Company registration number". 9198014
Charity registration number: 1167106
Aspyre Africa
(A company limited by guarantee)
Annual Report and Financial Statements
for thc Year Ended 30 September 2023
AKA Accountants Limited
Suite 151
24 - 28 St Leonards Road
Windsor
Berkshire
SL4 3BB

Aspyre Africa
Contents
Reference and Administrative Detsils
Truste¢s' Report
2to5
Independent Examiner Report
6t07
tndependent Examinees Report post June 2016
8tolO
Statement of Financial Activities
Ilto 12
Balance Sheet
13
Notes to the Financial Statements
14to24

Aspyre Africa
Reference and Adm inistrative Details
Charity Registration Number
J 167106
Company Registration Number
9198014
The charity is incorporated in England and Wales.
Registered Office
31 Pursers Cross Road
London
SW6 4QY
Independent Examiner
AKA Accountants Limited
Suite 151
24 - 28 St Leonards Road
Windsor
Berkshire
SL4 3BB
Page I

Aspyre Africa
Trustees, Report
The trustees. who are directors for the purposes of company law, present the annual report together with the
financial statements and examiners, report of the charitable company for the year ended 30 September 2023.
Objectives gnd activities
Objecls
The Charity's objects, &s defined in its Memorandum and Articles of Association. incorporated 1st September 2014
and amended by special resolution 6th April 2016. are specifically restricted to the prevention or relief of povety or
financial hardship of young people aged 15 to 25 in Senegal in particular but not exclusively in such ways as thc
trustees think fit including by providing or assisting in the provision of education. trdining and all the necessary
support designed to enable individl￿S to generate a sustainabl¢ incom¢ and be s¢lf-sufficienL
Misson
To provide vulnerable young people in Senegal with access to quality vocational training, market-driven
employment and entrepreneurship OPPOTtunities by developing a sustainable model of services and bringing about
systemic change.
Objectives
To undertake grassroots level £Spilot" projects:
To test innovative me&sures which address the issues preventing vulnerable young people from
accessing quality vocational training and decent work
To gather lessons learned in different contexts and sectors, with different target groups and
different vocational training centres
To refine Aspyre Africa's draft 66Model of Services" and recommendations based on lessons learned
through pilot projects and research
To contribute to systemic change and sustsinable solutions to provide equal access to quality vocational
training and decent work for vulnerable young people.
Page 2

Aspyre Africa
Trustees, Report
Review ofAcliw"lies
Aspyre Africa continued to undertake its pilot projects. In Saint-Louis, Aspyre Africa supw)rted 40 Koranic students
through their vocational training. 20 were trained in the installation and maintenance of solar panels at the Esebat
centre. A further 20 were trained in car mechanics at the Lycee Technique Anthe Peytavin. Meanwhile, Aspyre
Africa continued to provide guidance and ¢ntrepreneurship suptK)rt to its fomier trainees in horticulture, including
helping some to access start up funds to set up their own income generating activities.
In this financial year Aspyre Africa also expanded its activities to Guediawaye, a suburb of Dakar. In partnership
with the "Centrc de Sauvegarde de Pikinel Guediawaye" (safeouarding centre) Aspyre Africa recruited 3 groups
(60 in total) of at-risk young people to be enmlled in training (solar energy. car mechanics & welding) at the nearby
Lycee Limamou Laye (Ministry of Vocational Training), one of Senegal's most successful educational
establishments.
A true milestone for Aspyre Africa this year was th¢ fact that the technical part of the trdining projects undertaken
was funded directly by the 3Fpf, the Senegalese Government Fund for Vocational Training. In addition to covering
the missing essential components including breakf&st and transporl Aspyre Africa was able to focus on its added
value: reaching out to the most vulnerdble, making sure they .
tret enrolled. guiding and supporting them throughout
the training, making sure they have the nccessary skills and support to enter the labour market or start their own
income generating activity.
Many lessons were learned to help refine Aspyre Africa's draft "Model of Services"
Aspyre Africa continued to
document the challenges young people are facing as well as the challenges experienced by the trdining centres and
other service&
In March 2023 Aspyre Africa was officially recognised as a foreign charity working in Senegal and was able to sign
a fornial partnership with the Ministry of Vocational Training. Temis of references were drafted to undertake two
baseline surveys to be undertaken in the next financial year.
Public benefil
Activities undertaken to further
ublic benefit
The trustees confirn] that they have complied with the requirements of section 17 of the Charities Act 2011 to have
due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Trnstees and officers
The trustees and officers serving during the year and since the year end were as follows".
Trustees:
Veronique Cowan
Savina Geerinckx
Katia Hountondji
Michael Mattingly
Saliou Se¢k
Marie-Laure Prevost
Page 3

