Canon Collins Document

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CHARITY COMMISSKM
Canon
Collins
Educational
Trust for
Southern
Africa
Ni n 1
R t.
3 0 SEP 2005
:~iVIV
i
CO JVIt'Lil-~IVVI- ~~V ~
Annual Report and Accounts
For the period 17 November 2003

to 31 December 2004
Company Limited by Guarantee

Registration Number :
04965891 (England and Wales)
Reports
Legal and administrative information 1
Report of the Board of Trustees 3
Independent auditors' report 13
Accounts
Statement of financial activities 15
Balance sheet 17
Principal accounting policies 18
Notes to the accounts 20
Canon Collins Educational Trust for Southern Africa

Legal and administrative information
Board of Trustees Jonathan Bloch (Chair)

Ben M Birnber ;
Prof Colin Bundy
Rt Hon Richard Caborn MP
Patricia Choiral (Honorary Treasurer)
Sir Andrew Collins
Roger Diski
William Frankel OBE
Prof Sir Bob Hepple
Lord Robert Hughes
Lord Joel Joffe CBE
Glenys Kinnock MEP
Prof Shula Marks OBE
Shirley Mashiane-Talbot
Kees Maxey
Dr Elaine Potter
John H Prevett OBE
Paddy Ross
Prof David Simon
Chief Executive and Sarah Nancollas

Company Secretary
Principal office 22 The Ivories

6 Northampton Street
London
N1 2HY
Telephone 020 7354 1462

Facsimile 020 7359 4875
Company registration number 04965891 (England and Wales)
Charity registration number 1102028
Auditors Buzzacott
12 New Fetter Lane
London
EC4A lAG
Canon Collins Educational Trust for Southern Africa 1

Legal and administrative information
Bankers Lloyds TSB Bank plc

19-20 Upper Street
Islington
London
N 1 OPJ

Report of the Board of Trustees 31 December 2004
The members of the Board of Trustees present their first statutory report with the accounts
of the Canon Collins Educational Trust for Southern Africa (CCETSA) for the period 17
November 2003 to 31 December 2004 .
The accounts have been prepared in accordance with the accounting policies set out on
pages 18 and 19 of the attached accounts and comply with the charitable company's
memorandum and articles of association, applicable laws and requirements of the Statement
of Recommended Practice on "Accounting and Reporting by Charities" issued in October
2000 .
Structure Governance and Management

CCETSA was incorporated as a company limited by guarantee (Company Registration No .
04965891 (England and Wales) on 17 November 2003 and was registered as a charity on
11 February 2004 (Charity Registration No . 1102028) . The charitable company was formed
in order to be the legal entity into which the activities, assets and liabilities of the
unincorporated The Canon Collins Educational Trust for Southern Africa (Charity
registration 288641) could be transferred, to achieve better governance of the organisation .
On 29 February 2004, the activities, assets and liabilities of the unincorporated The Canon
Collins Educational Trust for Southern Africa were transferred by means of a resolution of
the Board of Trustees.
The charitable company is governed by memorandum and articles of association .
Members' liability
In event of the charitable company being wound up each member undertakes to contribute
an amount not exceeding C10.
Organisation
The charitable company is administered by a Board of Trustees, members of which
constitute directors for the purpose of company legislation and trustees for the purposes of
charity legislation . New trustees can only be appointed by the Board of Trustees at a general
meeting. The desired profile of members is reviewed periodically by the trustees and
appropriate appointments made to ensure a balanced board. No external bodies have the
power to appoint trustees . The Board of Trustees, which meets approximately quarterly, is
ultimately responsible for the charitable company. Day to day activities are delegated to the
chief executive but approval of annual budgets and objectives, strategic decisions, employee
terms and conditions and all decisions relating to governance are retained by the trustees .
The Board of Trustees has established three sub committees namely a management sub
committee, a project grant sub committee and a finance sub committee . These committees
are responsible for providing advice and guidance to the staff team and making
recommendations to the Board of Trustees . Each sub committee has at least two trustees as
members and no one trustee can sit on more than two sub committees . Reports from the
sub committees are tabled at each trustees meeting.

Risk management
The trustees are responsible for assessing the major risks to which the charitable company is
exposed and have compiled a risk register that is reviewed and updated at least annually. The
risk register identifies the types of risk and identifies the actions to be taken to mitigate those
risks . The trustees believe that by monitoring reserve levels, reviewing the risk register, and
ensuring controls over key financial systems they have established effective systems to
mitigate those risks .
Statement of trustees' responsibilities

Company law requires the members of the Board of Trustees (who are directors of the
company for the purposes of the Companies Act) to prepare accounts for each financial
period which give a true and fair view of the state of affairs of the charitable company at the
period end and of its surplus or deficit for the period . In preparing accounts giving a true and
fair view, the members of the Board of Trustees are required to :
select suitable accounting policies and then apply them consistently
make judgements and estimates that are prudent and reasonable
state whether applicable accounting standards and statements of recommended practice

have been followed, subject to any departures disclosed and explained in the accounts
" prepare the accounts on the going concern basis unless it is inappropriate to presume
that the charitable company will continue in operation
The members of the Board of Trustees are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the financial position of the
charitable company and which enable them to ensure that the accounts comply with the
Companies Act 1985 . They are also responsible for safeguarding the assets of the charitable
company and hence taking reasonable steps for the prevention and detection of fraud and
other irregularities
The Chief Executive administers CCETSA and is responsible to the Board of Trustees .
There are nine members of staff, six in the UK and three in South Africa (two part-time) as
well as volunteers and outside experts who are called upon when required . The UK office
coordinates the activities of CCETSA including fundraising, management and administration
of the grant funding programme, and the management of the scholarship programme for
students studying in the UK . The South Africa office manages the scholarship programme
for students studying in Southern Africa, providing regular financial and progress reports to
the London office .
Trustees
The members of the Board of Trustees constitute directors of the charitable company for the
purposes of the Companies Act 1985 and trustees for the purposes of charity legislation

