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2024-03-31-accounts

Charity number: 1178306

AFRICA EDUCATIONAL TRUST

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

AFRICA EDUCATIONAL TRUST

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustee's report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 23

AFRICA EDUCATIONAL TRUST

Reference and administrative details of the Charity, its Trustees and advisers
For the Year Ended 31 March 2024
Trustees Street Child
Charity registered
number 1178306
Principal office 33 Creechurch Lane
London
EC3A 5EB
Executive director Ms Julie Polzerova
Website www.africaeducationaltrust.org
E-mail info@street-child.org
Independent auditors Moore Kingston Smith LLP
Chartered Accountants
9 Appold Street
London
EC2A 2AP
Bankers Barclays
Leicester
LE87 2BB

Page 1

AFRICA EDUCATIONAL TRUST

Trustee's report For the Year Ended 31 March 2024

The Trustee submits its annual report together with the audited financial statements of the Charity for the 1 April 2023 to 31 March 2024.

The Accounts have been prepared in accordance with the accounting polices set out in the notes to the accounts and comply with the Charity’s Trust Deed, The Charities Act 2011 and the requirements of the “Statement of Recommended Practice” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) published on 16 July 2014.

Structure, governance and management

a. Constitution

Africa Educational Trust was created by Deed dated 1st August 1958 and was registered with the Charity Commission (Registration Number 313139) as a charity. The Trust converted to a CIO (Charitable Incorporated Organisation) and the entire undertaking of the unincorporated trust known as Africa Educational Trust (the Old Trust) was transferred to the CIO and registered with the Charity Commission for England and Wales with registered charity number 1178306. The legal and beneficial title to the unrestricted assets of the Old Trust were transferred to the CIO on 9 May 2018.

Africa Educational Trust adopted Street Child as its sole corporate Trustee on 1 September 2020 wherein the Trust’s Board dissolved with three Trustees being co opted to the Street Child Board of Trustees. However, AET remains a CIO registered with the Charity Commission for England and Wales acting as a subsidiary entity of Street Child.

The purpose of the Trust is to advance education for the public benefit in Africa by such means as the trustees deem appropriate, in particular by improving access for those excluded from educational opportunities by reason of conflict, discrimination or poverty and through the study of and dissemination of knowledge concerning African affairs.

Street Child Board, who as charitable trustees have the legal responsibility for the effective use of resources in accordance with the objectives of the Africa Educational Trust and for providing effective leadership and direction.

The Trusts' Constitution requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the statement of affairs of the Trust and of its financial activities for the period.

New Trustees or additional Trustees have to be nominated by at least two Trustees and elected by a majority of the Trustees. Trustees may by resolution remove any Trustee and a Trustee is deemed to have resigned if they are: (i) Absent for four consecutive meetings of the Board of Trustees or (ii) Absent from all meetings of the Board of Trustees held in any calendar year: whichever is the greater without reasonable cause. In November 2020, all AET trustees retired and Street Child was appointed as the sole corporate Trustee. Sarah Hughes (former Chair), Lynn Davies (former Vice Chair) and Dan Collison (former Treasurer) were co opted to the Street Child Board of Trustees.

Street Child holds an Annual General Meeting each year and in addition four Trustees’ meetings are held during the year, during which the work of the Trust is considered and reported upon.

AET continues to evidence good progress in achieving our five year strategy to 2024, building on our expertise in education for displaced communities and returnee refugees, providing life skills for nomadic pastoralists and formalising for replication in other contexts. We are continuously improving our finance, programming and HR systems, striving to provide exemplar education programmes and offering the best value for money.

Based on the risk assessment carried out by the Trustees in accordance with the requirements of the SORP 2015, the major risks to which the charity can be exposed were reviewed. The risk register has been monitored on a regular basis by the Street Child senior management team and Trustees and appropriate action taken

Page 2

AFRICA EDUCATIONAL TRUST

Trustee's report (continued) For the Year Ended 31 March 2024

Structure, governance and management (continued)

where necessary. An analysis of risk by Country has also been developed to enhance our monitoring of potential risk and enable mitigation. As part of the Girls’ Education South Sudan programme, AET is working with Trubshaw Security Consultants to develop a rigorous security reporting and procedural framework for South Sudan with protocols that can be adopted throughout the organisation.