Aspyre Africa
Trustees, Report
Structure, governance and management
Nalure ofgoverning documenl
Aspyre Africa's governance is described in its Mcmorandum and Articles of Association.
The Company was registered with the Charity Commission on the 16th of May 2016. The Current Board of
Trustee-Dir¢ctors is shown on the previous page. New candidates are considered by the existing Trustee-Directors
according to how their skills and extxrience match identified needs.
St8tement of trnstees, responsibilities
The trustees (who are also the directors of Aspyre Africa for the purposes of company law) are responsible for
preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been
prepared in accordance with the provisions in the Compani&8 Act 2006 Telating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the
trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the
state of affairs of the charitable company and of the incoming resources and application of resources, including its
income and expenditure, of the charitsble company for that period. In preparing these fjnancial statements. the
trustees are required to:
select suitable accounting policies and apply them consistently.
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards, comprising FRS 102 have been followed. subject to any material
departures disclosed and explained in the financial statements; and
prepare the flnancial statements on the going LM)ncern basis unless it is inappropriate to presume that the
charitable company wil I continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any
time the financial position of the charitable company 2nd enable th¢m to ensure that the financiaJ statements comply
with the Companies Act 2006. They arc also responsible for safeguarding the assets of the charitable company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the c4)rpordte and financial inforn)ation included on
the charitable company's website. Legislation governing the preparation and dissemination of financial statements
may differ from Icgislation in other jurisdictions.
Disclosure of inforniation to exgminer
Each trustee has taken steps that they ought to have taken as a trustee in onler to make themselves aware of any
relevant examine inforniation and to establish that the charity's examiner is aware of that inforniation. The trustees
confirn] that there is no rclevant information that they know of and of which they know the examiner is unaware.
Page 3

Aspyre Africa
Trustees, Report
Small eomp8nies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report w&s approved by the trustees of the charity on JO May 2024 and signed on its behalf by:
VeTonique Cowan
Trustee
Page 5

Aspyre Africa
Independent Examiners. Report to the Members of Aspyre Africa
We have examined the financial statements of Aspyre Africa for the year ended 30 September 2023. which comprise
the Statement of Financial Activities, Balance Sheel and the related notes. The financial reporting framework that
has been applied in their preparation is applicable law and Financial Reportino Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)).
This report is made solely to the charitsble company's trustees, as a body. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our examine work has been undertaken so that we might state to the charity's trustees
those matters we are required to stat¢ to them in an examiner's report and for no other purpose. To the fullest extent
pemiitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its
trustees as a body, for our examine work, for this repor4 or for the opinions we have fornied.
Respeetive responsibilities of trllSte￿ and examiners
As explained more fully in the Ststcment of trustees, responsibilities (set out on page 4), the trustees (who are also
the directors of the charitable company for the purposes of company Raw) are responsible for the preparation of the
financial stat¢ments and for being satisfied that thcy give a true and fair view. Our responsibility is to examine and
express an opinion on the financial statements in accordance wilh applicable law and International Standards on
examining (UK and Ireland}. Those standards require us to comply with the Auditing Prnctices Board's (APB'S)
Ethical Standards for Examiners.
Scope of the examine of the financi21 statemeuts
An examine involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to
give reasonable assurance that the financial statements are free from material misstatemen( whether caused by fraud
or error. This includes an assessment of." whether the accounting policies are appropriate to the charitable company's
circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant
accounting estimates made by the trustees. and the overall presentation of the financial ststements. In addition, we
read all the financial and non-financial inforniation in the Trustees, Report to identify material inconsistencies with
the examined financial statements and to identify any infonnation that is apparently materially inc0￿eCt based on, or
materially inconsistent witlL the knowledge acquired by us in the course of perfonning the examine. If we become
aware of any apparent material misstatements or inLX)nsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 30 September 2023 and of its results
for the year then cnded.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the r4uirements of the Companies Act 2006.
OpinioD on other matter prescribed by tbe trustees, report
In our opinion the infonnation given in the trustees, report for the financial year for which the financial statements
are prepared is consistent with the financial ststements.
Matters on whieh we are required to report by exeeptioD
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to
you if, in our opinion:
Page 6

