Charity registration number: 309270
Zebra Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2025
Zebra Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 15 |
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 2025.
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 1. The Trustees met three times in the last year.
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.
Public benefit
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.
Review of the year
The untimely death of John Austin in April 2024 meant that the trustees had to look at a new administrative set up. This was possible with the support of Street Child (formerly the Africa Educational Trust). At the AGM in the autumn, Street Child announced that they would no long be able to manage the grants and reporting system. The trustees had been in informal discussions on how to continue to fulfil its objectives, questioning whether the grants to individuals was the most effective method of improving the education on children and young people.
With the exception of Zambia, and with the changes in mind, and the need to look for another agency to manage the grants if there was no change in direction, the trustees decided only to fund those students in their final year of schooling. This allowed the trustees to explore options for future funding. As a result the trustees have decided to commit to a comprehensive teacher education project that could affect schools across more than one area. The aim is to improve the quality of teaching within the region. This will use more resources and the trustees are aware that this is likely to use all their resources.
In 2026 it will be sixty years since the trust started and the trustees are looking at how to record its legacy. This will be part of this major change in funding.
Until the future is funding stream is agreed, the funding for the Forum for African Women Educationalists of Zambia which took over the management of schools in Zambia will continue.
In Tanzania, Victor Massawe, continued to receive funding and has now completed his medical training. In Zambia, Christbel Nsenssele, continued her pharmaceutical science studies at Apex Medical University and has successfully completed her fourth year.
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 an administrative base. Both the Trust and the Housing Association are aware of our shared history and we are keen to make certain the links continue.
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Zebra Trust
Trustees' Report (continued)
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 2025.
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 2025 amounted to £1,269,533 (2024 - £1,304,401).
Plans for future periods
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 Trustees have continued to look at what further procedures may be instituted to reduce risk in this area and appointed the Forum for African Women Educationalists of Zambia which took over the management of the schools in Zambia from early 2023.
The annual report was approved by the trustees of the charity on 24 September 2025 and signed on its behalf by: ......................................... f, Bridget Cass Chairman and trustee BridgetChammancf”and trustee
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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 24 September 2025 and signed on its behalf by:
......................................... Bridget Cas: Bridget Cass Chairman and trustee Chairman and trustee
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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 2025.
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:.............................15 October 2025
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Zebra Trust
Statement of Financial Activities for the Year Ended 31 March 2025
| 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 13 |
Unrestricted 2025 £ 48,745 48,745 (976) (14,427) (15,403) 33,342 (68,209) (34,867) 1,304,400 1,269,533 |
Unrestricted 2024 £ 59,518 |
|---|---|---|
| 59,518 | ||
| (1,458) (53,936) |
||
| (55,394) | ||
| 4,124 (134,562) |
||
| (130,438) 1,434,839 |
||
| 1,304,401 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 13.
The notes on pages 8 to 15 form an integral part of these financial statements. Page 6
Zebra Trust
(Registration number: 309270) Balance Sheet as at 31 March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 9 | 1,156,147 | 1,044,816 |
| Current assets | |||
| Debtors | 10 | 1,283 | - |
| Cash at bank and in hand | 11 | 114,893 | 262,315 |
| 116,176 | 262,315 | ||
| Creditors: Amounts falling due within one year | 12 | (2,790) | (2,730) |
| Net current assets | 113,386 | 259,585 | |
| Net assets | 1,269,533 | 1,304,401 | |
| Funds of the charity: | |||
| Unrestricted income funds | |||
| Unrestricted funds | 940,511 | 1,056,297 | |
| Revaluation reserve | 329,022 | 248,104 | |
| Total unrestricted funds | 1,269,533 | 1,304,401 | |
| Total funds | 13 | 1,269,533 | 1,304,401 |
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 24 September 2025 and signed on their behalf by:
......................................... Bridget Cass Bridget Cats Chairman and trustee Chainnan and trustee
The notes on pages 8 to 15 form an integral part of these financial statements. Page 7
Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
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 2025 (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.
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.
