TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
Charity Number: 1169928
Contents
Page
| 1. | Legal and administrative information | 1 |
|---|---|---|
| 2. | Annual report of the trustees | 2 |
| 3. | Statement of financial activities | 7 |
| 4. | Balance sheet | 8 |
| 5. | Notes to the accounts | 9 |
1
EDULIFE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Cathy Wheatley Tony Bainbridge Judith Astles Sebastian Notamarco Pope Alexander Graham Oliver Turner Ged Owens Resigned 16 August 20022 Mohammad Dabbas Appointed 21 September 2022 Principal registered address 3 ST. ANDREWS VIEW CHARDSTOCK AXMINSTER EX13 7BX Charity Registration Number 1169928 Bankers NatWest Bank 39 The Borough Farnham Surrey GU9 7NP
2
EDULIFE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022
The Trustees present their Report and Accounts of the Charity for the year ended 31 October 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 1 January 2015.
1. STRUCTURE, GOVERNANCE AND MANAGEMENT
EDULIFE is a charity created by Constitution (Trust Deed) dated 26 October 2016. It is a Registered Charity, number 1169928.
We were delighted this year to create our own EDULIFE Alumni group. Working with our past students we have been able to better understand the challenges faced post University. This work has led to a decision to extend our remit to not only support our students through their education but also for a subsequent year post graduation. We now believe we have a more realistic and compelling student support package, albeit that this does increase the need for improved fundraising initiatives. On completion of their studies our students complete a short survey. The results to date; 100% of students scored the highest score for both the experience of being an EDULIFE student and the support provided.
“From my primary, secondary and university level I have been sponsored by EDULIFE and to be honest this has really changed my life because a lot of youths out there of my age are doing nothing. I am really humbled and will always work extra hard”. Alice - Clinical Medicine
We experimented with a pilot scheme at a local secondary school sponsoring two of our year 7 students. It proved to be an interesting exercise, not only from a fundraising perspective, but also the opportunity to share the experiences of our students and contrast them with those of the UK students.
In addition to the funding received from our generous sponsors (this year 100% scored the highest score with regards to recommending the programme), we held one large fundraising event which was hugely successful. Whilst events have proved challenging there will be renewed efforts to pursue grants, funding and support from bigger bodies or Government.
The Trustees who served the Charity during the year were as follows:
Cathy Wheatley Chair until 21 September 2022 Tony Bainbridge Vice Chair Judith Astles Treasurer Sebastian Notamarco Pope Alexander Graham Oliver Turner Ged Owens Resigned 16 August 2022 Mohammad Dabbas Appointed Trustee and Chair 21 September 2022
3
EDULIFE
Appointment of charity trustees
Apart from the first charity trustees, every appointed trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. An appointed trustee’s term may be extended annually to a maximum of 3 years.
In selecting individuals for appointment as appointed charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
Nominated Trustees
- (a) The Chair may appoint two charity trustees.
(b) Any appointment must be made at a meeting held according to the ordinary practice of the appointing body.
-
(c) Each appointment must be for a term of three years.
-
(d) The appointment will be effective from the later of:
-
(i) the date of the vacancy; and
(ii) the date on which the charity trustees or their secretary are informed of the appointment.
(e) The person appointed need not be a member of the appointing body.
(f) A trustee appointed by the appointing body has the same duty under clause 9(1) as the other charity trustees to act in the way he or she decides in good faith would be most likely to further the purposes of the CIO.
Information for new charity trustees
The charity trustees will make available to each new charity trustee, on or before their 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.
2. OBJECTIVES, ACTIVITIES, RISK MANAGEMENT AND RESPONSIBILITIES
‘EDULIFE’ is the name given to the charitable activities primarily for young people in Zambia. Working with our Zambian partner in Mazabuka we provide support to enable the Sponsorship programme to continue.
-
The objects of the CIO are for the public benefit in Zambia, helping young people to move forward in their lives and assisting children and young people, in particular, but not exclusively, by supporting their education through a sponsorship programme.
-
Assisting and supporting materially, and in any other sense as the trustees see fit, all that is needed to provide access to education and further training for their benefit. Supporting our Zambian Partner, who works to support and care for the children and young people in the community.
-
Providing support with basic education, secondary education and further education, including teacher training and other vocational training.
Grants are made on the basis of the objects above, to students in Zambia on the recommendation of our Zambian Partner.
The routine business of the Trust continues to be carried out on a voluntary basis by the Trustees. There are currently seven Trustees. Decisions on Grants and the management of the Trust’s assets are made by the Board of Trustees.
The Trustees of EDULIFE are duty bound to demonstrate not only competence, challenge, and knowledge of charity affairs, but to make themselves aware of any significant risks which the Charity
4
EDULIFE
may face on a regular basis and to ensure that the annual review of the financial and operational affairs is carried out through internal discussions.
The Trustees monitor all systems and processes to ensure that they are compliant with all relevant legislation including data protection regulations.
When planning the Charity’s activities, the Trustees have given regard to the Charity Commission's guidance on public benefit and are content that the charity delivers public benefit.
3. FINANCIAL REVIEW
The charity received income of £19,134 (2021: £16,971) during the period from donations and fundraising activities.
The ongoing activity of the charity is the payment of sponsorships of which £11,947 (2021: £15,037) were paid during the year. In all 21 (2021: 22) young people received sponsorship.
