SJe- Hubbub & Community Fridge Netsyork Moond8nce Foundabon Swansea c1 HolKlay Food Fund Climate Justice and suslain8bility The Nation81 LotteryNhe Re81 Farrning Twst Joseph Rownlree Charitsble Trust A¥¢tY and Influenung Paul Hamtyn Foundation Invostsn¥nt poll¢y •nd obl¢¢tlV¢8 The trustÉÉS 8r6 Current èxploring lh& idea of inve$lin9 rr¥5 as an &ffe¢trve way to g&nera¢e ino)me, and th& Cgnlre for African Entreprenèurship will aim to follow a proper and sfjcure Ihe help of èxrtS in order lo d$volop 8 Stratègy that could generate good relums lor our ¢r9anisation R•8•rv•8 polley The trustees have reviad the r8servès of Ihe charity. Thèir poh'cy is to fv)Id 8nou9h funds to mèét four months, operating costs of the ¢h8rity. which would be around £60.000. The Twstees wll ¢onb"nue lo evaluate the ¢harity'$ r&$grvg requirèmènts in view of its current and future aspiration$. At the prèsent lime. rt 1$ rK)t possiblè for the Trusteès to èstablish a longer tem reserves policy as the charity relies mostly on reslricted funding for speafic projects. For the ts'me being, therefore, the trustees are simply adopting a policy of keeting suffio.ent funds in hand to meet known commitments and the yèar-ènd unr8Stricted resèrves of £31,399 is deèm8(I suffiaent. The Charity will continue to app for grants, hoping to obtain grants with more flexibility to build its reserves. Once renovations are complete, the Charity plans to start generating incclme from their building by renting spaS lor meetings, holding activities etc. Golng conc•m The charity's forecasts and projections, taking account of reaSonaY possible thanges in trading performance, show that the charity should be able to operate wrthin the level of its (Jjrrenl laalities. After making enquiries, the directors have a reasonable expectation that the charity has adequate reSoUrS lo continue in operational existence for the foreseeable future. The charity therefore contsnues to adopt the goitvj concem basis in preparing rts finanoal statement. Page 9
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FUTURE PLANS The CAE remains committed to emrM)wering elhnicalty diverse communities, part'cularfy refvgees. asylum seekers, and migrants, through entrepreneurship. ernployability support. advoca. arHI communty development. Looking ahead, our strategic priorities for the next three years include.. EXpanSic ofthe Communty Enterprise Hub- aim to fvlly establish and expand our hub in Swansea as a thrNing centre for swal and economic ernpoweent. providing co-working spaces. business support. neOrkIng events, and community engagement aclivilies. Strengthening PoIY AdvcKacy- Building on our successftjl advocaq campaigns. we will continue working with policymakers at IcKal and national levels to address barriers to economic participation. fair employment practice5. and equal opportunrtie5 for diverse communities. This includes expanding our"End Workplace Explortalion" project and advocaling for appren1Sh1p access for a$uM seekers. Scaling Our Climate Justice & Green Skills Programme- We will expand our environmentsl initiatives, including green job5 training, rircular economy workshops. and svs¢8inable comrnunity projects, ensuring that ethnically diverse wrnmunilies are inckjded in the dimate juslice rnovemenl. UK-Wide Impact and Collaboration- We will continue forging partnerships beyond Wales. collaborating wrth organisations such as Action tor Race Equality. Migrant Aclion. and the Centre for Entrepreneurs in London. Through knowledge exthange and jtynt InrftlveS. we aim to share best practices and inlluence syslernic chan9e arr¢S the UK. Developrnenl of Sustainable Funding Slre8m8- To ensure financial sustainability. we are focusing on diversifying our income sources. including s181 enterprise activrties. public sector conlr8ct5. and rnvlli-year grant funding from trusts and found8b"ons. The lavrth of our café within the hub will gener8le additional revenue while providing trainin9 and employment opportunities lor community members. Football and Welbeing Project- In collaboraty.on wth Ihe FAW and Cymru Football Foundation. we are developing a 3G pitch and calé farilrty in Swan$e8. using lootb8118s 8 tool for community cohe5i0n, well-beifig, arKI youth eng89emenl. Through these 31r8legic inrtialives. The CAE airns lo deepen ils impact, foster lon*lerm sy8temi¢ changtr. and ¢reale lasting opportunities lor m8rgin81ised ¢ommunilie$ a¢ross Wales and beyond. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•ming doeumènt The Centre for Afric8n Enlrepreneyrship is conslrtuted as a ¢haiilable IncOA)rated Ofganisalion CIO registered with tho Charity Commission in September 2015 und&r ¢hanty number 1163348. 11 1$ govemed by a conslilulion last updated in July 2016. R¥¢ruitm•nt •nd oppointsnènt of n¢w tru$ts¢s The existing Irusleès are resptsnsible for the recruitsnw)l of tru$lge$ bLrt in so t10ing the Iru$lge$ $&ek Ihg views and recommendations of the CEO and service-users. The trustees believe this approach ensures that new trustees are respected members of the k)cal communities and ensures that good lat)nS are fostered between the charity and the people of the loe21 communrty that we sèrvè. In selecting trustees, we seek to entify Ople who regularty attend events and activities organised by the charity and are willing to volunteer to help in our broader community work. Potential trustees will be in¥ited to attend trustees, meetings as observ$ 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. meth"ng. This F(Ss alkths due COnderatIon of the person's eligibilrty, personal competence, specialist knowledge and skills. Page 10
