Company no 11885226 Deep Learning Indaba Limited (A Company Limited by Guarantee) Annual Report and Unaudited Financial Statements for the year ended 31 March 2024 Deep Learnlng Indaba Llmlted IA Company Limlted by Guarantee) Cont•nls Page Charity Reference and Administrative DetaiL8 Tnjstees, Annual Rep)rt lincludinq DIr￿￿r$. Rerort and strateg￿ ReForti Independent Examinerfs Rep)rt Statement of Financial Activrt Balance Sheet 10-11 Statement of Cash Fknvs 12 Notes to the Financial Ststements 13-18 D••p Learning Indaba Limited IA Company Limited by Guarantee) Legal and administrativ8 inforniation for the ear ended 31 Alarch 2024 ststus The organisatson is a charitabk company limrted by guarantee. Incorporated on 15 March 2019. The company was registered as a charity by the Charity Commission on 18 September 2023. Company number 11885226 Charity number 1204771 Reqistered office Inlemalional House 64 Nile Street London N17SR Buslnoss address 11 Roseford Road Cambndqe CB4 2HA Trustees V N Marivate S Mohamed U Paquel K Siminyu Bankers Barclays Bank p Leicester LE87 2BB Independent examin•r Denise Lind5ell FCA CTA Hardcastle Burton LLP Lake House Market Hill Royston Herts SG8 9JN Dwp Lgarning Indaba Limlled IA Company Limited by Guarnnt*el Truste•s' Annual Report (including Directors Report and Stsatsgic Report) For the year ended 31 March 2024 The Trustees present their annual report together with the vnaudrted financial ststemenls of the Charitable company for the year ended 31 March 2024. The trustees have a(lopted the provisions ofthe ststemenl of Recommended PractKe {SORP}"Accounting and Reporting by Charities. in preparing the annual report and finarKial statements of the charity. The financial stslements have been prepared in xcordance wrth the ￿0￿ntIng policies set out in notes to the accounts and compty with the charity's goveming d￿uMent. the Charibes Act 2011 and Accounting and ReP￿ing by Charities.. Statement of Rec¢)mmended Practice applicable to charities preparing their accounts in accordan￿ wrth the Financ￿1 Reporbn9 Slandard applicable in the UK and Republ￿ of Ireland IFRS 1021 (effective 1 October 20191" and the Companies Act 2006. Trusteès of tho charlty The directors of the charitable ccmnpany are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end are as follows: V N Mafwate S Mohamed U Paquet K Siminyu (appointed 10 Novenkner 20231 Objoctiv8s and Activities 1) The ehanty's objects I'ofy'ects,) are for the publ￿ tenefft.'111 to advan￿, anywhere in the w0￿d but prsmarily in Africa and other places where such disciplines are under4Jeveloped and which are under4epresented in inlematsonal scientffic and technological work in these disciplines, the education of the public in the subjects of attificral intelligence and machine ieaming and related fields, in paib"eular trHJl without limitation in the sc*nce. applutions and ethics of arb'ficial intelligence by". {al h05b"ng, a￿anging and supwtng land supporb'ng others to host and arrange) conferences, lectures, workshops and other virtual and physical events to PTomole knowledge and understanding of the Subject including recent developments in the field. and to stimulate useful discussion and exchange of inkJmHtion about artificial intelligence and machine learnir4g and rekled fields,. and Ib) providing grants and other foms of support to encourage and promote academic study in the fields of machine learning and artificial intelligen¢e', and (21 the advancernent of education into the pract￿1 uses of machine leaming and artificBI Intelligen￿ in society. and in part￿￿lar how Fnachine leaming and artifi'cial intelligence can be used lor the Publ￿ benefft for examp￿ in areas of health and envirollmental pioleclion. by promoting research inlo Ihe atove subjects and publishing or disseminating the useful results of such research. 