AFRICA EDUCATIONAL TRUST (AET) ANNUAL REPORT...
Transcript of AFRICA EDUCATIONAL TRUST (AET) ANNUAL REPORT...
AFRICA EDUCATIONAL TRUST (AET)
ANNUAL REPORT
AND ACCOUNTS
For the year ended
31st
August 2012
18 Hand Court
London
WC1V 6JF
(Registered Office)
Registered Charity Number 313139
AFRICA EDUCATIONAL TRUST
FOR THE YEAR ENDED 31ST
AUGUST 2012
CONTENT OF THE ANNUAL REPORT
Pages
Annual Report of the Trustees 1 to 5
Report of the Independent Auditors 6
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) 7
Balance Sheet 8
Notes to the Financial Statements 9 to 20
AFRICA EDUCATIONAL TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST
AUGUST 2012
Page 1
Reference and Administrative Details
Chair: Dr Christopher Beer
Vice Chair: Ms Sally Healy OBE
Hon. Treasurer: Prof Richard Hodder-Williams
The Trustees during the year were:
Dr Christopher Beer
Mr Terry Connor
Mr Raschid Desai
Mr Richard Dowden (retired 14 December 2011)
Ms Sally Healy OBE
Prof Richard Hodder-Williams
Prof Cisco Magagula
Prof Francis Katamba
Prof Sally Tomlinson (retired 26 September 2011)
Dr Cream Wright (retired 28 September 2011)
Executive Director: Sara Cottingham (started 1st
May 2012)
Dr Michael Brophy OBE (retired 30th
April 2012)
Patrons: H E Mrs Bience Gawanas
The Baroness Taylor of Bolton
Prof Ioan Lewis
Mr Philip Pullman Mr Richard Dowden (appointed 28 March 2012)
Prof Sally Tomlinson (appointed 26 September 2011)
Registered Charity No: 313139
Registered Office: 18 Hand Court, London, WC1V 6JF
Telephone: 020 7831 3283
Fax: 020 7242 3265
Website: www.africaeducationaltrust.org
e-m ail: [email protected]
Auditors: Sayers Butterworth LLP, 3rd
Floor, 12 Gough Square, London EC4A 3DW
Bankers: Allied Irish, 100 Gray’s Inn Road, London WC1X 8AL
CAF Bank, 25 Kings Hill Avenue, Kings Hill, Malling, Kent ME19 4JQ
Lloyds TSB Bank plc, 22 Southampton Street, London WC2E 7JB
Investment Advisers: Barclays Wealth, 1 Churchill Place, London E14 5HP
Solicitors: MA-Law (Solicitors) LLP, 72-74 Edgware Road, London W2 2EG
AFRICA EDUCATIONAL TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST
AUGUST 2012
Page 2
The Trustees submit their report and the audited financial statements for the year ended 31st
August
2012.
Structure, Governance and Management The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP)
“Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and
financial statements of the charity.
The Trust was created by Deed dated 31
st August 1958 and is registered with the Charity Commission
(Registration Number 313139) as a charity.
The purpose of the Trust is (i) the study of, and the dissemination of knowledge concerning African
affairs or (ii) the general education in Africa for all persons and outside Africa for persons who in the
opinion of the Trustees are wholly or partly of African descent.
The Trust has up to 15 Trustees, who as charitable trustees have the legal responsibility for the
effective use of resources in accordance with the objectives of the Africa Educational Trust and for
providing effective leadership and direction.
The Trust Deed requires the Trustees to prepare financial statements for each financial year which give
a true and fair view of the statement of affairs of the Trust and of its financial activities for the period.
No new Trustees were appointed during the year. New Trustees or additional Trustees have to be
nominated by at least two Trustees and elected by a majority of the Trustees. Trustees may by
resolution remove any Trustee and a Trustee is deemed to have resigned if they are: (i) Absent for four
consecutive meetings of the Board of Trustees or (ii) Absent from all meetings of the Board of Trustees
held in any calendar year: whichever is the greater without reasonable cause. Three trustees retired
during the year.
No Patrons retired during the year. Two new Patrons were appointed.
The Trustees hold an Annual General Meeting each year and in addition four Trustees’ meetings are
held during the year. There were no major policy changes during the year.
During the year the Trustees have encouraged new work in appropriate African countries and have
approved longer-term strategic aims and plans.