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Oryanisational structure The charity trustees are responsible for the general control and management of the chanty. The truslees give their time freely and receive no remunerats'on or other finanaal beneffts. The trustees meet as a body every tsyo 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 smooih running of the charity the trustees have appointed a CEO that hdp them oversee all aspects ol the thari$ work. The day-to-day rnanagement of the Charity and projects are delegaled to the CEO. The rrent chairperson is Rebecca Nyasha Mamhende. Our current Chief Executive Officer Franck Banza. 15 the Fwnder 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 81so has the ability lo recognize people's strength5 and weaknesses. This experience, along with a varied background. supports Ihe CAE'S goals. Mr 88nz8 is responsible for rnaking 8 range of vit81 decisions within the org8n15alion. His main role 15 10 act 8S 8 liaison beeen the board of trustees and the rest of the organisalion, and meets with the board of trustees once a week lo keep them infonned on operational issues and work with them lo come up with strategic solutions to cornplex challenges. He oversees the heads of each area in the org8ni3atKJn, induding marketing, fundraising, project development, HR rn8nagemenl and accounting. Inductlon and tralnlng of new trustws Following 8ppointrnenl. new Iru51ees wll be introduced lo their rwi role and given copies of the con5tilulion and a guide lo the policie5 and procedures adopted by our ¢harity. A number ol publ¢alions from the Charty Commission are 81$0 provided. This ensures that new trustees are aware ol the SCO of Iheir r&$ponsili1le$ under the Charrties Act. A number ol training lor Iru51ees are available through the loc81 CVS. and new Iruslees are asked to tske part in these important training. Initially, Iru51ees will work with an existin9 Iruslee assisting on particular a¢tswties and projeds run by the ¢h8rity. TrLJslees are also reouesled lo h¥¥e a performance review meeting wlh th& Chair every year lo make SU they understan¢J Ihoir roles and responsibility. Rl$k m•n•gtrm¢nt The trustees hav6 a duty lo i<lentify and review the risks lo whth th& d)arity 1$ exposed an¢J lo &n$ur& appropriate ntrOl8 arè in place to providè reasonablè assurance against fraud and error. The trustees have assessed the risks the charity laces and have ¢Jravm up a risk m8tr¢x which id8ntffi8s th& major risks by area of a¢tiwly, the nature ol those fisks. the likèliho1 ol Ihe nsk$ happening and the measures taken to manage them. The trustees revièw this nsk matrix regularty at thèir meètings and thèy ar• satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been idèntthed. In particular. insurance cover is in place and tha finances of the Charity are kept under review. REFERENCE AND AOMINISTRATIVE OETAILS R•gistèrod Charity numbèr 1163348 Prlneipal addr•ss 28 Oxford Street Swansea SA13AN Trustees A l Ali (resigned 25.02.20251 R Mamhende Mr A Foroozan Mr E Vigario (resigned CE.03.20241 D Ouedraogo (appointed 24.02.2025) Page 11
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND AOMINISTRATIVE OETAILS Independent Examiner Michael Jones ACCA Bevan Buckland LLP Ground Floor Cardigan House Castte Court Swansea Enterprise Park Swansea SA7 9LA Approved by order of the board of trustees on............................................. and sig1d on rts behalf by.. E4AA7F3JAF6PA8E R M8rnhende- Tru31ee Page 12
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CENTRE FOR AFRICAN ENTREPRENEURSHIP Independent examinerfs report to the tNstses of The Centre for African Entrepreneurship I report to the charrty trustees on my examinatKn of the accounts of The Centre for Afn'can Entrepreneurship (the Trust) for the year ended 31 August 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for ihe preparation of the accounts in accordance with the requirements of the Charities Act 2011 fthe Act'l. I report in respect of my examination of the Twst's attounls carrd 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 14515llbl of the Act. Independent examinerfs ¥tstement Since your charity's gross income exceeded £2,(x1 your examiner must be 8 member of a listed body. I can confirm that I am qualified to undertake the examination because l am a member of the Associats'on ol Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no material rnattws have oyne lo my attentk)n in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Secb'on 1x1 of the Act,. or the aUnIS do not 8ccord with Ih05e records.. or the accounts do not cornpty with the applicable requirements &YrnIng Ihe form and conlenl of accounts sel out in the Gharilies (Accounts and Report51 ReguLqtions 2CN)8 other than any requirement that the accounts give a true and fair view which is not 8 matter considered as part of an independent examinab"on. I have no concerns and have corne acros8 no other matters in rtjnnection with the examination lo which attention should be drawn in this report in order lo enable 8 proF*r understanding ol the accounts lo be reathed. Michael Jone$ ACCA The A$$ociation of Chartered Certthed Ac¢ountant$ Bevan Bu¢kland LLP Ground Floor Cardigan Hou$& Casde Court Swansea Enterprise Park Swansea SA7 gLA Date.. 3010612025 Page 13