Aspyre Africa
Independent Examiners, Report to the Members of Aspyre Africa
adequate accounting records have not been kepL or returns adequate for our examine have not been received
from branches not visited by us" or
the financial statements are not in agreement with the accounting records and returns" or
certain disclosures of trustees remuneration specified by law are not made" or
we have not receiv¢d all the infonnation and explanations we require for our examine.
(Senior Statutory Examincr)
For and on behalf of AKA AccounL2nts Limite￿ Statutory Examiner
Suite 151
24 - 28 St Leonards Road
Windsor
Berkshire
SL4 3BB
28 May 2024
Page 7

Aspyre Africa
Independent Examiners Report to tbe Members of Aspyre Africa
I report on the accounts of the charity for the year ended 30 September 2023 which are set out on pages I I to 24 .
In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs ￿ at 30 September 2023 and of its incoming
resources and application of resources, including its income and expenditure, for the year then ended.
have be¢n properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our examine in accordance with International Standards on examining (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the examiner responsibilities for
the examine of the financial statements section of our report. We are independent of the Charity in accordance with
the ethical requirements that are relevant to our examine of the financial statements in the UK, including the FRC'S
Ethical Standard. and the provisions available for small entitie& in the circumstanLYs set out in note to the financial
statements, and we have fulfilled our other ethicaI responsibilities in accordance with these requirements. We
believe that the examine evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In examining the financial statemen& we have concluded that the trustees use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
B&8ed on the work we have perforn)ed. we have not identified any material uncertainties relating to events or
conditions tha( individually or collectively, may cast signifjcant doubt on the charity's ability to continue as a going
concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the truslees with respect to going concern are described in the relevant
sections of this r¢porL
Other information
The trustees are responsible for the other inforniation. The other infom]ation comprises the inforniation included in
the annual report, other than the financial statements and our exatniner's report thereon. Our opinion on the financial
statem¢nts does not cover the other infom)ation and, except to the extent otherwise explicitly stated in our reporL we
do not express any forn] of assurance conclusion thereon.
Jn connection with our examine of the financial statements, our responsibility is to read the other inforniation and, in
doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our
knowledge obtained in the examine or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent materiat misstatementy we are required to detern]ine whether there is a material
misstatement in the financial statements or a material misstatement of the other inforn)ation. If, based on the work
we have perfornied, we conclude that there is a material misstatement of this other Informatio￿ we are required to
report that facL
We have nothing to report in this regard.
Page 8

