Annual Report & Financial Statements for the Period Ended 31[st] March 2024
Charitable Incorporated Organisation (CIO) Number:
1196225
Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
Table of Contents
| 1. Reference and Administrative Details ....................................................................................................... 3 |
|---|
| 2. Structure, Governance and Management ................................................................................................. 4 |
| 2.1 Governing Document .............................................................................................................................. 4 |
| 2.2 Appointment and induction of Trustees .................................................................................................. 4 |
| 2.3 Organisational Structure .................................................................................................................... 4 |
| 2.4 Major Risks ......................................................................................................................................... 4 |
| 2.5 Public Benefit ..................................................................................................................................... 5 |
| 3. Charity Objectives ..................................................................................................................................... 5 |
| 3.1 Objects .................................................................................................................................................... 5 |
| 4. Projects and Activities ............................................................................................................................... 5 |
| 4.1 Education Scholarships .......................................................................................................................... 5 |
| 4.2 Conference on Education in Teso, Uganda ........................................................................................... 7 |
| 4.3 Education Laptop Project ........................................................................................................................ 8 |
| 4.4 Ateso Language and Culture Lessons ................................................................................................... 8 |
| 5. Children and Young People ...................................................................................................................... 8 |
| 6. Community Welfare ................................................................................................................................... 9 |
| 7. Publicity and Promotion ............................................................................................................................. 9 |
| 8. Networking and Partnership ...................................................................................................................... 9 |
| 9. Financial Review ....................................................................................................................................... 9 |
| 10. Reserve Policy ....................................................................................................................................... 9 |
| 11. Principal Funding Sources ................................................................................................................... 10 |
| 12. Future Plans ......................................................................................................................................... 10 |
| 13. Independent Examiners Report to the Trustees for the year ending 31st March 2024 ...................... 11 |
| 14. Statement of Financial Activities for the Year Ended 31 March 2024 ................................................ 12 |
| 15. Balance Sheet as at 31 March 2024 .................................................................................................... 13 |
| 16. Notes to Financial Statements - 31 March 2024 ...................................................................................... 14 |
| 17. Notes to Financial Statements - 31 March 2024 ...................................................................................... 15 |
| 18. Notes to Financial Statements - 31 March 2024 ...................................................................................... 16 |
| 19. Notes to Financial Statements - 31 March 2024 ....................................................................................... 17 |
| 20. Notes to Financial Statements - 31 March 2024 .................................................................................... 18 |
| 21. Notes to Financial Statements - 31 March 2024 ...................................................................................... 19 |
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
The Trustees of Teso Education Fund present their Annual Report and Accounts for the year ended 31 March 2024
1. Reference and Administrative Details
Name of Charity: Teso Education Fund Charity Registration Number: 1196225 Registered & Operational Office Office 1, 1 Coldbath Square London EC1R 5HL Tel: 0204 529 2693 Email info@tefuk.org Website https://www.tefuk.org/ Bankers Metro Bank PLC One Southampton Row London WC1B 5HA Independent Examiner: The Blessing & Contract Ltd 16 Leonard Road London SW 16 5TA
The trustees who served during the year to date of this report
Name Position Leonard Opolot Oguli Chair Solomon Emong Robon Trustee Dr Solomon Afework Trustee Alex Addo Trustee Peter Lambert Olupot Trustee Martha Ococ Trustee
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
2. Structure, Governance and Management
2.1 Governing Document
Teso Education Fund is a UK registered charity. It is governed by its constitution adopted on 19 August 2020. The charity exists to promote development through mobilising resources, especially finances, providing grants, and implementing projects in education, skills training, and education related and community interventions in the UK and in Teso in Uganda and Kenya.
2.2 Appointment and induction of Trustees
As stated in the Constitution, the appointment of the trustees is staggered. Some trustees serve 3 years, some 2 years while others serve 1 year. Staggering the appointment of the trustees is aimed to ensure continuity, institutional memory and infusion of new ‘blood’. Appointment is done by a resolution passed at a properly convened meeting of the trustees. Newly appointed trustees are provided with a comprehensive induction pack containing Teso Education Fund’s constitution and roles and responsibilities as charity trustees.