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP STATEMENT OF FINANCIAL ACTIWTIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total fijnds 2023 Total funds Unrestricted funds Reslricted fvnds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 52.592 632.276 684,868 370.665 Other income 2.750 Total 632,276 684,868 373,415 EXPENDITURE ON Raising funds 3,441 3.441 3.691 Charltabla aetlvltlès Project Activities 42.¥29 432,161 47S,OY) 384,$65 Totsl 46.370 432,161 478,531 388,256 NET INCOMEIIEXPENDITUREI Tran8fers between funds 6.222 200.115 200.115 2CO.1151 206,337 114.8411 15 Not mov•m6nt In funds 2C6,337 206,337 114,8411 RECONCILIATION OF FUNDS Total funds brought forward 239.279 239,279 254,120 TOTAL FUNDS CARRIEO FORWARD 445,616 445,616 239,279 The ncrtes fom part of Ihese finanoal statements Page 14
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP BALANCE SHEET 31 AUGUST 2024 2024 Total fijnds 2023 Total funds Unrestricted funds Reslricted fvnds Notes FIXED ASSETS Tangible assets 456.466 456.466 257.682 CURRENT ASSETS Debtors Cash at bank and in hand 5.288 89.277 5.288 89.277 34,948 48.487 94,5 94,565 83,435 CREDITORS Amounts falling due within one year 10 (71.6991 171,6991 132,1111 NET CURRENT ASSETS 22,866 51,324 TOTAL ASSETS LESS CURRENT UABILITIES 479.332 479,332 309,CMJ6 CREDITORS Amounts falling due after MO than one y&¥f {33,7161 133,7161 169,7271 NET ASSETS 445.616 445.616 239.279 FUNDS Unrestricted funds 15 445,616 239 279 TOTAL FUNDS 445.618 239 279 3010612025 The financial slalements were approved by the 8oard of Trustees and auth0ri8ed for is8ue on ............................................. and were signed on its behalf by.. E4M2F3&4se818É R Mamhende- Trustee The ncrtes fom part of Ihese finanoal statements Page 15
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations Interest element of hire purchase payments paid 298,856 134,1531 3.4411 3,6911 Net cash provided byllused in) operabng aclNities 295,415 37,844 Cash flows from Inv•sting actlvltiés Purchase of tangible fixed assets 211,732 2,282 Nel cash used in invesb'ng 8CtNrtVaS 211.732 2,2821 Cash flows from financing activities New loans in year Repayable Finanaal Assistance released Capital repayments in year 48.000 (34,4091 8,484 Net cash (used inllprovided by financin9 actNities 42,893 Change In cash and cash wul¥¥Its In the reportlng perlod CaBh and cash eqyivalents at tr beglnning of the reporting lIod 40,7 13,0601 48,487 51,547 Ca•h and cash equlvalents at end of tho report5ng perSod 89,277 The ncrtes fom part of Ihese finanoal statements Page 16
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOMEIIEXPENOITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomellexpenditurel for the reporting period las perthe Statement of Financial Activitiesl Adjustments for.. Depreciation charges Loss on disposal of fixed assets Interest element of hire purchase and finance lease rentsl payments Decreasellincreasel in debtors Increaselldecreasel in credrtors 2(6.337 114,8411 12.034 914 3.441 29.660 46.470 12,792 3,691 133.9661 Net cash provided byllused inl operation8 298.856 34,1531 ANALYSIS OF CHANGES IN NET IDE8TVFUNDS At 1.9.23 Cash flow At 31.8.24 Net ca8h Cash at bank and in hand 48.487 40.790 89.277 48.487 D•bt Finance188SèS Debts falling due within 1 year D*bt$ f?Iling due after 1 year {39,857) 19,6001 38,400 8,484 6,882 131,3731 12,7181 87,85 42,893 44,964 Total 39.370 83.683 44.313 The ncrtes fom part of Ihese finanoal statements Page 17
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity. which is a pU1C benefft entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 Aco)unting and Reporting by Charities.. Statement of Recomrnended Pracbce applicab to charities preparing their aminls in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 {effective 1 January 20191,. Financial Reporting Standard 102 'The Finanual Rep)rting Standard applicable in Ihe UK and Republic of Ireland, and the Charities Act 2011. The finanryal statements have been prepared under the histoiical cost nventiOn. Income All income is recognised in the Slalement of Financial Activities once Ihe charty has entitlement lo the funds. it is probable that the income will be received and the amounl can be measured reliably. Grant income is accounted lor on an accruals basis and is shrywn in the finanryal 5ts1emenls when the Charty e8rn8 the unconditional right to the ftjnds. Grants received for a specific purpose are treated as restricted funds. Revenue grants are credited direclty to Ihe Statement of Fin8mcial Activibes and Cawtsl grants are released over the life of the asset in line with the deprerialmjn policy. ExndItUre Liabilities are recognised as expenditure as soon as there is 8 81 or constructive obligabon cornrnitting the charrty lo th81 expenditure, il is