'Deep Leaming" is the suite of techniques at the forefront of modem Arb"ficial Intelligence {All progress. "Indaba" is a Zulu word that tradth"onalty refers lo a cOnfe￿nCe of elders. It is principally a gathering lo discuss, and debate matters of importance to a communty. Deep Learning Indaba Limited achieves ts goal of building a community of machine learning IMLI and artificial intelligence IAII expertise, especially in places where such expertise and involvement is underrepresented. The work proceeds along five pillar5 11 A yearly Deep Learning Indaba gathering in Africa. which brings together around five hundred students, practitioners and academ￿$ for an intensive week that Is focused on technical ML and Al skills. Around a hundred students are supported by travel and accommodation scholarships lo attend the Indaba. 21 Leadefship development. educat￿ and growth of local ML and Al ￿MmunitieS through Inclabax events. These are country-5pecific and organised by local volunteers. 31 Recognition of academic and innovatK)n eX￿llen￿ through Ihe yearty Kambule and Maalh81 Awards. For the best Msc and PhD dissertabons across computational $C￿nceS in Africa, and for the most innovative industnal Al solution In Africa. 41 A structtjred online mentorship platform arKI netsyork. by wh￿h graduate students in third-world countries could benefft from mentorship from research experts across the wortd. 51 Inclusive ￿search inibalives like grand challenges. aimed at elevating a reSea￿h question and colla￿ratIVelY sofving rt. The organisalion focuses orb light initiatives that have n1￿4￿near IM￿1. The second pillar, in particular, has led to a proliferation ofknowledge shartng between graduate research cornrnunitses in mathematical sciences across AfrKa and beyond. Public b8n•fit The Trustees have referred lo the Charity Commission's general guidance on public benefit lo ensure compliance when ￿VIewIng the charitable company's aims and objectwes and in planning ils future activities. In particular, the trustees consider how planned activities will contribute lo the company's charitable objects. which are set out in the Objectives and Activities sectk)n above. strate icRe ort Achievements and Perfomian¢e Our planning for the year was guided by the words of Kwame Nkrumah, and his rallying directive that "We look neither east nor wesl. We took fO￿ard." Looking forward for us meant a continued focus on our education, leaming and communty missiorb. and a focLbS on setting the Indaba up for future success This n*ant enhancing the Indaba's organbsaU"on and govemance. as well as continued expefimenlation and investment in innovat￿nS that have come to be expected from the Indaba. Togethei we continued lo sl¥englhen OUT key programmes and experimented new ways of strengthening Afn"can Machine Leaming. Our Wofk for 2023 look place with the backdrop of a volats￿ and uncertain economic and technological environment This included general inflab"onary concerns and specific ways they impact Afn'can Countries and citoen5," the changing appetites and ability of donors to engage in chantable fundin9," a changing technical landscape in which Generative Al became established as a key global topic", the full exposure of extractive and harmful practices related to dats enrichment work, especially the costs to workers acTOSS Africa. and changes in the Inlemalional Al governance landscape, concems ol global safety. and the pace of Al prog￿$. Together these created several demand5 on how the Indaba should respond, which remains to ensure that Africans are owners and shapers of ongoing advances In Al. They made clear the importance of our work. and the focus on introductory and advan¢ed Al education, local and high-irnpacl research. convening Afn"ca's Al community. and the need lo connect idea5 and networks. In achieving this. we hosted the largest annual Indaba to date. Created new publicat￿n$ streams, supported new leadership through cornmunity-proposed workshops, awarded excetlence. stimulated new ideas and outputs, ncluded hackathons, n*ntorship sessions. and cultural celebrat￿. and showcased the power of communty committed lo taking control of rts own fvtU￿. Vle provide a detailed summary of the year's activities In our annual report that is available online al". s.'Ildee leami indaba.cQr￿bl 2024105 tumi-annuapr 20231 rt-of-the-dee leamin -indaba- Annual Deep Leaming Inda>a in Ghana The largest acts.vty of each year 15 Ihe delivery of the annual Deep Leaming Indaba as one ot our key charitable aclivltses. The 2023 annual Oeep Leamw Indaba