Based on the risk assessment carried out by the Trustees in accordance with the requirements of the
SORP 2005 during the previous year, the major risks to which the charity can be exposed were
reviewed. The risk register has been monitored on a regular basis by the Trustees and appropriate
action taken where necessary.
A new Executive Director was appointed in May 2012, following the retirement of the incumbent. Two
new roles were created: a Programme Director role based in Nairobi appointed in May 2012 and a
Finance & Administration Director post from August 2012 to replace and combine the roles of the
retiring Deputy Director and the external accountancy function. The new Executive Director formed a
new Senior Management Team to include those two roles as well as the Regional Manager for Somalia,
which established the structure previously envisaged by the Trustees.
Objectives, Performance and Achievements
Following the decision taken by the Board of Trustees and reflected in the Trust’s five-year Strategic
Plan, during the financial year AET increased and expanded its work in South Sudan and Uganda. A
number of projects were launched during the financial year, including new projects in Somalia, South Sudan and Uganda.
In Somalia a new project (Somali Nomadic Education Project, SNEP) was launched with funding from
The Pharo Foundation. The project will build on AET’s experience in working with pastoralist
communities to develop sustainable approaches to delivery of basic education and vocational skills
training for children and adults.
AFRICA EDUCATIONAL TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST
AUGUST 2012
Page 3
A key feature of AET’s support for secondary education continues to be the construction and use of
Girl Friendly Spaces (GFS) where girls have access to toilet facilities as well as a study space for
additional classes and out of school clubs (funded by USAID through Mercy Corps). The spaces are
managed by committees of girl students, and the attendance and academic results of girls have
improved. The imbalance between male and female students has been a problem that the ministries of
education have wished to address.
The ICDSEA project (Integrated Capacity Development for Somali Education Administrations) project
funded by the European Union and implemented with UNICEF and the Centre for British Teachers
(CfBT) entered its third and final year. The project is developing “the capacity of the Ministries of
Education in Somaliland, Puntland and Central and Southern Somalia to more effectively manage, plan
for and deliver formal and non-formal educational services in an equitable and efficient manner”. The
Trust is supporting the quality element of this programme and provides training as well as support for
the production of key documents such as curriculum and inspectorate supervision guidelines. Long
term consultants, often Somali-speaking, work within ministries to train and support their colleagues in
order to implement this programme.
The Trust continued to support the development of examinations in Somaliland, Puntland and Central
and Southern Somalia. The project was able to help Ministries of Education and local educational
organisations to provide valid and reliable examinations for over 16,000 primary and 6,300 secondary
students. This included 4,500 students in the war-torn area of Central and Southern Somalia. AET
support focuses on the relevant stage of development for the country, working on a range of issues
from the printing of exam papers to planning for future national examinations with increased numbers
of candidates.
In South Sudan two major new projects were launched: one a three-year project funded by the EU
called Community Education & Development to strengthen community support for primary education,
particularly for girls through School Mothers (community mentors), and a one-year project funded by
the Isle of Man called the Women's Learning Centre to provide young women who have dropped out of
school the opportunity to complete secondary education. The Trust continued to support the education
of children and young people in 100 communities supported by DFID, provide English literacy training
for out-of-school youth through radio broadcasts and capacity building of local journalists (supported
by Comic Relief), provide IT training to government staff and distance education training of secondary
school teachers in four states in South Sudan. Support for higher education continued to be provided
through the Nelson Mandela Metropolitan University and the University of Fort Hare in South Africa.
In Uganda, the Big Lottery Fund Grant provided a development grant in order to plan a project helping
street children to access education with our partner Child Restoration Outreach and with the district
education authority. The resulting proposal was successful.
The Trust’s partnership with Bookaid International continued with shipments of books delivered to
Somalia, South Sudan and Uganda for use in school libraries.
In the UK, the Trust operated a very limited small emergency grant programme whereby students of
African origin, studying in the UK, can obtain emergency grants to enable them to complete their
courses. During the financial year, the Trust also continued to support a number of research and
scholarship programmes in the UK. The capacity building project for African women working and
volunteering in African community and refugee organisations in London has continued successfully
throughout the year.
Decision making All major policy decisions of the Trust are taken at meetings of the Board of Trustees and carried out
by the Executive Director and staff.
In 2011-2012 the Trust had a small team of 11 staff at its headquarters in London who were supported
by volunteers. There were 9 members of staff in the Trust’s Regional office in Nairobi, Kenya.
In setting objectives and planning activities, the Trustees have given due regard to the public benefit
guidance published by the Charity Commission in accordance with Section 17 of the Charities Act
2011.
