DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Ashinaga Association in the UK Annual Report and Financial Statements For the year ended 31 March 2024 flsHINAGR UK Company Number: 10634278 Registered Charity Number: 1183750
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Trustees, Annual Report and Accounts Messagefrom lh8 Chairofth8 Board ofTrustees . Activity........................................................................................................................ Highlights from March 2023- March 2024 . In Memoriam.. Professor Sir Eric Thomas............. Summaryof Main Activities................................................................................................. Partnershipsand Fundraising............................................................................................ Achievementsand Performance inthe Period.................................................................... 15 Impact........................................................................................................................17 Graduate Highlights.......................................................................................................... Bohang's Dream.. Upgrading Ox-drawn Ploughs in Lesotho..... Nanyori's Story.. From Tanzania to Preston and Back Again .20 Messagefromthe FounderofAshinaga............................................................................. 22 Future .23 Our Plans.-......-....-.......-...-......-....-...........-......-....-.......-...-......-............-...-......-....-........... 23 loin the Movementl .25 About.........................................................................................................................26 Purpose .27 OurTrustees in 2023-24.................................................................................................... 29 Structure, Governanceand Management.......................................................................... 32 Referenceand Administrative Details................................................................................ 34 Financial Review.........................................................................................................35 Statement of trustees. responsibilities.........................................................................36 Independent Auditor's Report........................................................................................... 37 Statement of Financial Activities....................................................................................,,,. 41 Balance Sheet..................................................................................................................... 42 Statement of Cash Flows..................................................................................................... Notes to the Accounts........................................................................................................
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Message from the Chair of the Board of Trustees Over the 2023-24 fiscal year, Ashinaga UK has supported 32 Scholars, 5 of whom graduated in the summer of 2023. This brings the total number of undergraduate scholarships we have funded to 63. We take great pride in how our leadership programming empowers our beneficiaries to thrive academically, design innovative solutions to real-life issues in their communities, and gain the key skills needed to excel in their future careers. Without a doubt, our Scholars demonstrate an outstanding commitment to impacting societies across sub- Saharan Africa. One example is Mohamed, who has formalised his education non-profit organisation, and ha5 expanded his work to Support over 50 school children in Sierra Leone. Over the last year, Scholars have also taken part in outstanding internship and volunteering opporLunities, such as at a government agency, tech companies, and social impact organisations. We are incredibly proud of our partnerships with the University of Warwick and the University of York, who have both demonstrated a major commitment to supporting the Ashinaga Africa Initiative's mission by contributing 100% of the tuition fees for Ashinaga Scholars up to and including our 2028 entrants. The 59 scholarship opportunities created through these partnerships will allow for improved student support, greater financial sustainability, and increased awareness of Ashinaga U K within the sector. Looking to the future, our goal is to raise additional support from like-minded organisations and individuals who can partner with us to empower many more young leaders from sub-saharan Africa. A severely weakened Japanese Yen, the currency basis of many generous donors, and pressure on the UK'S Higher Education sector to cut costs, have created a greater need for us to secure Pound Sterling funding partnerships to guarantee long-term sustainability. Ashinaga UK Scholars would not have the opportunities available to them without the generous support of universities, corporations, foundations and the public alike. If you want to learn more about our work and how you can get involved, please do not hesitate to reach out. By supporting our Scholars, you are investing in future Young Leaders for Africa, who are working towards making a significant impact in their communities. Professor Saul Tendler
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Activity Highlights from March 2023- March 2024 SCHOLARS 80% achieved a 2.1 or higher, with 40% achieving a 1" in their final degree classifications. 90% of Scholars were at a top 500 university ITHEI. A Scholar was selected for UNLEASH Rwanda, the very first Innovation Lab for the Sustainable Development Goals organized on the African continent. Alongside 1000 young changemakers from 136 nationalities, they got together in Kigali during the first week of December 2023, where they co-created solutions for the most pressing challenges that our planet is facing. Another Scholar had the unique opportunity to welcome University of York International Pathway College partners from around the globe, delivering presentations on the student experience. She actively participated in focus groups to enhance international student experiences in Kaplan Pathways and joined the Kaplan Pathways Student Board, showcasing her commitment to improving student life. A third Scholar was accepted onto the Monash SEED Global Think Tank, a programme which connects students around the world to tackle global social impact issues. She secured second place in her pitch competition to an international panel of judges and was the only 1" year student to be shortlisted among the top 3 winners. GRADUATES AII 2023 Graduates have secured jobs after leaving university. Class of 2023 Graduates are working in various professions, including as Data Analyst, a solicitor in a Law Firm, and a research assistant at King's College London. One Graduate also started her own business selling homemade crafts in Botswana, her home country.
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 PARTNERSHIPS Ashinaga UK was nominated for a Student Support PIEoneer award with the University of Bristol for the Think Big Development Programme. We signed a renewed MOU with Royal Holloway, University of London for an increased tuition fee discount of 60%. The University of Portsmouth has renewed our MOU for a 20% tuition fee discount. Herbert Smith Freehills generously donated to support Ashinaga Scholars in the UK, helping them develop into future leaders for Africa. ACROSS THE AAI 154 Current Scholars. 124 Graduates. 40 Graduate Initiatives benefiting Africa. GOVERNANCE Following the sad and untimely death of Sir Eric Thomas, Saul Tendler became the Chair of the Ashinaga UK Board of Trustees. Michael Rivera King stepped down as CEO in June 2023. Jordan McFarlane became Managing Director and joined the board. 2023-24 SCHOLARS AND GRADUATES AAI Graduates AAI Graduates 41 16 12 27 Curreni Schclafs Curreni Graduates 019 OL Ashn4a UK i AAI Woridw*Je • A3hnaga UK llAAJ Wortdwxle
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 AAI SCHOLARS IN 2023 Fr*n¢e 25% USA UK 1846 8r•zil Japan 3796 Ashinaga UK delivers the Ashinaga Africa Initiative {AAI) through partnerships with UK universities. The AAI is a leadership development programme that cultivates tomorrows leaders from today's most disadvantaged. Talented, high potential orphaned youth are recruited across 49 African countries and go on to study at top universities in Japan, Brazil, France, the U K, and the USA. The AAI provides financial support for international university degrees, along with leadership training and support to develop Scholars into compassionate change-makers. Our final goal is not just the Scholars, education, bLJt that through education and training Scholars will initiate change, innovation, and development in Africa. Glossary Although we are a UK charity, we use twojapanese words in our leadership development programming. These are taken from Ashinaga Foundation in Japan, where they have been used for decades in our global mission to support orphaned youth, and have no direct translations into English. Kokorozashi { }: a heartfelt dream to help others and generate positive change. Tsudoi {fj )): our annual leadership camp for all UK Scholars. Other Ashinaga offices hold tsudoi throughout the year for their own Scholars.
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 In Memoriam: Professor Sir Eric Thomas Professor Sir Eric Thomas Fmedsci sadly passed away on 10 November 2023, after a brief illne55. He was integral to the foundation and success of the Ashinaga Africa Initiative, and an active, impactful trustee of Ashinaga UK from 2018 up until his passing. As trustee for Ashinaga UK, Sir Eric was instrumental in helping A5hinaga establish itself as a UK-registered charity and form partnerships with universities. In addition to his work supporting Ashinaga, Sir Eric had a profound philanthropical impact in the UK. He chaired the Government Taskforce into increasing voluntary donations to Higher Education, and the resulting Thomas Report, written by Sir Eric, provided a road map for universities to strengthen their fundraising programmes. Through Ashinaga's deep relationship with Sir Eric, we have been able to empower many future leaders for Africa. His care for student wellbeing and for the success of our programme was always evident and his input and wisdom will be greatly missed.
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Summary of Main Activities Summer 2023 Leadership Development Opportunities Each summer, Ashinaga U K provides funding for Scholars based on eligible leadership development activities. Eligible activities included internships in either su b-saharan Africa or the UK, and further Study. The purpose of this supplementary funding is to empower Scholars, professional skills development and support them to gain experience that they can utilise in their academics and future career. In summer 2023.. 9 Scholars took part in internship5 in sub-saharan Africa, including at Lesotho's National Electricity company, Volkswagen, the Rwandan government agriculture department and an Ed-tech company. 12 Scholars visited sub-saharan Africa in total. 2 Scholars took part in internship5 from the UK. September 2023 Welcoming New Scholars to the UK In September, Ashinaga UK proudly welcomed six Scholars to two prestigious institutions in the UK= the Univer51ty of York and the University of Warwick. This year marked a significant improvement in the arrival experience for our Scholars, with no reported issues related to entering the UK, documentation, flights, or travelling from the airport to their respective universities. Our team works hard to ensure a Smooth transitior) for Ashinaga Scholars starting university in the UK. Our orientation program has undergone significant evolution over the years, resulting in a streamlined one-day event designed to provide essential information and support to new Scholars as they settle into university. The Ashinaga UK team takes great care in organising a comprehensive welcome, ensuring that new arrivals feel well-supported. A key featu re of our orientation is the active participation from both current Scholars and University staff. Their involvement has been crucial in offering new Scholars a warm welcome and practical advice during the 'settling-in' and introductory session. By enhancing our orientation programme, we were able to ensure that each Scholarfs journey began on a positive and reassuring note. By building close partnerships with the University of York and the University of Warwick, we have been able to signpost to many resou rces that may be relevant to our Scholars. Both universities hold comprehensive student orientation programmes, meaning our Scholars should be well equipped with information on how to access resources and opportunities that will enable to them to thrive.