Newly recruited trustees are oriented, briefed and mentored by established trustees on their legal obligations under charity law, the content of the constitution, the decision-making process, the objectives, strategies and recent financial performance of the charity.
2.3 Organisational Structure
Teso Education Fund is governed by its 6-member Board of Trustees which is responsible for setting the strategic directions and policies of the charity. The board carries out the ultimate responsibility for the conduct of the charity and for ensuring that the charity satisfies its legal and contractual obligations. Trustees meet every month to deliberate on issues that are important for the smooth running of the charity, including risk assessment, safeguarding, and management accounts.
The Board of Trustees give their time on voluntary basis. They are never paid for their stewardship. For effective oversight of the charity, trustees work in committees including finance, fundraising, and programmes committees. Trustees also appoint volunteers including executive director to manage the operations of the charity and offer them much needed advice and support in the management of the charity’s operations.
TEF is led by an executive director who is responsible to the board of trustees and leads the overall strategic direction of the organisation including fundraising and implementation of programmes. The executive director is assisted by 3 other directors who lead on specific areas including finance and administration, culture and community wellbeing and business and investment.
2.4 Major Risks
The trustees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end, trustees of TEF are continually monitoring and managing its risk register and ensuring that action plans are in place to mitigate its key risks. Included in external risks is that of loss or lack of funding. At present, the main source of funding are donations by friends, families and the general public, events and specific fundraising activities. The charity continues to continually seek to diversify its funding sources. It is in our plan to start applying to charitable
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
trusts and statutory funders, especially Local Authorities and Lottery sources.
Operational and internal risks are minimised by the implementation of policies and procedures for the authorisation of all transactions and projects, and by ensuring a consistent quality of delivery for all operational aspects of the charitable incorporation organisation (CIO). Trustees are periodically reviewing these procedures to ensure that they still meet the needs of the charity.
2.5 Public Benefit
The Charities Act, 2011 requires trustees to ensure the charity meets the public benefit principle. The trustees have been guided by the principle of public benefit. All the activities that the Charity has undertaken have been for public benefit. Our activities have had beneficial and measurable impact (as shown elsewhere in this report) and have been open to the public (language and culture lessons, community events, laptops) or a significant section of the target population (education scholarships).
3. Charity Objectives
3.1 Objects
The objects of the charity as stated in its constitution are:
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To advance the formal education of needy children for the public benefit by undertaking activities such as sponsorship and career guidance to support learners, training, motivating, and empowering teachers, and supporting learning institutions in Uganda and Kenya.
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To promote the education of needy children for the public benefit by undertaking vocational training activities such as sponsorship of, career guidance, and apprenticeship to trainees, training, motivating, and empowering trainers, and supporting training institutions with educational materials and infrastructure in Uganda and Kenya.
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To facilitate the education and skills training of young people for the public benefit by preventing or relieving poverty, undertaking healthcare interventions including psychosocial support, research, and all the necessary support designed to empower needy individuals, families, and communities to generate a sustainable income and be self-sufficient in the UK, Uganda, and Kenya.
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To advance education and skills training for the public benefit by undertaking community education activities such as indigenous language education, physical education, environmental education, civic education, financial education, promotion of the arts and culture and games and sports, for communities in need in Uganda, Kenya, the UK, and online.
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To advance social inclusion in education and skills training by ensuring that children with disabilities and other marginalized children who are at the risk of being excluded from the education and vocational training system are actively sought out and included in special needs educational and training programs in the UK, Uganda, and Kenya.
In view of the above Teso Education Fund carried out the following projects and activities in the UK and overseas in Uganda in the reporting period.
4. Projects and Activities
4.1 Education Scholarships
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
The charity continued to offer scholarships to young people in Uganda to study for degrees at Uganda Technology and Management University, UTAMU. In 2024, the charity provided partial scholarships to 9 students to study BSc in Accounting and Finance and BSc in Computer Science.