AFRICA EDUCATIONAL TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST
AUGUST 2012
Page 4
Policy on induction and training of Trustees Prospective new Trustees are invited to a meeting with the Chair and Executive Director prior to their
name being put forward to the Trustees. Following appointment as a Trustee the new Trustee attends a
briefing with the Executive Director about the projects and the administrative structure of the Trust and
is introduced to staff at the London headquarters. All new Trustees receive information from the
Charity Commission relating to Trustees’ responsibilities.
Reserve Policy The Trustees’ policy is to maintain adequate free reserves to enable the charity to meet shortfalls in
income for specific projects or any unforeseen expenditure which may occur.
It was agreed at the Annual General Meeting of the Africa Education Trust, held on 28th March 2012
that the Trust’s policy aim should be increased to have free reserves of £250,000 to enable it to operate
for a reasonable time without restrictions on cash flow.
With the proximity of the completion of the major projects, a more prudent view has been taken as to
the likely final income on projects, with the effect that free reserves at 31st August 2012 fell below the
£250,000 target. The objective is to increase free reserves back up to this target level in the medium
term.
Financial Review
The Trust applies its funds to one of two categories: Restricted funds and Unrestricted funds.
Restricted funds are held for defined projects nominated by the donor(s). Unrestricted funds comprise
the General Fund and the Contingency Fund. These may be used for all purposes within the
constitutional objectives of the Trust as set out at the beginning of this report.
Restricted Fund: These funds and the summarised movements during the year are set out in Note 15 to
the accounts.
The restricted fund, entitled the Colonel Johnson Educational Trust for Swaziland, was mainly held in
the form of investments.
Unrestricted Funds: Total income received, including interest on deposits, amounted to £60,098 (2011:
£77,275). Total resources used, including grants made out of these funds, amounted to £162,730
(2011: £49,513) (See Page 7 SOFA).
At the year-end 30% (2011: 74%) of the Trust’s total gross assets were held in the Bank and other
similar accounts and 15% (2011: 12%) was held as investments. These assets were available and
sufficient to meet the Trust’s obligations in respect of all its restricted funds.
The Trust receives the majority of its funding from UK and international donors. The major donors
include the European Union (EU), the Department for International Development (DFID), UNICEF
and Comic Relief. The funding is mainly for discrete specified fixed-term projects. The Trust has no
endowment fund to contribute to its fixed costs. However during the financial year the Trust was able
to raise a small proportion of its income as unrestricted funding. The need to achieve the appropriate
level of unrestricted funding continues to be a major consideration for the Trust.
The Trustees’ investment objectives are that the real value of the Trust’s assets be maintained and
enhanced over the longer term by investment in a portfolio of Equities, Fixed Income Bonds and Cash
with the intention of maximising income within these general goals. In order to meet these objectives,
the Trustees have continued to use an independent fund manager as their agent in managing a
diversified portfolio of suitable investment on a discretionary basis.
AFRICA EDUCATIONAL TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST
AUGUST 2012
Page 5
AFRICA EDUCATIONAL TRUST
Independent Auditors’ Report to the Trustees of Africa Educational Trust
FOR THE YEAR ENDED 31ST
AUGUST 2012
Page 6
AFRICA EDUCATIONAL TRUST
Page 7
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST AUGUST 2012
Notes
2012 2011
Unrestricted
funds
£
Restricted
funds
£
Total
funds
£
Total
£
Incoming Resources
Incoming Resources from Generated Funds
Investment Income
2
1,761
1,968
3,729
8,653
Incoming Resources from Charitable Activities
1,761 1,968 3,729 8,653
Grants and donations 18 26,792 4,253,250 4,280,042 4,418,741
Other Incoming Resources
Consultancy fees
18
31,545
-
31,545
37,015
Total Incoming Resources 60,098 4,255,218 4,315,316 4,464,409
Resources Expended
Cost of generating funds:
Investment management fees
464
2,438
2,902
4,872
Cost of Charitable Activities
Direct charitable expenditure
3
106,399
4,532,016
4,638,415
4,179,970
Governance and other resources expended
Fundraising and publicity costs
4
6,460
-
6,460
1,617
Governance cost 5 4,187 7,338 11,525 14,791
Management and administration costs 6 45,220 - 45,220 41,887
Total Resources Expended 162,730 4,541,792 4,704,522 4,243,137
Net (outgoing)/incoming resources
Other recognised gains and losses
Unrealised gain on investments
10
(102,632)
531
(286,574)
9,669
(389,206)
10,200
221,272
3,316
Realised gain on investments 10 1,512 2,450 3,962 9,440
Net movement in funds (100,589) (274,455) (375,044) 234,028
Total funds balances brought forward
249,184
1,653,229
1,902,413
1,668,385
Total funds balances carried forward 148,595 1,378,774 1,527,369 1,902,413
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these accounts.