The charity is managed by the Street Child senior management team, with leadership of AET from the AET Executive Director who is also part of the Street Child senior management team, along with a wider management team, comprised of the Country Managers in each field location. The senior leadership team meets monthly and reports on staff and organisational issues to the Street Child Board as appropriate.

b. Policies adopted for the induction and training of Trustee

Prospective new Trustees are invited to a meeting with the Chair and Executive Director prior to their name being put forward to the Trustees. Following appointment as a Trustee the new Trustee attends a briefing with the Executive Director about the projects and the administrative structure of the Trust and is introduced to staff at the London headquarters. All policy documents are shared and explained. All new Trustees receive information from the Charity Commission relating to Trustees’ responsibilities.

Plans for future periods

Africa Educational Trust has a clear mission statement and objectives, underpinned by our values. Our strategy clearly lays out our organisational aims to 2024 and includes designing and implementing innovative solutions to the educational challenges faced by marginalised people in conflict and post conflict regions of Africa; improving the quality and availability of education for our targeted communities and ensuring our organisation is fit for purpose to achieve our mission. We will continue our collaborative approach with other NGOs, ministries of education and other state actors, donors and the citizens of African countries to develop exemplar programmes and achieve our mission. Our merger with Street Child has enabled us to extend our education expertise, grow our programmes and enter new areas, especially Education in Emergencies where Street Child’s expertise in protection and humanitarian interventions will support our programmes.

Achievements and performance

a. Main achievements of the Charity

For over 60 years, AET has been providing education programmes to those living in the most challenging circumstances of poverty, discrimination and conflict. We target the most vulnerable including women, girls and people with disabilities to provide equitable and inclusive quality education. We currently operate in Somalia, Somaliland, South Sudan and Kenya.

Somalia and Somaliland

Following the longest drought in living memory, the Gu’ rains brought severe flooding resulting in over 268,000 people being affected and 81,000 people displaced. Wide school closures due to flooding in Beletweyne, Luuq and Dolow affected programme implementation. Conflict in the south of Somaliland in Sool and Las Anod resulted in the region declaring itself independent from the Somaliland state and aligned with Somalia with continuing battles between clans and government forces. Somalia and Somaliland remain one of the worst humanitarian prolonged crises with over 6.9m people in aid of humanitarian assistance. The situation for children has worsened from our 2022-2023 from 1.5m to 1.7m children severely malnourished in 2023-2024.

Page 3

AFRICA EDUCATIONAL TRUST

Trustee's report (continued) For the Year Ended 31 March 2024

Achievements and performance (continued)

Street Child, operating as Africa Educational Trust, responded to the large population of children displaced in IDP camps in Somalia and in rural low-performing primary schools in Somaliland, especially in conflict-affected districts.

Teaching at The Right Level

Funding from UNICEF and Street Child, with technical support from TaRL Africa and Street Child’s Advisory Team, enabled AET to develop strong capability in TaRL pedagogical approach and design a pilot programme using TaRL to address low levels of foundational education in Somalia and Somaliland.

The aims of the programme are to:

The pilot provided foundational education (Somali literacy and numeracy) to 16,000 children in IDP learning centers managed by local NGOs in Somalia and to 5700 children in low-performing primary schools in Somaliland. A total of 44 Master Trainers were trained in the TaRL approach who cascade trained over 700 teachers. Contextualised and relevant teaching and learning materials were co-created with local stakeholders and distributed to schools to support learning. TaRL classes commenced in January 2024 with learning being assessed and grouped by learning ability rather than age/time in education. This enables teachers to focus on teaching at the level that the child is at and through on-going assessment promote children more quickly through learning levels than the usual annual summative assessments.

Page 4

AFRICA EDUCATIONAL TRUST

Trustee's report (continued) For the Year Ended 31 March 2024

Achievements and performance (continued)

South Sudan

South Sudan is one of the world’s most fragile states, ranking 191 out of 192 in the UN Human Development Index for countries published as per the 2024 report. Progress against the 2018 peace agreement and towards elections in December 2024 is significantly off track. Endemic violence, localized conflict, public health challenges, such as measles and cholera outbreaks, and climatic shocks, such as flooding and extreme heat wave have left 9.4 million people in need of humanitarian assistance. In this context, sustainable development remains extremely challenging and has had a detrimental impact on the education of a generation, with some 2.8m school-age children in South Sudan currently out of school and with Girls and Children with Disabilities being disproportionately impacted.