The following students were sponsored to start their studies in May 2023 Intake.
| No | NAME | SEX | COURSE | HOME DISTRICT |
|---|---|---|---|---|
| 1 | AKOL,Patricia Deborah | F | BSc in Accountingand Finance | Butebo |
| 2 | AMONGIN,Rebecca | F | BSc in Accountingand Finance | Ngora |
| 3 | IKOJA,Faith | F | BSc in Accountingand Finance | Bukedea |
| 4 | EOTU,Ivan | M | BSc in Accountingand Finance | Soroti |
| 5 | MALINGA,David | M | BSc in Accountingand Finance | Bukedea |
The following student was sponsored to start her studies in September 2023 Intake.
| No | Name |
Sex | Course |
Home District |
|---|---|---|---|---|
| 1 | AMUGE,Eseza | F |
BSc in Accountingand Finance | Kumi |
The following students were sponsored to start their studies in January 2024 Intake
| No | Name |
Sex | Course | Home District |
|---|---|---|---|---|
| 1 | OKELLO,Benjamin | M | BSc in Computer Science | Soroti |
| 2 | IMALINGAT,Brenda | F | BSc in Computer Science | Katakwi |
| 3 | OGULEI, Moses | M | BSc in Accounting and Finance | Kapelebyong |
The following students who were fully sponsored in 1[st] cohort, 2021, successfully completed their studies. Some have now started work while others are already pursuing further studies.
| N o |
Name | S ex |
District | Course | Len gth |
Institution |
|---|---|---|---|---|---|---|
| 1 | AKAREUT, Agnes Irene |
F | Kumi | National Dip in Fisheries Management and Technologies |
2 year s |
Fisheries Training Institute, Entebbe |
| 2 | ADWONO, Deborah |
F | Kabera maido |
Diploma in Medical Laboratory Technology |
3 year s |
St. Francis School of Health Sciences, Mukono |
| 3 | ESONYU. Lawrence |
M | Kabera maido |
National Dip in Civil Engineering | 2 year s |
MT Elgon Technical College, Mbale |
| 4 | EOTU, Ivan | M | Soroti | Diploma in Cooperatives and Business Administration |
2 year s |
Uganda Cooperative College, Kigumba |
| 5 | OPOLOT, Naboth |
M | Kumi | Diploma in Clinical Medicine and Community Health |
3 year s |
St. Francis School of Health Sciences, Mukono |
| 6 | MORULEM, David |
M | Katakwi | Diploma in Comprehensive Nursing | 3 year s |
Soroti School of Reg Comprehensive Nursing |
| 7 | OMUGE, Augustine |
M | Soroti | Certificate in Medical Laboratory Technology |
2 year s |
St. Francis School of Health Sciences, Mukono |
| 8 | OBURIA, Leonard |
M | Soroti | National Certificate in Building Construction |
2 year s |
Iganga Technical Institute, Iganga |
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
These are the students who were fully sponsored in the 2[nd] cohort, 2022. They have also successfully completed their studies and some are already in work or in further education.