Aspyre Africa
Independent Examiners Report to the Members of Aspyre Africa
Opinion on other matter prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the examine:
the infomiation given in the Trustees, Report for the financial year for which the fmancial statements are
prepared is consistent with the financial statements. and
the Trustees, Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Gharity and its environment obtained in the course of the
examine, we have not identified material misstatements in the TTh￿teeS, ReporL
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to
you if, in our opinion".
adequate accounting rccords have not been kepL or returns adequate for our examine have not been received
from branches not visited by us" or
the financial statements arc not in agreement with the accounting records and returns" or
certain disclosures of trustees remuneration specified by law are not made; or
we have not received all the infomiation and explanations we require for our examine.
Responsibilities of trustees
As explained more fully in the Statement of trustees, responsibilities (set out on page 4). the trustees are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such
internal control as the trustees detern)ine is necessary to enable the prepardtion of financial statements that are free
from material misstatemenL whether due to frdud or ern)r.
In preparing the financial statementy the trustees are responsible for assessing the charity's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic
alternative but to do so.
Examiner responsibilities for the examine of the financial statements
Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from
material misstatem¢n¢ whether due to fraud or error, and to issue an examiner's report that includes our oplnion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an examine conducted in accordance
with ISAS (UK) will always detcct a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggtEgat4 they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financiat statem¢nts.
The extent to which our proc&lures are capable of detecting irregulariti4 including fraud is detailed below:
Use of our report
This report is made solely to the charitable company's trustees, as a body) in accordance with Chapter 3 of Part 16 of
the Companics Act 2006. Our examine work has been undertaken so that we might state to the charity's trustees
those matters we are required to state to them in an examiner's report and for no other purpose. To the fullest extent
pern]itted by law, we do not accept or assume resp)nsibility to anyone other than the charitable company and its
trustees as a body, for our examine worL for this repoo or for the opinions we have fornied.
Page 9

Aspyre Africa
Independent Examiners Report to the Members of Aspyre Africa
(Senior Statuto
Examiner)
For and on behalf of AKA Accountants Limited. Statutory Examin
Suite 151
24 - 28 St Leonards Road
Windsor
Berkshire
SL4 3BB
28 May 2024
Page 10

Aspyre Africa
Statement of Financial Activities for the Year Ended 30 September 2023
ncluding Income and Expenditure Account and Statement of Total Recognised Gains and
Losses)
Unrestricted
funds
Total
2023
Restricted funds
Note
Income and Endowmellts from=
Donations
Other income
2.076
1.918
32.341
34,417
1,918
Total income
3,994
32.341
36.335
Expenditure on:
Raising funds
Charitable activities
Governance costs
Support costs allocated to activities
(429)
{429)
(18,669)
(754)
299
(18.669)
10
(754)
299
Total expenditure
20.151
Net (cxpenditureyincome
2,512
13,672
Net movement in funds
2.512
13,672
16,184
Reconciliation of funds
Total funds carried forward
13
2.512
13.672
16.184
The notts on pages 14 to 24 forn an integral part of these financial statements.
Pagell

Aspyre Africa
Statement of Financial Activities for the Year Ended 30 September 2023
(Including Income and Expenditure Account and Statement of Total Recognised Gains and
Losses)
Unrestricted
funds
Total
2022
Restricted funds
Note
Income and Endowments from:
Donations
Other income
4,979
933
1,081
6,060
933
Totsl income
6.993
Expenditure on:
RaTsing funds
Charttabl¢ activities
Governance costs
Support costs allocated to activities
(492)
(492)
(8,275)
(252)
3,037
(8.275)
10
(252)
3,037
Total expenditure
Net (expenditure)lincome
2,131
7,194
5,063
Net movement in funds
13
2,131
1,081
5,063
Reconciliation of funds
All of the charity's activities derive from continuing operations during the above two pcriods.
The funds breakdown for 2022 is shown in note 13.
The notes on pages 14 to 24 forni an integral part of these fjnancial statements.
Pagell

Aspyre Africa
(Registration number: 09198014)
Balance Sheet as at 30 September 2023
2023
2022
Note
Current assets
Cash at bank and in hand
12
30,077
13.232
Creditors: Amounts falling due within one year
Net assets
13
660
29.417
13.232
Funds of the charity:
Restricted income funds
Restricted funds
14,444
772
Unrestricted income funds
Unrestricted funds
14.973
Totsl funds
14
29.417
These financial statements have been prepared in accordance with the special provisions ￿lating to companies
subject to the small companies regim¢ within Part 15 of the Cornpanies Act 2006.
The financial statements on pages l l tr) 24 were approved by the trustee4 and authorised for issue on 30 May 2024
and signed on their behalf by:
Veronique Cowan
Trustee
The notes on pages 14 to 24 fom] an integral part of these financial statements.
Page 13

