## **BUILD AFRICA**
## **REPORT AND FINANCIAL STATEMENTS**
**for the Year ended 31 March 2025**
Charity Registration No. 298316
Company Registration No. 2200793 (England and Wales)
**BUILD AFRICA**
## **TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**CONTENTS**|**Page**|
|---|---|
|Company information|3|
||4|
||12|
|Statement of financial activities|16|
|Balance sheet|17|
|Statement of Cash Flows|18|
|Notes to the Financial Statements|19|
2
**BUILD AFRICA**
## **TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
**COMPANY INFORMATION Trustee** Street Child **Charity number** 298316 **Company number** 2200793 **Registered office &** 33 Creechurch Lane, **principal address** London EC3A 5EB **Auditors** Moore Kingston Smith LLP Chartered Accountants 9 Appold Street London EC2A 2AP
3
**BUILD AFRICA**
**TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Who we are**
Build Africa is a charity with one ultimate goal: every child learning in school. experience of fighting poverty through education and working with communities at grassroots level to address the problems their children face. We know that education has the power to transform a child's life, give them a more prosperous and healthy future, and help their entire community beat poverty and inequality.
Programmes in Kenya and Uganda continue to go from strength to strength under the leadership of the parent Charity Street Child.
In 2023, in Uganda, programmes operated by Build Africa Uganda completed their transition to being implemented directly by the parent charity Street Child. Since then Uganda projects have been run by Street Child and more information on these can be found in the Street Child Annual Report. The Street Child annual report shows expenditure of more than £1.0m in Uganda.
In Kenya, Street Child supported Build Africa Kenya, who now operate as an independent national organisation, to continue implementing programmes. As this funding was provided directly from Street Child to Build Africa Kenya, the expenditure is wholly shown in the Street Child Financial Statements.
## **What we do**
We undertake fundraising activity and pass our funds to our parent charity Street Child who implement programmes in support of our ultimate goal.
## **Public Benefit Statement**
resident in such areas (whether in the UK or throughout the world) as determined by the Charity.
## **Acquisition by Street Child**
In 2019 Build Africa became part of the Street Child family when Street Child became corporate Trustee of Build Africa. Street Child believes that every child deserves the chance to go to school and learn. They understand the vital role of education in ending poverty and have projects in focus countries of Kenya and Uganda and in a number of other African countries including Democratic Republic of Congo, Burundi, Cameroon, Mozambique, Sierra Leone, Liberia, Ghana and Nigeria in Africa, as well as in Nepal, Afghanistan, Pakistan and Sri Lanka in Asia and Ukraine and Moldova in Europe. Street Child has high quality programmes that have fuelled rapid growth and it is financially robust.
On 1[st] October 2020 Build Africa Kenya ceased to be a branch of Build Africa and all assets and liabilities were transferred to Build Africa Kenya as an independent partner of Build Arica.
4
**BUILD AFRICA**
**TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Future plans**
## **Build Africa Uganda**
Since the merger took place, Street Child Uganda and Build Africa Uganda have become a combined entity that are using expertise to reach even more children across Uganda. This means that currently all programmes in Uganda are implemented by Street Child.
## **Build Africa Kenya**
In Kenya, Build Africa Kenya has officially become registered as an independent local organisation.
## **Volunteers**
There were no volunteers used during the year.
## **FUNDRAISING**
Our supporters are key to everything we do. Each year they enable us to ensure that no child is denied an education, every child in school gets the chance to learn and every child leaves school with the skills they need. At Build Africa, we are hugely grateful to all of our donors and focus on building long lasting relationships based on trust and respect. We are fully committed to being transparent and
source of income is its amazing donor base who have continued to give generously in the year.
Some major and long standing Build Africa donors have been in dialogue with Street Child about how their funds could be used to support projects in Uganda and Kenya in the ongoing projects in those countries operated by Street Child, and have made significant and generous gifts directly to Street Child during the year, which we are exceedingly grateful for. These donations have been included in the results of Street Child for the year ended 31 March 2025 (see Note 13 for how to contact Street Child).
5
**BUILD AFRICA**
## **TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **TRUSTEE RESPONSIBILITIES**
## **How we manage our affairs**
Build Africa is a charitable company limited by guarantee, incorporated and registered in England and Wales under company number 2200793 and charity number 298316. Since becoming part of the Street Child Group, the Charity has been under the overall governance of the Group.
The Street Child Board meets at least four times a year and is responsible for the overall direction of the Charity and for core strategic policies, having regard to the advice of the Chief Executive. The Trustees delegate the day-to-day running of the charity to the Chief Executive.
