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•$h Flow Ststsm¢nt 17 Note¥ to t￿ Flnanci¥l Ststwnents 18 10 30 D¢ts11￿ Ststsment of Flnan¢l•l A¢tl¥ltl¢• 31 DoGusign Envelope ID." 024F7EA&503D40CA-908fkAF904C9E682E THE CENTRE FOR AFRICAN ENTREPRENEURSHIP CEO'S SUMMARY FOR THE YEAR ENDED 31 AUGUST 2024 As we reflect on the pericxj from September 2023 to August 2024. it is dear that this year has been one of resilien￿. impact, and forward momentum for The CAE. Our mission to eMP￿r ethnically dwerse communities, particularty refugees, asylum seekers, and migrants. has remained steadlast. and we have ccffltinued lo expand our reach. strengthen our advocacy. and deepen our partnerships. This year has been a transforrnative one for The CAE. mathed by rthv milestones, signfficant community irnpact. and an expansion of our influence beyond Wales. Looking bath. our journey has been one of resilience and collecty've effort, tuming ideas into tangible suc￿sSeS that have positively shared the lives of many. At our core. we have ahyays been about people supporting individuals and families lo overcome challenges. build confidence. and access opportunib'e5. Over the past year. we have.. Supported hundreds of relugees. asylum seekers. and migrants in accessing training. employment, and entrepreneurship opportunibe5. helpng them gain finanoal independence and contribute to the economy. Delivered employability and business supwirt 8cty"vib"e5. providing individuals wth skills and guidance lo navigate barriers in the labour market and starl their own ventures. Ran well-being initiative5. including sports and mental heajlh sUPWrt, helping individuals comb81 isolation. 8lre55, and anxiety. particularfy arTh)ng those adjusting lo life in a new country. Engaged young people In leadership arhd skills de¥elopmenl, en5unng that the next generation has the tools and confidence to build a brighter lulure. Through the$# activib"es, we havo Seen reaklrfe success sloritrs emèrge people who trn￿ fèll Ir8pped in a cycle of un¢ertainty are now building bu$intrss&$, Se￿ring 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$iv¢, and ew)omi¢alty vibrant x)mpletion ol SIA Isewrity Industry Authority) training course which took placè al the Mèrcufe Swansea Hotel In Llansamlèt, Swansea from thè 16th lo the 21st ol July 2024. This training would help me se¢ure a job in the security which would help In my financial neèd$. 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 lo￿81¢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 prO￿ssing. This redU￿d her workload while providing partiwants with hands-on famiing experience and fostering community engagement. Setondji's Journey.. Selondji c0ntritr￿ted lo the projecl Ihrough meal preparation, entertainment, and workshops. His invO￿ement showcased his skills and SUpp￿ted 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 be￿een 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 Infl￿nGIng 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$urin9 ￿pres¥nI011Qn and guidancè from lived •X￿￿ences. Enhanced public sensitivity to the challengès fac8d by mi9rant workèrs Ihrou9h avènts, swal media campaigns, and sp*aking &ngagements. Delivèred diversity, equity. inclusion, and a￿SSIbIlity training, ¥long wilh migrant rights gwar$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 rai*n9 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 Vol￿S, 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 reSoUr￿S 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 Ca￿tal 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 c￿￿1 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$lin9 r￿r¥￿5 as an &ffe¢trve way to g&nera¢e ino)me, and th& Cgnlre for African Entreprenèurship will aim to follow a proper and sfjcure Ihe help of èx￿rtS in order lo d$volop 8 Stratègy that could generate good relums lor our ¢r9anisation R•8•rv•8 polley The trustees have revi￿ad 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 spa￿S lor meetings, holding activities etc. Golng conc•m The charity's forecasts and projections, taking account of reaSona￿Y 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 reSoUr￿S 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 ernpowe￿ent. providing co-working spaces. business support. ne￿OrkIng events, and community engagement aclivilies. Strengthening PoI￿Y 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 appren1￿Sh1p access for a$￿uM seekers. Scaling Our Climate Justice & Green Skills Programme- We will expand our environmentsl initiatives, including green job5 training, rircular economy workshops. and svs¢8inable comrnunity projects, ensuring that ethnically diverse wrnmunilies are inckjded in the dimate juslice rnovemenl. UK-Wide Impact and Collaboration- We will continue forging partnerships beyond Wales. collaborating wrth organisations such as Action tor Race Equality. Migrant Aclion. and the Centre for Entrepreneurs in London. Through knowledge exthange and jtynt Inrf￿tlveS. we aim to share best practices and inlluence syslernic chan9e arr¢￿S the UK. Developrnenl of Sustainable Funding Slre8m8- To ensure financial sustainability. we are focusing on diversifying our income sources. including s￿181 enterprise activrties. public sector conlr8ct5. and rnvlli-year grant funding from trusts and found8b"ons. The lavrth of our café within the hub will gener8le additional revenue while providing trainin9 and employment opportunities lor community members. Football and Wel￿being Project- In collaboraty.on wth Ihe FAW and Cymru Football Foundation. we are developing a 3G pitch and calé farilrty in Swan$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 IncO￿A)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 COn￿deratIon 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 be￿een 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$0 provided. This ensures that new trustees are aware ol the SCO￿ of Iheir r&$ponsi￿li1le$ 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