Girls’ Education South Sudan II (GESSII) is an inclusive programme that will transform the lives of a generation of children in South Sudan through education. AET are leading a state-level consortium with two national NGOs and are implementing the following outputs:

AET was able to complete all programme activities including establishing 312 family listening groups; on boarded 23,000 girls and 62 boys with disabilities to receive cash transfers to be distributed in September 2024; and holding mentoring sessions for girls in 24 secondary schools.

Quality in Secondary Education (QISE) III is a pioneering intervention addressing the critical shortage of untrained secondary school teachers in South Sudan through innovative distance learning methods. This initiative leverages distance learning to provide in-service teacher training, enabling educators from remote schools to pursue a fully accredited Diploma in Secondary Teaching while actively teaching in their respective schools. By blending various instructional strategies, from printed self-study materials to face-to-face tutorials and peer support, QISE III ensures comprehensive and practical professional development for teachers. Achievements and Performance Highlights:

Page 5

AFRICA EDUCATIONAL TRUST

Trustee's report (continued) For the Year Ended 31 March 2024

Achievements and performance (continued)

The success and achievements of the QISE III intervention exemplify its commitment to bridging the gap in teacher training and enhancing the overall quality of secondary education in South Sudan. By equipping educators with the necessary tools, knowledge, and accreditation, the program not only addresses immediate challenges but also cultivates a sustainable foundation for educational excellence and professional growth.

Accelerated Secondary Education for Women Yambio (ASEWY) II project has been a transformative initiative that focuses on empowering vulnerable and economically marginalized young women to complete their secondary education in a condensed format, spanning 2.5 years instead of the traditional 4-year period. This learner-centered model follows a competency-based national curriculum, ensuring that students graduate with a fully accredited Certificate in Secondary Education and core competencies for future academic and career pursuits. In this reporting period, 50 students successfully sat for their Secondary Education Certificate final examination, with all passing and the school achieveing the 7[th] highest results in the State, a considerable achievement given the condensed format. An additional 50 students have since sat their Secondary Education Certificate and currently await their results.

Moving forward, the ASEWY II project remains dedicated to empowering more young women to break barriers, pursue education, and realize their aspirations. Through its holistic approach to education and empowerment, the project continues to make a meaningful difference in the lives of students, their families, and the community as a whole.

The success of the ASEWY II project underscores the impact of providing tailored educational opportunities to young women, enabling them to achieve academic excellence, develop essential skills, and unlock their potential for a brighter future. The achievements of the students reflect not only their individual commitment but also the effectiveness of the program in creating a supportive and enabling learning environment.

Standing up For Safe and Protective Education (SUSPE) II: With the success of the initial phase of the SUSPE intervention where a 2 classroom learning space was built in two selected communities, additional funding was secured to further enhance the education infrastructure in these community schools by drilling boreholes for clean water access, latrines for sanitation, and additional furniture to support the learning environment. These efforts aim to create a holistic and sustainable approach to education for children in South Sudan.

The Standing up For Safe and Protective Education intervention in Western Equatoria State stands as a beacon of hope for children, providing them with the opportunity to access safe and quality education. Through collaboration, dedication, and innovative solutions, the SUSPE II initiative has transformed the educational landscape in marginalized communities, paving the way for a brighter future for all children in South Sudan.

Kenya

With the generous support of Leigh Day, AET has provided nutritional porridge and water to 45 Early Childhood Development centers in drought affected Laikipia North resulting in increased enrolment of pre-school children and enhanced transition of children into primary education and sponsors 10 vulnerable children to attend primary and secondary education

AET also supports our local partner Build Africa Kenya and other local NGOs as part of our commitment to develop their capability and promote localization.

Page 6

Trustee's report (continued) For the Year Ended 31 March 2024

AFRICA EDUCATIONAL TRUST

Financial review

The Trust applies its funds to one of two categories: Restricted funds and Unrestricted funds. Restricted funds are held for defined projects nominated by the donor(s). Unrestricted funds relate to the General Fund. These may be used for all purposes within the constitutional objectives of the Trust as set out at the beginning of this report.