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
I Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share
capital. Each of the trustees is liable to contribute an amount not exceeding £5 towards the assets of the charity in
the event of liquidation.
The address of its registered office is:
31 Pursers Cross Road
London
SW6 4QY
These financial statements wcre authorised for issue by the trustees on 30 May 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied tt) all the years presented. unless otherwise stated.
Statement of compliance
The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: Statement
of Recommended Practice (applicable to charities pr¢paring their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities
SORP (FRS 102)). the Financial Rcporting Standard applicable in the UK and Republic of Ireland (FRS 102) and
the Companies Act 2006.
Basis of preparation
Aspyre Africa meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially
r¢cognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going CODcern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going
concern nor any significant areas of uncertainty that affect the carrying value of a$￿ts held by the charity.
Income and endowments
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 the income rcceivable can be measured reliably.
Page 14

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
Donations
Donations are recognised when the charity has been notified in WTiting of both the amount and settlement date. In
the event that a donation is subject to conditions that requi￿ a level of perfonnance by the charity before the charity
is entitled to the fvnds. the income is deferred and not recognised until either those conditions are fully mel or the
fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will
be fulfilled in the reporting period.
Invulment income
Dividends are recognised once the dividend has been declatEd and notification has been received of the dividend
due.
Expenditure
All expenditure is recognised once th¢re is a legal or constructive obligation to that expenditurq it is probable
settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure
heading that aggregatc similar costs to that category. Where wsts cannot be directly attrlbuted to particular headings
they have been allocated on a b&sis consistent with the use of resourc¢& with central staff costs allocated on the
basis of tiTne spent, and depreciation charges allocated on the ￿rtIOn of the asset's use. Other support costs are
allocated bascd on the spread of staff costs.
Rwsingfunds
These are costs incurred in attsxcting voluntary income, the management of investments and those incurred in
trading activities that raise funds.
Charitable activities
Charitable activities include central functions and have been allocated to activity cost categories on a basis
onsistent with the use of resource& for example. consultancy fees and project costs.
Governante costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements,
including examine, strategic management and trustees meetings and reimbursed expenscs.
Taxation
The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finansx Act 2010 and therefore it
meets the definition of a charitable company for UK corporation Purposes. Accordingly, the charity is potentially
exempt from taxation in respect of income or capital gains Icceived within categories covered by Chapter 3 Part I I
of the Corporation Tax Act 201 O or Section 256 of the T￿ation of Chargeable Gains Act 1992, to the extent that
such income or gaÉns are applied exclusively to charitsble purposes.
Page 15

Aspyre Africa
Notes to the Finaneial Ststements for the Year Ended 30 September 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payablc are classified as current liabilities if the charity does not have an
unconditional right. at the end of the reporting period, to defer settlement of the creditor for at least twelve months
after the reporting date. If there is an unconditional right to defer settlement for at least twelve rnonths after the
reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using
the effective interest method.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets
and liabilities denominated in foreign curr¢nci&s at the balance sheet date are reported at the ratss of exchange
Prevailing at that date.
The results of overse&s operations are translated at the average rates of exchange during the period and their balance
sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net
assets and results of overs¢as operations are reported in other comprehensive income and accumulated in equity
(attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial A￿1vitieS in the period in which they arise
except for:
l) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other
comprehensive income. and
3) in the case of the consolidated financial statement& exchange differences on monetary items receivable frorn or
payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forniing part of
the net investment in the foreign operation), which are rccognised in other comprehensive income and reported
under equity.
Fund structure
Unrestricted income fi]nds are general funds that are available for use at the trustees discretion in furtherance of the
objectives of the charity.
Designated funds are unrestiicted funds set aside for specific purFK)ses at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is
restricted to that area or purpose.
Page 16