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Additionally, during Scholars, first year in the UK, the Ashinaga U K student support team facilitates numerous workshops to support Scholars as they become accustomed to life as international students in the UK and start this new phase of their Ashinaga Africa Initiative journey. These workshops focus on themes such as financial management, wellbeing, and making an impact in Africa. They also provided a vital platform for Scholars to share experiences, learn from one another, and build a cohesive community. By addressing diverse and relevant topics, the sessions ensure that Scholars were well-equipped to navigate their first year in the U K and beyond. The ongoing support and collective learning environment created through these meetings have been instrumental in enhancing the overall Scholar experience, promoting both individual and group growth. December 2023 Tsudoi (Our Annual Leadership Camp) Each year, tsudoi brings Ashinaga UK Scholars together for a transformative experience focused on leadership development and reinforcing their kokorozashi, a Japanese term meaning "heartfelt mission" or life ambition to help others. This 3-day leadership camp wa5 held from December 18th to 20th, 2023, at the University of York. For the third consecutive year, the University of York generously granted us free access to its campus facilities and a venue, providing an ideal space for the event. The 2023 tsudoi centred on the theme"Making an Impact in Africa,, marking a significant milestone, as Ashinaga UK Scholar5 took a significant lead in organi5ing the event. This initiative provided Scholars with valuable experience in event management and allowed them to tailor the programme to their aspirations and needs. Notably, a graduate facilitated a session for the first time, adding a new dimension of peer-to-peer learning. The event saw participation from four staff members and 22 Scholars, with sessions led by distinguished external guests, including Hammed Kayode Alabi, a non-profit leader and social entrepreneur., Victoria Ibiwoye, founder of One African Child,. and Oluwatoyin Opeloyeru, a mental health wellbeing specialist. These experts delivered high-quality sessions on critical themes relevant to African Scholars, such as thriving in the U K as an African, African affairs (looking at colonialism and western liberalism), and mental health wellbeing. Additionally, the tsudoi featured skills-centered workshops on fundraising and social entrepreneurship, storytelling, and the Ashinaga Proposal. These workshops provided practical tools and insights, further enharncing the Scholars, ability to make a meaningful impact.
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Throughout the Year Supporting Scholars Throughout the year, Ashinaga UK maintained a robust support system for our Scholars through regular check-ins. With a dedicated focus on supporting Scholars to meet Ashinaga U K's mission of empowering leadership potential whilst encouraging resourcefulness and independence, we ensured that each of our 25 Scholars took part in regular check-in calls with assigned student support staff. Our approach is to coach Scholars and these session5 were designed to provide comprehensive 5UPPOrt across several key areas. Firstly, academic progress wa5 a primary emphasis, where we focused on students, university studies, provided guidance on study strategies, and signposted them on university resources to enhance their learning experiences. Additionally, personal development was a crucial component, as we encouraged students to reflect on their goals, build resilience, and develop essential life skills. Professional development was another critical area of focus. Our coaching check-ins included guidance on securing internship opportunities, building professional networks, and developing their Ashinaga proposal. Overall, the monthly check-ins have been instrumental in supporting our Scholars, academic achievements, personal skill development, and professional aspirations. Helping Scholars Complete Their Research ("Ashinaga Proposals") In alignment with our mission to foster leadership and social impact across sub-saharan Africa, all Ashinaga UK Scholars are expected to submit a well-researched social change project proposal, known as the Ashinaga Proposal, by the end of their scholarship. Throughout their time on the AAI, Scholars complete activities involving research into self-identified community issues and network building, before proposing an implementable and innovative solution. We support each Scholar as they gain in-depth knowledge of their identified community issues and as they work to propose well-rounded solutions. Support includes coaching Scholars through roadblocks to their research and solutions and offering feedback as they develop SMART solutions. A 6-step workbook framework guides Scholars to develop solutions through an 'advocacy or top-down perspective, or a'social entrepreneurship, or bottom-up perspective. This year Scholars have been working on issues related to agricultural mechanisation, renewable energy, equality, financial inclusion, and raising awareness with regards to diseases and healthcare. 10
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Overall, we aim for the support given to Scholars in the development of their proposals to boost their confidence in their ambitions to make an impact, build networks, gain key research skills and improve presentation skills. We are proud to see some Scholars seeking external platforms to secure funding for further research and development of their proposals. Signposting to University Resources Our Scholars have access to an abundance of resources at their universities, such as wellbeing facilities, professional development courses and guidance, leadership programmes, career support and community groups. Due to our close partnership universities, University of Warwick and the University of York, we signpost to specific resources to support our Scholars to thrive.
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Partnerships and Fundraising Funds raised between March 2023 and March 2024 For UK Leadership Programming= £11,672 Uganda and Senegal Local Programs and Community Outreach.. £20,167 University Donations-in-kind Tuition for the 2023-24 academic year: approximately £497,932. Tuition fee waivers and discounts Our university partnerships are an essential part of our work, enabling Ashinaga Scholars to complete undergraduate degrees at world-class universities. The University of York and the University of Warwick provide 100% of the tuition fee costs for a fixed quota of A5hinaga Scholars, UP to and including the 2028129 academic year. We also have memoranda of understandings with five other universities, which provide tuition discounts up to 75% for Ashinaga Scholars.. the University of Bristol, University of Portsmouth, Royal Holloway University of London, University of Central Lancashire, and UCL. UK Leadership Programming Including tsudoi (leadership camp), summer activities (internships and research}, monthly ski115 workshops, and professional opportunities (such as conferences). We are gratefLJI for the continuing support of Herbert Smith Freehills IHSFI, a world-leading international law firm making an enormous, positive impact on the communities in which they do business. Like Ashinaga, HSF believes that background should not shape future life chances, and we are proud of their contributions to our leadership programming, which helps Ashinaga Scholars reach their full potential and go on to help others in the future. In addition to their financial support, HSF also provides pro-bono legal aid for Ashinaga. Fundraisers and individual donors have also supported our leadership work. In this period, most fundraising came in the run-up to the London Landmarks Half- marathon on April 7 2024. We are grateful for every single donatior): small or large,. one-time or regular. 12
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 University Donations-in-kind Tuition fee waivers and discounts Our university partnerships are an essential part of our work, enabling Ashinaga Scholars to complete undergraduate degrees at world-class universities. The University of York and the University of Warwick provide 100% of the tuition fee costs for a fixed quota of Ashinaga Scholars, up to and including the 2028129 academic year. We also have memoranda of understandings with other universities, which provide tuition discounts up to 75% for Ashinaga Scholars.. the University of Bristol, University of Portsmouth, Royal Holloway University of London, University of Central Lancashire, and UCL. Uganda and Senegal Local Programs and Community Outreach Rise is an initiative of Schmidt Futures and the Rhodes Trust that finds promising young people and provides them with opportunities that allow them to work together to serve others over their lifetimes. We renewed the partnership between Rise and Ashinaga, enabling Ashinaga Uganda to recruit 15-17-year- olds for the Rise programme. This recruitment included upgrades to Ashinaga Uganda's IT lab, which has a knock-on benefit for the orphaned youth we SUPPOrt in Uganda. The recrLJitment work also deepens Ashinaga's relationships with schools in Uganda, which in turn helps create a stronger pipeline for the Ashinaga Africa I nitiative. We have also raised fLJnds from UK donors who wanted to support the local work Ashinaga does in Uganda and Senegal. Our Big Give Christmas Challenge campaign raised £1,000 for Ashinaga's work in Kampala and Dakar, helping fund teacher training and additional classes for orphaned youth. Our campaign was supported by Platypus Digital, who doubled each donation {with special thanks to Jamie Pitts for making this possiblell Partner Spotlight Our partnerships with the University of York and the Urniversity of Warwick are about much more than just tuition fee waivers,. they are about a shared commitment to create positive global impact through education. At the start of each academic year, we run orientation sessions for new Ashinaga Scholars at York and Warwick. This is a valuable opportunity to welcome the Scholars to the UK, share important information, and connect the new Scholars with the older Scholars already studying at the universities. 13