Page 8
AFRICA EDUCATIONAL TRUST
BALANCE SHEET
AS AT 31ST AUGUST 2012
Page 9
AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST AUGUST 2012
1. Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered material
in relation to the group’s financial statements.
Basis of accounting
The financial statements have been prepared under the historical cost convention, in accordance with the Statement
of Recommended Practice (SORP), ‘Accounting and Reporting by Charities’ published in March 2005. The
accounts also comply with the requirements of the Charities Act and relevant Accounting and Reporting Standards.
The charity has taken advantage of the exemption in the Financial Reporting Standards from the requirement to
produce a cash flow statement.
Tangible fixed assets
Tangible fixed assets are recorded at cost.
Depreciation
Depreciation has been provided at the following rates in order to write down the cost or valuation, less estimated
residual value, of all tangible fixed assets by equal annual instalments over their expected useful lives:
Furniture and Office Equipment - 25% reducing balance
Investments
UK and overseas investments are included in the accounts at market value. Realised and unrealised gains or losses
are credited or charged to the statement of financial activity as are interest and dividends.
Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount
quantified with reasonable accuracy. The following specific policies apply to categories of income:
I. Income from grants and donations: where related to performance and specific deliverables are accounted
for as the charity earns the right to consideration by its performance. Where income is received in advance of
its recognition it is deferred and included in creditors. Where entitlement occurs before income being
received the income is accrued.
II. Other income is recognised in the accounts as it becomes receivable.
Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all
costs relating to the category.
I. Charitable Activities – Costs of charitable activities comprise all costs identified as wholly or mainly
attributable to achieving the charitable objectives of the charity, including the costs of disseminating
information in support of charitable activities. These costs include staff costs, wholly or mainly
attributable support costs and an apportionment of general overheads.
II. Governance costs – These comprise all costs identified as wholly or mainly attributable to ensuring the
public accountability of the charity and its compliance with regulation.
Allocation of costs
Staff costs and office overheads are allocated by the Trustees between direct, support and administrative expenditure
on the basis of time spent on these activities.
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
1. Accounting policies (continued)
Pension costs
The Africa Educational Trust operates a defined contribution scheme for the benefit of the employees. The assets
of the Scheme are held independently from those of The Africa Educational Trust in an independently administered
fund. The pension cost charged in the financial statements represents the contributions payable during the year.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the
date of the transaction. Exchange differences are taken into account in arriving at the net operating surplus / (deficit).
Value added tax
Value Added Tax is not recoverable by the Trust, and as such is included in the relevant costs in the Statement of
Financial Activities.
Taxation
No provision has been made for income tax or deferred tax for The Africa Educational Trust as the charitable
trust is a registered charity and is therefore exempt.
Operating leases
The only lease held by the group is the lease on its premises which is regarded as an operating lease and the
payments made under this are charged on a straight-line basis over the lease term.
Restricted funds
Where grants are to be spent in accordance with terms agreed with the funders, the income and relating expenditure
are shown as ‘Restricted’. Any unspent restricted income at the year end is deferred for spending to future years.
Unrestricted funds
Core income and such other income for which there are no restrictions on the way it can be spent are termed
‘Unrestricted’. Such unspent income at the year end is termed ‘Unrestricted funds’.
2. Investment Income
2012
2011
Unrestricted
£ Restricted
£ Total
£ Total
£
UK listed investments
1,269
1,930
3,199
7,232
Non UK listed investments - - - 691
National Saving Bank / CAF Gold - UK 477 38 515 636
Bank deposits - UK 15 0 15 94
1,761 1,968 3,729 8,653
3.
Cost of Charitable Activities
Project funding and student grants
106,399
3,991,294
4,097,693
3,656,430
Staff costs (Note 8) - 290,234 290,234 290,100
Direct costs 106,399 4,281,528 4,387,927 3,946,530
Support costs (Note 7) - 250,488 250,488 233,440
106,399 4,532,016 4,638,415 4,179,970
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
2012
2011
4. Fundraising and Publicity Costs
Unrestricted Restricted Total Total
£ £ £ £
Fundraising costs 6,460 - 6,460 1,617
The fundraising costs are mainly for preparing applications for donors and organising sponsorship activities and
fundraising.