| Name of Student | S ex |
Home District |
Institution Applied To | Course Applied For | |
|---|---|---|---|---|---|
| 1 | ALAYO,Madel | F | Amuria | Soroti Pharmaceutical College | Certificate in Pharmacy |
| 2 | OJILONG,Joseph | M | Bukedea | Mt Elgon School of Nursing and Midwifery |
Certificate in Enrolled Nursing |
| 3 | EPAIRE, Patrick Auruku |
M | Bukedea | Mbale School of Nursing & Midwifery |
Certificate in Enrolled Nursing |
| 4 | AKOL, Patricia Deborah |
F | Butebo | Uganda College of Commerce, Soroti |
Diploma in Business Administration |
| 5 | AMUNYO,Grace | F | Kaberamaido | Canon Lawrence Primary Teachers' College,Lira |
Grade 3 Teacher Training |
| 6 | IGETO,Sarah | F | Kaberamaido | Kaberamaido Technical Institute | National Certificate in Agricultural Practice |
| 7 | EBOYU,Collins | M | Kalaki | Kampala School of Health Sciences |
Certificate in Pharmacy |
| 8 | ABIA,Hellen Susan | F | Kapelebyong | St Francis School of Health Sciences,Mukono |
Certificate in Enrolled Nursing |
| 9 | ASEGE,Marion | F | Katakwi | Uganda Martyrs' Vocational Institute,Soroti |
Certificate in Catering |
| 10 | AURIEN,Richard | M | Katakwi | Horizon Vocational Institute, Katakwi |
Brick Laying and Concrete Practice |
| 11 | ALUNGAT, Mary Lilian |
F | Kumi | Elgon International Health Institute |
Certificate in Records & Health Information |
| 12 | ANYAIT,Lucy | F | Ngora | Alice Anume Memorial Sch of Nursingand Mid,Pallisa |
Certificate in Nursing |
| 13 | ALIANU, Daniel Isaac |
M | Ngora | Cavendish University,Kampala | Diploma in Computer Science & IT |
| 14 | OKELLO,Joseph | M | Pallisa | Kumi University | Diploma in Agriculture |
| 15 | ELOLU,Misaki | M | Serere | Agributec Billington Vocational College Serere |
National Diploma in Animal Production & Mgt |
| 16 | ACHEN, Rebecca | F | Soroti | Florence Nightingale School of Nursing, Apac |
Certificate in Midwifery |
4.2 Conference on Education in Teso, Uganda
In April, the charity held its 3[rd] conference on education in Teso sub region, Uganda. The conference was held online under the theme: Innovative ways to fund education in Teso. The objectives of the conference were: 1. To review the current standard of education in Teso sub region of Uganda focusing on the results of Primary Leaving Examination (PLE), Uganda Certificate of Education (UCE), Uganda Advanced certificate of Education (UACE) 2023; 2. To explore innovative strategies to fund education in Teso sub region and Uganda, generally; 3. To appraise the performance of Teso Education Fund in improving education in Teso in the last 2 years, and 4. To identify strategies to accelerate the improvement of education in Teso sub region and Uganda, generally.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
4.3 Education Laptop Project
The charity continued to with its laptop project to alleviate digital poverty in the UK. In total, the charity has provided 120 subsidised laptops to support education and online access to services and social interaction. This graph shows the trend in the distribution of the laptops.
----- Start of picture text -----
Laptop Distribution
30 26
25
20
20
15
10 10 10 10
10
5 5 5 5
5 2
0
Order Order Order Order Order Order Order Order Order Order Order
1 2 3 4 5 6 7 8 9 10 11
----- End of picture text -----
4.4 Ateso Language and Culture Lessons
The charity continued to implement its programme of teaching Ateso indigenous language, Ugandan culture and tradition. In total, 35 learners attended 40 sessions. The online lessons reached 645 participants including family members who accompany young learners during the sessions and parents and community members who volunteer to teach in the lessons, etc.
----- Start of picture text -----
Session Per Month
6 5
5 4 4 4 4
4 3 3 3 3 3
3 2 2
2
1
0
Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24
----- End of picture text -----
----- Start of picture text -----
Attendance Per Session
100 90 89
80 61 66
52 55 53 55
60 45
35
40 25
19
20
0
Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24
----- End of picture text -----
This graphs shows the number of sessions held each month. During the school breaks in the summer (August) and Christmas seasons (December), the lessons are adjourned until the school term starts. This explains the lack of figures in August and December.
5. Children and Young People
The charity carried out several activities for children and young people. In August, sports and social activities attended by nearly 50 children from age 3, young people up to age 25 and family members were organised in Kidbrooke Community Centre, in the Royal Borough of Greenwich during the summer school holiday. The activities included drawing; painting; table tennis; music and dance; board games; snakes and ladders; skipping; and bubbles, among others. The activities were varied to meet the needs of the variability of the ages of the children and young people. Even adults who accompanied their children participated in the activities and socialized.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
The other activities the young people took part in were presentation of career plans and talent show such as singing and dancing. There was also a discussion session designed to engage children on their experiences in life and issues which they have. The children and their family members also benefited from a talk from the Police in a session that engaged children on matters of juvenile crime – focusing on the issues that get children in trouble with the law and how to avoid such issues. Participants found the event very beneficial.