Restricted Funds: These funds and the summarised movements during the year are set out in Note 12 to the accounts.

Unrestricted Funds: Total incoming resources, including funds from the parent charity Street Child, amounted to £520,923 (2023: £517,928). Total resources used, including grants made out of these funds, amounted to £378,326 (2022: £297,479), see page 13 SOFA.

At the year-end 83% (2023: 93%) of the Trust’s total gross assets were held in the Bank and other similar accounts. These assets were available and sufficient to meet the Trust’s obligations in respect of all its restricted funds.

The Trust receives the majority of its funding from UK, international donors and foundations. The major donors include the Department for Foreign and Commonwealth Development Office (FCDO), UNICEF, the parent charity Street Child, Youth Hope Foundation and other UK trusts and foundations . The funding is mainly for discrete specified fixed term projects. The Trust has no endowment fund to contribute to its fixed costs. However during the financial year the Trust was able to raise a small proportion of its income as unrestricted funding. The need to achieve the appropriate level of unrestricted funding continues to be a major consideration for the Trust.

The position on Unrestricted reserves has improved from the prior year position, and is now slightly positive, closing with a positive balance of £52,774 (2023 balance negative £89,823). Restricted fund balances have reduced from negative £20,549 to negative £239,424 which reflects the expected and natural ending of a number of grants during the year. Street Child is committed to delivering programming in South Sudan, Somalia and Somaliland and so Africa Educational Trust is receiving ongoing support from Street Child in funding its Unrestricted Costs and this support has been confirmed on an ongoing basis, for a period of at least one year from the approval of these financial statements.

Reserves Policy

Reserves are assessed at both the whole group and individual charity levels. For Africa Educational Trust as a separate entity within the Street Child group, the reserves policy is to maintain Unrestricted Reserves of £75k based on salaries and running costs. Currently Africa Educational Trust reserves are below this level due to the relatively low level of recurring unrestricted donations.

Street Child Group’s reserves policy is to maintain reserves within a range set with reference to key risks, and calibrated against the level of reserves that would be required to fund three to six months of operating costs. The largest two risks facing Street Child are a fall or under-performance in Unrestricted income, and/or the need to use Unrestricted funds to cover Restricted Programme costs, for instance because of cost disallowed by the funders. This quantification of reserves will be carried out on an annual basis as part of the budget setting process which concludes in March each year. At this stage the Trustees will consider if any of the major risks have changed, and also the quantification of the reserves in line with the budget.

For Street Child Group the reserves target is £0.75m to £1.5m, with a mid-range target of £1.1m. Street Child Group unrestricted reserves at 31 March 2024 of £1.4m (2023: £1.1m) were in-line with the mid-range target.

Page 7

AFRICA EDUCATIONAL TRUST

Trustee's report (continued) For the Year Ended 31 March 2024

Going concern

After making appropriate enquiries, the Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Trustee continues 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.

Statement of Trustee's responsibilities

The Trustee is responsible for preparing the Trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. The Trustee is 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.

Disclosure of information to auditors

Each of the persons who are Trustee at the time when this Trustee's report is approved has confirmed that:

Auditors

The auditors, Moore Kingston Smith LLP, have indicated their willingness to continue in office. The designated Trustee will propose a motion reappointing the auditors.

Approved by order of the Trustee on 20th December 2024 and signed on their behalf by:

Sarah Hughes Trustee of Street Child

Page 8

AFRICA EDUCATIONAL TRUST

Independent auditors' report to the Members of Africa Educational Trust

Opinion

We have audited the financial statements of Africa Educational Trust (the 'charity') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit 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 audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Page 9

AFRICA EDUCATIONAL TRUST

Independent auditors' report to the Members of Africa Educational Trust (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustee are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustee's responsibilities statement, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is 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 Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Page 10

AFRICA EDUCATIONAL TRUST

Independent auditors' report to the Members of Africa Educational Trust (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 11

AFRICA EDUCATIONAL TRUST

Independent auditors' report to the Members of Africa Educational Trust (continued)

Use of our report

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. Our audit 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Finlayson (Senior Statutory Auditor) for and on behalf of