represented the culmination of a multi- year plan to build a vibrant ￿ transformative African organisats.on that would strengthen African Al,. rt also represents a dream cone true. As we gathered ￿ the campus of the Universty of Ghana. we reached a key milestone of trBving taken the gathering of African M lo all parts of the continent. having t*gun in Southern Afnca. aTrl then having moved lo East Afita. North Afn'ca, and now finalty, in Wesl Africa Overall. the annual Indaba again represented a genuinety un4ue. commLbnty-uplithng and context- specific envIronn￿nt for leaching. karning. research, and ne￿Or￿"n9 in topics in advanced computational sciences and Al. A major part of this Success is due to the exèrnplary leadership of the General Chairs who oversaw 15 committees who all carre logether to deliver an incredible experience that truly highlighted the growing experti'se and interest in Al across Afn"ca. and derThJnstrated a seThice and dedKation to the Afr￿an Al coftmnunity thal eML*)1￿ a core value of the Indaba. The Indaba sought to arnpl￿ ￿al was possible frryn a gath8n.ng of people within one week, while also b*"ng an opportunity to brin9 logelhef the drfferenl prog(amn￿S of the Indaba. The Indaba planned and brought together around eight hundred ￿[0$$ differenl ￿reer stages from undergraduates to industry professionals, ahhough the bulk ofthe participantfc¢u$ remained on Masters and PhD students who would benefit the most from the type ofprogramming offered. The commitsnent to reducing financial bamers to parbcipation was maintained. by not having registralion fees for Student attendees, ensuring that food was provided throughout the week, that as much visa SUPFQrt was provided as possible. and that a large number of people were supported with flvjht and accommodation to attend. The costs of flights and accommodation remains a large comFonenl ofthe costs of delivering the annual Indaba and achieving its wide represenlalion. Indab•X Programmg The Indabax programme conbnues to be successful and continues to create communib.es of PTa¢lice across Africa,. see https."Ildeeplearningindaba.eomf20231indabaxJ for details. The Indabax is a key part of the engl￿ ol educational and research tran5formatKyn that 15 part of our charitable aCtIv￿.e$. By estsblishing local communrties of practice and leaming, the Indabax Creates m￿hIne leaming capacity in individual countries across the contsnent. and a stream of future leaders. teachers, researchers, and innovators in Al. The Indabax ss intended to provide the base level of engagement and knowledge that is needed for attendees, and those Ihat altend from the Indabax would benefit from n￿re advanced material and research closer to the stale of the *1, and would be best a￿e to take that knowledge back to their individual Indabax communities. Over 2023, there were 36 Indabax events. which on average were supported with small grants of around $2000 Ilhe base currency for these grants is denominated in US dolL8r5, and aceounte(J for in Pounds Sterting al the prevailing exchang8 ralesl. These grants are small, and the programme slrongty encourages Indabax groups lo be supported by local funders a5 part of how they build 5UPPOrt and strengthen their local Al ecosystems. The Indabax 2023 events had a combine(l attendance ol close to 6,000 with a gender rats) of 65% male and 35Vo female. 74.1% were organised in a hybrid (Virtual and In-Personl format, 22.2% were In-person while 3QA We￿ pu￿lY virtual Mentorshlp Programmè The mentorship programme is in its fourth year and conbnues to be a key ￿chanIsM for fundamental skills leaming and exchange The programme matches community members with mentors for short- term personalised inleraclions across a wide range of top￿ areas. The programme rnaintains a list ol mentors who have swned up to volunteer their b.me to support indNidual coaching and development, covering areas of CV desHJn. scientific wribng. presentation skills. research practices, interviewing and career planning. amongst other loptcs. As of March 2024. the programn* has seen 467 successful matches with lJvo hundred menlofs from across the globe. Success stories lo date include mentee5 going on to publish