Trustees (continued)
The following members were in office at the 31 December 2004 and served throughout the
period, except where shown :
Trustees Appointed / Resigned
Ben M Birnberg
Jonathan Bloch (Chair)
Peter Bottomley MP Resigned August 2004
Professor Colin Bundy Appointed December 2003
Rt Hon Richard Caborn MP
Patricia Choiral (Honorary Treasurer)
Sir Andrew Collins Appointed December 2003
Roger Diski
William Frankel OBE
Professor Sir Bob Hepple
Lord Robert Hughes
Lord Joel Joffe CBE
Glenys Kinnock MEP Appointed December 2003
Professor Shula Marks OBE Appointed February 2004
Shirley Mashiane-Talbot
Kees Maxey
Dr Elaine Potter
John Prevett
Paddy Ross
Professor David Simon
Gillian Slovo Resigned January 2004
One trustee received a total of f309 in expenses . Paddy Ross received £4,068 as
remuneration for acting as interim director from July 2004 to end October 2004 .
The Board of Trustees delegates administration of the Company to a Management

Committee consisting of the director/ chief executive and up to seven other persons
appointed by the Trustees . The following were members of the Management Committee at
31 December 2004 and served throughout the period except where shown:
Management Committee
Ben M Birnberg Trustee

Jonathan Bfoch Trustee
Patricia Choiral Trustee
Ethel De Keyser OBE Director Until July 2004
Roger Diski Trustee
Sarah Nancollas Chief Executive From November 2004
John Prevett OBE Trustee
Paddy Ross Trustee (interim director July - October)
Professor David Simon Trustee

Related parties
John H Prevett OBE and Roger Diski who are trustees of the charitable company are also
Council Members of Defence and Aid Limited
*
Senior management
The founding director of CCETSA, Ethel De Keyser died in July 2004 after 24 years of
dedicated and committed service to the organisation . Following a period of interim
management by Paddy Ross, she was replaced in November by Sarah Nancollas. Louise
Asmal continues as regional director in South Africa with consultancy assistance provided by
Professor Norman Levy .
Objectives and activities

The principal object of the charitable company is the advancement of education for the
benefit of the public and in particular the advancement of the education of the people of
Southern Africa . CCETSA assists with support for educational activity embracing both the
formal and non formal educational sectors, focusing on the skills and education most needed
to support the development of Southern Africa . Through its work CCETSA alms to give
access to educational opportunities to people otherwise denied access and thus create an
environment where people can change both their own lives and the lives of others for the
better
Postgraduate scholarships
Many international organisations have identified that the key constraining factor on
development in Southern Africa is the lack of human capacity and in particular the lack of
highly skilled middle and senior managers capable of implementing activities required to
meet the Millennium Development Goals. One key area of work for CCETSA is to provide
access to further education opportunities for individuals to assist in the development of an
appropriately skilled cadre of trained professionals capable of providing future leadership .
Scholarships are offered for study in South Africa and the UK (and occasionally in other
Southern African countries dependent on subject) . Given the cost differentials between UK
and South Africa, the majority of scholarships offered are in South Africa . Scholarships to
study in the UK focus on subjects not available in Southern Africa or where a UK institution
has a particular international reputation .
Many CCETSA scholarships are offered in partnership with other organisations namely the
Foreign and Commonwealth Office Chevening scheme, Leeds University, the Unilever and
Deloittes Nelson Mandela scholarships, Atlantic Philanthropy funded Mamphela Ramphele
scheme, Alan and Babette Sainsbury Trust, and Leigh Day & Co . In addition CCETSA
administers a number of memorial scholarships including the Ros Moger, Terry Furlong,
Rick Turner, Freda Katz, Rouse, James Learmonth and Ethel de Keyser awards offering
scholarships in specific areas of study.

Postgraduate scholarships (continued)

