Charity registration number: 309270
Zebra Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2024
Zebra Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 17 |
Zebra Trust
Reference and Administrative Details
Trustees Bridget Cass Alex Cass May Fantom Rachel Knowles Andrew Sutcliffe KC Charity Registration Number 309270 Principal Office 5 - 13 Glendower Place London SW7 3DU Independent Examiner Beever and Struthers Chartered Accountants One Express 1 George Leigh Street Ancoats Manchester M4 5DL Bankers The Co-operative Bank Plc PO Box 250 Delf House Southway Skelmersdale WN8 6WT Investment Managers Killik & Co 46 Grosvenor Street London W1K 3HN Investment Custodians Platform Securities LLP Canterbury House 85 New Hall Street Birmingham B3 1LH
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Zebra Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024.
Status and Trustees
The Trust is a registered charity governed by its Trust Deed dated 20 January 1966 and an order of the Charity Commission dated 25 July 2005. The Trustees are as set out on page 3. The Trustees met once in the last year, with ad hoc Finance and Education Committee meeting.
Objectives and activities
Objects and aims
The charitable objects of the Trust continue to be the furtherance of education of children and young people of East and Southern Africa by way of grants to individuals and school institutions.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Review of the year
For many years John Austin has provided support to the Zebra Trust. Initially assisting Peter Comyns with the finances and administration, as well as chatting to him and ensuring Peter felt welcome in Jerome House, and then when John retired from Zebra Housing, taking on the burden of the finances and administration. It was done with such humour and grace that none of us realised how much he did. Sadly in April 2024 John died suddenly. His legacy is the streamlined trust, we are immensely grateful.
In the year under review, we continued to support a range of schools, in East and Southern Africa, known to the Trustees and former Trustees. Since 2011 we have been in an arrangement whereby the majority of the grants are managed by Africa Educational Trust (‘AET’) and by 2019 all were managed by AET. This has significantly eased the administrative burden, along with the new group that was set up to oversee the finances. The Finance group has been active in ensuring the legacy from Jeannine Bartosik is invested well, and the AET report on the schools has allowed the Trust to consider how to become more effective. During the year under review AET announced it would no longer manage the grants to schools in Tanzania and Zambia. In early 2023 the Forum for African Women Educationalists of Zambia took over the management of schools in Zambia. As no charity was found to oversee the schools in Tanzania the trustees reluctantly decided to halt funding to schools in Tanzania until the matter could be resolved.
At the 2023 AGM the trustees agreed to increase the annual grants to schools to £1,600, the budget for the Jeannine Legacy Fund should be £5,000 and that they will continue to support previous beneficiaries who wish to study healthcare or education to a total budget of £6,000pa.
In 2023, across all the countries a total of 407 students (inclusive of university students) from 70 educational institutions received a scholarship. Out of the 407 students a total of 315 (77.5%) were female and 92 (22.5%) were male; and 317 received scholarships for the first time compared to 90 that had received a scholarship at least once before.
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Zebra Trust
Trustees' Report (continued)
The funding amounts to schools differed per country. In Kenya, Somalia, Lesotho, Tanzania and Zambia each school received £1,500, while in Somaliland, South Sudan and Uganda schools received different amounts depending on the number of children that were selected in the school.
In Tanzania, Victor Massawe, received a scholarship to continue his medical studies and was selected to participate in an Erasmus Exchange Programme in Europe funded by UNIBO Unversity. In Zambia, Christbel Nsenssele, continued her pharmaceutical science studies at Apex Medical University and has successfully completed her third year. Finally, Manasseh Phiri began his third year in medical science at Eden University, and is making excellent progress.
The schools the Trust supports are nominated personally by the Trustees, often from a third party. Trustees give preference to girls’ education and rural schools in Eastern and Southern Africa, and ask that there is some continuity of funding, but leave the decision as how to disperse the funds to the schools. It was agreed in 2017 that schools be encouraged to fund children at the beginning of their education so that continuity can be achieved.
The Trust is dependent on its Trustees, all of whom give their time - thank you for being so open and supportive. We are also very grateful to the staff and Board of the Zebra Housing Association, who house the Trust, and provide us with a base from which to operate when one is needed. Both the Trust and the Housing Association are aware of our shared history, and we are keen to make certain the links continue.
Structure, governance and management
Recruitment and appointment of trustees
New Trustees are selected from individuals known to the existing Trustees who can bring special skills needed by them. There were no new Trustees in the year ended 31 March 2024.
Financial review
Policy on reserves
The Trust has current investment and reserves policies of maintaining sufficient capital, in the form of investments, to contribute as much income to allow the continued payment of grants to the children and young people currently supported and to increase the number of children, in particular girls, supported by the Trust.