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 We held our tsudoi - a three-day leadership camp for all the UK Scholars - at the University of York in December 2023. Scholars benefited from York's excellent facilities, and we kept costs down by not needing to rent temporary accommodation, or cover travel and accommodation for Scholars except the ones visiting from outside York. In March 2024, 5 Ashinaga Scholars and 1 staff member attended the University of Warwick's Africa Summit.. an annual student-led interdisciplinary conference focused on the development of the African continent. The experience greatly helped Scholars with their Ashinaga Proposals (their plans to solve a problem in their communities). Orientation and tsudoi at York and the Warwick Africa Summit were also valuable opportunities for Ashinaga staff and Scholars to connect with staff at the two institutions and reinforce ou r partnership. We are proud to be part of both universities, work recruiting some of the best students from around the world, investing in the talent of the African continent, and empowering students to help others and affect positive change. 14
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Achievements and Performance in the Period The board of trustees is delighted with the progress made in 2023-2024 and the achievements of the UK Scholars and Graduates. The board is confident in the future direction of the charity and the team's ability to implement these plans. In our programming, we focused on empowering our Scholars in the best way p055ible, through working closely with universities, strengthening Scholar voices, and helping prepare our students for careers on the African continent. All 5cholar5hips are now offered in partnership with the University of Warwick and the University of York. Growing cohorts at these two universities has enabled a stronger Scholar community and greater peer support. Our Scholar-facing team has signposted and encouraged Scholars to use university resources, allowing us to focus on our own leadership programming on areas of need, with a particular focus on achieving ou r mission of contributing to sub-saharan African's development. We have strengthened Scholar voices by encouraging a stronger'student Council,, which represents the wider student body. Our annual leadership camp, tsudoi, was led by students, allowing for a much more tailored experience and opportunity for growth. The tsudoi was a resounding success, prioritising student leadership, engagement, and valuable learning experiences. By empowering Scholars to lead and define the program, we fostered a deeper connection to their personal and professional growth, enabling them to make significant contributions to their communities and beyond. Finally, as a result of improving our internship programming to encourage Scholars to independently seek opportu nities, more stLJdents than ever have independently secured internships on the African continent for summer 2024. This has helped Scholars gain experience finding opportunities relevant to their career and development goals, made them feel more connected to their internships, and strengthened their independent mindset. In addition, the change has saved time for our Scholar-facing team, enabling them to focus on other areas which need more attention. Overall, 9 Scholars took part in internships in sub-saharan Africa in summer 2023, including at Lesotho's National Electricity company, Volkswagen, the Rwandan government agriculture department and an Ed-tech company in Mauritius. 2 Scholars took part in internships while in the UK. In operations, we have streamlined our administration processes, including data collection, reportin& and scholarship management. In doing so, we have freed up staff capacity to work on other projects which empower students and increase our impact. 15
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 In our partnerships work, our long-term goal is to meet all financial needs in a sustainable manner. We have made good progress towards this goal by strengthening our partnerships with universities - who contribute to the tuition costs of Scholars and making further inroads into corporate and individual giving. With universities, we renewed two tuition discount Memoranda of Understandings at the University of Portsmouth and Royal Holloway, University of London, and continued to work closely with the University of Warwick and the University of York on Scholar placement and our mission to empower young leaders for Africa. With corporate and individual giving, we created new marketing materials and prepared for fundraising events in the 2024-2025 financial year including the London Landmarks Half-marathon. We also increased awareness of our work when the leadership programming we developed for the University of Bristol'5 Think Big Development Programme wa5 nominated for a PIEoneer award. In governance, following the sad and unexpected death of Sir Eric Thomas, Professor Saul Tendler became chair of the board of trustees in November 2023. Professor Tendler was the Deputy Vice-chancellor and Provost of the University of York from 2015-2023 and brings expertise and insight to the board, helping us achieve our mission. Jordan McFarlane became Managing Director from the 1st of May 2023. Dr Michael Rivera King stepped off the board in March 2024, with Jordan McFarlane joining as a trustee. Public Benefit th Ashinaga Association in the UK was entered on the Register of Charities on the 6 of June 2019 (Registered charity number 1183750). The Charity Commission's general guidance on public benefit has been referred to when reviewing the organisation's aims and when planning future activities and the Trustees are satisfied that the work carried out by the charity complies with the public benefit requirements set out by the Commission. 16
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Impact Graduate Highlights Between March 2023 and April 2024, we supported a total of 32 Scholars, representing 16 African countries. Altogether, they studied 25 different undergraduate and fou ndation courses at 9 universities across the U K. In total, we've supported 58 Scholars since 2015, with the first two graduating in 2019. Now, Ashinaga UK Graduates are completing further studies, gaining work experience, and beginning to help support the African continent and their communities at home. Graduates are... Completing further studies to become experts in their fields, including: Completing pre-reg as a pharmacist. Studying on Masterfs programmes. Preparing to start PhDs. Gaining experience in full time employment, including as.. An A5515tarbt Lecturer in Physiology at Kilimanjaro Christian Medical Univer51ty College in Moshi, Tanzania. Ajunior System Analyst in a consulting company in Botswana. A medical lab assistant in the UK. An associate practitioner in Blood Transfusion and Haematology laboratory at Queen Alexandra Hospital, Portsmouth. A Solicitor in a law firm in Scotland. Thinking about their future plans and impact, including.. Opening more pharmacies in rural Benin to make medicine accessible to anyone that needs it. Encouraging erntrepreneurship among young people in Botswana. Joining a supranational organisation and helping them with capital raising. 17
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Bohang's Dream: Upgrading Ox-drawn Ploughs in Lesotho Current Ashinaga Scholar Engineering and Technology, University of Central Lancashire My name is Bohang and my kokorozashi is to accelerate the deployment of capital- intensive processes in different sectors in Lesotho using modern technologies and machines for better human life and overall economic growth. I was born and raised in the rural area5 of Lesotho where I grew up in a family that relies heavily on livestock, hence I was a herd boy for most parts of my childhood. Due to financial difficulties in my family after the passing of my father in 2008, the entirety of my secondary education depended on a scholarship offered by the government of Lesotho. I was among the lucky ones chosen for the scholarship, and I made sure that I did well in my academic performance so that I could stay sponsored. From when I started my secondary education in 2013,1 understood that I had to work really hard to receive any funding for school uniforms and academic trips. I was at the top of my class from 2013'till I completed my LGCSE in 2017. The motivation grew and led me to become a winner of multiple awards at district, regional and country level. Through the CAS Icreatlvlty, Activity and Service) program in IB, I was able to take part in various community service activities around Maseru such as visiting orphanages where we spent time with the kids, helping them with their school assignment and cleaning their environment. After a year I was selected to be a sports prefect where I participated and facilitated different sporting activities. During that time, l also did the extended essay IResearch} part of the IB program where my chosen topic was about the treatment of women in African cultures as portrayed by different African authors through things like female character designs, etc. One day in 2019 around September, I was searching for scholarships, and I came across Ashinaga. l applied, wrote the essays and exams, and by the grace of God in 2020, among thousands of applicants, I was selected as the only candidate from Le50tho. I was very excited for the opportunity which today has transformed my life. For my studie51 chose mechanical engineering because it aligns perfectly with my kokorozashi. As a developing country, Lesotho experiences lots of challenges which could easily be solved by the usage of machines and technology. That most of the population still use ox-drawn ploughs for agricultural purposes speaks for itself. I hope to not only focus on one area for development, but every area where my university degree is applicable. 18