## **Recruitment and appointment of Trustees**
The appointment of the Trustees is carried out having regard to the needs of the organisation, the suitability and skill of the candidate and by interview of interested parties.
## **Induction and training of new Trustees**
We make new Trustees aware of their legal obligations under charity law and company law. New Trustees are given the required training to enable them to undertake their roles and to ensure that they act in the best interests of the charity. When they are appointed, they receive briefing and background information about the charity from senior management, including governance, finance and current strategies and plans. All Trustees have the opportunity to see our programmes at their own expense.
## **Fundraising standards and our approach to fundraising**
Street Child group employs a team a professional fundraisers, all of whom follow the best practice and legal requirements set out in The Code of Fundraising Practice, as well as those required under charity law and wider law. There was no reported failure to comply with The Code of Fundraising Practice. with relevant training or guidance notes including, where relevant, links to the necessary legal and best practices from the Institute of Fundraising. Agreed fundraising targets were monitored through reports provided by our online giving platforms and through regular communication and mentoring of volunteer fundraisers.
Agreement that sets out the terms of the partnership including, but not limited to, payment plans, use of brand, inclusions/exclusions of the partnership and use of the agreed fundraising statement. Our data protection statement and marketing opt-ins were reviewed and updated to ensure only appropriate and relevant communications were sent to those supporters who had requested said information. Our electronic communications platform also offers the opportunity to opt out at every stage of mass communication.
6
**BUILD AFRICA**
**TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
engage and inspire supporters through our events, through social media and other communications platforms and by our work.
## **Organisation and management**
Build Africa is based in the United Kingdom in London. Build Africa does not have any employees and the fundraising activities and the running of the charity is undertaken by Street Child staff and the Street Child Senior Leadership Team.
7
**BUILD AFRICA**
## **TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **FINANCES**
## **Review of 2024/25 financial position and fundraising activities**
During the 2024/25 financial year, Build Africa raised £540,190 (2024: £278,228) of income and had expenditure of £511,508 (2024: £306,934). This resulted in a surplus of £28,682 (2024: loss of £28,706).
In accordance with the charity SORP, support costs have been allocated between charitable activities and fundraising. Build Africa spent 99% (2024: 99%) of its total expenditure on charitable activities and the remainder on fundraising. This is because fundraising activities have transferred to Street Child and so Build Africa only incurs the direct costs of collecting regular income.
The increase in income was due to an increase in legacy income compared to the prior year, with legacy income in the current year of £305k compared to £24k in the previous year. Donations from supporters fell very slightly as is expected as Build Africa is no longer directly acquiring any new donors, but donor retention rates are very strong.
There was no Restricted Expenditure in the year or the prior year as the charity no longer holds any restricted funds.
Unrestricted expenditure on Charitable activities increased to £504,978 from £302,404 in the prior year. Charitable activities are almost entirely made up of the annual grant that Build Africa provides to the parent charity Street Child in support of its work, which was £502,214 in the current year and £300,000 in the prior year.
Unrestricted reserves increased to £94,821 in the current year compared to £66,139 in the prior year. There are no restricted reserves and currently it is not expected that Build Africa will receive any more restricted funding.
## **Reserves Policy**
Reserves are assessed at both the whole the whole group and individual charity levels.
For Build Africa as a separate entity the reserves policy is to hold running costs of three months of running costs. At the date of signing the accounts Build Africa had no employees and no longer leased an office building, having moved into the Street Child offices.
Running costs are mainly for direct fundraising and administration and lead to a target level of unrestricted reserves of £32k. Build Africa unrestricted reserves are considerably above this level at present at £94,821 (2024: £66,139). This increased level of reserves will give more opportunities to donate funds in the following year.
risks, and calibrated against the level of reserves that would be required to fund three to six months of operating costs.
The largest two risks facing Street Child are a fall or under-performance in Unrestricted income, and/or the need to use Unrestricted funds to cover Restricted Programme costs, for instance because of cost disallowed by the funders.
8
**BUILD AFRICA**
**TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
This quantification of reserves will be carried out on an annual basis as part of the budget setting process which concludes in March each year. At this stage the Trustees will consider if any of the major risks have changed, and also the quantification of the reserves in line with the budget.
For Street Child Group the reserves target is £0.85m to £1.6m, with a mid-range target of £1.2m. Street Child Group unrestricted reserves at 31 March 2025 of £1.3m (2024: £1.4m) were ahead of the mid-range target.