In 2003 - 2004, 86 students were funded to study in the UK . Of these 40% were South
African, 33% from Zimbabwe with the remaining students from 6 countries in Southern
Africa . There was a 100"o pass rate amongst those students due to complete in 2004 .
In 2004 - 2005, 93 students are being funded in the UK (43% from Zimbabwe, 32%, South
African, remainder from 7 southern African countries) including 25 that have been
previously funded . They are studying a wide range of subjects, 20% at PhD level, 3% Post
graduate diploma and the remainder at Masters level .
A total of 256 students were funded to study in South Africa in 2004 . Of these 5 failed and 4
dropped out . 144 are continuing (with CCETSA funding) with their studies. In South
Africa most funding is for postgraduate courses although there are some specific
undergraduate schemes. It can take two to three years to complete a Masters course in South
Africa . CCETSA results are close to the South African `benchmark for graduation rates'
despite the fact that we fund previously disadvantaged students . Three students funded in
South Africa last year have now joined the academic staff of their institutions .
All CCETSA scholarships are given on the understanding that scholars return to their home
countries upon completion of their studies .
Education projects
CCETSA worked with some 19 educational projects in southern Africa during the year .
These projects focused on community and schools education projects in key areas such as
health education, HIV/ AIDS, the teaching of mathematics and science, improving educator
skills, and providing access to education for the most disadvantaged. The charitable company
continues to support the work of the Phelophepa health train through funding health
education activities and an innovative community based HIV/ AIDS programme . Through
its project grant programme the charitable company seeks to fund local organisations that do
not otherwise have access to international funding or are involved in innovative activities
that may be capable of expansion in the future . Examples of activities funded include work
to provide 15,000 secondary students in Limpopo with access to computer based science and
maths resources, and 10,000 school students participated in school health clubs . Additionally
we supported training for nearly 1,000 community health volunteers, schooling for 140
orphans in Zimbabwe and the foundation of a number of community based libraries.
Teaching skills were improved through a number of partnerships including those with SAILI
and PROTEC . The Comic Relief funded project to provide educational opportunities for
youth awaiting trial in KwaZulu Natal drew to a close.
Grant making policies

The charitable company is committed to fighting poverty through improving education in
both the formal and informal sectors in Southern Africa and bases decision making on the
development requirements of individual countries and the potential impact and influence of
each project .

Grant making policies (continued)

In the UK all scholarship applications are reviewed by at least three scholarship panel
members against selection criteria . Priority is given to subjects most needed to aid
development but CCETSA also tries to fund a wide range of subject areas . In South Africa
scholars are evaluated by a selection panel that includes experienced education practitioners
alongside the regional director . In both cases academic achievement, experience, motivation,
and commitment to the community are taken into account.
Project applications are reviewed by the project sub committee comprising trustees, staff, and
volunteers, against their ability to further the charitable object of the charitable company .
External advice is sought from knowledgeable individuals where appropriate . During the
year the application process has been rationalised to include an agreed application format,
reporting requirements and identification of project outcomes. Monitoring and evaluation
procedures have been tightened .
Volunteers
The charitable company is grateful to the volunteers that assist the organisation to achieve its
charitable object . During 2004 an average of 6 volunteers worked at least one half day per
week with a number of others assisting with specific fundraising activities or by providing
specialist advice . The charitable company is aware that the commitment of these volunteers
allows a greater percentage of money raised to be spent on direct charitable expenditure .
Fundraising
Although this report spans 17 November 2003 to 31 December 2004, the actual period of
activity is from 1 March 2004 to 31 December 2004 following the transfer of assets from
The Canon Collins Educational Trust for Southern Africa . The period of active fundraising
is therefore 10 months as opposed to 14 months in the last set of accounts for the previous
organisation . Given the dependence of the organisation on regular donations and appeals,
income is reduced when compared against the final 14 months of activity of the previous
organisation

Fundraising (continued)
Two major fundraising events were held during the year, a gala performance of Sir Anthony
Sher's (a sponsor o£ the charity) Primo and a dinner at the Dorchester . Together the events
raised C107,000 for the Phelophepa health train .
Three mailings were sent out during the year, two to support the general work of the
charitable company and one to establish the Ethel De Keyser scholarship fund, to
commemorate the life and work of the £ounding director of CCETSA who died in July
2004.
Trust and foundation income comes from a wide variety of sources . The major contributors
in this area include the David and Elaine Potter charitable foundation, Alan and Babette
Sainsbury Charitable Trust, Comic Relief, and the Sol Plaatje Education project . Income
from these sources is restricted to support specific project and scholarship activities .
Just under 50% of CCETSA income comes from partnerships . Many of these have been
running for a number of years and form a foundation for the continued impact of the
organisation . In particular the charitable company receives support from Unilever and
Deloittes in South Africa to administer their Nelson Mandela scholarships and from the
Foreign and Commonwealth Chevening scheme to support a range of scholarship
programmes .
Legacy income is becoming increasingly siganificant for the continuing work of the charitable
company. As income in this category is difficult to budget, receipt of legacies allows for the
organisation to implement innovative work that otherwise might not have been funded .
Reserves policy and financial position
Reserves policy
As illustrated above the charitable company carries out a diverse range of activities . Some are
short term externally funded projects in Southern Africa whilst others, projects and funding
for students' post graduate education require a significant ongoing financial commitment and
investment . Trustees have examined the requirement for reserves i .e . unrestricted funds not
invested in tangible fixed assets or designated for specific purposes . Trustees are aiming at
free reserves to cover operational activity from unrestricted income for at least three months .
This represents a free reserve of approximately C200,000 . The reserve provides sufficient
flexibility to cover temporary shortfalls in incoming funds due to timing differences in
income flows, and will allow the charitable company time to cope and respond to
unforeseen emergencies whilst specific action plans are implemented . The nature of the
scholarship part of the work of the charitable company results in uneven income flows and
expenditures throughout the year .