papers. as well as accept prestigious sehol*ships for postgraduate studies. More information can be found al https'.Ildeeplearningindaba.comlmentorshipl. Publications Programme The publicatsons progiamme was launched in 2023 in Gh￿a as an expenment to create an avenue for publishing the great work that was al￿31￿y wrtnessed at the Iridaba through pKJsler5. In the first edition. the program received over eighty papws that were revEwed and feedback submitted to the users. Consolidating the leamings and experiences from that expenment. we are now forming a solid publications track al the Indaba with several goals. Offer an avenu8 for research publicatson on Al and ML in Africa,. BLtild capacty and strengthen scienlific pUbl￿allon ecosystem in the continent,. and attract partnerships in publishing to the continenL This is ach￿Ved by gsving opportunities to both fi'rst lime authors and reviewers as well as partnering wrth Mentorship Programme to amplty our joint programmes. Publicath'ons are a key mechanism by whth we provide public benefil and will continue lo grow as part of our education81 and Te5earch mission. Lacuna Fund Grant Programme The Indaba specifically was a recipent ot a grant from the Lacuna fund that aims to support Afncan language data sets and resources. These funds support four specific projec15, on machine translation, Nigerian language data sets (Naija Vctesl, Portuguese data Tesources, and Domain Adaptation. For each of these, a key recipient is the Masakahane Research foundation, being the leading community for Afnean natUTal language prccessing. This grant Is related to our charitable aims since rt directty supports the research and Work on Afr￿an languages and researchers that will enter the public domain and enables the future independent working of organisatK)ns like Masakahane. The grant began in the fourth quarter of 2023 ants will complete by the second quarter of 2024. Financial review Total Income forthe yearwas £814,174 and total expendttuie was £689.071. giving rise to a net surplus for the year of £125.103. Deep Leaming Indaba Limiteil raises funds fr)r its flagship event, as well as the Indabax events, via the main Deep Learning Indaba gathering We worked through a donatiOTlS and sponsorship committee to raise funds that support the annual Indaba and the Indabax. Details of the 2024 PTospe¢tus aTe available on the 2023 annual Indaba website. Reserves Policy Al the year end the lolal ￿serveS were £142,515 ofwhich £59,090 were in restricted funds and £83,425 in unrestricted funds. The trustees expect that these fijnds will be expended on the future planned activities The ¢harily has very few runnin9 costs and does not requiie significant reserves to be held. Future Plans The work of the Deep Leaming Indaba conts"nL￿S to be transf(Kmth for its comrrojnities There is no doubl that the Indaba does rep￿sent 8 leading organssation for Al in AfrKa. energised from the grassroots. and driven by a strong commrtrnenl to the values of service to the comrwnity, the advancement of research and education. and the ownership of IransformalNe technologies that is central lo the flourishing of our socieb.es now and in the future. This Wofk over 2023 has albwed us to conlinue to advance the mission of Strengthening Afrrcan Al and Machine Leaming and has also highlighted several areas where we can continue to make improvements to better serve our communrties and beneficiaries. These plans for the future include continued invesln*nl in our governance and infrastructure, continuing lo focus on diversifying our income streams, and moving towards muki-year planning to enabte rr#)re effectNe delNery. Structure. governance and managgmenl Deep Leaming Inijaba Limited is a charitable company limited by guarantee. Its governing d¢xument is its Memorandum and Articles of AsscKiat*)n. The Memorandum and Articbes incorporated 15 March 2019 were amended by Speual Resdubon registered al Companies House on 13 September 2023. Deep Leaming Indaba Limited was then fomwlly registered with the Chanty Commission for England and wa￿ on 18 September 2023 through stsndard registration as a charitable company. The directors are charity trustees as defined by