IAFRICA FOUNDATION
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Charity Number: 1163634
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
IAFRICA FOUNDATION
| Trustees | G R Woodford |
|---|---|
| I McFadyen | |
| R Rafferty | |
| Charity Number | 1163634 |
| Registered Office | The Old Rectory |
| Brisley | |
| Dereham | |
| Norfolk | |
| NR20 5LJ |
IAFRICA FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report to the Trustees of iAfrica Foundation | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 17 |
IAFRICA FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the unaudited financial statements of the iAfrica Foundation for the year 01 April 2022 to 31 March 2023.
iAfrica Foundation became a Charitable Incorporated Organisation (CIO) with UK registered charity number 1163634 in September 2015.
The financial statements have been prepared in accordance with the accounting policies set out herein and comply with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2015).
OBJECTIVES AND ACTIVITIES
Policies and objectives
The principal object of the charity is to promote the education (including social training) of people anywhere in Africa and the prevention or relief of poverty anywhere in the world by providing or assisting in the provision of education, training, healthcare and farming projects and all the necessary support designed to enable individuals to generate a sustainable income and be self sufficient.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: Running a Charity (PB2)'.
ACHIEVEMENTS AND PERFORMANCE
Review of activities
Private donations amounting to £32,500 (2022: £35,610), excluding gift aid, were received during the year and these were used to fund the administration costs of the charity and towards development of the ‘iLearnabout’ project, which is intended to improve conservation and environmental education of young children across Africa.
Total income for the year amounted to £40,625 (2022: £267,294). Expenditure to support the charitable objectives during the year was £33,496 (2022: £500,716) and support costs amounted to a credit of £2,615 (2022: £932) due to foreign exchange gains. There was a surplus of income over expenditure of £9,744 (2022: deficit of £234,353).
1
IAFRICA FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Fundraising disclosure
The charity seeks to continue its charitable work through the careful stewardship of its existing resources and its connections. Fundraising activity is carried out by the charity's Trustees. The charity does not employ professional telephone or street fundraisers for fundraising activities.
The charity paid for specialist services during the year to assist with the development of, and fund-raising for, an education project branded ‘iLearnabout’. Development and fund-raising costs for iLearnabout during the year amounted to £33,496 (2022: £42,633) from unrestricted funds.
FINANCIAL REVIEW
Going concern
The Trustees have made an assessment in preparing these financial statements as to whether the charity is a going concern. After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
At the period end the charity had unrestricted funds carried forward of £23,790 (2022: £14,046).
The reserves policy remains to raise support for the iLearnabout project. Expenditure is matched to the level of income that can be raised. The Trustees are confident that sufficient levels of income will be received to support the expenditure requirements and maintain adequate reserves. Additional funds will be spent in the next year on the iLearnabout project.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
iAfrica Foundation is a registered charity, number 1163634, and is constituted under a Trust deed.
Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. There must be at least three Trustees. The maximum number of Trustees is twelve.
Apart from the founding charity Trustees, every Trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity Trustees. Trustees retiring at the end of their term are eligible for reappointment and have been unless noted above.
In selecting individuals for appointment as charity Trustees, the charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
The members of the CIO shall be its charity Trustees for the time being. The only persons eligible to be members of the CIO are its charity Trustees. Membership of the CIO cannot be transferred to anyone else. Any member and charity Trustee who ceases to be a charity Trustee automatically ceases to be a member of the CIO.
2
IAFRICA FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Organisational structure and decision-making policies
Any decision may be taken by Trustees either:
-
at a meeting of the charity Trustees; or
-
by resolution in writing or electronic form agreed by all of the charity Trustees, which may comprise either a single document or several documents containing the text of the resolution in like form to each of which one or more charity Trustees has signified their agreement.
The charity Trustees may delegate any of their powers or functions to a committee or committees and, if they do, they shall determine the terms and conditions on which the delegation is made. The charity Trustees may at anytime alter those terms and conditions, or revoke the delegation.
Policies adopted for the induction and training of Trustees
The charity Trustees will make available to each new charity Trustee, on or before his or her first appointment:
-
(a) a copy of the current version of the constitution; and
-
(b) a copy of the CIO’s latest Trustees’ Annual Report and statement of accounts.
Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
PLANS FOR FUTURE PERIODS
The CIO plans to continue to identify, and raise funding for, substantial projects that enhance the lives of rural people, primarily in Zambia, and improve how education and services are delivered to the rural poor.
Efforts to develop the iLearnabout project, which aims to provide a free world-class digital conservation curriculum to all teachers and students in sub-Saharan Africa, will continue in the coming year.
3
IAFRICA FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the TTU5tees' report and the flnancial statement5 in accordance with applicable law and United Kingdorn Accounting St8ndards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wale5 requires the Trustees to prepare financial Statements for each financial year which give a true and fair view of the state of affairs of the charity and ol its incoming resources and application of resource5. including its incorne and expenditure, for th* period. In preparing these finaneial statements, the Trustees are required to- selett suitable accounting policies and then apply them consistentlv,. observe the methods and principle5 of the Charities SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements,. prepare the financial statement5 on the 80ing concern basis unless it is inappropriate to presume thatthe charity will continue in business. The Trustees are responsible for keeping adequate 3ccounting records that are sufficient to show and explain th charity's transactions and disclose with reasonable accuracy at any time the financial position of the eharity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAceount5 and Report51 Regulations 2008 and the provision5 01 the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable step5 for the prevention and detection of fraud and other irregularitie5. l M¢Fadyen Trustee D3te.' 1811212023 G R Woodford Trustee Date.. 1811212023
IAFRICA FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IAFRICA FOUNDATION
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2) the accounts do not accord with those records; or
-
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Nicholas Knight FCA
Date: 1 8 /12/2023
Welbourne & Co Chartered Certified Accountants 27 Harwood Road Norwich NR1 2NG
5
IAFRICA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
----- Start of picture text -----
Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ £
Income from:
Donations and legacies 2 40,625 - 40,625 267,294
40,625 - 40,625 267,294
Expenditure on:
Charitable activities 3 30,881 - 30,881 501,647
30,881 - 30,881 501,647
Net (expenditure)/income 9,744 - 9,744 (234,353)
Transfers between funds - - - -
Net movement in funds 9,744 - 9,744 (234,353)
Reconciliation of funds:
Total funds brought forward 14,046 - 14,046 248,399
Net movement in funds 9,744 - 9,744 (234,353)
Total funds carried forward 23,790 - 23,790 14,046
----- End of picture text -----
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
6
IAFRICA FOUNDATION BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Current Assets Debtors Cash at b3nk and in hand 17J>OO 6,890 2390 8,875 6,671 15,546 io Creditors= amounts falling due within one year iiooi 11,5001 Net current assets 23.790 14.046 Total assets les$ current Ilabilities 23,790 14,046 Totsl net a55ets 23.790 14,046 Charity ndS Restricted funds Unrestricted funds 23,790 14.046 Total funds 23,790 14,046 The financSal statements were approved and authorised for issue by the Trustees and signed on their behalf by- l McFadyen G R Woodford Date= 1811212023 Date: 1811212023 The note5 on pages 9 to 17 form part of these financial statement5.
IAFRICA FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
----- Start of picture text -----
2023 2022
Note £ £
Cash flows from operating activities
Net cash used in operating activities 9 3,779 (230,565)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year 6,671 239,707
Change in cash and cash equivalents due to exchange rate movements (3,560) (2,471)
Cash and cash equivalents at the end of the year 10 6,890 6,671
----- End of picture text -----
The notes of pages 9 to 17 form part of these financial statements.
8
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
iAfrica Foundation meets the definition of a public benefit entity under FRS 102.
1.2 Going concern
After making appropriate enquiries and taking into consideration future income streams, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
9
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis inclusive of VAT. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Costs generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities and raise funds.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
10
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. Income from donations and legacies
| Unrestricted Restricted Total funds funds funds 2023 2023 2023 £ £ £ Donations (including gift aid) 40,625 - 40,625 Grants - - - 40,625 - 40,625 |
Total funds 2022 £ 52,294 215,000 267,294 |
|---|---|
In the prior year, £52,294 of income from donations and legacies was unrestricted, with a further £215,000 restricted.