Reserves policy and financial position

Financial position
Incoming resources during the period to 31 December 2004 were k1,642,555 . Resources
expended were C1,721,995 resulting in a net deficit of C79,440. The balance sheet of the
charity as at 31 December 2004 shows total funds of ,C637,314. These funds include
restricted funds of _f428,390. These monies have either been raised for, and their use
restricted to, specific purposes, or they comprise donations subject to donor imposed
restrictions . Full details of the restricted funds can be found in note 16 to the attached
accounts together with an analysis of movements in the period .
Unrestricted funds of the charity 31 December 2004 total _f 147,020 . The trustees recognise
that this amount is below the preferred amount to maintain free reserves and have taken the
need to increase unrestricted reserves into account for the 2005 financial year .
Expenditure 2004
O Direct charitable
® Fundraising
® Support
O Management
and admin
There were two key contributory factors to the deficit in this financial reporting period . The
first of these is directly attributable to the changes in financial reporting period covered in
this report . Although this report covers a calendar period of 14 months, it represents an
activity period of 10 months given the timing of transfer of assets to the new charitable
company. Therefore two months of standing order income was lost and only three appeals
(instead of the normal four) were mailed .
The second key component was the death of the director Ethel De Keyser in July after a
period of illness . The charitable company took effective steps to manage the interim period
before the appointment of a replacement but this inevitably concentrated on maintenance of
activities rather than the generation of new income .
Investment policy
The charitable company has a portfolio of listed investments with a market value as at
31 December 2004 of C84,479 .

Investment policy (continued)

There are no restrictions on the charitable company's power to invest . The investment
strategy is decided on by the Board of Trustees and takes into account income requirements
and risk profile. The current investment policy is to maximise total return through a
diversified low risk portfolio, aiming to provide the level of income decided on by the Board
of Trustees and, at the same time, with a view to ensuring that capital appreciation of the
fund exceeds inflation over any five year period .
The Board of Trustees reviews the performance of the portfolio and the charitable
company's investment strategy on a regular basis.
The Board of Trustees intends to review the investment policy in 2005 to take into account
the changing investment environment .
The charitable company's assets

Acquisitions and disposals of fixed assets during the period are recorded in the notes to the
accounts .
Future Plans
CCETSA intends to review and revise the organisational strategic plan during 2005 to
ensure that charitable activity optimises the impact of expenditure . This strategic plan will be
used as the basis for subsequent budgeting and work planning. The development of the
strategy will include consultation with key stakeholders in Southern Africa and the UK
including partner organisations, government representatives, policy makers, current and
potential beneficiaries, and funding agencies .
The opportunity will be taken to conduct a review of the impact of existing work and to use
this information to inform future plans . Evaluations will be carried out on a range of funded
projects and the impact of the scholarship programme will be reviewed . There is an
intention to form further strategic partnerships both within Southern Africa and in the UK .
Zimbabwe is likely to have an increased organisational focus .
2006 will be the 25`h anniversary of the start of the work of CCETSA (initially within the
auspices of the British Defence and Aid Fund) . The trustees intend to use this anniversary to
celebrate achievement to date but more importantly to increase the profile of CCETSA and
build a foundation to increase levels of funding for the future .
Activities to build employee and volunteer skills will continue and administrative systems
will be strengthened . A system of staff appraisals and salary scales will be formalised .
CCETSA trustees are committed to continue the work of the charitable company to
facilitate transformation through education . They wish to build on the firm foundations that
exist to ensure that Southern Africa can develop the human resource capability required to
support development and growth .

Employment policy
Canon Collins Educational Trust for Southern Africa is an equal opportunities employer .
Auditors
The auditors, Buzzacott, will be proposed for re-appointment .
Signed on behalf of the Trustees :
athan Bloch Patricia Choiral
(Chair) (Honorary Treasurer)
Approved by the Trustees on : 8 SeqkQ.t,Ser- 2ooS'

Independent auditors' report 31 December 2004
Report of the independent auditors to the Trustees of Canon Collins Educational Trust
for Southern Africa
We have audited the accounts on pages 15 to 29 which have been prepared in accordance
with the accounting policies set out on pages 18 and 19 .
This report is made solely to the charitable company's members, as a body, in accordance
with Section 235 of the Companies Act 1985 . Our audit work has been undertaken so that
we might state to the charitable company's members those matters we are required to state to
them in an auditor's report and for no other purpose . To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the charitable company and
the charitable company's members as a body, for our audit work, for this report, or for the
opinions we have formed .
Respective responsibilities of members of the Board of Trustees and auditors

As described on page 4 the members of the Board of Trustees, who are also directors of
Canon Collins Educational Trust for Southern Africa the purposes of company law, are
responsible for the preparation of the report of the Board of Trustees and accounts in
accordance with applicable law and United Kingdom Accounting Standards .
Our responsibility is to audit the accounts in accordance with relevant legal and regulatory
requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the accounts give a true and fair view and are
properly prepared in accordance with the Companies Act 1985 . We also report to you if, in
our opinion, the report of the Board of Trustees is not consistent with the accounts, if the
charity has not kept proper accounting records or if we have not received all the information
and explanations we require for our audit.
We read all information in the report of the Board of Trustees and consider whether it is
consistent with the audited accounts . We consider the implications for our report if we
become aware of any apparent misstatements or material inconsistencies with the accounts .
Our responsibilities do not extend to any other information .
Basis of opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by
the Auditing Practices Board . An audit includes examination, on a test basis, of evidence
relevant to the amounts and disclosures in the accounts . It also includes an assessment of the
significant estimates and judgements made by the trustees in the preparation of the accounts,
and of whether the accounting policies are appropriate to the charitable company's
circumstances, consistently applied and adequately disclosed .
We planned and performed our audit so as to obtain all information and explanations which
we considered necessary in order to provide us with sufficient evidence to give reasonable
assurance as to whether the accounts are free from material misstatement, whether caused by
fraud or other irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the accounts .

