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Registered number: 11211185
Charity number: 1181388











CHEAFRICA LIMITED
(A Company Limited by Guarantee)








UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Reference and Administrative Details of the Company, its Trustees and Advisers
 
1
Trustees' Report
 
2 - 4
Statement of Financial Activities
 
5
Balance Sheet
 
6
Notes to the Financial Statements
 
7 - 12

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 29 FEBRUARY 2024


Trustees
M J Roper
A V Roper
G L Roper

Company registered number
11211185

Charity registered number
1181388

Registered office
Century House
1 The Lakes
Northampton
NN4 7HD

Page 1

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The Trustees present their annual report together with the financial statements of the Cheafrica Limited for the  1 March 2023 to 29 February 2024The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

To relieve the needs of the children and young people up to the age of 25 in Africa.
 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
 

Page 2

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)
 
Achievements and performance
 

a. Review of activities
 

CHEAFRICA has experienced a difficult two years in terms of securing funds for its projects in Southern Africa for Children and Young People working in partnership with South Africa based CHEAFRICA NPC.
This is in part due to the Covid Pandemic and the related economic and social challenges that exist in Southern Africa. Nevertheless progress has been made in supporting Early Childhood Development Centres (ECD) in the Western Cape.
These include:
• Kingdom Kids Edu Care Centre
• Masikhule
• Golden Sunbeams
In parallel with the ECD projects CHEAFRICA has created social and human capital development programme with Africa IT Hubs for Young People in the 15-25 age group. This programme will be the focus of fundraising in the coming years targeting UK Corporates, SME’s and the Education Sector.
Unemployment for Young People in Southern Africa is the highest in the World and through the development of a skills transfer and mentor network CHEFRICA and Africa IT HUBS will procure funding to create employment to help alleviate poverty.
This initiative to enhance the employment prospects for young people is endorsed by the Southern African Development Community (SADC) though its commitment to: Human Capital and Social Development.
For more information:
www.cheafrica.net
www.africaithubs.com 
 

Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
 

Page 3

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)
 
Structure, governance and management
 

a. Constitution
 

Cheafrica Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.
The charity is controlled by its governing document, a deed of trust and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:
M J Roper
A V Roper
G L Roper
None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the Company and guarantee to contribute £1 to the assets of the charity in the event of it being wound up.
 

Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


 

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................
M J Roper
(Trustee)
Date: 3 January 2025
Page 4

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 29 FEBRUARY 2024


Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £

Income from:






Donations and legacies

3

-

-

200
 
Investments

4

-

-

2
 
Total income
-
-
202
Charitable activities

5

(3,150)

(3,150)

1,140
 

Net movement in funds
  
3,150
3,150
(938)

Reconciliation of funds:

  




Total funds brought forward

  

(3,991)

(3,991)

(3,053)
 
Net movement in funds

  

3,150

3,150

(938)
 
Total funds carried forward
  
(841)
(841)
(3,991)

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 7 to 12 form part of these financial statements.

Page 5

 
CHEAFRICA LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 11211185

 
 
BALANCE SHEET
AS AT 29 FEBRUARY 2024


29 February
28 February
2024
2023
Note
£
£

Current assets
  

Cash at bank and in hand
  
1,709
1,709

  
1,709
1,709

Creditors: amounts falling due within one year
 8 
(2,550)
(5,700)

Net current liabilities
  
 
 
(841)
 
 
(3,991)

Total assets less current liabilities
  
(841)
(3,991)

Total net assets 
  
(841)
(3,991)


Charity funds
  

Unrestricted funds
 9 
(841)
(3,991)

Total funds
  
(841)
(3,991)

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:




................................................
M J Roper
(Trustee)
Date: 7 January 2025

The notes on pages 7 to 12 form part of these financial statements.

Page 6

 
CHEAFRICA LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cheafrica Limited is a private limited company, limited by guarantee, domiciled in England and Wales, registered number 11211185 and registered charity number 1181388.
The registered office is Century House, 1 The Lakes, Northampton NN4 7HD.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Cheafrica Limited 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.

  
2.2

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

  
2.3

Expenditure

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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

  
2.4

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 7

 
CHEAFRICA LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.5

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


2.6

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

  
2.7

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.8

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 8

 
CHEAFRICA LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.

Income from donations and legacies




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £
 


 
Donations

-

-

200
 


4.

Investment income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Interest receivable

-

-

2
 


5.

Analysis of expenditure on charitable activities


Summary by fund type




Unrestricted funds
2024
Total
2024
Total
2023
        £
        £
        £




Loan written off

(3,410)

(3,410)

-
 
Accountancy

260

260

1,140
 


(3,150)
(3,150)
1,140

Page 9

 
CHEAFRICA LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.

Analysis of expenditure by activities




Support costs
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Loan written off

(3,410)

(3,410)

-
 
Accountancy

260

260

1,140
 


(3,150)
(3,150)
1,140



7.


Trustees' remuneration and expenses

During the year ended 28 February 2023, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 29 February 2024, no Trustee expenses have been incurred (2023 - £NIL).


8.



Creditors: Amounts falling due within one year


29 February
28 February
2024
2023
£
£


Trade creditors
1,590
-

Other creditors
-
3,410

Accruals and deferred income
960
2,290

2,550
5,700

Page 10

 
CHEAFRICA LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.

Statement of funds


Statement of funds - current year

Balance at 1 March 2023
£
Income
£
Expenditure
£
Balance at 29 February 2024
£

Unrestricted funds





General Funds - all funds

(3,991)

-

3,150

(841)
 



Statement of funds - prior year

Balance at
1 March 2022
£
Income
£
Expenditure
£
Balance at
28 February 2023
£

Unrestricted funds





General Funds - all funds

(3,053)

202

(1,140)

(3,991)
 





10.

Summary of funds


Summary of funds - current year

Balance at 1 March 2023
£
 
Expenditure
£
 
Balance at 29 February 2024
£
 
General funds

(3,991)

3,150

(841)
 


Summary of funds - prior year

Balance at
1 March 2022
£
 
Income
£
 
Expenditure
£
 
Balance at
28 February 2023
£
 
General funds

(3,053)

202

(1,140)

(3,991)
 

Page 11

 
CHEAFRICA LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
29 February
2024
Total
funds
29 February
2024
        £
        £


Current assets

1,709

1,709

Creditors due within one year

(2,550)

(2,550)

Total 


(841)
(841)



Analysis of net assets between funds - prior period

Unrestricted funds
28 February
2023
Total
funds
28 February
2023
        £
        £


Current assets

1,709

1,709

Creditors due within one year

(5,700)

(5,700)

Total 

(3,991)
(3,991)

Page 12