5. Governance Cost
Audit fees 3,792 7,338 11,130 11,262
Cost of Trustees travel and meetings 395 - 395 3,529
4,187 7,338 11,525 14,791
6.
Management & Administration Costs
Staff costs (Note 8) 30,347 - 30,347 28,272
Postage, printing and stationery 1,117 - 1,117 990
Accountancy charges 4,084 - 4,084 3,623
Bank charges 432 - 432 391
Depreciation 481 - 481 239
Miscellaneous 2,159 - 2,159 2,162
Premises cost 6,600 - 6,600 6,210
45,220 - 45,220 41,887
7.
Support Costs
Staff costs (Note 8)
-
189,807
189,807
161,926
Office costs - 51,833 51,833 60,530
Meetings and Travel - 325 325 1,869
Subscription, periodicals and books - 4,687 4,687 5,569
Bank charges - 1,816 1,816 2,201
Depreciation - 2,020 2,020 1,345
- 250,488 250,488 233,440
8.
Staff Costs
Staff costs
26,129
433,292
459,421
431,679
Social Security costs 904 31,963 32,867 30,633
Pension costs 1,911 10,400 12,311 13,245
Volunteers expenses 3 - 3 630
Recruitment and training 1,400 4,386 5,786 4,111
30,347 480,041 510,388 480,298
Allocated to:
Direct costs (Note 3)
-
290,234
290,234
290,100
Support costs (Note 7) - 189,807 189,807 161,926
Management and administration costs (Note 6) 30,347 - 30,347 28,272
30,347 480,041 510,388 480,298
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
9. Tangible Assets
Cost
At 1st September 2011
Fixtures
Fittings &
Equipment
£
62,898
Additions 7,501
At 31st August 2012 70,399
Depreciation
At 1st September 2011
55,194
Charge for the year 3,801
At 31st August 2012 58,995
Net Book Amount
At 31st August 2012
11,404
At 31st August 2011
7,704
2012
£
2011
£
Market value at the beginning of the year
234,868
305,415
Additions at Cost 75,931 65,113
Disposals proceeds (88,732) (148,416)
Realised gain based on opening market value 3,962 9,440
Unrealised gain arising in this year 10,200 3,316
Market Value at end of year 236,229 234,868
Cash held as part of portfolio 11,048 1,418
Market Value of portfolio at end of year 247,277 236,286
Historical Cost at year end
223,332
212,832
The investment portfolio is comprised as follows :
UK Quoted Investments
199,987
194,943
Non UK Quoted Investments 36,242 39,925
UK Portfolio Cash 11,048 1,418
247,277 236,286
8. Staff Costs (continued)
The average number of employees in London and Nairobi was 20 (2011 : 21). There are no employees that earn
above £60,000 per annum.
No Trustee received any remuneration during the current or prior year.
During the year expenses were reimbursed by the charity to Prof Francis Katamba and Prof Sally Tomlinson,
Trustees of the charity. These were travelling and subsistence expenses amounting to
£395 (2011 : £2,450) incurred in connection with Trustee meetings.
10. Investments
The investments include restricted funds of £193,002 (2011 : £216,181 ) relating to the Colonel Johnson Education
Trust for Swaziland.
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
Investments (continued) 2012
£
2011
£
The UK and non UK quoted investments of £236,229 (2011 : £234,868) can be analysed as follows :
Direct Investments 113,872 113,918
Indirect Investments ( Investment Funds ) 122,357 120,950
236,229 234,868
10.
The following investments represent more than 5% of the value of the investment portfolio as at 31 August 2012.