Independent auditors' report 31 December 2004
Opinion
In our opinion the accounts give a true and fair view of the charitable company's state of
affairs as at 31 December 2004 and of its incoming resources and application of resources,
including its income and expenditure in the period then ended and have been properly
prepared in accordance with the Companies Act 1985 .
Buzzacott
Chartered Accountants and Registered Auditors
12 New Fetter Lane
London
EC4A 1AG ,

Statement of financial activities for the period ended 31 December 2004
Period
from 17
November
2003 to 31
December
Unrestricted Restricted Endowment 2004
fund funds fund Total
Notes L f f
Income and expenditure

Incoming resources
Donations 1 461,872 1,006,840 - 1,468,712
Comic Relief grant 2,671 28,393 - 31,064
Legacies 49,097 57,083 - 106,180
Interest receivable 2 33,648 1,876 - 35,524
Other income
Royalties receivable 1,075 - - 1,075
Total incoming resources 548,363 1,094,192 - 1,642,555
Cost of generating funds 3 36,313 43,006 - 79,319
Net incoming resources available for

charitable application 512,050 1,051,186 - 1,563,236
Charitable expenditure
Activities in furtherance of the charity's
objects
Grants payable to students 4 351,296 804,289 - 1,155,585
Project grants 5 81,862 192,779 - 274,641
Support costs 6 182,614 5,356 - 187,970
Management and administration of the
charity 7 24,038 442 - 24,480
Total charitable expenditure 639,810 1,002,866 - 1,642,676
Total resources expended 676,123 1,045,872 - 1,721,995
Net(outgoing)incoming resources
for the period 8 (127,760) 48,320 - (79,440)
Transfer from The Canon Collins Educational

Trust for Southern Africa 18 274,780 380,070 59,589 714,439
Statement of total recognised

gains and losses
Unrealised gains on investments 2,315 2,315
Balances carried forward

at 31 December 2004 being net
movement in funds 147,020 428,390 61,904 637,314

Statement of financial activities for the period ended 31 December 2004
Period
from 17
November
2003 to 31
December
2004
Total
Historical cost net movement in funds
Net movement in funds (page 15) 637,314
Net unrealised investment (gains) (2,315)
Historic cost net movement in funds 634,999
The charitable company was incorporated on 17 November 2003 and commenced its activities on 1
March 2004 . None of its activities were discontinued during the above financial period .

Balance sheet 31 December 2004
31 December
2004 2004
Notes f f
Fixed assets
Tangible assets 11 7,474
Investments 12 84,479
91,953
Current assets
Debtors 13 409,287
Short term deposits 679,759
Cash at bank and in hand 44,815
1,133,861
Creditors: amounts falling due
within one year 14 564,250
Net current assets 569,611
Total assets less current

liabilities 661,564
Creditors: amounts falling due

after one year 15
24,250
Total net assets 637,314
Represented by :
Funds and reserves
Income funds:
Unrestricted funds
. General fund 147,020
Restricted funds 16 428,390
Capital funds:
Endowment fund 16 61,904
637,314
Approved by the Trustees

and signed on their behalf by :
Jonathan Bloch Patricia Choiral

(Chair) (Honorary Treasurer)
Approved on : $ Seqk-,--,,,Se-jr 2G10,~'

Principal accounting policies 31 December 2004
Basis of accounting
The accounts have been prepared under the historical cost convention as modified by the
revaluation of investments and in accordance with the requirements of the Companies Act
1985 . Applicable accounting standards and the Statement of Recommended Practice
"Accounting and Reporting by Charities" (SORP 2000) have been followed in these
accounts .
Incoming resources
Incoming resources are recognised in the period in which the charity is entitled to receipt
and the amount can be measured with reasonable certainty. Income is deferred only when
the charity has to fulfil conditions before becoming entitled to it or where the donor or
funder has specified that the income is to be expended in a future accounting period .
Legacies are included in the statement of financial activities when the charity is advised by
the personal representative of an estate that payment will be made or property transferred
and the amount involved can be quantified.
Resources expended
Expenditure is included in the statement of financial activities when incurred and includes
attributable VAT which cannot be recovered .
Resources expended comprise the following :
a. The costs of generating funds include the salaries, direct costs and overheads associated
with generating donated income .
b. The full cost of grants to students (scholarship commitments) and projects is included
in the statement of financial activities in the year in which they are approved and on
notification of the grant to the recipient. Future grants commitments are included as
creditors in the balance sheet.
c. Support costs comprise expenditure incurred in support of the charitable company's

charitable activities .
d. Management and administration costs include expenditure on general administration,

and management of, and compliance with, constitutional and statutory requirements .
Cash flow
The accounts do not include a cash flow statement because the charity, as a small reporting
entity, is exempt from the requirement to prepare such a statement under Financial
Reporting Standard 1 `Cash flow statements' .