Moore Kingston Smith

Chartered Accountants 9 Appold Street London EC2A 2AP

20th December 2024

Moore Kingston Smith LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 12

AFRICA EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Income
Donations
3
Donations from individuals
Legacies
Income from Charitable Activities
Contracts for operational programmes
4
Grants from Trusts and Foundations
Other Income
Investment income
Other income
Total income
Expenditure
Fundraising costs
5
Charitable activities
6-7
Total operating expenditure
Net operating expenditure
Other Gains/(Losses)
Transfer between funds
Net expenditure and net movement in funds
Reconciliation of funds
Total funds brought forward
13
Total funds carried forward		 Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
£
£
£
£
9,024
12,289
21,313
12,786
198
-
198
-
-
740,485
740,485
516,644
500,000
207,368
707,368
607,849
-
-
-
5
11,701
-
11,701
7,137
520,923
960,142
1,481,065
1,144,421
293
-
293
195
378,033
1,179,017
1,557,050
1,518,056
378,326
1,179,017
1,557,343
1,518,251
142,597
(218,875)
(76,278)
(373,830)
-
-
-
-
-
-
-
-
142,597
(218,875)
(76,278)
(373,830)
(89,823)
(20,549)
(110,372)
263,458
52,774
(239,424)
(186,650)
(110,372)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

13

AFRICA EDUCATIONAL TRUST

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024

Notes
Current Assets
Debtors
10
Cash at bank and in hand
Creditors: Amounts falling due within one year
11
Net Current Assets
TOTAL NET ASSETS
Funds
Restricted funds
12
Unrestricted funds
Total Charity Funds		 £
£
48,266
228,784
277,050
(463,700)
(186,650)
(186,650)
(239,424)
52,774
(186,650)
At 31 March 2024		 £
£
12,135
167,234
179,369
(289,741)
(110,372)
(110,372)
(20,549)
(89,823)
(110,372)
At 31 March 2023

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

They were approved and authorised for issue by the trustees on 20th December 2024 and signed on their behalf by:

Sarah Hughes

Trustee of Street Child

The accompanying notes form part of these financial statements

14

AFRICA EDUCATIONAL TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £
Net cash Inflow/(Outflow) from operating activities 61,551 (266,757)
Net Cash Inflow from returns on investments
Bank interest and investment income - 5
Increase/(Decrease) in cash at bank and on hand
Cash balance at beginning of the year		 61,551
167,234		 (266,752)
433,986
Cash balance at end of the year 228,785 167,234
Reconciliation of net incoming resources to net cash inflow from charitable activities
Net expenditure
Bank interest and investment income
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors		 (76,278)
-
(36,131)
173,960		 (373,830)
(5)
12,757
94,321
Net cash Inflow/(Outflow) from operating activities 61,551 (266,757)
Analysis of cash and cash equivalents and net debt
Cash in hand and at bank
Opening balance
Cash-flows		 2024
£
167,234
61,551		 2023
£
433,986
(266,752)
Closing balance 228,785 167,234

15

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting Policies

Statutory Information

Africa Educational Trust is a Charitable Incorporated Organisation registered with the Charity Commission for England and Wales. The registered office address is 33 Creechurch Lane, London, EC3A 5EB.

1.1 Basis of preparation

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.

Africa Educational Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in pounds sterling and rounded to the nearest pound

The principal accounting policies adopted in the preparation of the financial statements are set out below.

1.2 Going concern

The Trustee has assessed whether the use of the going concern basis is appropriate and has considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustee has made this assessment for a period of at least one year from the date of approval of these financial statements.

In assessing whether Africa Educational Trust is a going concern, the Trustee has also considered the reserves of the Street Child charitable group, of which the charity is a wholly owned subsidiary. The Trustee has considered the group forecasts and projections, and has taken account of pressures on donation and grant income and cashflow for the next 12 months from the date of approval of the financial statements, the associated assumptions that under-pin it, the pipeline of new income and the steps that could be taken to reduce expenditure should this be necessary.

Whilst the ultimate impact cannot be quantified, the Trustee is satisfied that the group has sufficient reserves to continue in operational existence for the foreseeable future. Annual budgets have been prepared with prudent figures for both income and expenditure and the charity holds significant reserves and has liquid assets in the form of cash held.