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Over the past three years, Ashinaga has been an important cornerstone for my leadership development to achieve my kokorozashi. From learning how to set goals and review them, to providing support on my Ashinaga proposal, Ashinaga has been 3 big part of my academic, personal and professional development journey, ensuring that I have the right tools to develop and make impact in my community back in Lesotho and Africa as a whole. Outside academics I spend a lot of time in sporting activities and remotely mentoring young African students from rural Ghana through the Akurase Mpuntuo Foundation. I also enjoy helping new Ashinaga scholars to settle in the UK and provide advice on how to deal with things like culture shock. l am also the president of Ashinaga UK students, council where I lead a group of cohort representatives to voice scholars, interests to the office. We plan tsudoi activities, as well as building a strong Ashinaga UK scholars, community through mid-year activities. l am currently taking 3 three-month internship with United Utilities plc where I work with the engineering department on mechanical aspects of the water treatment plants to provide drinkable water in the Northwest of England. The skills and knowledge I will gain will contribute massively to my engineering competence, and overall professional development. My goal is to return to my country/Africa and make an impact in my community with the knowledge I will have gained after graduation. 19
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Nanyori's Story: From Tanzania to Preston and Back Again Ashinaga Graduate International Journalism, University of Central Lancashire, 2018-22 My name is Nanyori Olemako and l am from Arusha, in the northern part of Tanzania. My kokorozoshi is to advocate the eradication of negative socio-cultural practices in rural northern Tanzania. As my father had passed on when I was young, I had to leave my hometown and live with my mother and her relatives. I mostly don't remember my childhood as I was transferred to multiple schoo15 due to the work my mother was doing. I struggled with being taken to the headmaster's office every now and then due to late payment of school fees. I started applying for scholarship programs while working part time to pay for my college tuition with the help of my mother, as she was barely getting by with my siblings, school fees and that was when I was invited to an interview by Ashinaga. I wanted to be a jou rnalist with the intention of spreading awareness about the negative social cultural practices that were and still are being performed by the Maasai culture because they have brought so many negative impacts on my friends and relatives back in Loliondo, my hometown. In the preparation programme in Uganda, I first met the most intelligent and beautiful Ashinaga candidates who have become family. They showed me that I wasn't alone, the struggle is different, but we share the same cause. They inspired me to become courageous and confident and they were my comfort space. I studied International Journalism at the University of Central Lancashire in Preston, UK. My course was practical which made it very easy to engage with, and motivated me to think of many strategies I could use to fulfil my kokorozoshi. I did my remote internship at Twende Innovation Centre in Tanzania, and it was thrilling to be part of an organisation that used local technology to create better solutions for their environment. While I was in university my kokorozashi often changed, as I couldn't pinpoint the problem I wanted to solve. However, with the help of my SRC [Student Relations Coordinatorl at the time, Jordan McFarlane, I could structure my Ashinaga proposal in a clearer way. Through working on it, I came to understand that I could use different strategies to advocate for women and girls who must endure the negative impacts of social cultural practices that are still entailed in their culture. 20
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 I finished my university degree in 2022 and moved back to Tanzania. I volunteered for an NGO called NARESSO and started my internship at UONGOZI Institute. I have always wanted to work at the Institute as one of their leadership programmes is the Women's Leadership Programme. This is a six-month programme that provides strategies and skills to women leaders in their workplace, enabling them to strive harder and get into higher leadership positions (many of our workplaces are male dominated). After my internship, I worked as a consultant for three months at UONGOZI Institute, where I assisted them in events management and coordination. l am currently working remotely as a Marketing and Communications specialist at Dillon Morgan Consulting firm in Texas, United States, and taking extra classes in Graphic Design. Alongside thaL l am working on the brand image of NARESSO, as a communications officer. I plan to work with the NGO to advocate for the eradication of rnegative socio-cultu ral practices in rural northern Tanzania. Through the support of my Ashinaga family and coordinators, I became more confident and resilient. As I started my university degree in Preston, l admit I felt a bit lonely but that was only for a few days when I started blending in and meeting new people, and it was a culture shock but in a good way. I learnt different languages, cultural foods, and I was open minded to discovering new religion which helped my faith grow. Preston was not as scary as it first seemed! Because of Ashinaga, I feel more confident with teamwork, networking, and in sharing my story. 21
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Message from the Founder of Ashinaga During the last year, we have witnessed severe divisions and conflicts around the world, economic uncertainty, including soaring energy prices and inflation, as well as natural disasters and extreme weather patterns. These circumstances reinforce the Ashinaga's determination to provide educational opportunities for orphaned students from sub- Saharan Africa, who are often most affected by challenges like these and who often face many obstacles to achieving their dreams. As part of a global movement, Ashinaga UK'S work to support with incredible talent and leadership potential has never been more important. We believe that educational opportunities are crucial, as they empower compassionate young leaders to showcase their abilities, thrive in society and solve real-world problems. We are proud of our partnerships with top institutions in the U K, such as the University of York and the U niversity of Warwick, which have enabled us to create 59 new scholarships for our Scholars until 2028. Ashinaga UK'S work over the last year has not only been key to supporting students from across sub-saharan Africa to achieve their d reams, but also to the exponential future impact that will happen as a result of empowering future Young Leaders for Africa. Yoshiomi Tamai 22
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Future Our Plans Introduction Our mission is to empower high-achieving, low-income orphaned students with the education, international perspective, skills, connections, and experiences they need to help develop their communities in Africa. We do this through scholarships to study at leading U K universities, professional development opportunities, and leadership development programming. We have launched a two-year strategy that focuses on beneficiaries, partnerships, and administration. Key Objectives Partnerships: Ouraim is to grow partnerships, support and fundraising in the UK and beyond. By securing sponsorships and support in the UK and beyond, we are aiming for greater financial sustainability and partnerships with organisations aligned with ou r charitable objectives. This can include financial support and in-kind SLJPPOrt such as event space and pro-bono services. Student support and supplementary leadership programming: We aim to tailor our pre-university programming to prepare students to study in the UK and thrive academically. We will also focus on strengthening our partnerships with our key university partners to support Scholars even better. We are building a framework to integrate and signpost toward5 university provided resources and opportunities. This will add a greater dimension of opportunities and expertise available to support Scholars as they study and aim to make an impact in communities across sub-saharan Africa. We will continue to focus programming on the most impactful areas to best empower Scholars in their leadership development. This includes encouraging and enabling our Scholars to be resourceful and independent as they self-develop and prepare to make an impact in communities across sub-saharan Africa. Operations.. To significantly streamline administrative processes such as data collection, scholarship management, payment requests and processing, and book-keeping. 23
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Partnerships Overview Our longer-term goal is to cover the costs of all UK-based work in a sustainable way and to create additional scholarships. To do this, we aim to establish and grow corporate partnerships with organisations that are aligned with and committed to our charitable objertives. To strengthen ourselves as a charity and expand our impact, we aim to secure financial sponsorship, pro-bono support, additional support for our Scholars, as well as important ad hoc support such as venue space. Finally, we aim to leverage the existing support we receive from our key university partners and develop new ones to support current Scholars and expand the programme in the future. Scholar-facing Overview Given our partnerships with the University of York and University of Warwick and the creation of 59 scholarships between 2021 and 2028, we are aiming for all incoming Scholars to attend one of these universities. We will encourage Scholars to take advantage of universities, provision of leadership and professional skills resources and opportunities, allowing us to focus our support on Scholar engagement with sub- Saharan Africa. We will aim to further increase the voice of Scholars in our programming. 24
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Join the Movement! We don't think of ourselves asjust a charity, but a movement of people paying kindness forward and investing in talented orphaned youth. A large part of our 5UPPOrt comes from our university partners and the Ashinaga Foundation in Japan. Since the Japanese Yen has lost 113 of its value since 2021, we need more people and organisations to join the Ashinaga movement and keep our work going for the future. Together, we can empower a new generation of leaders for Africa. Ways to get Involved Donate Both one-off and regular donations help us continue our existing support and give Ashinaga Scholars in the UK the best chance of reaching their full potential as leaders. Create New Scholarships With more scholarships we can make a much bigger impact on Africa and the world. New scholarships would be a partnership between a university {covering all or most of the tuition costs), Ashinaga (providing leadership training and staff support) and an individual ororganisation (whom the scholarship would be named after). Direct Scholar Support Work directly with Ashinaga Scholars through mentoring, providing internship opportunities, or hosting one of our events. Gifts in-kind Pro-bono supporL training, access to resources, or donating items such as laptops and books are important ways that organisation5 and ind ividuals can support our work. To find out how you can support our work, and join the Ashinaga movement, contact US at hina 25