Principal accounting policies 31 December 2004
Tangible fixed assets

All assets costing more than k1,000 with an expected useful life exceeding one year are
capitalised .
Tangible fixed assets are included in the accounts at their original cost.
Depreciation is provided at the following annual rates in order to write off each asset over
its estimated useful life :
Computers 33% on reducing balance basis
Fixtures and fittings 25"0 on reducing balance basis
Investments
Investments are included in the balance sheet at their market value at the end of the
financial period . Realised and unrealised gains and losses are credited, or debited, to the
statement of financial activities in the period in which they arise .
Fund accounting
The general fund comprises those monies which may be used towards meeting the
charitable objectives of the charity at the discretion of the Trustees .
The designated fund consists of monies set aside by the Trustees for a particular purpose .
The restricted funds are monies raised for, and their use restricted to, a specific purpose, or
donations subject to donor imposed conditions.
The endowment fund represents permanent capital funds where there is no power to
convert the capital into income and which must be held indefinitely by the charitable
company .
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates 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 movement in funds .
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of
ownership remain with the lessor are charged on a straight-line basis over the lease term .
Pension costs
Contributions in respect of the charity's stakeholder pension scheme are charged to the
statement of financial activities in the period in which they are payable to the scheme .

Notes to the accounts 31 December 2004
1 Donations
Period from
17 November
2003 to 31
December
General Restricted Endowment 2004
f f f
Corporate, trust and charity donations 4,834 48,000 - 52,834

Sol Plaatje Educational Project 16,950 96,050 - 113,000
David and Elaine Potter Charitable
Foundation - 30,000 - 30,000
General donations, Appeals & Events 43,544 190,421 - 233,965
Nelson Mandela Scholarship 55,791 307,834 - 363,625
Mamphela Ramphele Scholarships 41,205 153,981 - 195,186
Foreign & Commonwealth Office -
Zimbabwean Scholarships - 176,295 - 176,295
Standing Orders and Gift Aid 299,256 4,259 - 303,515
Deed of covenant from Defence and Aid
Fund Limited (note 18) 292 - - 292
461,872 1,006,840 - 1,468,712
2 Interest receivable
Period from
17 November
2003 to 31
December
f f f
Long term deposits - 1,876 - 1,876

Short term deposits 33,648 - - 33,648
33,648 1,876 - 35,524
3 Cost of generating funds

Period from
17 November
2003 to 31
December
£ £ f
Staff costs 25,098 9,518 - 34,616

Mailings and printing 7,028 3,840 - 10,868
Advertising 2,674 - - 2,674
Events - 29,648 - 29,648
Other 1,513 - - 1,513
36,313 43,006 - 79,319

4 Grants payable to students

Period from
17 November
2003 to 31
December
f f f
Core scholarships 114,672 153,023 - 267,695

Mamphela Ramphefe Scholarships - 154,041 - 154,041
Nelson Mandela Scholarships - 325,419 - 325,419
Zimbabwean Scholarships 171,804 171,806 - 343,610
CCETSA-Leeds-FCC) Scholarships 61,536 - - 61,536
Students Support Costs 3,284 - - 3,284
351,296 804,289 - 1,155,585
All grants were made to individual students .
During the period grants were made to a total of 349 students, of whom 256 were
studying in South Africa and 93 were studying in the UK .
5 Project grants
Period from
17 November
2003 to 31
December
f f f
English Language Trust 10,240 10,240 - 20,480

Family Literacy 9,950 29,000 - 38,950
Fort Hare University
Library 2,950 2,070 - 5,020
Giyani Science Centre - 489 - 489
. Digital Links International - 42,772 - 42,772
Harare Shelter for Destitutes 13,115 - - 13,115
Hantam Community Trust 4,932 - - 4,932
Inanda Seminary 5,020 - - 5,020
Phelophepa Health Train - 56,535 - 56,535
Protec : Girls Education 6,810 3,220 - 10,030
Singakwenza Teacher Empowerment Project 3,000 28,393 - 31,393
St . Joseph Education Programme - 10,030 - 10,030
School Wide Enrichment Programme - 10,030 - 10,030
Harmanus Waldorf School 5,805 - - 5,805
Novalis Institute 15,040 - - 15,040
Bethesda Foundation 5,000 - - 5,000
81,862 192,779 - 274,641
The above payments are made to provide support to various educational projects in
Southern Africa .

6 Support costs
Period from
17 November
2003 to 31
December
f f f f
Staff costs 82,615 2,671 - 85,286

Depreciation 2,255 - - 2,255
Postage, telephone and stationery 11,219 567 - 11,786
Travel and subsistence 1,931 - - 1,931
Premises costs 25,602 1,204 - 26,806
Recruitment and training 16,829 85 - 16,914
South African office expenses 23,845 - - 23,845
Subscriptions 2,623 138 - 2,761
Miscellaneous 15,695 691 - 16,386
182,614 5,356 - 187,970
7 Management and administration of the charity

Period from
17 November
2003 to 31
December
f f f f
Staff costs 13,121 - - 13,121

Management costs 512 - - 512
Auditors' remuneration 7,947 442 - 8,389
Professional fees 2,458 - - 2,458
24,038 442 - 24,480
8 Net incoming (outgoing) resources for the period

This is stated after charging :
Period from
17 November
2003 to 31
December
2004
Total
f
Staff costs (note 9) 131,210

Depreciation 2,255

Notes to the accounts 31 Decernber 2004
9 Staff costs and Trustees' remuneration

Period from
17 November
2003 to 31
December
2004
Total
f
Staff costs during the period were as follows:

Wages and salaries 118,679
Social security costs 10,673
Other pension costs 1,858
131,210
Staff costs by function were as follows :

Generation of funds 32,803
Direct Charitable 85,286
Management and administration of the charity 13,121
131,210
None of the employees earned over 650,000 per annum or more (including benefits)
during the period .
The average number of employees during the period, calculated on a full time equivalent
basis and analysed by function, was :
Period from
17 November
2003 to 31
December
2004
Total
Generating of funds 1
Direct Charitable 3
Management and administration of the charity 1
5
One trustee was reimbursed (309 for expenses during the period .
Paddy Ross received C4,068 as remuneration for acting as interim director from July 2004
to end of October 2004 .