## **Risk management and internal control**
The Trustees are fully aware of the need to assess the risks faced by the charitable group and to minimise those risks. They have conducted a comprehensive process to identify, assess and manage risks. This culminates in a register of risks, with all risks being scored for likelihood and impact and management strategies and timetables being established. The risk register is reviewed by the Finance Committee every quarter and at every Board Meeting (also quarterly) to assess all risk factors identified in the risk register and ensure that all Trustees are fully abreast of the risk situation in the organisation.
In addition to the organisational risk register, each country programme holds a register for all large projects, which have their own risk registers that are used by project management teams to make operational decisions. All fundraising events have their own risk assessments.
While no system of internal control can provide absolute assurance against material misstatement or loss, systems have been developed to provide assurance to the Board that there are proper procedures in place and that they are operating effectively.
Key elements of the system of risk management and internal control include:
- Delegation: there is a clear organisational structure with lines of authority and responsibility for control; and procedures for reporting decisions, actions and issues.
- A clear, comprehensive documented suite of financial procedures accessible to all staff.
- Financial Reporting: the Board approves and monitors the annual budget and income projections. Each Board meeting receives an update on the latest forecast income and expenditure together with explanations of significant variations. The Finance Committee reviews the financial reports in detail and meetings are presented to the Board.
- Programme reporting: regular reports are received by the Chief Executive from the country leads. These are reviewed to ensure that the programmes are progressing as planned and to identify any issues which are followed up as necessary. Written quarterly updates are provided to the Board along with any issues, risks or opportunities.
The principal risks and uncertainties facing the charitable group, as identified by the Trustees of Street Child include the following:
- Unrestricted Income being insufficient to support institutional restricted funding or pursuing opportunities for investment. This is mitigated by careful monitoring of income compared to budget and forecast, and the pipeline income and by ensuring that costs are carefully managed.
9
**BUILD AFRICA TRUSTEES REPORT AND ACCCOUNTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
- Unsatisfactory Programmes impact, or donors consider project impact to be unsatisfactory. We continue to invest in quality in-country programme and finance teams to ensure that we can meet donor requirements.
## **Trustees/Directors**
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
10
**BUILD AFRICA**
**TRUSTEES REPORT AND ACCCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees, who are also directors of Build Africa for the purpose of company law, are responsible Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for the fifteen months period of financial activities and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended.
In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will continue on that basis.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information.
On behalf of the Board of Trustees,
Gabriele Cipparrone, Trustee
> 22[nd] December 2025
11
**BUILD AFRICA**
**INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF BUILD AFRICA**
## **Opinion**
31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law In our opinion the financial statements:
- 2025
- and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and Responsibilities for the audit of financial statements section of our report. We are independent of the Corporation in accordance with the ethical requirements that are relevant to our audit of the financial responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
12
**BUILD AFRICA**
**INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF BUILD AFRICA**
required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other 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 fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- financial statements are prepared is consistent with the financial statements; and requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the company and its environment obtained in the 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 accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing
## **Responsibilities of trustees**
11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
13
**BUILD AFRICA**
**INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF BUILD AFRICA**
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, 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, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing trol.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- 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 continue as a going concern. If we conclude that a material uncertainty exists, we are required or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to 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 management and those charged with governance of the charitable company.
14
**BUILD AFRICA**
**INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF BUILD AFRICA**
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement 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 laws 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 to become aware of instances of non-compliance with laws and regulations that are not closely 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 example, forgery or intentional misrepresentations, or through collusion.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
9 Appold Street London EC2A 2AP
Date: 22[nd] December 2025
15
## **BUILD AFRICA**
## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Notes**
**Income from:**
Donations & Legacies
**2**
**Total Income**
**Expenditure On:**
Raising funds
**3**
Charitable activities
**3**
**Total Expenditure**
**Net income/(expenditure)**
Foreign exchange gain /(loss)
Transfers between funds
**Net income/(expenditure) for the year**
**and net movement in funds**
**Total funds brought forward**
**9**
**Total funds carried forward**
**9**|**Unrestricted**
**Funds**
**£**
540,190
540,190
6,530
504,978
511,508
28,682
-
-
28,682
66,139
94,821|**Restricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-|**Total**
**2025**
**£**
540,190
540,190
6,530
504,978
511,508
28,682
-
-
28,682
66,139
94,821|**Total**
**2024**
**£**
278,228
278,228
4,530
302,404
306,934
(28,706)
-
-
(28,706)
94,845
66,139|
|---|---|---|---|---|
All income and expenditure derive from continuing operations.
The statement of financial activities includes all gains and losses recognised in the year.