6. Community Welfare
In December, the charity held its annual dinner in Chandos Community Centre in the London borough of Newham. The dinner was organised to raise funds for the charity, celebrate the 3[rd] anniversary of the charity and to promote networking and social connectedness. Nearly 80 guests attended the dinner which was officiated by Mr. Umesh Desai, member of the London Assembly representing City and East.
7. Publicity and Promotion
In August, TEF was listed in the School and Collages website, an important global online forum for education charities. SchoolAndCollegeListings serves as a comprehensive platform designed to connect students, parents, and individuals seeking educational opportunities with reputable institutions. According to its website, “whether you specialize in primary education, higher education, vocational training, tutoring services, or any other educational offering, our website is the perfect platform for individuals to discover and engage with your institution”. This an online directory provides educational institutions with visibility. https://www.schoolandcollegelistings.com/
Besides this platform, the charity maintains web presence on several forums including on its website, Facebook page https://www.facebook.com/tesoeducationfund, LinkedIn page https://www.linkedin.com/groups/12986033/, and X. In addition, we run several platforms on WhatsApp. All of these enhance the visibility and credibility of the charity both of which promote its work.
8. Networking and Partnership
The volunteers of the charity engage in networking and partnership building. Over the year, several networking activities were undertaken. For example, in April, the charity engaged Lango Association, UK, a UK charity organisation to explore the possibility of developing a partnership in providing education scholarships in Uganda for students from Teso and Lango regions in Uganda.
In September, TEF held meetings with officials from Teso Educational Support Services to explore partnership opportunities. In October, the executive director attended a networking event by Uganda High Commission to celebrate the National Day of Uganda and in December, the executive director attended an online seminar organised by the Digital Poverty Alliance. During these events, TEF was publicized and promoted.
9. Financial Review
During the period under review, the income of TEF increased from £26,154 to 47,358 and the expenditure increased from £27,874 to 46,620 .
10. Reserve Policy
TEF is still a relatively new charity, just 4 years and has not been able to create any reserves, yet.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
11. Principal Funding Sources
TEF relied on donations from its volunteers in the board and management, well-wishers and fundraising events. This took the form of funding specific activities or setting up regular direct debit payments.
12. Future Plans
In line with the mandate as a Charitable Incorporated Organisation (CIO), Teso Education Fund plans to continue with its current programmes in education, culture, and community wellbeing. The charity will also seek to broaden its fundraising efforts so as to generate future income to achieve its purpose. The charity will specifically raise funds to address its capacity needs.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
13. Independent Examiners Report to the Trustees for the year ending 31st March 2024
I report on the accounts for the year ended 31 March 2024 which are set out on pages 16 to 19
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act
-
to follow the procedures laid down in the general Directions given by the commission under section 145(5) (b) of the 2011 Act
-
to state whether particular matters have come to my attention
Independent examiner's report
Our examination was carried out in accordance with the general Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(l) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met or
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
The Blessing & Contract Ltd
16 Leonard Road London SW16 5TA
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
14. Statement of Financial Activities for the Year Ended 31 March 2024
| Notes Income from: TEF Scholarship fund - Donation 2 Community Participation 2 Charitable Activities 2 Fundraising 2 Cultural Activities 2 Gift Aid - HMRC 2 Others Donations 2 Total Income Expenditure on: TEF Scholarship fund -fees 3 Community Participation 3 Fundraising costs 3 Administrative expenses 3 Accountancy fees 3 Others 3 Total Expenditure Net Income/ (Expenditure) and Net Movementinfunds for the year _Reconciliation_ofFund: Balances brought forward Balances carried forward 10,11 |