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 About Our History and Philosophy Ashinaga provides access to education and support to orphaned youth worldwide. There are 147 million orphaned children in theworld. Losing a parent can remove all sense of stability and safety from a child's life, impacting their schoolwork and severely limiting their future potential. We enable orphaned children to stay in education, develop skills, overcome their emotional challenges, and become leaders for their communities. We have supported orphaned youth since the 19605, beginning injapan but now working all over the world. Each year, we provide access to education and emotional care to more than 8,600 students in Japan, 1,000 in Uganda and Senegal, and around 130 across the African continent. Our support includes scholarships - ranging from primary to post-graduate education emotional care, and skills training. Emotional care is delivered through multiple programs, including social clubs and access to psychotherapists. The social clubs help children cope with their grief through sharing, play, art, sports, and music. A Global, People Powered Movement Many of our fundraisers and staff members were once Ashinaga students, keen to help the next generation. 92% of our funding comes from individual donations - thousands of people giving what they can - with the rest from organisations keen to be part of our people-powered movement. Ashinaga U K was established in 2017 to deliver the Ashinaga Africa Initiative {AAII through UK universities and organisations. Ashinaga also has regional offices in Japan, Brazil, the United States, France, Uganda, and Senegal. These offices deliver the AAI in their respective countries and run separate programs to support orphaned youth nationally and locally. 26
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Purpose As Set out in Governing Document The charity's objects {"Objects') are specifically restricted to the following.. a. advancing the education of Orphans, anywhere in the world but in particular, sub-saharan Africa lor any part thereofl including {but without limitation) by.. providing scholarships, grants and loarns to Orphans to meet expenses associated with education (including course fees, travel and maintenance and Subsistence expensesl,- providing educational and professional guidance and mentoring, emotional and moral support to Orphans- 5UPPQrting community and economic development in sub-saharan Africa lor any part thereof) by supporting and facilitating Orphans, education with a view to.. developing their leadership skills and capacity,. fostering enthusiasm and tolerance, individual and community self-confidence, and engendering respect for individuality, difference and the importance of teamwork; and using their education and skills to the benefit of their communities (whether national, regional or locall within sub-saharan Africa,. c. the prevention or relief of poverty or financial hardship in sub-saharan Africa lor any part thereofj by providing or assisting in the provision of education and training,. and such other exclusively charitable purposes as the directors may from time to time think fit. 'Orphans- means a young adult land, if the trustees think fit and so determine, a child who is under 18 years of age) who has a parent who has died or who is reasonably believed to be long-term missing. 27
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 28
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Our Trustees in 2023-24 Saul Tendler (UK) Professor Saul Tendler is the Chair of the Ashinaga UK Board of Trustees, having first joined the Board in October 2022. Professor Tendler was the Deputy Vice-chancellor and Provost of the Univer51ty of York from 2015-2023. He gained a Bsc in Pharmacy at the University of Manchester and a PhD from the University of Aston. He was a Medical Research Council Training Fellow at the National Institute for Medical Research, Mill Hill, before being appointed to a Lectu reship at the University of Nottingham. He was subsequently promoted to Professor of Biophysical Chemistry and then headed Nottingham's School of Pharmacy, before being appointed a Pro-vice-chancellor. He is a Fellow of the Royal Society of Chemistry, and was designated a Fellow of the Royal Pharmaceutical Society of Great Britain. Eric Thomas (UK) Sir Eric Thomas setved on the Ashinaga UK Board of Trustees from 2018 until his passing in November 2023. Sir Eric was Vice-chancellor of the University of Bristol from 2001 to 2015, and President of Universities U K, the body that represents all U K universities, from 2011 to 2013. He was also the first ever member of Ashinaga's Kenjin- Tatsujin Advisory Council, and integral to the foundation a nd success of the Ashinaga Africa Initiative. 'Funmi Olonisakin (UK) Professor'Funmi Olonisakin joined the Ashinaga UK Board of Trustees in August 2020. Professor Olonisakin is Vice-President and Vice-Principal International and Professor of Security, Leadership and Development at King's College London, where she founded the African Leadership Centre. She was appointed by the United Nations Secretary-General, Ban Ki-moon, as one of seven members of the Advisory Group of Experts IAGEI on the Review of the United Nations Peacebuilding Architecture. Professor Olonisakin also serves on the board of the Centre for Humanitarian Dialogue and chairs the Africa Regional Advisory Committee of the Open Society Foundation. 29
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Noriko Tominaga-carpentier Uapan) Noriko Carpentier-Tominaga joined the Board of Trustees of Ashinaga Association in the UK in February 2017. Noriko is also a board member of the Ashinaga Foundation. Based in Paris, Noriko works to strengthen French-japanese economic relationships as Deleguee Generale of the Comite d'Echanges Franco-japonais. Working with companies seeking broader and deeper connections, Noriko cares about the interests of each of them and tries to offer a variety of activities to facilitate them developing their business. Noriko's focus for Ashinaga is to support the development of professional opportunities for alumni to enable them to contribute to African development. Suzan Kilamile (Tanzania) Suzan Nimrod Kilamilejoined the Ashinaga Board of Trustees UK injuly 2021. Suzan studied Medical Physiology and Therapeutics at the University of Nottingham and is among the first Ashinaga Africa Initiative IAAII Graduates to complete their degree. Suzan is passionate about healthcare in children and maternal health. As a new and inspired academician, Suzan is hoping to have an impart through scientific and clinical research to promote healthcare. As a board member Suzan acts as a voice of Ashinaga Scholars and alumni. Yoshiomi Tamai Uapan) Yoshiomi Tamai joined the Board of Trustees of Ashinaga Association in the UK in February 2017. Yoshiomi Tamai is the founder and president of the Ashinaga Foundation. After losing his mother in a traffic accident over fifty years ago, he became passionate about working to SUPPOrt the educational and emotional needs of orphans who lost their parents in traffic accidents. He founded an organisation, Ashinaga, that gave scholarships to these orphans before extending the support to all children who have lost one or both parents. Tamai's work has been recognized with numerous awards, including the Global Fundraisir)g award and, most recer)tly, the Goto Shinpei award. Yukie Seki Uapan) Yukie Seki has been on the Board of Ashinaga Association in the UK since February 2017. Yukie works as the Secretary General of the Ashinaga Foundation, where she is also a member of the board, with responsibility for international activities. Before joining Ashinaga, Yukie worked at Hewlett Packard as the Business Manager and Corporate Dirertor. 30
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Jordan McFarlane IUKI Jordan McFarlane is Managing Direttor of Ashinaga UK. He has 9 years of experience in the charity sector, working in the UK and Canada. Afterjoining Ashinaga UK in 2019, Jordan has led several projects including the development of leadership programming to facilitate Scholars, social impact proposals, recruitment into U K universities, and the transformation of operations to achieve the charity's mission effectively. Michael Rivera King (UK) Dr Michael Rivera King joined the Board of Trustees of Ashinaga Association in the UK in February 2017. Michael completed his doctorate at the University of Oxford before publishing a book on alternative care and social work in Japan. Prior to this, Michael set up a volunteer organisation, Smile Kids Japan, to promote local, sustainable volunteering at child welfare institutions, and raised $900,000 for children affected by the 2011 Tohoku earthquake and tsunami. Michael also advised thejapanese Ministry of Health, Labour, and Welfare on the 2016 revisions to the Child Welfare Art that promoted family-based foster care and adoption. Board and Committee Meetings During the financial year, the Board of Trustees met on three occasions, ensuring the strategic direction and governance of the charity were effectively overseen. The board of trustee meetings took place in March 2023, December 2024 and March 2024, with an attendance rate of approximately 6496. 31