probable th81 a Iransler of economic benefits will be required in settlement and the arnounl of the obligation ¢an be measured reliabty. Expendilure 1$ a¢counled for on an a¢¢nJal$ basis and has been ¢las$ified under heading5 that aggregate all c051 related to the category. ere costs cannot be directly attributed lo particular headings they have been 3llocaled lo athvilies M 8 basis con51slenl wth the Use of resources. T•nglbl¢ I1x •88¢ts Oepre¢ialion is provKled at the Idlowing annual rales in order lo wrile off tr8¢h asset over ils estimated usefv411rfe. Fixtu$ and fittings Motor v&hi¢les Computor equipment Slraighl line over 4 yeafs 15Oh reduong balan¢ Straight linè ovgr 4 years T•xati¢n The etharity is 8xèmpt from laK w its charitsbb adivities. Fund accounting Unreslricled funds can be u$eil in a¢Cordan wrth th* d)0rItsb objg¢bves al th$ dI$¢10n of the tw$l¥e$. Restricted funds can onty b& used lor particular restricted purposes Mthin th& obj'ects of the charity. Restrictions aris8 when speafied by thè donor or when frjnds arè raisè(1 for parb"cular rèstitted purpos¢$. Further explanation of the nature and purpose of each fund is iThJuded li the noles to the financial statements. P•nslon costs and othèr po8t-r•tir•m•nt bonèfft8 The charrty operates a defined contribution pensvjn scheme. contributs.ons payable to the tharity's pension schema are charged to the Statement ol Financial Aclivrties in the period to which they relate. Debtors Trade and otheT debtors are recognised at the selllemenl amount due after any trade discount offered. Prepayments are valued at the amount prepaid net ol any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposil or similar account. Credltors and provlslons Creditors and provisions are recognised where the charity has a presenl obligation resulting from a past event that will probably result in the ITansfer of fvnds lo a Ihird party and the arnount due to settle the obligation can be measured or est'mated reliably. Creditors and provisions are nomially recognised at their setdement amount after allowing for any trade discounts due. Page 18 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued Employee benefits The Charity prowdes a ratYJe of benefils lo employees. induding annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans. Short terni benefits Short temi benefits, induding holiday pay and other similar non-monetary beneffts. are rerAgnised as an expense in the period in which the sefvice is received. Financial Instruments The charity has elected to apply the provision5 of Section 11 'Basic Financjal Instruments. and Section 12 '0ther Finanrial Instruments 188ue8' of FRS 102 to all of its ffinarhrial instruments. Finanaal instruments are recognised in the charity's bJre sheet when Ihe tharity becornes party lo the conlractU81 provisions of the instrument. Financial assets and li8bililie$ are offset. wlh Ihe net amounts presenled in the finanu81 stslemenls, when there is a legally enforceab right lo Set off the recognised amounts 8nd there is an intention to settle on a nel basis or lo realise the 888el and settle the liabilrty slmuttaneouy. 8a¥l¢ fln4n¢ial 0$$9ts Basic financial assets. which indude deblors and $h arKI bank b818n¢xs. 8re initially measured al Iransacts'on price including Ir8nS8dion costs and are subseqvenyy camed at amort15ed cost using the effedive interest method unle5$ the arrangement con5tilules a financin9 transa(ai, wheie the tran58dion is measured 81 the pr&5enl value ol the lulure r$¢eipts discounted al a marktrt rate of inleresl. Finan¢ial assets dassffjied as CeIvable within one year are not amorts"sed. Oth¥r fln4n¢i¥l o$$ts Other financial assets, indufjing investments in equity instruments whica) arg not $ubsidiarl&$. 8s80¢ial&$ or loinl vènturas, arè initsally Mèasur at fair value, whh is nomially the transadion pricè. Such a$SS are subsèquently ¢arried al fair value and the thanges In fair value are recognised in pfofil or loss. ex¢epl that investrnenls in equity Instrument$ that a not publidy Ir8Je<l and whose fair value$ cannot be m¢a$ured rdiably are me8sured al cost less Im1rM•nt. Impairm$nt of financial a88¢ts Financial assets. other than those held al fair valug through profil and loss, ? ¥$$e$$8d for Indulor$ of impaim)¥nl at each reporting 8nd date. Finanaal assèts are impairéd wh8r8 thère is objedivè ldne• that, as a rèsult of onè or mora èvènts that ouxrred after the initial recognition of the financial asset, the estimated futu cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the Caln9 amount and the present value ol the estimated cash flows discounted at the assefs onginal effeclwe interest rate. The impaim)ent loss is recognised in profit or loss If there is a decrease in the impairment h)ss arising from an event occurring after the impaiment was recognised, the impairment is reversed. The reversal is such that Ihe current carrying amount dc*s not exceed what the carrying amount would have been, had the impaim)enl not previously been recognised. The Impalmnt reversal is recognised in profit or loss. Derecognltlon of financlal assets Finanaal assets are derecognised only when the contradual rights lo the cash flows from the asset expire or are settled, or when the charity transfers