Description Holding MV as at
31-Aug-12
Book Cost
31-Aug-12
£ £
UK 2.5% I/ LKD 16/8/2013 17,640 49,668 50,144
UK 2.5% I/L Stk 16/04/2020 17,070 64,128 51,457
M & G Securities Corporate Bd 46,500 17,614 15,071
Invesco Mgr Per Corporate Bd 19,500 16,099 14,900
Invesco Mgr Per Perpetual Income 1,263 16,909 12,368
Findlay Park FDS 560 18,496 18,263
2012 2011
11. Debtors and Prepayments £ £
Grants due 876,725 262,259
Other debtors 2,055 846
Prepayment and accrued income 1,999 2,608
880,779 265,713
12. Cash and Deposits
Cash and deposits comprise the following balances: Bank Current Account 109,160 150,326
Bank Deposit Accounts 29,170 867,333
Charity Aid Foundation (CAF) 110,083 347,117
Funds held with Project Partners 232,267 49,842
Cash in hand 4,219 4,846
484,899 1,419,464
13. Creditors due within one year
Other creditors 13,834 2,775
Accruals and deferred income 83,156 23,979
96,990 26,754
14. Contingency Fund
Balance as at 1st September 2011 27,685 27,664
Add: Interest 21 21
Less: Pension paid - -
Balance as at 31st August 2012 27,706 27,685
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
Contingency Fund (continued) 2012
£
2011
£
Held as follows:
CAF Gold 73,392 118,017
Due to General Fund (45,686) (90,332)
27,706 27,685
14.
15. Restricted Funds
Balance
1st Sept 2011
£
Movement in
Incoming
£
Resources
Outgoing
£
Balance
31st Aug 2012
£
AET Small Grants
4,514
2,475
(3,542)
3,447
AET South Sudan 6,116 - (899) 5,217
AGES 3,176 - (1,349) 1,827
Beaumont Scholarship 113 1,913 (2,026) -
B W Andrzejewski 4,676 4,330 (4,301) 4,705
Charities Advisory Trust (Good Gifts) 80,079 55,017 (81,422) 53,674
Colonel Johnson Educational Trust for Swaziland 216,181 15,789 (38,968) 193,002
DARET (Banyan) 8,287 - (8,287) -
DFID FACSS - 481,655 (481,655) -
DST South Sudan 37,865 13 - 37,878
EC CED - 166,275 (64,424) 101,851
EC SAPIS 349,026 1,051,280 (1,384,495) 15,811
FABE 1,235 - (1,235) -
GOSS Ministry of Regional Co-operation Special Project 92,204 467,242 (201,468) 357,978
ICDSEA 84,831 154,037 (237,003) 1,865
Kenneth Kirkwood Memorial Fund 9,001 4,639 (1,709) 11,931
Leigh Day 115 27,629 (26,880) 864
Ministry of Petroleum 210,313 - (69,792) 140,521
Mobile Science (Waterloo) 42,749 - (7,303) 35,446
MTE (LABE) 1,796 258,140 (255,008) 4,928
Norway South Sudan Training 145,970 26 (145,996) -
PEF - 57,446 (45,439) 12,007
Peter Holliday Scholarship 5,525 - (1,542) 3,983
Primary School Mothers 16,633 21,000 (33,613) 4,020
QISE 7,088 107,681 (24,199) 90,570
Secondary School Mothers 933 25,000 (20,903) 5,030
SEEDS 99 375,136 (375,235) -
SNEP - 117,052 (32,895) 84,157
South Sudan IT and Computer Training - 2,500 (2,500) -
Speak Up 154,822 303,287 (320,879) 137,230
SVE 17,344 160,305 (150,298) 27,351
UCL 624 849 (418) 1,055
Uganda Project Development Grant - 7,672 (4,243) 3,429
Uganda School Libraries 194 6,279 (6,473) -
UNICEF Exam 139,387 310,095 (442,457) 7,025
University of Swansea 2,036 - (2,036) -
Women's Learning Centre - 36,217 (7,902) 28,315
Women's Training Programme 7,693 36,005 (42,353) 1,345
Zebra Trust 2,604 10,353 (10,645) 2,312
1,653,229 4,267,337 (4,541,792) 1,378,774
Page 15
AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
15. Restricted Funds (continued)
AET Small Grants
A small Grants scheme to help students from Africa who encounter financial difficulties while studying in
the UK.
AET South Sudan
A programme which provides teacher training and classroom teaching materials for primary schools in
South Sudan.
Africa Girls' Education Support (AGES)
Support for girls' education and gender activities in Africa.
Beaumont Scholarship
A private donation to cover the fees of a school girl in South Africa.
B W Andrzejewski
A fund to provide annual small grants for educational purposes for individuals or groups studying specific
subjects and from specific areas from the Horn of Africa.
Charities Advisory Trust (Good Gifts)
Money raised through the Good Gifts Catalogue and donations from Charities Advisory Trust for projects in South
Sudan and Somaliland.
Colonel Johnson Educational Trust for Swaziland
The Colonel Johnson Educational Trust for Swaziland charity was merged with the AET in August 2001.