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Structure. Governance and Management Our Governing Document Ashinaga Association in the UK is registered as a private company, limited by guarantee 1106342781, and with the Charities Commission111837501. Our governing document is our Articles of A550ciation. Thi5 document 15 available from Companies House. How Our Organisation is Constituted Ashinaga Association in the UK works c105ely with the Ashinaga Foundation, based in Japan, and the Ashinaga offices in Uganda, Senegal, France, Americ3, and Brazil. The Ashinaga Foundation has provided seed-funding for these offices, including our own, to undertake their work and to establish a self-sustaining model over time. Yoshiomi Tamai, a UK board member, is the founderof the Ashinaga Foundation. Noriko Tominaga-carpentier and Yukie Seki are also members of both the UK andJapane5e boards. Sir Eric Thomas was a member of the UK board and a member of the Kenjin- Tatsujin advisory board. Day-to-day managerial responsibility is delegated to the Managing Director. Ashinaga is also a member of the HALI IHigh-Achieving Low-lncomel Access Network. The HALI Access Network is an association of non-profit organizations in Africa that support high-achieving, low-income IHALII students to access international higher education opportunities. HALI strives to level the playing field in international education to increase inclusion, access and scholarship support for remarkable students who only lack finances to make their educational dreams come true. HALI believes in the power of education to change communities, and in the impact our students have on college and Ljniversity campuses. Methods for Recruiting and Appointing New Trustees. Including Any Constitutional Provisions The trustees of the charity shall be as follows: up to five persons (willing to act as trustees) appointed by ordinary resolution,. up to two persons (willing to act as trustees) appointed by Ashinaga Japan from time to time by written notice to the charity; up to two persons with expertise, knowledge, or connections of particular value to the charity in furthering its objects (willing to aci as trustees) appointed by trustees,. and up to two persons (willing to art as trustees) appointed by the trustees from time to time. 32
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 The Board regularly reviews the skills present within its members, and where any gaps lie, and works with the Ashinaga Foundation to ensure the effectiveness of the makeup of the Board. Full details of the appointment process may be found in our Articles of Association. Training is offered on a continual basis to all Trustee's to assist them in their role and governance of the Charity. 33
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Reference and Administrative Details Name: A5hinaga A55ociation in the UK Bankers: Barclay5 Bank 1 Churchill Place London E145HP Company number: 10634278 Charity registration number: 1183750 Solicitors: Herbert Smith Freehills Exchange House Primrose Street London EC2A 2EG Address and registered office: 13114 Cornwall Terrace, Outer Circle London NW14QP UK Accountants: Sidikies 1 Sun Street London EC2A 2EP Trustees during the year and to the Date of Report Submission: Professor Saul Tendler Pablo Pérez Abella (appointed 14 May Auditors: 20241 Moore Kingston Smith LLP Nashina Asaria {appointed 13 May 2024) The Shipping Building Kimeshan Naidoo (appointed 9 May 20241 The Old Vinyl Factory Jordan McFarlane lappointed 19 March Blyth Road 20241 Hayes Suzan Kilamile London Professor'Funmi Olonisakin UB31HA Noriko Tominaga-carpentier Yoshiomi Tamai Yukie Seki Dr Michael Rivera King (resigned 19 March 20241 Sir Eric Thomas (until 10 November 2023) Managing Director: Jordan McFarlane 34
DoGusign Envebpe ID." 3CAE3F83-56C1467rk9450-6C1123DB4046 Financial Review Ashinaga Association in the UK achieved all its key targets for the 2023-2024 fiscal year. While operating in an uncertain climate globally and with some higher-than-expected costs, the board are supportive of what the charity has achieved. A budget for 2024-2025 has been agreed with Ashinaga Foundation, who will support our activities on an ongoing basis. This support includes a commitment to provide the financial su pport the organisation needs for at least 12 months from the date of sign-off of these financial statements. The trustees regularly consider and evaluate the risks and uncertainties the charity faces. The board want to thank staff members for their dedication and hard work to deliver the programme in the UK. Our reserves policy aims to build up 3 months of operational expend iture, estimated to be approximately £100,000. This policy is underpinned by a letter of support from the Ashinaga Foundation, along with their balance sheet and profit and loss statements. This is based on the trustees, assessment of the appropriate level of security for the charitYs operations in the event of a redurtion or delays to income. They expect the charity's reserves to build up to this level over the next few years. Remuneration of senior staff members is reviewed on an annual basis by the Board of Trustees. 35
DoGusign Envebpe ID." 3cAE3F83-56Cl467r945Q-scIl23DB404S Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements u nless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income, expenditure and financial activities of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently make judgements and accounting estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the financial statements prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the companys 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 Companies Act 2006. They are also responsible for safeguarding the a55ets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption. The Trustees, Report is signed on behalf of the Board 5vJnEd by." 4F05VMJITl*fl" """ Professor Saul Tendler Trustee Date.. 20/12/2024 36
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Independent Auditors, Report to the Members of Ashinaga Association in the UK Opinion We have audited the financial statements of Ashinaga Association in the UK for the period ended 31 March 2024 which comprise the Statement of Financial Activities, the Balan Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of signrficant ao¢ounting policies. The financial reporting framework that has been applied in their preparation is applicable laws and United Kingdom Accounting Standards, including FRS 102'The Financial Reporting Standard Applicable in the UK and Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5tatements'. give a true and fair view of the state of the Charitab company's affairs as at 31 March 2024 and of its incoming resources and application of reSoUrS for the year then ended.. have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Pr8Ctice.' and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAslUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit ol the financial statements section ol our report. We are independent of the charitable company in arxordance with the ethical requirements th8t are revant to our 8udit of the financi815tatetnents in the UK. including the FRC'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 SLrfficienl 8nd appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have conduded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue a5 a going concern foi 8 period of 8t least twelve months Irom when the financial statements ale authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described IN the relevant sections of this report. Other infomiation The other information comprises the infomation included in the annual report, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other infonnation. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicidy stated in our ieport, we do not express any fomi of assurance conclusion thereon. In connection wlh our audit of the financial slalemenls. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our kno*Aedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent rnaleri81 rni5Stalemenls, we are required lo determine whether there is a rnaleri81 misstatement in the financial statements or a material misstatement of the othei information. 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 f8Ct. We have nothing to report in this regard. 37
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Independent Auditors, Report to the Members of Ashinaga Association in the UK Opinions on othèr mattèrs praseribad by thè Companias Aet 2006 In our opinion. b85ed on the work undert8ken in the course of the audit." the information given in the trustees, report for the linanaal year for vthich the financial statements are prepared is consistent with the financial statements., and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knoedge and understanding of the charitable company and its environment obtsined in the course of the audit, we have not identified material misstatements in the trustees, report. 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 ac¢ounling records have not been kept. or returns adequate for our audit have not been received frorn branches not V15rted by us., or the financial statements ale not in agreement with the accounting rewrds and returns.. or certain disclosures of trustees. iemuneration specified by law are not made", or we have not receivedf all the infomation and explanations we require for our audit," or the trustees were not entitled to prepare the financial statements in accordance wth the small companies regime and take advantage of the srnall companies exernption in preparing the Trustees, Annual Report and frorn preparing a Stiategic Report. Responsibilities of trustees As explained more fully in the ttU5tees' responsibilitie5 Statetllent set out on page 36, the ttustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being salislied that they give a Itue and fair view. and for such inlem81 control as the trustees determine is necessary to enable the preparation of financial staternents that are flee from material misstatement, whether due to fraud or error. In piep8ring the financial statements, the tIU5t8es are r8sponsib18 for assessing the charitab18 comp8ny'5 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 charitable company or to cease operab"ons, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial ststements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from rnateiial rnisstatement, whether due to fraud 01 error, and to issue an auditorf5 report that includes our opinion. Reasonable assuran is a high level ol assuran, but is not a guarantee that an audit conducted in accordance with ISAS IUIQ will aayS delect a material misstatement when it exists. Misstatements can arise frorn fraud or eiror and ale considered tnateiial if, individually or in aggregate, they could reasonably be expected to Influenee the economic decisions of users taken on the basis of these finanaal statements. As part of an audit in accordance with ISAS (UK) we exerase professional judgement and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misstaternent of the financial statements, whether due to fraud or erior, design and perform audit proceduie5 ie5ponsive to those iisks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions, misrepiesentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the c1rcurllstan$. bul not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. 38