The Trustee has concluded that with the reserves policy and cash liquidity requirements of the charity together with the commitment of support received from Street Child, the ultimate controlling party, there are no material uncertainties as to the charity's ability to continue in operational existence for the foreseeable future.

The Trustee has received written assurance from the Board of Street Child that they will continue to provide financial support to Africa Educational Trust to enable it to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and will not seek repayment of amounts owed to Street Child unless the charity's cashflow permits this.

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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured

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 investment income is recognised at the time the investment income is receivable.

16

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

All resources expended are inclusive of irrecoverable VAT.

Allocation of overhead and support costs

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those

Costs of raising funds

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in activites that raise funds.

Charitable costs

Charitable costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the

1.5 Interest Receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is

1.6 Foreign exchange transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the

1.7 Debtors

Grants due and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at

1.8 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

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a

1.10 Financial instruments

The Charity only has financial instruments of a kind that qualify as basic financial instruments. Basic financial instruments are

16

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

1.11 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

2.Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations

16

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

3 Income from Donations and Legacies

Donations
Legacies
Donations
4
Income from charitable activities
Adventist Development & Relief Agency
African Trade Insurance Agency
ENABEL
FCDO
Leigh Day
UNICEF
5
Expenditure on raising funds
Costs of raising voluntary income
Fundraising costs		 Unrestricted
Restricted
Total
Funds
Funds
2024
£
£
£
9,024
12,289
21,313
198
-
198
9,222
12,289
21,511
Unrestricted
Restricted
Total
Funds
Funds
2023
£
£
£
10,786
2,000
12,786
10,786
2,000
12,786
2024
2023
£
£
29,688
-
16,170
41,989
-
35,865
415,625
278,253
31,612
54,931
247,390
105,607
740,485
516,645
2024
2023
£
£
293
195
293
195

19

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

6 Analysis of expenditure on charitable activities

Summary by Fund Type

Grant funding of activities
Other charitable expenditure
Allocated Support Cost
Total Charitable activtites		 2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
2024
Funds
Funds
2023
£
£
£
£
£
£
-
1,179,017
1,179,017
-
1,220,772
1,220,772
359,415
-
359,415
249,540
-
249,540
359,415
1,179,017
1,538,432
249,540
1,220,772
1,470,312
18,618
-
18,618
47,744
47,744
378,033
1,179,017
1,557,049
297,284
1,220,772
1,518,056

7 Analysis of support costs

Office costs
Governance cost (including external audit)
Telephone & Internet
Bank charges
Recharge of HQ Overheads to projects		 Support costs
2024
£
88,174
18,480
-
137
(88,174)
18,617		 Support
costs
2023
£
46,993
46,954
30
269
(46,502)
47,744
Fees payable to the Charity's auditor for the audit of the Charity's annual acc
Under provision from prior year audit fee		 Total
Total
2024
2023
£
£
o
18,480
17,760
-
3,240
18,480
21,000

9 Staff costs

During the prior year all existing staff employment contracts were transferred to Street Child, the charities parent entity.

Trustees and Key Management Personnel

No trustees were paid or received any other benefits from employment with the charitable company in the year (2023 nil). No trustee received

20

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

10 Debtors

Other debtors
Partner advances
Employee advances
Prepayments and accrued income
Creditors
Amounts owed to group undertakings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 31 March
31 March
2024
2023
£
£
15,282
4,884
5,131
3,009
1,803
-
26,050
4,242
48,266
12,135
31 March
31 March
2024
2023
£
£
316,481
125,557
53,261
123,539
-
897
8,705
20,120
85,253
19,628
463,700
289,741

11 Creditors

21

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

12 Restricted funds

Kenya - Laikipia Leigh Day Scholarship Project
Kenya - Porridge project
Somalia - Professor Lewis Library Hargeisa
Somalia - ECW Juba and Galmudug Yr 3
Somalia - REEP
Somalia - TARL Project Somalia & Somaliland
South Sudan - QISE III
South Sudan - ASEWY II
South Sudan - Yambio Community Library
South Sudan - GESS II
South Sudan - Child Protection Refugee Response
South Sudan - Community Learning Spaces
South Sudan - Community Learning Spaces 2
Various - Zebra Trust
Total Restricted funds		 Balance
Income
Expenditure
Transfers
Balance
1 April
Between
31 March
2023
Funds
2024
£
£
£
£
£
11,081
4,112
(4,407)
10,786
(6,199)
27,500
(19,648)
1,653
3,155
-
(1,825)
1,330
(29,688)
29,688
-
-
6,582
-
(6,582)
-
-
247,390
(474,406)
(227,016)
14,610
49,304
(63,914)
-
(21,703)
100,401
(78,698)
-
4,318
9,000
(6,496)
6,822
(70,560)
418,375
(436,483)
(88,668)
-
12,289
(12,289)
-
31,182
1,512
(32,694)
-
-
14,658
(14,658)
-
36,673
45,913
(26,916)
55,670
(20,549)
960,142
(1,179,016)
-
(239,423)