The charity had been established by Colonel Johnson "for the benefit of Swazi children and Swazi students
(i) by way of gifts, grants or loans for school education or further or university education or (ii) for the maintenance
and education of Swazi children in orphanages and in particular orphanages dependant upon charitable organisations
and institutions (iii) generally for any educational or other charitable purpose for the benefit of Swazi children and
Swazi students resident in Swaziland or that part of Africa at present comprising Swaziland at the sole discretion of
the Trustees and in such manner as they think fit".
DARET (Banyan)
A programme to develop and pilot appropriate and relevant education and training materials for young nomadic
pastoralists in Somalia.
DFID Formal Assessment and Certification (DFID FACSS)
A programme to develop the primary and secondary education structures in Somalia and Somaliland through the
establishment of a valid and reliable examination system and curriculum development.
Development for Training and Scholarship - South Sudan (DST South Sudan )
A fund for development of a training and scholarship programme in South Sudan.
EC Empowering Participants in Community Education & Development (EC CED)
A programme to promote access to and improve quality of education in primary schools and empower communities
to participate in educational development in South Sudan.
EC Strengthening Access and Participation in Secondary Education (EC SAPIS)
A programme to increase number of Somali youth, especially girls, who have access to quality secondary education
that will equip them with a range of relevant skills.
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
15. Restricted Funds (continued)
Flexible Approaches to Basic Education (FABE)
A programme to support non-formal education for children aged 8 - 14 in nomadic / pastoralist communities.
GOSS Ministry of Regional Co-operation Special Project
A scholarship and training programme to manage university and college placement for South Sudanese students.
Integrated Capacity Development for Somali Education Administrations (ICDSEA)
A programme to develop the capacity of the Ministries of Education in Somalia to more effectively manage plan for
and deliver formal and non-formal educational services.
Kenneth Kirkwood Memorial Fund
A fund to provide small grants to enable students from Africa, particularly Southern Africa, to
complete their studies.
Leigh Day
A fund to support education for AIDs orphans in the Dol Dol area of Kenya.
Ministry of Petroleum
A training and scholarship programme to manage university and college placement for South Sudanese students.
Mobile Science (Waterloo Foundation Science Education )
A project to support an innovative approach to science education in Somalia.
Mother Tongue Education (MTE)
A programme to support the development of mother tongue education in Northern Uganda.
Norway South Sudan Training Programme
A programme which helps South Sudanese students to gain relevant educational and training qualifications.
Primary Education for Farming Communities (PEF)
A programme to provide quality education in hard-to-reach primary schools in Eastern Uganda.
Peter Holliday Memorial Scholarship Fund
A memorial scholarship programme for South Sudanese to gain higher educational qualifications in
Healthcare in East Africa.
Primary School Mothers
A programme to train local women to provide support for girls in primary schools in Uganda where there are few
or no female teachers.
Quality in Secondary Education (QISE)
A programme to develop a distance teaching approach to training secondary school teachers in South Sudan.
Secondary School Mothers
A programme to train local women to provide support for girls in secondary schools where there are few or no female
teachers.
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
15. Restricted Funds (continued)
School Environment and Education Development for Somalia (SEEDS)
Provision of support for secondary education in Somalia including in-service training of teachers and development of
teaching materials.
Somali Nomadic Education Project (SNEP)
A programme to deliver basic education and vocational skills training for children and adults in pastoralist communities .
South Sudan IT and Computer Training
A programme to support information technology and computer training in South Sudan.
Speak Up English Language for Out of School Youth (Speak Up)
A programme to provide a three way distance learning via radio, face-to-face and printed materials to enable 15,000
young people improved opportunities for employment and education.
Strengthening Village Education in South Sudan (SVE)
A project to strengthen the capacity of local communities to advocate for and help to ensure that the children in their
communities, especially girls, have access to quality primary education. The project also supports School Mothers.
University College London (UCL)
A bursary scheme for students from Africa to study at University College London.
Uganda Project Development Grant
A development grant to plan a project helping street children to access education with our partner Child Restoration
Outreach and with the district education authority
Uganda School Libraries
A project to improve access to and quality of supplementary reading materials in primary schools in Uganda through
the establishment of school libraries.
UNICEF Exam
Funding from DFID FACSS as noted above which, from February 2011, was passed through UNICEF as part of
DFID's strategic Partnership for Somalia.
University of Swansea
Research into the health education needs of young people of different ethnic backgrounds in Wales with a special
emphasis on Somali teenagers living in Wales.