seciw 177 of the charrt￿ Act 2011. At registrab.on as a Charity, all directors were apFoinlet1 as Trustees for an initial tenn of three years. The annual general meeting of the Board of Trustees was held on 10 November 2023 and was held online over video call. The meeting struclure fOl￿wed the rules as per artKte 15 of the merrKJrarKlum. Atthal meeting a general reSolUt￿fi was passed to ap￿int Kathleen Siminyu as a Trustee a 3-year FerK*J. Statement of Trusttts. responslbillties The trustees (who are also dI￿10T$ of Deep Leaming Indaba Limited for the purpose5 ofcompany law) are responsible for prepanng the Rep)rt the Trustees. Annual Report lincludirrfJ the Strategic Rep)rti and the finanual statements in accordance wrth awuble law and regulati￿$. Company law requires the trustees to prepare financral statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable ￿MpanY and of the incoming resources and applicalK)n of resoLbrces. including the income and expenditure. of the charitable company for that pefiod. In preparing these ffinanual statements. the trustees are require(I lo.. select suitsble accounting OicEs and then apply them consistenty.. obsefve Ihe methods and principles in the Charities SORP. make judgments and ests"males that are reasonable and prudent, slate whether applicable UK Accountsng Standards have been followed". prepare the financial statements on the going concern basis untess r( is inappropriate lo presume that the charstable company wll continue in operation. The trustees are responsibke for keeping proper accounting records that disck15e wrth ￿aSonable accuracy at any time the financial position of the charrtable company and enable them lo ensure that the financial statements compty with the Cornpanies Act 20C6. They a￿ a150 responsible for safeguarding the assets of the charitable company and hen￿ for takn.ng reasonable steps for the prevents'on and deteth.on of fraud and other irregulaiikn"es. Disclosure of infomation to the ind•p¢ndent examiner We, the trustees of the charitable company who have held office at the dale of approval of these Financial Slalefflents as set out above each confirm. so far as we are aware. that.. Ihere is no relevant InforMat￿n of which the charitable company's independent examiners are unaware.. an(J the Iruslees have taken all steps that they ought to have tsken to make themselves aware of any ￿leVant infom)alion and to establish that the Independent examiners are aware of that inforinalion. Thi5 report has been prepared in accordan￿ with the provtsions of Part 15 of the Companies Act 2006 relating lo small companies. In approving the Trustees. Annual Report, we a150 approve the Strategic Report included therein, in our capauty as eompany directors. On behalf of Ihe board U Paquel- Trustee 1611112024 Date Deep Leamlng Indaba Llmlt8d IA Company Limit•d by Guarantee) Independent examinerfs report to th• Trustess of Owp Learning Indaba Lifflit•d Ilh• compan￿> I report to the charity tnjstees on my examinat￿ of the financial ststemenls of Deep Leèming Indaba Limited for the year ended 37 March 2024. Responslbllities and basis of report A5 the charity trustees land also rts directo￿ for the purposes of company lawl you are reF*Jnsible for the preparation of the financial statements in accordance ￿th the requirements of the Companies Act 2006 {'Ihe 2(￿ Acri. Having satisfied myseff that the financial statements of the Company are not required to be audited under Part 16 of the 2006 Act and are elyible for ￿dependent eXaminat￿n. I report in respect of my examination of your companls financial stslements as carried out untjer sectr'on 145 of the Charities Act 2011 I'lhe 2011 Act'l. In Carr￿ng out my eXaMinat￿n I have foll￿*&*￿ the ￿"rectiOnS gwen by the Charity Commission under secb.on 145{51 Ibl of the 2011 Act. Independent oxamlnerfs stalemenl Since the company's gross income exceeded £250,OC(l your examiner fflu$l be a member DI a body listed in section 145 of the 2011 Acl I confirm that l am qualffied to undertake the examination because l am a member ot the Institute of Chartered Accountants in England and Wales, which 15 one of the listed bodies. I have completed my examirkqtion. I confirm