16
## **BUILD AFRICA**
## **BALANCE SHEET AS AT 31 MARCH 2025**
**----- Start of picture text -----**
2025 2024
Notes £ £ £ £
Current assets
Debtors 6 65,538 61,575
Cash at bank and in hand 63,754 7,528
129,292 69,103
Creditors: amounts falling
due within one year 7 (34,471) (2,964)
Net current assets 94,821 66,139
Total assets less current liabilities 94,821 66,139
Funds
Restricted funds - -
Unrestricted funds 9 94,821 66,139
94,821 66,139
**----- End of picture text -----**
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board of Trustees on 22nd December 2025 and signed on their behalf by
Gabriele Cipparrone Trustee Company registration number 2200793
The accompanying notes form part of these accounts
17
## **BUILD AFRICA**
## **STATEMENT OF CASHFLOWS AS AT 31 MARCH 2025**
|**Net cash (outflow)/inflow from operating activities**
**Cash flows from Investing Activities**
Foreign exchange loss|**2025**
**£**
56,226
-|**2024**
**£**
(195,858)
-|
|---|---|---|
|**Net cash used in investing activities**|-|-|
|**(Decrease)/Increase in cash and cash equivalents**
Cash and cash equivalents at the beginning of the period|56,226
7,528|(195,858)
203,386|
|**Cash and cash equivalents at the end of the period**|**63,754**|**7,528**|
|**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATING ACTIVITIES**
**2025**
**£**
**Net Movement in Funds**
28,682
(Increase) in debtors
(3,963)
Increase/(Decrease)in creditors
31,507||**2024**
**£**
(28,706)
(61,575)
(105,577)|
|**Net Cash outflow from operating activities**|56,226|(195,858)|
|Analysis of cash and cash equivalents and net debt
Opening balance
Cash-Flows|**2025**
**£**
7,528
56,226|**2024**
**£**
203,386
(195,858)|
|**Closing balance**|**63,754**|**7,528**|
18
**BUILD AFRICA**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **a) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Build Africa meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 2200793) and a charity registered in England and Wales
## **b) Preparation of accounts on a going concern basis**
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern.
The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The charity started the year with unrestricted reserves of £66,139 and closed the year with Unrestricted reserves of £94,821.
In assessing whether Build Africa is a going concern, the Trustees have also considered the reserves of the Street Child charitable group, of which the charity is a wholly owned subsidiary. The trustees have considered the group forecasts and projections and have taken account of pressures on donation and grant income and cash flow for 12 months from the date of approval of the financial statements, the associated assumptions that under-pin it, the pipeline of new income and the steps that could be taken to reduce expenditure should this be necessary.
The Trustees are satisfied that the group has sufficient resources to continue in operational existence for the foreseeable future. The group has a loyal donor base and a pipeline of renewed or new grants. Annual budgets include prudent figures for both income and expenditure and the charity holds reserves within the policy set out in the reserves policy and has liquid assets in the form of cash held in short term instant access deposits.
The Trustees have concluded that with the reserves policy and cash liquidity requirements of the charity together with the commitment of support received from future.
The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **c) Income**
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised following probate and once there is sufficient evidence that receipt is probable and the amount of the legacy receivable can be measured reliably.
- Entitlement is established when we receive notification of an interest in an estate, probate has been granted, and Street Child have confirmed the existence of the legacy with the Executors. - Receipt is probable and the estate is reliably measurable when the final estate accounts have been received
Legacy income is only recognised in the financial statements when the above criteria are met.
## **d) Fund Accounting**
Unrestricted Funds are available for use at the discretion of the Trustees to spend on activities that further any of the charitable objectives of the charity.
Restricted funds are donations which the donor has specified are to be spent on specific activities of the charity, often as set out in a funder project or grant agreement.
## **e) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **f) Allocation of overhead and support costs**
Overhead, support and governance costs are allocated between the cost of raising funds and charitable activities. Overhead, support and governance costs relating to charitable activities have been apportioned between activities.
19
**BUILD AFRICA**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **g) Costs of raising funds**
The costs of generating funds consist of the costs of raising funds including an apportionment of overhead, support and governance costs.
## **h) Charitable activities**
and protection. Costs of charitable activities include grants payable and other costs directly associated with teacher training, school building, juvenile justice and an apportionment of overhead, support and governance costs.