Women's Learning Centre
A one-year project in South Sudan funded by the Isle of Man to provide young women who dropped out of school
the opportunity to complete secondary education.
Women's Training Programme
A capacity building programme for African women working in community organisations in London.
Zebra Trust
Small grants for disadvantaged children in schools in Africa.
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
16. Future Payments
The Trust's scholarships are allocated on a year by year basis. Even though a student may be on a two
or three year programme, the scholarship is guaranteed only for the first year. Future support is conditional
on both the satisfactory progress of the student and on the availability of funding. Although the Trust would
hope to be able to offer support to enable students to complete their programme the offers made are always
conditional.
17. Analysis of Net Assets between Funds
Tangible Net Current Fixed Assets Investments Assets Total
£ £ £ £
AET Small Grants - - 3,447 3,447
AET South Sudan - - 5,217 5,217
AGES - - 1,827 1,827
B W Andrzejewski - - 4,705 4,705
Charities Advisory Trust (Good Gifts) - - 53,674 53,674
Colonel Johnson Educational Trust for Swaziland - 193,002 - 193,002
DST South Sudan - - 37,878 37,878
EC CED - - 101,851 101,851
EC SAPIS - - 15,811 15,811
GOSS Ministry of Regional Co-operation Special Project - - 357,978 357,978
ICDSEA - - 1,865 1,865
Kenneth Kirkwood Memorial Fund - - 11,931 11,931
Leigh Day - - 864 864
Ministry of Petroleum - - 140,521 140,521
Mobile Science (Waterloo) - - 35,446 35,446
MTE (LABE) - - 4,928 4,928
PEF - - 12,007 12,007
Peter Holliday Scholarship - - 3,983 3,983
Primary School Mothers - - 4,020 4,020
QISE - - 90,570 90,570
Secondary School Mothers - - 5,030 5,030
SNEP - - 84,157 84,157
Speak Up - - 137,230 137,230
SVE - - 27,351 27,351
UCL - - 1,055 1,055
Uganda Project Development Grant - - 3,429 3,429
UNICEF Exam - - 7,025 7,025
Women's Learning Centre - - 28,315 28,315
Women's Training Programme - - 1,345 1,345
Zebra Trust - - 2,312 2,312
Restricted Funds - 193,002 1,185,772 1,378,774
Unrestricted Funds 11,404 54,275 82,916 148,595
Total Funds 11,404 247,277 1,268,688 1,527,369
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
18. Analysis of Source of funds and their application.
Unrestricted funds receivable during the year as indicated
Amount (£)
Grants and donations
Reed Elsevier
3,031
Oakdene Foundation 2,000
Others 21,761
26,792
Consultancy 31,545
58,337
Grants and donations receivable for restricted projects as indicated
Donors
Adsum Foundation
Amount (£)
25,000
Project
Secondary School Mothers
Big Lottery Fund Grant 7,672 Uganda Project Development Grant
CFBT 154,037 ICDSEA
Charities Advisory Trust 55,017 Charities Advisory Trust (Good Gifts)
City of London Women Training 36,005 Women's Training Programme
Comic Relief 303,287 Speak Up
Comic Relief 258,140 MTE (LABE)
DFID 160,305 SVE
DFID 481,655 DFID FACSS
EC 166,275 EC CED
EC 1,051,280 EC SAPIS
GOSS Ministry of Regional Co-Operation 467,242 GOSS Ministry of Regional Co-operation Special
Isle of Man 36,217 Women's Learning Centre
Leigh Day 27,629 Leigh Day
Mercy Corps / USAID 375,136 SEEDS
Monsanto Fund 57,446 PEF
The Headley Trust 21,000 Primary School Mothers
The Pharo Foundation 117,052 SNEP
UNICEF 310,095 UNICEF Exam
Zebra Trust 10,353 Zebra Trust
4,120,843 Sundry 132,407 Various
4,253,250
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AFRICA EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS CONTINUED
FOR THE YEAR ENDED 31ST AUGUST 2012
19. Operating lease commitment
The Trust has an annual commitment under non-cancellable operating lease as set out below:
Land and Building
Operating lease which expires:
2012 2011
£ £
Within 1 year - 27,300
Between 1 to 5 years 27,300 -
27,300 27,300
20. Related party transactions
Control
The Trust is controlled by the Trustees.
Transactions
Other than disclosed in note 8, there were no related party transactions during the year.