Total reserves at 31 March 2024 amounted to £1,304,401 (2023 - £1,434,839).
Plans for future periods
Aims and key objectives for future periods
The Trustees are aware of succession planning and are looking at ways of securing their future.
The Trustees have agreed that where possible new candidates for support should be female. Trustees are continually looking for new schools to support in the countries of Africa already supported.
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Zebra Trust
Trustees' Report (continued)
Risk Management
The Trustees annually review the risks that the Trust faces. To date these have mainly related to investment and cash management, and these have been ameliorated by diversified portfolio management, and management of the investment portfolio was split between day-to-day management and advice with Killik & Co and investment custodian services undertaken by Platform Securities LLP.
In looking to the future, the Trustees are aware of risks associated with making grants and awards as more money becomes available. The recipient children and schools are required to write annual letters to the Trust about themselves or the pupils’ progress and with AET having offices in Africa; a closer relationship with individuals and schools has been introduced.
The Trustees have continued to look at what further procedures may be instituted to reduce risk in this area, in particular once Street Child UK advised the Trustees that they could no longer support directly the children based in Tanzania and Zambia, the trust appointed the Forum for African Women Educationalists of Zambia which took over the management of the schools in Zambia from early 2023. The Trustees and Street Child UK continue to search for new management for the schools in Tanzania.
06/11/2024
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
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Zebra Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by: 06/11/2024
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Zebra Trust
Independent Examiner's Report to the trustees of Zebra Trust
I report to the trustees on my examination of the accounts of Zebra Trust for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of Zebra Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Zebra Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Zebra Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Helen Binns FCA Chartered Accountants
One Express 1 George Leigh Street Ancoats Manchester M4 5DL
Date:............................. 11 November 2024
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Zebra Trust
Statement of Financial Activities for the Year Ended 31 March 2024
| Note Income and Endowments from: Investment income 2 Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net income Other recognised gains and losses Other gains/losses 9 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted 2024 £ 59,518 59,518 (1,458) (53,936) (55,394) 4,124 (134,562) (130,438) 1,434,839 1,304,401 |
Unrestricted 2023 £ 65,636 |
|---|---|---|
| 65,636 | ||
| - (64,501) |
||
| (64,501) | ||
| 1,135 (168,399) |
||
| (167,264) 1,602,103 |
||
| 1,434,839 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 12.
The notes on pages 9 to 17 form an integral part of these financial statements. Page 7
Zebra Trust
(Registration number: 309270) Balance Sheet as at 31 March 2024
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand 10 Creditors: Amounts falling due within one year 11 |
2024 £ 2023 £ 1,044,816 1,379,311 262,315 57,678 (2,730) (2,150) |
|---|---|
| Net current assets | 259,585 55,528 |
| Net assets | 1,304,401 1,434,839 |
| Funds of the charity: Unrestricted income funds Unrestricted funds Revaluation reserve |
1,056,297 1,056,423 248,104 378,416 |
| Total unrestricted funds | 1,304,401 1,434,839 |
| Total funds 12 |
1,304,401 1,434,839 |
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on .................... 06/11/2024 and signed on their behalf by:
The notes on pages 9 to 17 form an integral part of these financial statements. Page 8
Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Accounting policies
Legal form
Zebra Trust is a registered charity in England. The address of the administrative office is The Croft, Highland Avenue, Brentwood, Essex, CM15 9DD.
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Zebra Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The charity has elected to take the exemption from the requirements to prepare a Cash Flow Statement due to its turnover being less than £500,000 as permitted by the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The Financial Statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist to affect the planned levels of income and expenditure. The Trustees have considered the level of funds held and the income and expenditure for 12 months from signing these financial statements.
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
1 Accounting policies (continued)
Judgements and key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Income and endowments
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Gift aid is included when recovered.
Investment income is earned through holding assets for investment purposes and includes dividends. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend is recognised as the charity’s right to receive payment is established.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs.
Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
1 Accounting policies (continued)
Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains /(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
Financial instruments
Classification
Financial instruments such as accounts payables, accounts receivables and cash are classified either as basic or complex. All financial instruments are initially measured at their fair values at the time the transactions occur. Subsequently all basic instruments are measured at amortised cost and all complex financial instruments are measured at a fair value through the comprehensive income.