the ffinawal asset and substantially all the risks and rewards of ownership to another entity. or rf some significant risks and rewards ol ownership are retained but control of the asset has transferred to another paty Ihat is able to sell the asset in ils entirety to an unrdated third paty. Classlflcatlon of financial liabllities Finanaal liabilities and equity instruments are dassified aco)rding to ihe 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 liabilrties. Page 19 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued Basic financial liabilities Basic financial liabilities. induding creditors and bank loans are inibally recognised at transaction price unless the arrangement constitutes a financing Iransaction. where the debt instrument is measured al the present value of the future payments discounted at a markel rate of inleresl. Finanryal liabiif(ies dassrfied as payable within one year are not amortised. Debt instrurnents are subsequenty carried al amortised cost. using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business frorn suppliers. Arnounts payable are dassified as cuent liabilrties if payment 15 due wilhin one year or less. If not. they are presented as non-current liabilities. Trade credrtors are recognised initially al transaction price and 5ubsequenlty measured at amorts'sed cost using the effective interest method. other financial liabilitses Derivatives. induding Interest rale swaps and forward foreign exchange cDnlract5. are not b85ic financial inslrurnenl5. Derivatives are initially recogni5ed * f8ir value on the dale 8 derivative ci)ntracl 15 entered into and are subsequently re-measured al their fair Value. Changes in the tsir value of derivatives are recognised in profit or loss in finance costs or finance income 88 8ppropriale. unless hedge accounting is applied and the hedge is a cash flow hedge. Debt inslr(Jrnenl$ that dts not meet the ¢onditions in FRS 102 paragraph 11.9 are subsequently measured al fair value through profit or Ioss. Debt instruments may be designated as being measured al fair value though profil or10s3 10 eliminate or reduce an accounting m15rnal¢h or rf the instruments are rneasured and their perforrnance evaluated on a lair valutr b8si$ in acwdance with 8 docurnenled nsk managemtrnl or investment slralegy. Dergcognition of finan¢lal Ilabilltie¥ Financial liabilities are derecogniseil when the ¢h8rity$ contractU81 obligatscA)s expire or are discharged or caneelled. DONATIONS AND LEGACIES 2024 2023 Donations Grants 875 883,993 422 370 243 684.868 370.665 Page 20 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 DONATIONS AND LEGACIES- continued Grants received, induded in the above, are as folbws.. 2024 2023 General Swansea Universrty WCVA Welsh Govemment Lloyds Bank Foundation Moondance Foundats'on Swansea Council ABCT JRCT South Wales Police The N8tional Lottery Communty Fund Wales Crirninal in Justice Research Charitie5 Trust Garfield weston Foundation Hackney Counril Julia and Han5 Rausing Trust The Environment CE The Real Famiing Trust The Cloth Workers Paul Hamlyn Foundation National Grid HUBBUB Foundation Carmarthenshire Council 4.543 7,098 34.409 50.000 2.765 7,101 2,052 50.000 19.332 70.736 20.000 37.915 20.000 102.9C 250 9,826 20.000 75 4,352 2,500 3,198 194.329 59.128 26.447 86,030 9,001 100,000 88,400 10,000 4,250 7,593 370.243 RAISING FUNDS R•i$ing d¢n•tlon$ ond l¢g•¢ie$ 2024 2023 Interest payable and similar ¢harge8 3.441 3,691 CHARITABLE ACTMnES COSTS Dirèct Costs Project ActNrtie$ 475,0 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratwjn other benefits for the year ended 31 August 2024 nor lor the year ended 31 August 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. Page 21 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS 2024 2023 Wages and salaries Soaal security costs Other pension cx)sts 257,568 19.241 5.266 165,363 59.628 9.576 282,075 234,567 The average monthly number of employees duriThJ the year was as fc41cws'. 2024 10 2023 Average number ofemployees No employees received emoluments in excess of £60.(. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unre8lricted fijnds Restricted lunds Total funds INCOME AND ENDOWMENTS FROM Donations and leg8¢ie8 107.424 263,241 370,665 Other income 2.750 2,750 Total 110174 263 241 373415 EXPENDITURE ON Raising funds 3.691 3,691 CharSiable actlvltl•• Project ActNities 37,931 348.634 384.565 Totsl 41,622 346,634 388,256 NET INCOMEIIEXPENDITUREI Tran¥fer¥ between funds 68.552 171.608 183.3931 171.6081 114,8411 Net movement In fundg 240,160 1255.