Funds with negative balances at 31 March 2024 are ongoing grants reimbursed in arrears by the funder and income has been received after the year end.

Kenya

Income to fund the Kenya programme was received from Leigh Day.

,

Somalia

Income to fund the Somalia programme was received from Adventist Development & Relief Agency and UNICEF.

South Sudan

Income to fund the South Sudan programme was received from African Trade Insurance Agency, Coles Medlock Foundation, Danny Rosenkranz, EC Sosnow Charitable Trust, FCDO and Youth Hope Foundation,

Various

Income to fund the various country programmes was received from Zebra Trust

2023 Restricted Funds movements

Kenya - ILOL AJWS Yr 4
Kenya - HOME Trust
Kenya - Leigh Day (Primary)
Kenya - Laikipia Leigh Day Scholarship Project
Kenya - Porridge project
Kenya - Peter Stebbings Memorial
Somalia - VET
Somalia - Professor Lewis Library Hargeisa
Somalia - ECW Juba and Galmudug Yr 3
Somalia - Headley Trust
Somalia - REEP
Somalia - Rain Water Harvesting
South Sudan - QISE III
South Sudan - ASEWY II
South Sudan - IT Labs
South Sudan - Yambio Community Library
South Sudan - GESS II
South Sudan - EoA II
South Sudan - Community Learning Spaces
Various - Zebra Trust
Total restricted funds		 Balance
Income
Expenditure
Transfers
Balance
1 April
Between
31 March
2022
Funds
2023
£
£
£
£
£
33,469
-
-
(33,469)
-
-
22,589
(23,834)
1,245
-
(2,421)
-
-
2,421
-
-
14,948
(2,622)
(1,245)
11,081
-
17,394
(21,171)
(2,421)
(6,199)
1,716
-
-
(1,716)
-
(2,094)
35,865
(33,771)
-
2,850
2,000
(1,695)
-
3,155
161,307
-
(190,995)
-
(29,688)
30,000
15,000
(45,000)
-
(165)
29,368
(22,621)
6,582
-
4,693
(4,693)
-
199,967
-
(185,357)
-
14,610
72,255
-
(93,958)
-
(21,703)
1,117
-
-
(1,117)
-
7,786
-
(3,468)
-
4,318
(18,482)
278,253
(330,331)
-
(70,560)
59,392
105,607
(185,857)
20,858
-
-
41,989
(10,807)
-
31,182
42,477
58,788
(64,592)
-
36,673
589,174
626,494
(1,220,772)
(15,444)
(20,549)

22

AFRICA EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

13 Analysis of net assets between funds 2024

Net Current Assets Unrestricted
Restricted
Total Funds
Funds
Funds
2024
£
52,774
(239,424)
(186,650)
52,774
(239,424)
(186,650)

Analysis of net assets between funds 2023

Net Current Assets Unrestricted
Restricted
Total Funds
Funds
Funds
2023
£
(89,823)
(20,549)
(110,372)
(89,823)
(20,549)
(110,372)

14 Related Party Transactions

Included in Creditors is an amount owed to Street Child of £253,322 (2023 £125,557) and to Children in Crisis of £63,159 (2023 £zero). These represent programme and support costs that have occured in the period to 31 March 2024.

15 Ultimate Parent Company

The Company is a subsidiary of Street Child, a charitable company registered in England and Wales (Company Number. 06749574, Charity Number 1128536.)

Copies of group financial statements are available from the registered office of the parent at 33 Creechurch Lane, London, EC3A 5EB.

16 Capital Commitments

There were no capital commitments not provided for in the financial statements (2023: none).

23