Unrestricted Funds Year Ended Designated Funds Year Ended Total Funds Year Ended Total Funds Year Ended 2024 2024 2024 2023 £ £ £ £ 0 32,778 32,778 5,851 0 6,330 6,330 9,227 0 0 0 314 209 2,576 2,785 5,513 0 0 0 205 0 5,145 5,145 0 320 0 320 5,045 |
|---|---|
| 529 46,829 47,358 26,154 0 35,451 35,451 14,905 0 5,885 5,885 6,545 0 1,864 1,864 2,895 2,872 48 2,921 5,457 500 0 500 300 0 0 0 0 |
|
| 3,372 43,248 46,620 30,102 -2,843 3,581 738 -3,948 0 207 207 4,155 |
|
| -2,843 3,788 945 207 |
All amounts relate to continuing operations. The statement of financial activities includes all gains or losses arising during the year. The notes on pages 5 to 8 form an integral part of these financial statements.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
15. Balance Sheet as at 31 March 2024
| Total Funds | Total | |||||
|---|---|---|---|---|---|---|
| 2024 | Funds | |||||
| 2023 | ||||||
| Fixed Asset | Note | £ | £ | £ |
||
| Tangible Assets | 4 | 0 | 0 | |||
| Total Assets | 0 | 0 | ||||
| Current Assets | ||||||
| Stock | 0 | 0 | ||||
| Debtors | 8 | 0 | 0 | |||
| Cash in hand | 0 | 0 | ||||
| Cash at Bank | 3,673 | 2,735 | ||||
| Total Current Assets | 3,673 | 2,735 | ||||
| Liabilities: | ||||||
| Creditors amounts falling due within one | 9 | 500 | 300 | |||
| year | ||||||
| Net Current Assets | £3,173 | 2,435 | ||||
| Total Assets Less Current Liabilities | £3,173 | 2,435 | ||||
| TotalNet Assets | £3,173 | 2,435 | ||||
| Funds of the Charity: | ||||||
| Unrestricted Income Funds | 10,11 | 4,896 | -304 | |||
| Designated Income Funds | 10,11 | -1,723 | 2,740 | |||
| Total funds | 3,173 | 2,435 |
The notes on pages 16 to 19 form an integral part of these financial statements. Approved by the board of trustees on 30[th] January 2025 and signed on its behalf.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
16. Notes to Financial Statements - 31 March 2024
1 Accounting Policies
The principle accounting policies are summarized below. They have been applied consistently throughout the period.
a. Basis of Accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2015) and Charity Act 2011.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated in the relevant note (s) to these accounts.
b. Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the organisation.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
c. Income
Income is included in the financial activities when the charity has entitlement to the income, any performance conditions attached to the item (s) of income have been met or are fully with in the control of the charity, there is sufficient certainty that receipts of the income is considered probable and the amount can be measured reliably. The specific policies are applied to particular categories of income:
-
Donations and Grants are recognized in full when there is evidence of entitlement, receipt is probable and amount can be measured reliably.
-
Membership and subscription fees are recognised when the organisation; the charity receives the gift.
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Donated goods and services are recognised when the charity becomes entitled, receipt is probable and the fair value or its value to the organisation can be measured reliably.
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Investment income is included when receivable
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Incoming resources from grants related to performance and certain deliverables are accounted for as the organisation becomes entitled to the consideration.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
17. Notes to Financial Statements - 31 March 2024
d. Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure is classified under the following activity headings:
-
Costs of raising funds comprise the costs of fundraising events and Just Giving charges.
-
Expenditure on charitable activities includes the costs of Bereavement Support, Health and Sports programmes undertaken to further the purposes of the charity and their associated support costs.
-
Other expenditure represents those items not falling into any other heading.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs which relate specifically to a particular activity are allocated directly, others are apportioned between different activities on an appropriate basis e.g. time spent, floor area, per capita.
e. Foreign Exchange
Assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All exchange differences arising are dealt with through the profit and loss account.
f). Tangible Fixed Assets and Depreciation
Depreciation is provided at rates calculated to write off the cost of each asset over its estimated useful life as follows:
Computers 25%.