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Independent Auditors, Report to the Members of Ashinaga Association in the UK Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and ielated disclosures made by the tiustees. Conclude on the appropiiateness ol th8 trust885' us8 of th8 going conc8in b8S15 of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast Significant doubt on the charitable Company's ability to oontinue as a going ooncern. If we conclude that a tnaterial uncertainty exists, we are required to draw attention In our auditor's report to the ielated disc105ures in the financial statements or, if such disdosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audilorfs report. However, future even13 or eondth.ons may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial slaternents, induding the disclosures, and whether the financial 5t8temenls represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged wth govemance regaiding, among other matters, the planned scope and timing ol the audit and significant audit findings, including any significant deficienaes in internal control that we identify during our audit. Explanation as to what exient the audit was considered capable of detecting irregularities, including fraud Irregularities, Induding fraud, ale instanS ol non-cornpliance with18WS and iegulations. 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 prOdureS are capable of detecting irregularities. including fraud is detailed bebw. The objectives of our audrt in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due lo fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and Implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both managernent and those charged with govemance of the charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most signifiranl are the Companies Act 20(. the charities Act 2011. the Charity SORP, and UK financial repotting 5tandard5 as Issued by the Financial Reporting Council. We obtained 8n understanding of how the charitable company complie5 Wlth these requirements by discussions with management and those charged with governance. We assessed the risk ol material misstatement of the financial statements, including the risk ol material misslalernent due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or Suspected non-compliance with law5 and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely lo become aware of instan$ of non-cornpliance with18ws and regu18tions that 8re not c105ely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for ex8tnple. forgery or intenb.onal tnisrepr8sent8tions, or through collusion. 39
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Independent Auditors, Report to the Members of Ashinaga Association in the UK Us• of our report Thi5 report is made solely lo the charitsble cornpany's members, as a body, in aooordance with Chapter 3 of Part 16 of the Companies Act 201K. Our audit work has been undertaken lor no purpose other than to draw to the attention of the company's members those matters which we are required to include in an auditorfs report addressed to them. To the fullest extent permitted by law, we do not accept 01 assume iesponsibilty lo any party other than the company and companls members as a body, for our work, for this report. or for the opinions we have formed. 2) iÈiewbgk 2)21 Jame¥ Saunder¥ Senior Statutory Auditoi For and tsn behaK of Moore Kingston Smith LLP, Statutory Auditor The Shipping Building The Old Vinyl F3dory Blyth Road Hayes, London UB3 1HA
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Statement of Financial Activities For the year ended 31 March 2024 (incorporating Income and Expenditure Account) Unrestrictefl Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Income from: Donated services In kind support Donations Other Income 18.333 12,002 18.333 683,811 6,109 674,492 28,022 671,809 Totsl income 30,335 671,809 702,144 708.623 Expendlture on.. Fundraising activit18S Charitable activities Student support Total expendlture 29,695 29,695 38.096 18,364 439,251 457,615 805.615 18,364 468,946 487,310 843.711 Net movement incomellexpenditurel and Net movement In funds 11.971 202,863 214.834 64.912 Transf8rs 1147,8551 147,855 Reconclllatlon of funds Fund BalanTr brought forward At 1 April 2023 205.311 12.126.272) 11.920.961) 11,985.8731 Fund balaneè carri•d forward At 31 March 2024 11 69,427 1,775,554 1,7(,127 1,920,961 The were no recognised gains or losses during the year other than the movements shown above. All the above results derive frorn continuing activities. Th8 8CCOtnpanying notes form an int8gial part of th8S8 accounts. 41
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Balance Sheet As at 31 March 2024 Notè 2024 2024 2023 2023 Fixed A$8et$ Tangible Assets 496 1,346 496 1.346 Current Assets Debtors and prepayments Cash at bank 116,677 108,150 122,470 109,396 224,827 231,866 Current Loabllltles 282,316 295,7481 N8t Current Ass&tS 157,4891 163.8821 Total ass•ts l•ss eurront liabilitias 156,9931 162,5361 Non-¢urrent Liabilities 11.649.134) 11,858.4251 Total Net Liabilities 11.706,1271 11,920.9611 Totsl Funds General Unrestricted Funds 11 69,427 205,311 Restricted Funds 11 11,775.5541 12.126.272) 11,706,127) 11,920,961) 1,706,127 1,920,961 Th8se financi81 statements hav& b8en prepared in accordance with the prowsion5 8pplicAb18 to COrnP8ni8s subJ'8Ct to the small companies, regime. Approved by the Board and authorised for issue on 2011212024 2024. Proles50r gaul Tendler Director Company registration numb8r'. 10634278 (England and Wales) 42
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Statement of Cash Flows For the year ended 31 March 2024 Note 2024 2024 2023 2023 Cash flows from operatlng actlvltles Cash sbsoibed by operations 14 11,2461 182,1071 Net ¢08h u$ed in investing a¢tivitie$ Net cash 9enerated from flnanclng activities Net Ide¢rea$eVin¢rea$e in ¢a$h and cash equlvalents 11,2461 182,1071 Cash and cash eqUIvantS at beginning of year 109,396 191.503 Cash and cash equovalents at end of year 108,150 109,396 43
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements For the year ended 31 March 2024 A¢counting Pgli¢ie$ 1.1 Basis of Preparation of Financral Staternènts The financial stat8m8nts hav8 be8n prepared in accordanc8 With th8 Fin8nci81 R8porting Standard applicable in the UK and Republic of Ireland IFRS 1021. The incorporated private company is a public benefit entity for the purposes of FRS 102 and a registered charity Ichsiity number 11837501 estsblished as a company limited by guarantee (company number 106342781 and therefore h8s also prepared its financial ststernents in accordan wrth the Statement of Recommended Practits applicable to charities preparing their accounts In accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI, the Companies Act 2006 2nd the Charities Act 2011. The comp£nls registered Offi address Is 13114 Cornwall Terrace. Outer Circ, Marybone, London. NW14QP. The financial ststements are ppared in sterling, which is the functional currency ol the cornpany. Monetary arnounts in these financial 5taternents are rounded to the nearest pound. 1.2 Going ¢on¢ern The charitable company generated a surplus of £214.834 in the year ended 31 March 2024. and had net Iisbilitie5 of £1.706.127 st the balan sheet date. The key element of the net liabilities p051tion 15 cornrnitted donations to Universities of £1.911.487, which will be payable over several years. Ashinaga Foundation has agreed to undetwrrte these commitments on behalf of the charitsble company. A confirmation has been ceIVed from Ashinaga Foundation in Japan that it will continue to finanually support Ashinaga Ass08t10 in the UK for a peiiod of at188St on& year from th8 date of the approval of these financial ststements. Donations from Ashinaga in Japan has been the primary Sour ol income for the charrty. As a SuIt the directors believe that th8 charitsbl8 company will b8 8bl8 to contlnU8 to rneet It5 liabilities as they fall due for a rericd of at le8st fv4elve rnonths from the date of approval ol the financial statements. Accordingly. the company has adopted the going concern basis of accounting. 1.3 Ineoma All income in the St8ternent ol Financi81 Activities is shown gross ol the associ8ted costs and is accounted for wh8re ther8 is 8ntitletnent to the incom8, It Is piob8bl8 that the b8nefits 85sociated with it will flow to the charitable company and it can be reliably measured. In kind support is recognised as Income when the following ctiteria are rnet". Entitlement- Control over the expected economic benefits that flow from the donation has passed to the charity and any performan related conditions attached to the donation have been fully met. Probabl8- It is more likely than not that the econornic ben8fits assOClSted with th8 donat8d item will flow to the charity. Measurement- The lair value or value to the charity ol the donated item can be measur& reliabty. 1.4 Expenditurè All expenditur8 is accounted for on an accruals basis and h85 allocat8d on the bases indicated below". Governance costs indude those incurred in the g0veMan of the company and are primarily associated with constitutional eomplianee and statutory requirements. Costs are allOted to direct expenditu where they late direcdy to the pursu([ of the objectives. Non specffic administrative costs are allocated to other expenditu. 44