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
1 Accounting policies (continued)
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
| Other income from fixed asset investments | Unrestricted funds General £ 48,745 |
Total 2025 £ 48,745 |
Total 2024 £ 59,518 |
|---|---|---|---|
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
3 Expenditure on raising funds
a) Investment management costs
| Note Other investment management costs; Amounts payable to investment managers 4 Expenditure on charitable activities Note Charitable donations Allocated support costs 5 Governance costs 5 |
Unrestricted funds General £ 976 976 Unrestricted funds General £ 11,012 625 2,790 14,427 |
Total 2025 £ 976 976 Total 2025 £ 11,012 625 2,790 14,427 |
Total 2024 £ 1,458 |
|---|---|---|---|
| 1,458 | |||
| Total 2024 £ 50,626 600 2,710 |
|||
| 53,936 |
Of the £11,012 (2024: £50,626) payment in the year ended 31 March 2025, £4,983 (2024: £5,745) 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 2025 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 £6,019 (2024: £6,581).
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 2025 (continued)
5 Analysis of governance and support costs
Support costs allocated to charitable activities
| Administration Governance costs Independent examiner fees Examination of the financial statements Other fees paid to examiners |
Support costs £ 625 Unrestricted funds General £ 1,590 1,200 2,790 |
Total 2025 £ 625 Total 2025 £ 1,590 1,200 2,790 |
Total 2024 £ 600 Total 2024 £ 1,510 1,200 |
|
|---|---|---|---|---|
| 2,710 |
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
| Examination of the financial statements Other fees to examiners Other fees paid to examiners |
2025 £ 1,590 1,200 |
2024 £ 1,510 |
|---|---|---|
| 1,200 |
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.
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
9 Fixed asset investments
| Cost or Valuation At 1 April 2024 Additions Disposals Revaluation At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 10 Debtors Accrued income 11 Cash and cash equivalents Cash at bank Investment Capital/Income account 12 Creditors: amounts falling due within one year Accruals |
Listed investments £ 1,044,816 1,411,245 (1,218,995) (80,919) 1,156,147 1,156,147 1,044,816 2025 £ 1,283 2025 £ 93,757 21,136 114,893 2025 £ 2,790 |
Listed investments £ 1,044,816 1,411,245 (1,218,995) (80,919) 1,156,147 1,156,147 1,044,816 2025 £ 1,283 2025 £ 93,757 21,136 114,893 2025 £ 2,790 |
Total £ 1,044,816 1,411,245 (1,218,995) (80,919) 1,156,147 1,156,147 1,044,816 2024 £ - |
|
|---|---|---|---|---|
| 1,156,147 | ||||
| 1,156,147 | ||||
| 1,044,816 | ||||
| 2025 £ 1,283 2025 £ 93,757 21,136 114,893 2025 £ 2,790 |
||||
| 2024 £ 60,663 201,652 |
||||
| 262,315 | ||||
| 2024 £ 2,730 |
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
13 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 2024 £ 1,056,297 248,104 248,104 1,304,401 Balance at 1 April 2023 £ 1,056,423 378,416 378,416 1,434,839 |
Incoming resources £ 48,745 - - 48,745 Incoming resources £ 59,518 - - 59,518 |
Resources expended £ (15,403) - - (15,403) Resources expended £ (59,644) - - (59,644) |
Other recognised gains/(losses) £ - (68,209) (68,209) (68,209) Other recognised gains/(losses) £ - (130,312) (130,312) (130,312) |
Balance at 31 March 2025 £ 1,089,639 179,895 |
|---|---|---|---|---|---|
| 179,895 | |||||
| 1,269,534 | |||||
| Balance at 31 March 2024 £ 1,056,297 248,104 |
|||||
| 248,104 | |||||
| 1,304,401 |
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Zebra Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
14 Analysis of net assets between funds
| 14 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 £ 1,156,147 116,176 (2,790) 1,269,533 Unrestricted funds General £ 1,044,816 262,315 (2,730) 1,304,401 |
Total funds at 31 March 2025 £ 1,156,147 116,176 (2,790) |
| 1,269,533 | ||
| Total funds at 31 March 2024 £ 1,044,816 262,315 (2,730) |
||
| 1,304,401 |
15 Related party transactions
There were no related party transactions in the year.
Page 15