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
inancial instruments
Anveslments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are
publicly traded or their faiT value is reliably measurable) are measured at fair value through profit or loss. Where fair
value cannot be measured reliably, investments are measured at cost less impairnienL
Investments in subsidiaries and associates are measured at cost less impairnienL For investments in subsidiaries
acquired for consideration including the issue of shares qualifyino for merger relief, cost is measured by reference to
the nominal value of the shaT¢S issued plus fair value of other consideration. Any premium is ignored.
Derivutivefinancial inslruments
The charity uses derivative financial instrnments to reduce exposure to forei.(Tn exchange risk and interest rate
movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives ar¢ initially recognised at fair value at the date a derivative contract is entered into and are subsequently
remeasured to their fair value at each reporting dat¢. The resulting gain or loss is recognised in statement of financia
activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the
timing of the recognition in statement of financAal activities depends on the nature of the hedge relationship.
F￿r value measuremenl
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are
unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there
has not been a significant change in economic circumsLqnces or a significant lapse of time since the transaction took
place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of
fair value. the fair value is estimated by using a valuation technique.
3 Income from donations
Unrestricted funds
Designated
General
Restricted
funds
Total
2023
Donations"
Donations from companies, trusts and
similar proceeds
(£25,200 received from Moneygram
through Global Giving)
Donations
25.200
7.141
25200
9.217
2.076
32,341
34.417
Page 17

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
Unrestricted funds
Designated
General
Restricted
funds
Total
2022
Donations
4,979
1,081
6.060
4.979
6.060
4 Other ineome
Unrestricted funds
General
Total
2023
Online Fundraising
Merchandise
Gift Aid
Interest receivable on bank deposits
407
387
1.072
52
1,918
407
387
1,072
52
1,918
Unrestricted funds
General
Total
2022
Online Fundrnising
Merchandise
Gift Aid
Interest receivable on bank deposits
135
724
135
724
70
70
933
933
Page 18

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
5 Expenditure on raising funds
Raising funds
Unrtstricted
funds
General
Total
fund$
Nots
Raising ￿lld$
429
429
Total for 2023
429
429
Total for 2022
492
492
Total
costs
6 Expenditure on charitable activities
Restricted funds
General
Total
funds
Note
Charitable activities
18,669
Total for 2023
18,669
18,669
Total for 2022
8.275
8.275
Page 19

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
8 Analysis of raising fund costs
Raising funds expenditure
Unrestricted
funds
General
Total
funds
Basis of allocation
Website
Fundraising
Trading
79
79
120
230
120
230
Total for 2023
429
429
Total for 2022
492
492
9. Analysis of charitable aetiviti£s
Restricted funds
Gener21
Total
funds
Basis of allocation
Allowances for trainees on vocational training
programmes
Programmes manager Dakar
Programmes manager St Louis
Project oifjcer St Louis
2,883
8.147
6,221
1.418
2.883
8,147
6,221
1.418
Total for 2023
18,669
18.669
Total for 2022
8,275
Page 20

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
10 Governance costs
Unrestrieted
funds
General
Total
nds
Basis of allocation
Accountancy fees
Legal fees
Annual return
G¢ncral expenses
660
660
35
35
13
13
46
Total for 2023
754
754
Unrestricted
funds
General
Total
funds
Basis of allocation
Annual return
General expenses
Dats Protection Fee
13
204
13
204
35
35
Total for 2022
252
252
11 Taxation
The charity is a registered charity and is therefore exempt from t&¥ation.
12 Cash and cash equivalents
2023
2022
Cash at bank
30,077
13,232
Page21