Reserves policy
The Charity aims to hold sufficient reserves to cover the cost of sponsored students’ education to completion, taking into account those students who have a committed donor. At the end of the financial year, due to the new offering of a stipend to students, there is a shortfall in reserves of £5,000.
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the coming year. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
4. PLANS FOR FUTURE PERIODS
The prime focus for next year will continue to be on fundraising. The new Chair is intent upon creating impactful and sustainable partnerships with large corporates and donors regionally and globally to scale the impact EDULIFE has on Zambia’s communities today, and in the future. We will also continue to build upon last year's work with the Alumni, exploring post graduate opportunities, in particular utilising volunteering opportunities to help bridge the gap between graduation and government employment. This group has also initiated a plan to enable them to support new students by way of ‘giving back’ for the opportunity they have themselves received. As always, we continue to strive to provide the best possible experience for both our students and sponsors.
5. STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The charity’s Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and UK accounting standards (UK Generally Accepted Principles).
The law applicable to charities in England and Wales 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 of the incoming resources and application of resources for the charity for that year. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles of the Charities Statement of Recommended Practice (SORP)
-
make judgments and estimates that are reasonable and prudent
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and
5
EDULIFE
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at the time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees of EDULIFE on 13[th] November 2022 by
Mrs Cathy Wheatley
6
EDULIFE
EDULIFE
Statement of financial activities
For the year ended 31 October 2022
| EDULIFE Statement of financial activities For the year ended 31 October 2022 |
EDULIFE Statement of financial activities For the year ended 31 October 2022 |
|||||
|---|---|---|---|---|---|---|
| Unrestricted Note £ Income from: 3,309 Donations |
Restricted £ 10,658 |
2022 12 months Total £ 13,967 |
Unrestricted £ 4,634 |
Restricted £ 10,634 |
2021 14 months Total £ 15,268 |
|
| Fundraising | 5,168 | - | 5,168 | 1,703 | - | 1,703 |
| 2 Expenditure on: Raising funds Grants Paid Total income |
8,477 4,336 |
10,658 7,611 |
19,135 11,947 |
6,337 5,671 |
10,634 9,366 |
16,971 15,037 |
| Cost of raising funds and administration |
1,318 | - | 1,318 | 127 | - | 127 |
| Reconciliation of funds: Transfer between funds Net movement in funds Total expenditure Net income/(expenditure) before transfers between funds Total funds brought forward |
5,654 2,823 (376) |
7,611 3,047 376 |
13,265 5,870 - |
5,798 539 (227) |
9,366 1,268 227 |
15,164 1,807 - |
| 2,447 24,734 |
3,423 6,631 |
5,870 31,365 |
312 24,422 |
1,494 5,137 |
1,807 29,559 |
|
| Total funds carried forward | 27,181 | 10,054 | 37,235 | 24,734 | 6,631 | 31,366 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 5 to the financial statements.
7
EDULIFE
EDULIFE Balance Sheet As of 31 October 2022
| Note Current assets: Cash at bank Net Current Assets Funds: 5 Restricted funds Unrestricted funds Total funds |
31-Oct-2022 31-Oct-2021 £ £ 37,235 31,366 37,235 31,366 10,054 6,631 27,181 24,734 37,235 31,365 |
|---|---|
Approved by the trustees on 13[th] November 2022 and signed on their behalf by:
Judith Astles
8
Notes to the financial statements For the year ended 31 October 2022
EDULIFE
1. ACCOUNTING POLICIES
a) Basis of preparation and Going concern
The financial statements have been prepared in accordance with 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 2015) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
b) Incoming resources
Income comprises fundraising and donations received.
All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
c) Resources expended
Resources expended are included in the Statement of Financial Activities on a cash basis, inclusive of any VAT which cannot be recovered. All expenditure has been classified under headings that aggregate all costs related to the category. Costs that cannot be directly attributed to particular headings have been allocated to activities on a basis consistent with use of resources.
Grants payable are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
d) Fund accounting
Funds held by the charity are unrestricted general funds, which are available for use in accordance with the charitable objects at the discretion of the Trustees, and restricted funds used for specific purposes as directed by the donors.
e) Assets and liabilities
Current assets are included at the lower of cost and net realisable value. Liabilities are generally recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Liabilities are included at their settlement value.
9
EDULIFE
Notes to the financial statements For the year ended 31 October 2022
2. EXPENDITURE
3. TRUSTEES
None of the Trustees or any persons connected with them received any remuneration during the year.
4. STAFF
The average number of people employed during the year was Nil.
No Trustee received emoluments.
5. MOVEMENT IN FUNDS
Current Year
10
EDULIFE
Notes to the financial statements For the year ended 31 October 2022
MOVEMENT IN FUNDS
Prior 14 months
| Restricted funds: Sponsorship Stipends Total restricted funds Unrestricted funds: General fund Gifts in Kind Total general funds Total funds |
At the start of the year £ 5,137 - |
Income £ 9,135 1,499 |
Expenditure £ (8,773) (594) |
Transfers At the end of the period £ £ 227 5,726 - 905 227 6,631 (227) 24,734 - - (227) 24,734 - 31,366 |
|---|---|---|---|---|
| 5,137 24,422 - |
10,634 3,707 2,630 |
(9,366) (3,168) (2,630) |
||
| 24,422 | 6,337 | (5,798) | ||
| 29,559 | 16,971 | (15,164) |
6. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
7. TAXATION
EDULIFE is a registered charity and therefore is not liable to tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
11