Financial instruments held by the Charity are classified as follows:
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Financial assets such as cash is held at cost
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Financial assets such as fixed asset investments are held at fair value
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Financial liabilities such as payables are held at amortised cost using the effective interest method
2 Investment income
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| General | 2024 | 2023 | |
| £ | £ | £ | |
| Other income from fixed asset investments | 59,518 | 59,518 | 65,636 |
3 Expenditure on raising funds
a) Investment management costs
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
3 Expenditure on raising funds (continued)
| a) | Investment management costs (continued) | Investment management costs (continued) | Investment management costs (continued) |
|---|---|---|---|
| Unrestricted | |||
| funds | Total | ||
| General | 2024 | ||
| Note | £ | £ | |
| Other investment management costs; | |||
| Amounts payable to investment managers | 1,458 | 1,458 | |
| 1,458 | 1,458 |
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
4 Expenditure on charitable activities
| Note Charitable donations Allocated support costs 5 Governance costs 5 |
Unrestricted funds General £ 50,626 600 2,710 53,936 |
Total 2024 £ 50,626 600 2,710 53,936 |
Total 2023 £ 60,656 2,295 1,550 |
|---|---|---|---|
| 64,501 |
Of the £50,626 (2023 - £60,656) payment in the year ended 31 March 2024, £5,745 (2023 - £7,736) was retained by AET for administration purposes. As part of the arrangement AET reports to the Education Committee of the Trust on the pupils supported by the individual grants made out of the block grant. Between 2011 and 2024 all management of the payments of the direct grants was undertaken by AET except for the 2024 payments to Zambia disbursed by Forum for African Women Educationalists of Zambia costing £6,581 (2023 - £5,859).
AET is a UK charity based in London with offices in Africa and has similar objects to the Trust.
In November 2020 AET merged with Street Child UK, a UK charity (No 1128536) to become a charity whose work now extends across 17 of the world’s most fragile and disaster-affected states.
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
5 Analysis of governance and support costs
Support costs allocated to charitable activities
| Administration Global custody charge Governance costs Independent examiner fees Examination of the financial statements Other fees paid to examiners |
Support costs £ 600 - 600 Unrestricted funds General £ 1,510 1,200 2,710 |
Total 2024 £ 600 - 600 Total 2024 £ 1,510 1,200 2,710 |
Total 2023 £ 1,100 1,195 2,295 Total 2023 £ 1,550 - |
|
|---|---|---|---|---|
| 1,550 |
6 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
7 Independent examiner's remuneration
| 7 Independent examiner's remuneration |
||
|---|---|---|
| Examination of the financial statements Other fees to examiners Other fees paid to examiners |
2024 £ 1,510 1,200 |
2023 £ 1,550 |
| - |
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
8 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
9 Fixed asset investments
| Cost or Valuation At 1 April 2023 Disposals Revaluation At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 10 Cash and cash equivalents Cash at bank Investment Capital/Income account 11 Creditors: amounts falling due within one year Accruals |
Listed investments £ 1,379,311 (204,183) (130,312) 1,044,816 1,044,816 1,379,311 2024 £ 60,663 201,652 262,315 2024 £ 2,730 |
Listed investments £ 1,379,311 (204,183) (130,312) 1,044,816 1,044,816 1,379,311 2024 £ 60,663 201,652 262,315 2024 £ 2,730 |
Total £ 1,379,311 (204,183) (130,312) 1,044,816 1,044,816 1,379,311 2023 £ 55,338 2,340 |
|
|---|---|---|---|---|
| 1,044,816 | ||||
| 1,044,816 | ||||
| 1,379,311 | ||||
| 2024 £ 60,663 201,652 262,315 2024 £ 2,730 |
||||
| 57,678 | ||||
| 2023 £ 2,150 |
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
12 Funds
| Unrestricted funds General General Fund Other Revaluation Reserve Total funds Unrestricted funds General General Fund Other Revaluation Reserve Total funds |
Balance at 1 April 2023 £ 1,056,423 378,416 378,416 1,434,839 Balance at 1 April 2022 £ 1,055,288 546,815 546,815 1,602,103 |
Incoming resources £ 59,518 - - 59,518 Incoming resources £ 65,636 - - 65,636 |
Resources expended £ (55,394) - - (55,394) Resources expended £ (64,501) - - (64,501) |
Other recognised gains/(losses) £ - (134,562) (134,562) (134,562) Other recognised gains/(losses) £ - (168,399) (168,399) (168,399) |
Balance at 31 March 2024 £ 1,060,547 243,854 |
|---|---|---|---|---|---|
| 243,854 | |||||
| 1,304,401 | |||||
| Balance at 31 March 2023 £ 1,056,423 378,416 |
|||||
| 378,416 | |||||
| 1,434,839 |
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
13 Analysis of net assets between funds
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 1,044,816 262,315 (2,730) 1,304,401 Unrestricted funds General £ 1,379,311 57,678 (2,150) 1,434,839 |
Total funds at 31 March 2024 £ 1,044,816 262,315 (2,730) |
|---|---|---|
| 1,304,401 | ||
| Total funds at 31 March 2023 £ 1,379,311 57,678 (2,150) |
||
| 1,434,839 |
14 Related party transactions
There were no related party transactions in the year.
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