11
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3. Analysis of expenditure by activities
| Project costs Governance costs |
Direct Support Total costs costs funds 2023 2023 2023 £ £ £ 33,496 - 33,496 - (2,615) (2,615) 33,496 (2,615) 30,881 |
Total funds 2022 £ 500,716 932 501,647 |
|---|---|---|
Analysis of direct costs
| Zayohub project payments iLearnabout project costs N50 project costs Analysis of support costs Administration Accountancy fees (Gain)/loss on foreign exchange Insurance |
Total funds 2023 £ - 33,496 - 33,496 Total funds 2023 £ 845 100 (3,560) - (2,615) |
Total funds 2022 £ 453,280 42,633 4,803 500,716 Total funds 2022 £ 579 1,770 (2,471) 1,054 932 |
|---|---|---|
12
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4. Auditors' remuneration
| Independent examiner fees Amounts falling due within one year Tax recoverable Amounts falling due within one year Trade creditors Accruals and deferred income |
2023 £ 100 2023 £ 17,000 2023 £ - 100 100 |
2022 £ 1,770 2022 £ 8,875 2022 £ - 1,500 1,500 |
|---|---|---|
5. Debtors: Amounts falling due within one year
6. Creditors: Amounts falling due within one year
13
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
7. Statement of funds
| Statement of funds - current year Balance at 1 Apr-22 Income Expenditure Transfers £ £ £ £ Unrestricted funds Designated funds Vitol Foundation - - - General funds General funds 14,046 40,625 (30,881) Total unrestricted funds 14,046 40,625 (30,881) - Restricted funds Restricted funds Transform/ZayoHub Project - - - Total restricted funds - - - - Total of funds 14,046 40,625 (30,881) - |
Balance at 31 Mar-23 £ - 23,790 23,790 - - 23,790 |
|---|---|
ZayoHub Project - Project to construct community infrastructure in Zambia and deliver livelihoods programs in those Communities, funded by ‘Transform’ (a collaboration between Unilever and DFID) and the Vitol Foundation and delivered by ZayoHub Zambia Limited (a Public Benefit Organisation).
14
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
7. Statement of funds (continued)
Statement of funds - prior year
| Balance at 1 Transfers April 2021 Income Expenditure in/out £ £ £ £ Unrestricted funds Designated funds Vitol Foundation 104,061 - (82,136) (21,925) General funds General funds 8,429 52,294 (48,368) 1,690 Total unrestricted funds 112,490 52,294 (130,504) (20,235) Restricted funds Restricted funds Transform/ZayoHub Project 135,909 215,000 (371,144) 20,235 Total restricted funds 135,909 215,000 (371,144) 20,235 Total of funds 248,399 267,294 (501,647) - |
Balance at 31 Mar-22 £ - 14,046 14,046 - - 14,046 |
|---|---|
ZayoHub Project - Project to construct community infrastructure in Zambia and deliver livelihoods programs in those Communities, funded by ‘Transform’ (a collaboration between Unilever and DFID) and the Vitol Foundation and delivered by ZayoHub Zambia Limited (a Public Benefit Organisation).
15
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Current assets Creditors due within one year Analysis of net assets between funds - prior year Current assets Creditors due within one year |
Unrestricted Restricted funds funds 2023 2023 £ £ 23,890 - (100) - 23,790 - Unrestricted Restricted funds funds 2022 2022 £ £ 15,546 - (1,500) - 14,046 - |
Total funds 2023 £ 23,890 (100) 23,790 Total funds 2022 £ 15,546 (1,500) 14,046 |
|---|---|---|
9. Reconciliation of net movements in funds to net cash flow from operating activities
| Net income/(expenditure) for the year Adjustments for: Increase in debtors Decrease in creditors Gain/(loss) on foreign exchange Net cash used in operating activities of cash and cash equivalents Cash in hand |
2023 £ 9,744 (8,125) (1,400) 3,560 3,779 2023 £ 6,890 |
2022 £ (234,353) 2,875 (1,558) 2,471 (230,565) 2022 £ 6,671 |
|---|---|---|
10. Analysis of cash and cash equivalents
16
IAFRICA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
11. Related party transactions
During the year, a Trustee donated £32,500 (2022: £35,500) plus gift aid to the charity to support administrative costs and the iLearnabout project.
The charity considers the Trustees to be the key management personnel of the charity. No remuneration or expenses were paid to the Trustees during the year (2022: £Nil).
17