Equipment 15%
g). Investment Income Investment Income consists of interest earned on bank deposits.
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
18. Notes to Financial Statements - 31 March 2024
2 Analysis of Income
| Analysis of Income | |
|---|---|
| TEF Scholarship Fund Community Participation Charitable Activities Fundraising Cultural Activities Gift Aid - HMRC Other Donations |
Unrestricted Designated Funds Funds Total 2024 Total 2023 £ £ £ £ 0 32,778 32,778 5,851 0 6,330 6,330 9,227 0 0 0 314 209 2,576 2,785 5,513 0 0 0 205 0 5,145 5,145 0 320 0 320 5,045 |
| 529 46,829 47,358 26,154 |
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
19. Notes to Financial Statements - 31 March 2024
3 Analysis of Expenditure
| Analysis of Expenditure | |||
|---|---|---|---|
| ADMININSTRATION COSTS TEF Scholarship fund - fees Community Participation Fundraising Administrative expenses Accountancy fees TEF Conferences |
Unrest ricted Funds Designa ted Funds 2024 2024 £ £ 0 35,451 0 5,885 0 1,864 2,872 48 500 0 0 0 |
Total Funds 2024 £ 35,451 5,885 1,864 2,921 500 0 |
Total Funds 2023 £ 14,905 6,545 2,895 3,229 300 0 |
| 3,372 43,248 |
46,620 | 27,874 |
- 4 Tangible assets
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
20. Notes to Financial Statements - 31 March 2024
5 Employee costs
Teso Education Fund had no employees (2024: none)
6 Transactions with Trustees and Related Parties
None of the trustees received any remuneration. No trustee expenses have been incurred {2024: nil).
No Trustee or related person related to the organisation had any personal interest in any contract or transaction entered into during the period.
7 Taxation
As a charitable organisation, TEF is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are ap plied to its charitable activities. No tax charges arose during the period.
8 Debtors
| 2024 £ Other Debtors and Prepayments 0 0 9 Creditors: amounts falling due within one year 2024 £ Accountancy Fees 500 Other Creditors and accruals 0 500 10 Analysis of net assets between funds Unrestricted Funds 2024 £ Fixed Assets 0 Net current assets/ liabilities 3,173 3,173 |
2023 £ 0 0 2023 £ 0 0 0 Designated Funds 2024 £ 0 0 0 |
Total Funds 2024 £ 0 3,173 3,173 |
|---|---|---|
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Teso Education Fund (TEF)
Trustees Annual Report and Financial Statements for the Year Ended 31 March 2024
21. Notes to Financial Statements - 31 March 2024
| 11 Movement in funds Unrestricted Funds: TEF Scholarship Fund Fundraising Other Donations Administrative expenses Accountancy fees Unrestricted Funds: DESIGNATED FUNDS TEF Scholarship Fund Community Participation Charitable Activities Fundraising Cultural activities Gift Aid - HMRC Other donations Administrative Expenses DESIGNATED FUNDS |
31-Mar 2023 £ 510 6,870 2,311 -1,652 -300 7,739 -8,811 2,682 -2,928 2,258 205 0 5,045 -3,754 -5,304 |
Incoming Resources £ 0 209 320 0 0 529 32,778 6,330 0 2,576 0 5,145 0 0 |
Outgoing Resources £ 0 0 0 -2,872 -500 -3,372 -35,451 -5,885 0 -1,864 0 0 0 -48 -43,248 |
31-Mar 2024 £ 510 7,079 2,631 -4,524 -800 |
|---|---|---|---|---|
| 4,896 | ||||
| -11,484 3,127 -2,928 2,970 205 5,145 5,045 -3,803 |
||||
| 46,829 | -1,723 |
On behalf of the Board
………………………………….
Leonard Opolot Oguli Chair, Board of Trustees 30/01/2025
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