that no matters have come to my attent￿n in connection with the examinat￿n gNin9 me cause lo belEve' accounling records were not kept in respect of the Company as rewired by se¢tDn 386 of the 2006 Aet," or the financial ststements do not accord wilh those records.. or 3 the financial ststements do not comply with the accountiro requirements of section 396 of the 2006 Ad other than any reqLtrirement that the financial statements give a true and fair view %thich is not a matter conS￿ered a5 part of an indwndent examination, or the finan¢ral statements have not been prepared in accordance with the meth¢yJs and principles of the Statement of Recommended pract￿ for accounting and repoty'ng by charib.es lapplicable lo charities preparing their accounts in accordance with the Financia5 Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns arbd have come across fbo other m8ttws in connecton ￿th the examination to which attents.on should be drawn in this ￿port in (wder lo enabk a P￿Per understanding ol the financial Sta ments lo be reached. se Lindsell F Hardcastle Burton LLP. Chartered Accountants. Lake Hotsse. Market Hill. Royslon, Herts, SG8 9JN Date". Deep Learning Indaba Limited IA Company Limited by Guarant•8} Statement of financial activitl•s linco￿oratIng an income and eXpenértU￿ accountj for the ar ended 31 Ma￿h 2024 Y•ar ended Reslricted un￿stricte¢l 31.03.2024 funds funds Totsl Yèar Ended 31 03 2023 Total (Restricted & Unrestricledl Note Income from: Donations and legacies Charitable activitigs 127.067 524,806 16.739 145.562 143,806 670.368 160.424 219,159 Total incom• 651.873 162.301 814,174 379.583 Exp•nditurè on.. Charitable actiwties Other 631,240 4.959 31.099 21.773 662,339 26,732 423.479 22,894 Totsl ttxpendlture 636.199 52.872 689.071 446,373 Net incomellexpenditure) 15,674 109.429 12S.103 166,790 Tran$f•rs botween fundg N¢t movgrnent in fvnds 15.674 109.429 125.103 186,7901 Total lunds brought for*ard 43.416 126.0041 17.412 84.202 Total lunds carried forward 59.090 83,425 142,515 17.412 All ol the above ￿5￿115 are dellved from continuing actMb"es. There were no other recognised gains or losses other than those staled above. Movements in funds are disclosed in Note 11 to the financial statements. Doep Lgarning Indaba Limitfjd (Rggistered number. 11885226) IA Company Limited by Guarants•) Balanco Sheet As at 31 March 2024 31.03.24 31 03.23 Note Currgnt assets Cash at bank and in hand 147.888 21,753 Total currenl assets 147,888 21,753 Credllors: amounts dua wlthin 1 year 5.373 4.341 Net currènt assets 142.515 17,412 N•t I￿*￿ 10 142.515 17.412 Fund5 Restricted fvnds Unreslricled funds General funds 59.090 43,416 83.425 26.004 Total fund5 142.515 17,412 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtsin an audrt of its finaneial statements for the year ended 31 March 2024 in accordance Seth"on 476 of the Cornpanies Act 20L%. The Iruslees {directorsl &kn(A¥led9e their reSponsi￿litieS for. 181 ensuring that the company keeps accountirwj records (yjmply wth SectKsns 386 and 387 of the Companies Act 2006 and Ibl preparing financial statements which give a true and fair view of the stste of affairs of the haritable company as 8t the end of each finaneial year and of its net movement in funds for each financial year in accordance vrith the requirements of sect￿ns 394 and 395 and which otherwise comply wth the requirements of the compan￿ Act 20C6 reL4bng to financ￿1 statements. so far as applicable lo the eharitable company. 10 Deep Learning Indaba Limited (Registered numb•r= 11885226) IA Company Limited by Guarantee) Balance Sheet As at 31 Ma￿h 2024 The finanaal slalements have been prepareil in accordance wrth the provisions applicable to companies subject to the Small companies regime. The financial statements were approved and authonsed fof issue by the Board on l Ki X20 L4. and were signed on rt5 behaW ty.. U Paquel- Trustee S Mohamed - Tnjstee Doep L•arnlng Indaba Limit•d (Registered number: 118852261 IA Company Limlted by Guarantee) Statemont of Ca$h Flows for th• ear endod 31 March 2024 31.03.24 31.03.23 Nole Cash flow from operatlng actlvtties Cash generated from operations {Increasel decrease in trade debtors Increase {decrease) in