(KJ11 114,8411 RECONCILIATION OF FUNDS Total funds brought forward (881) 255,001 254,120 TOTAL FUNDS CARRIEO FORWARD 239,279 239,279 Page 22 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Freehold propety COST At 1 September 2023 Additions Disposals 207.602 19,516 5,117 206,615 At 31 August 2024 207,602 206,615 24,633 DEPRECIATION At 1 September 2023 Charge for year Eliminated on disposal 12,643 5,393 Al 31 August 2024 18,036 NET BOOK VALUE At 31 August 2024 207,602 206,615 6597 Al 31 August 2023 207,602 6.873 Motor vehide8 Cornpuler e9uiprnenl Totals COST Al 1 September 2023 Additions Disposals 76,493 1.399 305,010 211,732 4,3001 4.3fAII Al 31 August 2024 DEPRECIATION At 1 September 2023 Charge for year Eliminated on disposal 33,635 6.292 1,050 349 47,328 12,034 At 31 August 2024 36,541 55,976 NET BOOK VALUE AI 31 ALJgusl 2024 35.652 At 31 August 2023 42,858 349 257,682 Includ within Motor vehides are the follcwing amounts relab.ng to assets under hire purchase a9reements.' COST At I September 2023 52,999 At 31 August 2024 52,999 DEPRECIATION At 1 September 2023 Charge for the year 19,212 5,(K9 At 31 August 2024 24,281 Page 23 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E Page 23 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS- continued NET BOOK VALUE At 31 August 2024 28.718 At 31 August 2023 33.787 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors 25,0(XJ 9.948 5,288 5.288 34 948 10. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Hire purthase (see note 131 Taxation and Social security Other creditors 8,530 7,166 56,003 8,530 6,414 17,167 CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2024 2023 Hire purchase (see note 131 Other creditors 22,843 31,327 LOANS An analysis oflhe maturty of loans is gwen bebw.. 2024 2023 Amounts falling due within one year on dernar.. Other loans Arnoijnls falling between and two ye8r$: Other198ns- 1-2 years 2,718 19,200 Arnounts f8lling due befvdeen Iwo and five years.. Other loans- 2-5 years 8,155 19,200 Page 24 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as foll)ws'. 2024 2023 Net obligations repayab.. thin one year BeMeen one and five years 8.530 22.843 8.530 31.327 31,373 39,857 SECURED DEBTS The fdlowing secured debts are included within credilors= 2024 2023 Hire purchase contracts 39.857 Hire purchase b81ances are secured on the assets to whith they relate. MOVEMENT IN FUNDS Nel movernenl in funds Transfers beeen fijnds Al 31.8.24 Al 1.9.23 utrIcted funds General lund Lloyds B8nk Foundation D&$ign¥led as$el fvnd 7.627 25.fKA) 2C6,652 31.222 125.fxKJI 17,4501 31,399 207,565 414,217 239.279 6.222 200.115 445.616 Restrlcted fvnd¥ Welsh Govemment Swansea Council The Cloth Workers 50,0 50,1CXI 100,015 150,OC(JI 150.1CKJI 100.0151 2.115 TOTAL FUNDS 239,279 206,337 Page 25 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMENT IN FUNDS-continued Net rnovement in funds, induded in the above are as fc41ows.' Incoming resources Resources expended Movement in funds Unrestricted funds General fund Lloyds Bank Foundation National Grid 39.827 2.765 10.OCKI 18.6051 127.7651 10.OCKJI 31,222 {25,0001 52.592 146,3701 6,222 Restricted funds Swansea Univer&ly Welsh Govemment JRCT South Wales Polic The National Lottery Communty Fund Wales 7,098 50,0 59,128 26,447 17,0981 50,000 159,1281 126.4471 86,030 9.001 194,329 7,593 4.250 88,4CKI 1CQ.OCKJ 186,0301 19.0011 (144,2291 17,5931 14.2501 188.4CKJI 15 The Real Farming Trust Swansea Council Carmarthenshire Council HUBBUB Foundation Paul Hamlyn Foundation The Cloth Vvorkers 50,100 100015 432.161 20011S TOTAL FUNDS 684,868 478,5311 206,337 Comparatlv•8 for mov•m•nt In fund8 Net movement in funds Transfers between lunds At 31.8.23 At 1.9.22 Unrè8trlct•d lunds General fund Lloyds Bank Foundation Designated asset fund (8811 43,552 25,0 135,0441 7,627 25,OCM) 206,652 206,652 18811 68.$52 171,e08 239.279 Re#tricted fund8 WCVA Inclusion Welsh Govemment Community foundatic¥) Wales JRCT The National Lottery Communty Fund Wales 148,0(X)I 143,3481 {5.0011 994 48,000 {206,6521 250.LXXI S.lJ)1 19Y41 11,962 11,9621 255.(KJ1 83.393 171.608 TOTAL FUNDS 254.120 14,8411 239,279 Page 26 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMENT IN FUNDS-continued Comparative rEt movement in fvnds, ince in the above are as fokns.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund Lloyds Bank Foundation ABCT Charities Trust Garfield Weston Foundations Hackney Council 7.523 52,750 20,000 9.826 20,OCK 75 36,029 127.7501 120.OCKJI 19.8261 120.0001 751 43,552 25,000 110,174 141,6221 68.552 Restricted funds WCVA Inclusion Welsh Govemment Cornmunity foundatIc Wales Criminal Justice Research JRCT South Wales Poli The National Lottery Communty Fund Wales 2,052 150,0521 143,3481 15,0011 12501 136,9211 I20,0) {48,0001 {43,3481 15,0011 250 37,915 20,OC¢) 102.9 4.352 2,5CKI 3.198 19,332 70.736 190.9441 14.3521 12,5001 13.1981 119,3321 11,962 Julia and Han5 Rausing Trust The Environment CE The Real Farming Trust Moondance Foundation Swansea Council 346.634 TOTAL FUNDS 373,415 388,2561 148411 A current year 12 months and pricw year 12 months cc*))bined posiiKwi is as follows.. Net movement in funds Translers between funds At 31.8.24 At 1.9.22 Unr•strlct•d lunds General fund Designated asset fijnd (8811 74,774 142,4941 414,217 31,399 414,217 18811 74.774 371,723 445.618 R•striet•d fund8 WCVA Inclusion Welsh Gtsvemment Community foundatic¥) Wales JRCT The National Lottery Communty Fund Wales 148,OLKII 6,652 {5,0011 994 48,000 1256,6521 250.(XK) 5.(N)1 19941 11,962 50,1(M) 100,015 111,9621 150,1(KII 100,0151 Swansea Council The Cloth Workers 255.