10 Taxation
Canon Collins Educational Trust for Southern Africa is a registered charity and therefore is
not liable to income tax or capital gains tax on income or gains derived from its charitable
activities, as they fall within the various exemptions available to registered charities .
11 Tangible fixed assets

Fixtures
Computers and fittings Total
f f f
Cost
Transfer from The Canon Collins Educational Trust for
Southern Africa (note 18) 18,261 3,541 21,802
Additions 3,760 - 3,760
Disposal (10,443) (1,863) (12,306)
At 31 December 2004 11,578 1,678 13,256
Depreciation
Charge for period 1,836 419 2,255
Disposal (10,443) (1,863) (12,306)
At 31 December 2004 4,706 1,076 5,782
Net book values

At 31 December 2004 6,872 602 7,474
12 Investments
Charishare
Long term accumulation
deposits units Total
f f f

Additions at cost 1,876 - 1,876
Unrealised gain - 2,315 2,315
Market value at 31 December 2004 59,747 24,732 84,479
Cost at 31 December 2004 59,747 22,828 82,575

13 Debtors
31
December
2004
f
Taxation recoverable 22,464

Prepayments 9,854
Accrued income
. Foreign and Commonwealth Office/British Council 218,076
. Deloitte Consulting (Nelson Mandela Scholarship) 117,339
. The Follett Trust (Rick Turner Scholarship) 18,635
Other debtors 22,919
409,287
14 Creditors : amounts falling due within one year

31
December
2004
£
Defence and Aid Fund Limited (note 18) 89,137

Grants- scholarship and project commitments 351,776
Accruals and deferred income 123,337
564,250
15 Creditors : amounts falling due after more than one year

31
December
2004
£
Grants - scholarship commitments 24,250

16 Restricted funds
Transfer from
The Canon Collins
Educational Trust At 31
for Southern Incoming Resources December
Africa resources expended 2004
Notes f f f £
Ros Moger/ Terry Furlong Scholarships A 51,209 13,188 11,063 53,334

Leigh Day Scholarships B - 12,000 12,000 -
Giyani Science Centre C 40,651 - 489 40,162
Nelson Mandela Scholarships D 6,929 307,834 325,419 (10,656)
Phelophepa Health Train E (21,019) 163,634 105,339 37,276
Rouse Scholarships F - 5,000 5,000 -
University of Fort Hare G 2,070 - 2,070 -
Rick Turner Scholarships H - 18,635 18,635 -
Mamphela Ramphele Scholarships 1 271,153 1S3,981 154,041 271,093
Zimbabwean Scholarships J (2,490) 176,097 171,806 1,801
Slngakwenza K - 28,393 28,393 -
David & Elaine Potter Charitable L
Foundation - 30,000 30,000 -
Family Literacy Project M - 29,000 29,000 -
Sol Plaatje Education Project Limited N 31,567 96,050 127,617 -
Red Lion Scholarships 0 - 25,000 25,000 -
Ethel de Keyser Memorial Fund P - 20,260 - 20,260
James Learmonth Scholarships Q - 15,120 - 15,120
380,070 1,094,192 1,045,872 428,390
The restricted funds are specifically applied for the following purposes :
(a) Ros Moger /Terry Furlong Scholarships

This fund represents monies received from Ros Moger and Terry Furlong's friends
and family to support students studying postgraduate degrees.
(b) Leigh Day Scholarships

This is a three year programme funded by Leigh Day and Company to support
students in South Africa studying for law degrees at the University of the Western
Cape .
(c) Giyani Science Centre (Giyani Multipurpose Education Centre - neu) name)
Science education centre in Limpopo Province of South Africa that the CCETSA has
been supporting since 1996 for a variety of projects .
(d) Nelson Mandela Scholarships

This fund represents monies received from Unilever Foundation for Education and
Development and Deloittes Consulting for the funding of fourteen postgraduate
students a year from South Africa within the UK .

Notes t0 the accounts 31 December 2004
16 Restricted funds (continued)
(e) Phelophepa Health Train

CCETSA has been supporting the educational and HIV/AIDS work of the Health
Train since 1998 through appeal mailings, and fundraising events.
Rouse Scholarships
Mr Rouse funds postgraduate scholarships in South Africa . This was set up in 1999 .
University of Fort Hare

The CCETSA provides long-term support for this historically black university,
including scholarships, library books and computer equipment.
(h) Rick Turner Scholarships

A student from South Africa was funded by the Rick Turner Scholarships to
undertake postgraduate studies in the UK .
(i) Mamphela Ramphele Scholarships

The Mamphela Ramphele Scholarship programme has been set up in partnership
with Atlantic Philanthropies, the Foreign and Commonwealth Office and CCETSA
to develop the next generation of black South African academics .
Foreign and Con7monwealth Office - Zinibabu;ean Scholarships

