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2024-10-31-accounts

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Charity Number: 1169928

EDULIFE

Contents

Page
1. Contents 1
2. Legal and administrative information 2
3. Annual report of the trustees 3
4. Statement of financial activities 6
5. Balance sheet 7
6. Notes to the accounts 8

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EDULIFE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Cathy Wheatley Judith Astles Sebastian Notamarco Pope

Principal registered address Charity Registration Number Bankers

Charity Registration Number

3 ST. ANDREWS VIEW CHARDSTOCK AXMINSTER EX13 7BX 1169928

NatWest Bank 39 The Borough Farnham Surrey GU9 7NP

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EDULIFE

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024

The Trustees present their Report and Accounts of the Charity for the year ended 31 October 2024.

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 continue to work hard to enable young people in Zambia to access education. Our belief has always been that education has the power to change lives and transform communities and yet again we have seen this to be true in this financial year.

Our school students all passed their grade 12 exams earlier this year. Working with another Zambian focused charity ‘Our Moon’ we supported two of our highest achieving students to submit applications for their Young Leaders Course. With 200 applications for 8 places, we were thrilled that one of our students, Martin, successfully secured a place and is making great progress and quite an impression! Unfortunately, Cephas our other student had to withdraw due to a family bereavement during the selection process. He has however obtained a place at the University of Zambia to study medicine and surgery and as we have the funds to support him for the next seven years, we agreed that we would remain operational until he graduates.

The two university students referenced last year, James and Kelvin have both graduated and are in employment. They were both very eloquent in expressing their gratitude for the support received and the impact obtaining their degrees has had on their lives. In addition, we had three other students graduating in teaching and public health.

We continue to be extremely proud of the difference that EDULIFE is making to young people in Zambia, every little helps.

The Trustees who served the Charity during the year were as follows:

Cathy Wheatley Chair Judith Astles Sebastian Notamarco Pope

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

(b) Any appointment must be made at a meeting held according to the ordinary practice of the appointing body.

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EDULIFE

(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:

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.

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 three 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 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 £2,532 (2023: £10,803) during the year from donations, gift aid and interest.

The ongoing activity of the charity is the payment of sponsorships of which £5,015 (2023: £9,500) were paid during the year. In all 12 (2023: 20) young people received sponsorship.

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EDULIFE

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

Our projected financial forecast means that we can continue to support the students currently enrolled in our programmes. We have sufficient funds to ensure our students can complete either their university courses or secondary education. Until that time, the charity will remain operational – albeit not visibly – and will be run by a small team of the existing Trustees. We will ensure continued support to our students and transparency to our sponsors, whilst maintaining operational governance in line with the Charity Commission's guidelines.

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:

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 4 December 2024 by

Mrs Cathy Wheatley

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EDULIFE

Statement of financial activities

For the year ended 31 October 2024

2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income
from:
Donations 674 1,625 2,299 331 10,403 10,734
Fundraising - - - 69 - 69
Bank interest 233 233 - - -
Total income 907 1,625 2,532 400 10,403 10,803
Expenditure on:
Raising funds
Grants Paid 866 4,149 5,015 1,784 7,716 9,500
Cost of raising funds and
administration		 2 90 - 90 411 - 411
Total expenditure 956 4,149 5,105 2,195 7,716 9,911
Net income/(expenditure)
before transfers between
funds
(49) (2,524) (2,573) (1,795) 2,687 892
Transfer between funds (69) 69 - - - -
Net movement in funds (118) (2,455) (2,573) (1,795) 2,687 892
Reconciliation of funds:
Total funds brought forward 25,777 12,350 38,127 27,572 9,663 37,235
Total funds carried forward 25,659 9,895 35,554 25,777 12,350 38,127

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.

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EDULIFE

Balance Sheet
As of 31 October 2024
Note 31-Oct-2024 31-Oct-2023
£ £
Current assets:
Cash at bank 35,554 38,127
Net Current Assets 35,554 38,127
Funds:
Restricted funds 5 9,895 12,350
Unrestricted funds 25,658 25,777
Total funds 35,554 38,127

Approved by the trustees on 4 December 2024 and signed on their behalf by:

Mrs Judith Astles

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EDULIFE

Notes to the financial statements For the year ended 31 October 2024

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.

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EDULIFE

Notes to the financial statements For the year ended 31 October 2024

2. EXPENDITURE

Grants paid
Sponsorship & Stipend		 2024
£
5,015		 2023
£
9,500
Total grants paid
Administrative expenses
Insurance
Bank charges
ICO registration fee		 5,015
-
55
35		 9,500
267
109
35
Total administrative expenses 90 411
Total expenditure 5,105 9,911

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

At the start
of the year		 At the start
of the year		 Income Income Expenditure Expenditure Transfers Transfers At the end
of the year
Restricted funds:
Sponsorship &
Stipends		 £
12,350		 £
1,625		 £
(4,149)		 £
69		 £
9,895
Total restricted funds
Unrestricted funds:
General fund		 12,350
25,777		 1,625
907		 (4,149)
(956)		 69
(69)		 9,895
25,658
Total general funds 25,777 907 (956) (69) 25,658
Total funds 38,127 2,532 (5,105) - 35,554

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EDULIFE

Notes to the financial statements For the year ended 31 October 2024

6. MOVEMENT IN FUNDS

Prior year

Prior year Prior year
At the start
of the year		 Income Expenditu
re		 Transfer
s		 At the end
of the
year
Restricted funds:
Sponsorship &
Stipends		 £
9,663		 £
10,403		 £
(7,716)		 £
-		 £
12,350
Total restricted
funds
Unrestricted
funds:
General fund		 9,663
27,572		 10,403
400		 (7,716)
(2,195)		 -
-		 12,350
25,777
Total general funds 27,572 400 (2,195) - 25,777
Total funds 37,235 10,803 (9,911) - 38,127

7. RELATED PARTY TRANSACTIONS

There were no related party transactions in the year.

8. 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.

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