Aspyre Africa
Notes to the Financial Statements for the Year Ended 30 September 2023
13 Creditors: amounts falling due within one year
2023
A¢¢ruals
660
660
14 Funds
Balance gt I
October 2022
IncomiJRg
resources
Resources
expended
Balance at 30
September 2023
un￿￿tricted funds
General
12.460
3.995
(1.482)
14,973
Total unrestricted funds
12.460
3,995
(1,482)
14,973
Restricted funds
772
32.340
Total funds
13.232
36.335
20,150
Page 21

Aspyre Africa
Notes to the Financial Ststements for the Year Ended 30 September 2023
Balance at I
October 2021
Incoming
resources
Resources
expended
Balance at 30
September 2022
Unrestricted funds
General
933
6,239
Designated
7.172
4.979
Total unrestricted funds
4,979
933
Restricted funds
6,239
12.151
1.081
Total funds
1,081
6,060
933
6,239
13,232
15 Analysis of net assets between funds
Total funds at 30
September
2023
Funds
General
Cu￿ent assets
Current liabilities
30,077
660
30,077
660
Total net assets
29.417
29,417
Current assets of £30.077 is for cash at bank balance. Out of thi& £14,444 are
restricted funds and £15.633 are unrestricted funds.
Unrestricted Total funds at 30
funds
September
General
2022
Current assets
13.232
16 Anglysis of net funds
At l October At 30 September
2022
2023
Cash at bank and in hand
13,232
30,077
13232
30.077
Page 22

Aspyre Africa
Statement of Financial Activities by fund for the Year Ended 30 September 2023
Unrestricted Funds
Total
Total
unr￿trActed Unrestricted
Funds
Funds
2023
2022
Income and Endowments from:
Donations
Merchandise
Investment income
Gift Aid
Onlin¢ fundraising
Total income
2,076
387
52
4.979
724
1.072
407
135
3,994
5,912
Expenditure on:
Raislng funds
Governance costs
Charitable activities
Support costs all￿ated to activities
Total expenditure
Net expenditure
Reconciliation of funds
(429)
(754)
(492)
(252)
(5,351)
3.037
299
1.482
3,220
Total funds carried forward
2,512
3,220
This page does not forni part of the statutory financial statements.
Page 23

Aspyre Africa
Statement of Financial Activitios by fund for the Year Ended 30 September 2023
Restricted Funds
Total
Restricted
Funds
2023
Totsl
Restrieted
Funds
2022
Income and Endowments from:
Donations
32,341
1.081
Total income
32,341
1,081
Expenditure OD:
Charitable activities
18.669
2.924
Net income
13,672
1,843
Reconciliation of funds
Total funds carried forward
13,672
1,843
This page does not forni part of thc statutory financial statements.
Page 24

Aspyre Africa
Detailed Statement of Financial Aetivities for the Year Ended 30 September 2023
Totsl
2023
Total
2022
Donalions
Appeals and donations
Gift Aid tax reclaimed
34,417
1.072
35.489
6.060
70
6,130
Chan"lable aetivi¢ie5
Merchandise
387
724
387
724
Investmenl income
Interest on cash deposits
52
52
Ollier income
Online Fundraising
407
407
135
135
R￿Sing[Un(l￿
Merchandise
Website
Fundraising consultant
(230)
(79)
(120}
(160)
(332)
429
492
Charilable aclivities
Allowances for trainees on vocational tszining programmes
Project officer Saint Louis
Programmes Manager Dakar
Programmes Manager Saint Louis
(2,883)
(1,418)
(8,147)
6.221
18.669
(2,253)
(3,980)
2,042
8,275
Governance costs
Accountancy fees
Legal fees
Annual return
General expenses
(660)
(35)
(13)
(35)
(13)
204
754
252
Page 25

Aspyre Africa
Detailed Statement of Financial Aetivities for the Year Ended 30 September 2023
Support Costs allocated to aetivities
Bank charges
Monitoring and Evaluation costs
Translation
(193)
(93)
(2.774)
170
3,037
106
299
This page does not form part of the statutory financial statements.
Page 26