The scholarship programme was set up in partnership with FCO to fund students
from Zimbabwe to undertake postgraduate studies in the UK.
(7c) Singakwenza
Comic Relief has funded Singakwenza in South Africa to work with juveniles
awaiting trial in Westville Prison.
(1) David & Elaine Potter Charitable Foundation

The Foundation part funded the school science computer project at Giyani
implemented by Digital Links International .
(m) Fannily Literacy Project

Sir Antony Robins left a legacy of C29,000 to support the project's activities .
(n) Sol Plaatie Education Project Lirnited

The Project funds programmes aimed at developing educators . This includes funding
for community based work and teachers completing post graduate study .
(o) Red Lion Scholarships

The Scholarship was set up in 2002 to support black academics to study in South
African Universities funded by Alan & Babette Sainsbury Trust.
(P) Ethel de Keyser Memorial Fund

This fund was established by the CCETSA trustees in 2004 to commemorate the life
and work of CCETSA's first director. The funds are intended to be used to provide
scholarships for Southern African women.

16 Restricted funds (continued)
(q) James Learnionth Scholarships

This fund has been established by the friends and family of James Learmonth to
improve education in Malawi through providing post graduate scholarships for
teachers and administrators in the Ministry of Education and to form links with UK
educational institutions .
Endowment fund
Rouse Fund
f
Transfer from The Canon Collins Educational Trust for Southern

Africa Limited 59,589
Unrealised gains on investments 2,315
Balance at 31 December 2004 61,904
This fund represents ,f60,000 received during 1999 . Income earned on the amounts
invested is restricted for the purpose of funding students in Africa .
The fund is represented by fixed asset investments .
17 Financial commitments
At 31 December 2004 the charity had annual commitments under non-cancellable
operating leases for land and buildings as follows :
31
December
2004
f
Operating leases which expire :

Two to five years 20,463
18 Related party transactions
Defence and Aid Fund Limited

John H Prevett OBE and Roger Diski who are Trustees of the charitable company are also
Council members (directors) of Defence and Aid Fund Limited .
During the period the charitable company received a deed of covenant from Defence and
Aid Fund Limited of C292 (2003 - C85) .
At 31 December 2004 tl}e charitable company owed an amount of C89,137 to Defence

and Aid Fund Limited.

18 Related party transactions (continued)

The activities, assets and liabilities of The Canon Collins Educational Trust for Southern
Africa were transferred to the charitable company with effect from 29 February 2004 . The
transfer, which is reflected in these accounts, comprised the following assets and liabilities :
Tangible assets 5,969

Investments 80,289
Debtors 89,702
Short term deposit 1,301,701
Cash at bank and in hand 49,552
Liabilities: amounts falling due within one year (780,534)
Liabilities: amounts falling due after more than one year (32,240)
714,439

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Annual Report and Accounts

For the period 17 November 2003

Company Limited by Guarantee

Legal and administrative information 1

Report of the Board of Trustees 3

Independent auditors' report 13

Statement of financial activities 15

Principal accounting policies 18

Notes to the accounts 20

Canon Collins Educational Trust for Southern Africa

Board of Trustees Jonathan Bloch (Chair)

Chief Executive and Sarah Nancollas

Principal office 22 The Ivories

Telephone 020 7354 1462

Company registration number 04965891 (England and Wales)

Charity registration number 1102028

Canon Collins Educational Trust for Southern Africa 1

Bankers Lloyds TSB Bank plc

Canon Collins Educational Trust for Southern Africa 2

Structure Governance and Management

The charitable company is governed by memorandum and articles of association .

Canon Collins Educational Trust for Southern Africa 3

Statement of trustees' responsibilities

select suitable accounting policies and then apply them consistently

make judgements and estimates that are prudent and reasonable

state whether applicable accounting standards and statements of recommended practice

Canon Collins Educational Trust for Southern Africa 4

Trustees Appointed / Resigned

The Board of Trustees delegates administration of the Company to a Management

Ben M Birnberg Trustee

Canon Collins Educational Trust for Southern Africa 5

Objectives and activities

Canon Collins Educational Trust for Southern Africa 6

Postgraduate scholarships (continued)

Grant making policies

Canon Collins Educational Trust for Southern Africa 7

Grant making policies (continued)

Canon Collins Educational Trust for Southern Africa 8

Reserves policy and financial position

Canon Collins Educational Trust for Southern Africa 9

Reserves policy and financial position

Canon Collins Educational Trust for Southern Africa 10

Investment policy (continued)

The charitable company's assets

Canon Collins Educational Trust for Southern Africa 11

Signed on behalf of the Trustees :

athan Bloch Patricia Choiral

(Chair) (Honorary Treasurer)

Approved by the Trustees on : 8 SeqkQ.t,Ser- 2ooS'

Canon Collins Educational Trust for Southern Africa 12

Respective responsibilities of members of the Board of Trustees and auditors

Canon Collins Educational Trust for Southern Africa 13

Canon Collins Educational Trust for Southern Africa 14

Income and expenditure

Cost of generating funds 3 36,313 43,006 - 79,319

Net incoming resources available for

Total resources expended 676,123 1,045,872 - 1,721,995

Transfer from The Canon Collins Educational

Statement of total recognised

Unrealised gains on investments 2,315 2,315

Balances carried forward

Canon Collins Educational Trust for Southern Africa 15