## **i) Critical accounting estimates and areas of judgement**
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **(j) Tangible fixed assets and depreciation**
|**(j) Tangible fixed assets and depreciation**|**(j) Tangible fixed assets and depreciation**|
|---|---|
|Tangible Fixed Assets costing more than £5,000 are capitalised.||
|Depreciation is provided on tangible fixed assets at rates calculated to write off the cost on a straight line basis over their useful||
|lives as follows:||
|Computer equipment and software|3 years|
|Fixtures, fittings & equipment|4 years|
|Motor vehicles|4 years|
|Programme assets are not capitalised.||
|**k) Leasing and hire purchase commitments**||
|Rentals payable under operating leases are charged to the Statement of Financial Activities on an accruals basis over the period||
|of the lease.||
## **l) Pensions**
20
**BUILD AFRICA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2. DONATIONS AND LEGACIES**
|Donations and Gifts
Legacies
**3. EXPENDITURE**
**Cost of Raising Funds:**
Costs of generating voluntary income : Other Costs
Support Costs
**Total cost of raising funds**
**Cost of charitable activities:**
Direct Project Costs
Support Costs
**Total Charitable Activities**
**Total expenditure**|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2025**
**£**
**£**
**£**
234,729
-
**234,729**
305,461
-
**305,461**
540,190
-
**540,190**
**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**2025**
**£**
**£**
**£**
3,766
-
3,766
2,764
-
2,764
**6,530**
**-**
**6,530**
**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**2025**
**£**
**£**
**£**
502,214
-
502,214
2,764
-
2,764
**504,978**
**-**
**504,978**
**511,508**
**-**
**511,508**|2024
£
254,228
24,000
278,228
Total
2024
£
2,126
2,404
4,530
Total
2024
£
300,000
2,404
302,404
306,934|
|---|---|---|
Unrestricted Direct Project Costs include a grant for £502,214 (2024: £300,000) from Build Africa to the Charitable parent company Street Child.
Support costs are apportioned between fundraising and charitable activities based on staff time spent on these activities.
|**Governance costs**
Costs relating to Governance comprise:
Audit fees|**2025**
**£**
3,244
3,244|2024
£
3,030
3,030|
|---|---|---|
## **4. DIRECTORS**
No Directors/Trustees (or any persons connected with them) received remuneration during the year (2024: nil). No Directors/Trustees were reimbursed for travel expenses incurred in attending Board meetings in the year (2024: nil).
## **5. STAFF COSTS**
No staff were employed by the Company during the year (2024: nil).
21
## **BUILD AFRICA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
|**6. DEBTORS**
Amounts owed by group undertakings
Accrued income
**7. CREDITORS: amounts falling due within one year**
Amounts owed from group undertakings
Accruals & other creditors
Trade creditors|**2025**
2024
**£**
£
-
40,219
65,538
21,356
65,538
61,575
**2025**
2024
**£**
£
30,994
-
3,244
2,700
233
264
34,471
2,964|
|---|---|
## **8. RESTRICTED FUNDS**
The Charitable Company held no Restricted Funds in 2024/25 or 2023/24.
## **9. RESERVES SUMMARY**
|**2025**
Unrestricted
Restricted
Total Reserves
**2024**
Unrestricted
Restricted
Total Reserves
**10. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**2025**
Net Current Assets
**2024**
Net Current Assets|**As at**
**As at**
**1 April**
**Transfers**
**31 March**
**2024**
**Income**
**Expenditure**
**between funds**
**2025**
**£**
**£**
**£**
**£**
**£**
66,139
540,190
(511,508)
-
94,821
-
-
-
-
-
66,139
540,190
(511,508)
-
94,821
**As at**
**As at**
**1 April**
**Transfers**
**31 March**
**2023**
**Income**
**Expenditure**
**between funds**
**2024**
**£**
**£**
**£**
**£**
**£**
94,845
278,228
(306,934)
-
66,139
-
-
-
-
-
331,031
440,939
(677,127)
-
66,139
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**£**
**£**
**£**
94,821
-
94,821
94,821
-
94,821
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**£**
**£**
**£**
66,139
-
66,139
66,139
-
66,139|
|---|---|
## **11. RELATED PARTY TRANSACTIONS**
Included in Creditors is an amount owing to Street Child of £30,994. In the prior year Street Child owed Build Africa £40,219.
## **12. CAPITAL COMMITMENTS**
There were no capital commitments not provided for in the financial statements (2024: none).
## **13. ULTIMATE PARENT COMPANY**
The company is a subsidiary of Street Child, a charitable company registered in England and Wales (Company No. 06749574, Charity No. 1128536). Copies of group financial statements are available from the registered office of the parent at: 33 Creechurch Lane, London. EC3A 5EB
22