(K)1 116.722 371,723 TOTAL FUNDS 254.120 191.4 Page 27 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMENT IN FUNDS-continued A current year 12 months and prior year 12 months ojmbined movement in fijnds, induded in the above are as follows.. Incoming resources Resourc£s expended Movement in funds Unrestricted funds General nd Lloyds Bank Foundation ABCT Charities Trust Garfield Weston Foundations Hackney Counril National Grid 47.350 55,515 20,000 9.826 20.0 27,424 155.5151 120,OCM)I 19.8261 120.OCKJI 1751 74,774 75 10.OCQ 162.766 187,9921 74.774 Restrfcted funds Swansea Univer&ly WCVA Inclusion Welsh Govemment Cornmunity foundati Wales Crirninal Justice Research JRCT South Wales Police The National Lottery Communty Fund Wales 7,098 2.052 17,0981 150.0521 143.3481 15,0011 12501 196,0491 146.4471 {48,0001 6,652 15,0011 250 97,043 46,447 188.936 4.352 2.5 12,199 19,332 265,CkSS 7.593 4.250 88,4CKI {176,9741 14.3521 12.5001 112.1991 119,3321 (214,9651 17.5931 14.2501 188.4CKJI 15 11,962 Julia and Han5 Rausing Trust The Environment CE The Real Famiing Trust Moondance Foundats'on Swansea Council Carmarthenshire Council HUBBUB Foundation Paul Hamlyn Foundation The Cloth Workers 50,100 100015 778 795 118.722 TOTAL FUNDS 1.058,283 866,7871 191,498 Swansea Unlverslty This grant supported student acements at The CAE. We provided meaningful work experience to fv40 students from Swansea University, offering them opsy)rtunilies to gain practical skills and insight into the third sector. The students contributed to ongoing community projects while deveboping iheif own professional capabilities. WCVA This funding contributed to the refvrthshment of our tr*JibJing and ihe creation and sustainability ol jobs at our Community Enterprise Hub. It played a key role in improviThJ our physical infrastructure, allowing us to provide better services while boosting local employment. Welsh Government This grant was awarded to assist in the refurbishmenl of our building. 11 helped create a rnore accessible, safe, and welcoming environrnenl for the local community and enabled us lo enhance our service delNery capaaty. Lloyds 8ank Foundation This was an unrestricted grant to support our core activities. It provided us with essential flexibility. enabling us to allocate funds where they were most needed to ensure consistenl delivery of key services. including administration, service development. and outreach. Page 28 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E Page 28 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMENT IN FUNDS - continued Moondance Foundation The grant supported our foodbank service. speaficalty covering the salary of our Foodbank Coordinator and fuel costs for distribution. It helped us maintain and expand our atslity to reach indNiduals and families facing food insecurity in the local area. Swansea Council This series of awards supported murtiF4e key initialives.. Capital funding to refurbish our Community Enterprise Hub. Revenue costs for our Pathways to Prosperty project. whith delivers green empk)yability activthes and helps indwiduals access sustainable jobs Expansion of our foodb8nk delivery service to provide &Ydib"on81 food to users in need. These grants slrenglhened both our physical infrastruclure and prcqrammatic delivery. ABCT This grant funded our core actiwties. induding the salaries of e&8ential stsff and the delivery of employability and wellbeing se3sions. The8e sessions have provided 1C81 support to individu815 seeking perswal development and irnproved rnenl81 health. Joseph Rowntrgo Charitsbl¢ Tnwt IJRCT) This award supported our Climate Jusbce Projed. empowering m8rgin81ized cornrnunilies lo engage in environmental acliv15m and educatiorh. The pr( aimed to rabse awareness and promote f8imes8 in climate policy and $u$lainabilrty efforts. South W•l¢$ Poll¢• The funding was awarded for our F&minan¢e Project, whi( emsx)wer$ women from disadvantaged ba¢kgrounds through financial education. Th¢ proje¢t buikls finanoal Confiden and ind¢p&nd&n¢¥, reduong vulnerability lo flnancial abv$&. Th N•tlono1 Lottry C¢)mmunity Fund Walè• This grant fundèd our SWIRAS Project, dslivèring tailored employability supwrt to refugeès and asylum seekèrs in Swansea. The programme assists individuals in gainiThJ recognized qualifications and &nt&ring the job market ¢onfid&nlly. Charltl•8 Trust This grant supported our Ccnmunity Transport Proiecl in cdlaboration with the NHS. It provided transport for patients lo attend mèdical appoinlments and 8nab18(l accéss to wèllbeing sessions, improving hèatth and rèducing social isolation. Garfleld W•ston Foundatlon This funding supported our core owrabons. ensuring conlinutty in sem¢ provision and allowing us to focus on delivering community programmes. trai)ing, and support seThices to our benefioaries. Julla and Hans Rauslng Trust This grant enabled us to continue and expand our foodbank delivery service. It ensured consistent delivery to vulnerable households who struggle with mobilty or transportation barriers to accessing food. The Real Farnilng Trust The award supported our Twinning Project. bridging the rurakurban diwde by enabling partiapants from urban areas to engage in cultural and educats'onal exchanges in rural Swansea. The project promotes mutual understanding and local food sustainability. The Clothworkers. Foundatlon This was a capital grant for building refuth'shment, speaficalty to help us launch and operate our Community Enterprise Hub. It provided essential funding lor strlthral improvemenls and faality upgrades. Page 29 continued...