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements For the year ended 31 March 2024 1 Accountlng Pollcles Icontlnued All expenditure is psernted inclusive of irrecoversble VAT which Is charged as a cost against the activrty for which th8 expenditur8 W85 incurred. 1.5 Flxed Assets and DeptIatIon Tangible fixed assets anticipated to have a useful life extending beyond the period end are capitalised and includ8d at cosL D8pr8ciation is provided on fix8d as58tS at rat8s which wll write Off the cost of the as58ts over their useful effective lives on a straight line basis. The effective lives are". Furniture and fixtures Office equipment Computer equipment 5 years 3 years 3 years 1.6 Investments Rea115ed and unr851ised gains and Ioss8s are add8d to or d8ducted from the appropriate fund in th8 Bslanc8 Sheet. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in h8nd, d8POSits h81d at CAII with bank. 8nd other short-term liquid investments with Orjinal Maturities ol three months or less. 1.8 Financial instruments Financial instrurn8nts ar8 iecogni58d in the company's balanc8 5he8t when th8 company b8com8s party to the contractual provisions of the instrument. Basic financial instruments a Initially COgnised at transaction value and subsequendy measured at amortise(I Th)$t. using the effective interest rate method. Other fi'nancial assets, including investments in equity instruments which are not subsidiaries, asso¢iate$ orjoint ventures, are initially measured at fair value, which is normally the transadion pri. Such assets are subsequendy carri8d 8t fair v8lu8 and the changes in fair v81u8 ar8 recogni58d in profrt or10sS. Basic fin8ncial li8bilit18s. induding trad& and other pay8b18s and loans from f811ow group companie5 ar8 initlally recognised at transaction price unless the arrangement constitutes a finanang transaction, where the debt instrum8nt Is m8asuied at th8 pr8S8nt V81u8 of th8 futUl8 paym8nts discounted at a m8rk&t rat8 of int8re5t. 1.9 Forelgn Currencles Monetary assets and liabilities denominated in foreign cUrnCle$ are translated into sterfing at the rates of exchsng8 tuling 8t the balsnce sheet dat8. Tiansadions In foreign currencies ar8 recorded at the rate ruling at the date of the transaction. All differen$ are taken to the statement of financial activrtie$ 1.10 R•strietad lunds Th858 ar8 funds which must b& used in 8ccord8nce with the particular t8rrns sp8cifi8d by the donors. 1.11 Unrestrlcted Funds These a funds which can be used in accordan with the Charitab objects at the discretion of the trustees. 1.12 Government grants Government grants are recognised at the lair value ol the asset reiVed or re1vable when the is reasonable assurance that the grant conditsons will b8 m8t and the grants will be 18ceiv8d. Government grants are COgnised as income over the periods when the lated costs are incurred. 4S
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements For the year ended 31 March 2024 Accounting Policies Icontinu8dl 1.13 Judgements and key sources of estlmatlon purposes In the application of the cotnpany s accounting poliaes, the directors are required to make judgements, estimates and assumptions 8bout the carrying 8mount of assets 8nd liabilities th8t are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors th8t 8re considered to b8 r818vant. Actual r8suIt5 rnay diff8r from these 8St1rn8tes. The estirnates and underfying a5surnptions are reviewed on an ongoing basis. Revision5 to accounting estirnates are re¢ognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future pericds Whe the revision affects both current and fvture periods. There are not consid818d to b8 any critics1 judgements or key sourc8s of estimation which hav8 a Significant impact upon the financial statements. apart from the decision to prepare the financial statements on a going cOnM basis a5 mentioned above. Student 8UPPOrt 2024 2023 Dired 8xpenditure (note 3 (all Support costs (not8 3lbll 341.669 115.946 478.297 127.318 2024 2023 3 lal Direct expenditure Housing. subsistence and living costs Other living serviS 93.574 248,095 341,669 112,455 365,842 478.297 Ibl Support Costs Staff costs Rent Advertising Venue hi Travel and subsistence Stationary TephOne and intemet Computer equipment Repaits and maintenan Insur3nce Recruitment Training Bank chsiges Legal and professional Depreastion Sundry expenses Governan costs (see below) 43,694 14,905 17,051 100 51,935 13.860 193 325 960 279 714 1.206 176 1.474 59 704 1,277 95 1,545 299 1,683 180 15,CQ1 850 27 17,617 3.610 379 38.048 2,079 240 11,840 115,946 127.318 46
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements (Continued) For the year ended 31 March 2024 (el Gtsvernanee Costs 2024 2023 Staff costs Auditorfs rernuneration.. for aud([ servi$ for prior ye81 under acctued audit setwtss for non audit services 1.089 11,532 2,368 2,628 11,840 500 4 Staff Costs 2024 2023 Wages and 581ari85 Social Security costs Pension costs 154,954 11,555 9,108 175,617 191.265 12.807 8.701 212.773 The average monthly nurnber of p&rsons employed by the charitable company during the y8ar was as follows." 2024 Number 2023 Number Administration No employees were paid in ex$$ of £60,000. The total amount of key man8g8m8nt remun8r8tion rec8iV8d by key manag8m8nt pe150nn81 for their s8rvice5 to the charity in the year was £78.661. Two trustees have been paid remuneration from employment wth the charitable company. They only reTrive remuneration in respect of services they provide undertaking the role of Man8ging Director under their contracts of employment. This arrangement has been as allowed by the governing document and as notthed to the Charity Commission on ch81ity iegi5tr8tion. The value of truste8s' remuneiation and other ben8fts was as follows". Jordan McFarlane". Retnuneiation £50,00(s5,0(jI2O23". £nill Employerfs pension contributions £O-£S.0(M)12023.' £nill Dr Michael Rivera King". Remuneration £10,00(k£15,00012023". £50,000-£55,0001 Employerfs p8nsion contributions £0-£5.00012023. £1-£5,0001 No trustee had expenses reimbursed in the current year12023.' £42 to one trustee) 47
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements (Continued) For the year ended 31 March 2024 S Tan9ible Fixed Assets Total Fumiture and Fixtures Computer •quipmont Office •quipment Cost At 1 April 2023 Additions 709 11,078 263 12.050 At 31 March 2024 709 11,078 263 12.050 DepCIatIOn At 1 April 2023 Charge foi the year 17091 19,7321 18501 12631 110,7041 18501 At 31 March 2024 17091 110,5821 12631 111,5541 Net Book Value At 31 March 2024 496 496 At 1 April 2023 1,346 1,346 6 Debtors and Prepayments 2024 2023 Prepayments Other debtors 112,492 4,185 116,677 121.035 1.435 122.470 7 Current Llabllltles 2024 2023 Trade cieditors Other creditors Accruals 761 263,340 18,215 282,316 2.812 276.734 16.202 295.748 8 Non<urrent Llabllltles 2024 2023 Other creditors Inote 101 1,649,134 1,858,425 9 R•tiromant nalit sCm•S Defined contribution schemes The charitable company operates a define(I contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the chaiitable cornpany In sn Independent adrnini5tered fund. The charge to the incorne and expenditure account in respect of defined contribution schernes was £9,108 12023. £8,701) The balanc8 outstanding at the y8ar end in r8SP8Ct of d8fin8d contribution sch8tn85 Wa5 £nil12023. £nill. 48
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements (Continued) For the year ended 31 March 2024 10 Finaneial commitm8ntsi guarantees and ctsntingent liabilit18S At the year end, the charitable company had made a financial and pastoral commitment to support a number of stud8nts studying in the UK foi the rest of th8 acad8mic y&ar. This financial commitment W8s estimat8d to b8 £56.04612023: £61.4461. In 2022021 th8 chaiitsble company sign8d partnership ag188rn8nts with th8 Univeislty of York snd Univ8rsity ol Warwick. Under these agreements the charitable company has agreed to provide restricted grants to the universities, to be used to provKJe stipends to AAI Scholars over the period. These liabilities were taken on after full discussion with the Ashinaga Foundation. as the major donor to Ashinaga UK, on the impact of this on the charitable company's budget. Ashinaga Foundation has agreed to underwrite these grants on behalf ol the charitsble company. 11 Funds Balanc Brought Forward Balance Carried Forward Income Expendlture Transfers Unreslricled funds Restricted funds.. Healthcare students Ashin8ga Senegal Ashin8ga Ug8nda Joint campaigns Scholars fund Partnership agre8m8nt5 205.311 30.335 118,3641 1147.8551 69.427 13,387 23.594 13,387 126,7871 122,3591 3,193 3,192 16,3851 147,855 19.167 1,000 651,642 8.385 161,2741 12.108.3641 12.126.2721 981 121.565 11,911.4871 11,775.5541 1616,6581 196,877 1468,9461 671.809 147,855 Total funds Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Healthcare students fund is for the funding and support of Healthcare students. Ashinaga Senegal fund is for the support of the Senegal initiative. Ashinaga Uganda fund Is for the support of the Uganda inits"ative. Joint Campaigns fund is for joint campaigns covering both Senegal and Uganda initiatives. Scholars fund is for th8 SUPPOrt of AAI scholars. Partnership agreements fund represents the grant commitments relating to the partnership agreements referred to in note 10. The trsnsfer of funds represents a ieasse5sment of funds from pr8Mous years which ar8 COn5id8r8d to hav8 been specified and restricted for scholar activities. 49
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements (Continued) For the year ended 31 March 2024 12 Analysis of N8t Assets betW88n Funds Fund balan3 at 31 March 2024 are represented by.. Unrostrietod Funds Restrlcted Funds Total Funds Tangible fixed assets Curr8nt 85sets and liabilib"e5 Non-curr&nt liabilities 496 68,931 496 1126,4201 157.4891 11.649.134) 11,649.1341 Totsl net assets .775.5 The deficit on restricted funds will be met by future funding from A5hinaga Foundab"on, the UlMSte controlling party. 13 Operating 18as8 commitments Lessee At the reporting end date the chatty had outstanding commitrnents for future minimum lease psyments under non-CanlIable operating leases as follows.. 2024 2023 Op8rating 188se5 expiring-. Within one year 1,250 1.155 14 Related paty transalon$ Ashinaga Foundation IAshinagal is a not-for-profit tsrganisation based In Japan, which has uKimate control over the company. Ashin8ga's corporation number 15 0100-05-028g62. Its register8d office is M8in Office 2-7-5 S8bou Kaikan Hirakawa-cho Chiyoda-ku Tokyo, Japan. During the year Ashinaga Foundation made donations to the charity of £663,48112023". £618.8701. Ashinaga Foundation has a150 underwiitten th8 grant commitments as lerred to in note 10. 50
Docusi9n Envelope ID.. 3CAE3F83-56C1467D-9450-6C1123DB4046 Ashinaga Association in the UK Notes to the Financial Statements (Continued) For the year ended 31 March 2024 14 Cash generated from operations 2024 2023 Surplus for the year 214,834 64,912 Adjustments for: Depreciation of tsngible fixed assets 850 2.079 Movements in working capital Decreaselllncreasel in debtors Decrease in creditors 5,793 1222,7231 135,4511 1113.6471 Ca$h ab$orbed by operations 11,2461 182.1071 51