trade creditors Interest paid 125,103 166,7901 1.032 22 Net cash from operating activities 126.135 66.768) Cash flow from investing activili8s Payments lo acquire fixed assets Receipts from sale of fixed assets Interest receNed Net ￿$h flow from investing activlti•s Cash flow from financing adlvltles Receipts from issue ol new bng term loans Repayment of long term loans Interest paid Net cash Ilow from financlng activities Net incrnas• Idecr&isel In &ish and cash gquivalgnts 126,135 (66.768) Cash and cash equlvalents at beglnnlng of year 21,753 88,521 Cash and ￿$h equlval•nts at end of y￿r 147.888 21.753 Cash and cash equlvalents Consist of: Cash al bank and in hand Short term deposits 147,888 21,753 147,888 21.753 12 Deep Learning Indaba Limited {A Company Limlted by Guarantee) Notes to the financial statements for the ar ended 31 March 2024 1. STATUTORY INFORMATION Deep Learning Indaba Lirnited is a private charitable company, limited by guarant￿, registered in England and Wales The charitable company's regislered numbef and registered office address be found on the Legal and Administrabve Informats"on on page 1. 2. ACCOUNTING POLICIES Basi$ of prèparing the financial statements These financial statements have ￿en prepared in accordance with the charstable company's Memorandum and Articles of AssOcial￿n, the Compan￿5 Act 20C6 and 'Accounling and Reporting by Chant*s". Statemenl of Recommended Prncb'ce applicable lo charities preparing their accounts in accordance wlh the Financial Repor￿"n9 Standard applicable in the UK and Repub11c of Ireland IFRS 1021 I effective 1 January 2019)" The charitable company constitutes a public benefit entity a5 defined by FRS 102. The financol ststemen15 have been prepared under the histortcal cost cOnvent￿n. Income Income is Yecognised ￿en the charitabk company is *ally enknyed to rt zfter any performance conditions have been mel, the amounts can be measured reliabty. and il ss probable that Income will be received Expenditur• Expenditure is recognised on an a￿TUal5 basis when a liability i8 incuffed, as soon as there is a legal or conslructwe obligats.on committing the charitable company lo the expendTiure and the amounts can be measured reliabty. Expendrture includes any VAT which cannot be recovered, and is feported as part of the expenditure to wh￿h it relates. Charitable expenditure comprise5 those Costs Incur￿ by Ihe charitsble company on the delivery of its activities and serY￿e$ for its beneficiaries. Charitable funds Unreslricled funds are availab￿ for use at the discretson of the trustees in fvrtherance of their charitable obieclives. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the Te5tTiCted funds are set out in the notes to the financial statements. 13 Deèp Learning Indaba Limited IA Company Llmited by Guarantee} Notes to th• financial statements for the r ended 31 March 2024 Financial inslrufflents The charrtable company has e*ted to appty the provisions of Section 11 'BaS￿ Financial Instruments. ot FRS 102 to all of rts financial instruments. Financia5 instruments are recognised in the company's statemenl of financial position when the charitable company becomes party to the eontraclual prowsK)ns of the instrument Basic financi41 assets 8asic financol as5els. which include debtots. are inttially measured at transaction price including transaction costs and are subsequendy carried al amortised cost using the eff￿tive interest method unless the arraTrJement con51rtutes a financing transacthM, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classifi6Y as receivable wilhin one year are r￿t amortised. Basic financBI liatylit Basic financ￿￿ 1rabi1￿"es. including creditors and bans that are Classif￿ as deb[ are inilialty recognised at transaction pr￿e unless the arrangement constrtules a financing transaelion. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial Irakn'llt￿ claSSrf￿ as payable wthin one year ale not amorbsed. Trade creditors are obligats.ons to pay for goc4Js or services that have been acquired in the ordinary wurse of operdtyons from suppliers. ￿n￿U￿￿ payabk are classifjed as current Iiabililies rf payment is due wthin one year or ￿ss. If not. they are presented a5 non