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMENT IN FUNDS - continued Paul Hamlyn Foundation This award funded our End Workplace E¥Fdoitation Projeci, empowering migrants with knowledge of their rights and supporting local employers to foster induswe, fair environments. The project promotes ethical ernOYment practices. National Grid This grant supported our Warni Hub Project, allowing us to open our space daily to service users who are unable lo afford heating in their homes. It provHJed wath. social interactn. and ar$5 to support in a dignffied setting. Hubbub Foundation This award also supported our foodbank delivery servi. helping us ffleel increased demand and maintain consistent delivery of essential suppl8 to househdds in uisis. Carniarthenshire Council This grant funded our Pathway lo Prospenty Project in Llanelli. delivering wellbeing se55ions such 88 581s8 classes and communrty dropins. These seSon3 loster crynmunity he510 and 5UPPOrt physical and ernolion81 wellbeing. Transfer¥ between funds WCVA issued £48,CMJO repay8ble assistance duwing the ye8r-ended 31$1 August 2023 and this was Ir8n$lerred lo the gener81 fund as a result of the monies Ing spent in full duiing the year. As a result ol overachieving on the projed's tsrgels. there was 8 reduction of the repayable assistance to £13.591 during the year with the drfferen being cognised in the stslernent of finanryal 8¢Aivilies. Restricted ¢apitsl grants wefe re¢eiveil in Ihe cunenl and prior year from Welsh Government, Swansga Council and The Cloth Workers. The cost of Ihe building and subsequent improvements are transferred frorn the restricted funds lo the designated asset fund as the grant$ has fulfilled Ihtrir purpose. Any costs required Itswards the building renovations that are in excess of the gfants provided, have been ¢overed by Ihe neral ftJnd8. 16. RELATED PARTY OISCLOSURES Al the year-end 31 sl August 2023 wa$ a balance 01 £682 owing from Super Bio-boo$l Limited. Super B1ixI0sI Limitèd was dissolvéd on 241h O¢tot4r 2023 and a$ a result th outstanding bglan¢* wgs written off lo the $tstgmonl of financial activrties. $0 outstanding al lh& year-end 31$1 August 2023 w8$ an employ¢¢ loan balance of £9,266. During the yoar, the Trustees approved the reimbursement of costs incurred personalty by the employee during the earty days of the organisation when the Charity had no other income. The total amount to be reimbursed, net of the employee loan. is £14.735. Thè balan¢& owng to èmployee at Ihè yèar4nd was £9,823, and is intèrèst-freè and rèpayablè on dèmand. Page 30
DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP DETAILED STATEMENT OF FINANCIAL ACTIWTIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Grants 875 683,993 422 370,243 684.868 370,e65 Other Income Other Income 2,750 Total Ineomlng rèsourcès 373,415 EXPENDITURE Ralslng donatlons and l•gael•8 Hire purchase 3,441 3,691 Charltablè aetlvltlos Wages Social security Pensions Insurance Light and heat Telephone Advertising Sundries Awards & Events Costs Cleaning costs Office Expenses Hall Hirel Lunch Volunteer Expenses Professional Fees Rent PR Travel Accountan Rates Repairs Staff training Subscriptions Cornputer cost Motor Expenses Food bank Donations Depn of fixtures & fittings Depn of rnotor vehicles Depn of computer equiprnenl Loss on sale of tangible fixed assets 257,568 19,241 5,266 8,799 914 2,289 1,114 954 3,051 1,132 48,238 9.908 243 52,391 4,654 9,911 7,442 165,383 59,628 9,576 S,422 942 2,S42 2,318 2,994 1,6e2 24,382 4.096 429 34,915 4,009 5,618 5,782 1,865 2,655 6,164 834 988 13,454 11,385 4,750 4.879 7,563 350 87 4,401 677 22,772 5.393 6.292 349 914 475.090 384.565 Totsl resources expended 478,531 388,256 Net incomellexpenditurel 206,337 14,8411 This page does not fomi part ofthe stalutory finanaal statements Page 31