SOL PLAATJE EDUCATIONAL PROJECT (Formerly The Sol Plaatje by oek76922

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									                                              Company Number : 1692497
                                                Charity Number: 28663 1


                                                      2-




      SOL PLAATJE EDUCATIONAL PROJECT
(Formerly The Sol Plaatje Educational Project Limited )
  (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL )

        UNAUDITED REPORT AND ACCOUNTS

                  31 DECEMBER 2005




                                                              N02
                                            ACCOUNT,~ D


                                        RECEIVE[:) BYPOST TEAM,
                                         COMPLIANCE DIVISION
                         SOL PLAATJE EDUCATIONAL PROJEC T
             (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
                          UNAUDITED REPORT AND ACCOUNT S
                            YEAR ENDED 31 DECEMBER 2005




CONTENTS                                                   Pag e


General Informatio n

Directors' Report                                          2- 3


Accountants' Report                                         4


Unaudited Statement of Financial Activities                 5


Unaudited Balance Sheet                                     6


Notes to the Unaudited Accounts                            7-10
                    SOL PLAATJE EDUCATIONAL PROJEC T
         (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL )
                         GENERAL INFORMATIO N
                      YEAR ENDED 31 DECEMBER 200 5




DIRECTORS AND TRUSTEES                              W H Frankel OBE
                                                    H G H Kleinschmidt
                                                    P G Eaton


COMPANY SECRETARY Pennsec Limite d


CHARITY REGISTRATION NUMBER 28663 1


COMPANY REGISTRATION NUMBER 1692497


REGISTERED OFFICE                                   Bucklersbury Hous e
                                                    83 Cannon Street
                                                    London EC4N 8P E


BANKERS National Westminster plc
                      1 Princes Stree t
                      London
                      EC2R 8PA


MANAGING AGENT                                      R Disk i
                                                    58 Huddleston Road
                                                    London N7


SOLICITORS Penningtons
                   Bucklersbury House
                  83 Cannon Street
                   London EC4N 8P E


ACCOUNTANTS                                         Horwath Clark Whitehill LLP
                                                    St Bride's Hous e
                                                    10 Salisbury Square
                                                    London EC4Y 8EH




                                                                            Page 1
                          SOL PLAATJE EDUCATIONAL PROJEC T
              (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL )
                                REPORT OF THE DIRECTORS
                              YEAR ENDED 31 DECEMBER 2005



The directors who are also the trustees have pleasure in presenting their report and the unaudited
accounts for the year ended 31 December 2005 . This report has been prepared in accordance with
the special provisions of Part VII of the Companies Act 1985 relating to small companies .

REGISTERED CHARIT Y

Objects of the charity
The company is a registered charity with registration number 286631 and a company limited by
guarantee with company number 1692497 . The company was set up in 1983 with the principal objects
to promote the education of the people of Southern Africa .

Review of activities and future development s
Following the changes within South Africa the activity of the charity is now limited . Its main asset is the
freehold property which is currently being held with a view to producing rental income in the short-
term . The power to let property is specifically referred to in the Memorandum of Association . Surplus
income will be distributed to charities or applied for charitable objectives in accordance with the
charitable objectives of the company and as determined by the board from time to time . In
accordance with this policy grants of E75,400 have been made to the Canon Collins Educational Trust
for Southern Africa during the year .

There have been no changes to the company's policies since the last report .

The day to day administration of the investment property has been delegated to a managing agent .
The property is currently fully let yielding a rental income of E137,200. This constitutes the main
element of incoming resources shown in the Statement of Financial Activities .

Investment policy
The main aspect of the investment policy is to retain the property as an investment property . All
investments, including the investment property, are kept under review . The day to day responsibility
for the other investments has been delegated to a broker . The overall policy however is to invest in
low and medium risk investments .

Risk managemen t
The trustees have examined the major risks which the charity faces and confirm that systems have
been established so that steps can be taken to lessen these risks .




                                                                                                    Page 2
                         SOL PLAATJE EDUCATIONAL PROJEC T
             (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
                    REPORT OF THE DIRECTORS (CONTINUED)
                             YEAR ENDED 31 DECEMBER 2005


Grant making policy
The policy is to work with the Canon Collins Educational Trust for Southern Africa with which it is
connected via similarity of objects .

Reserve Polic y
The Trustees have reviewed the level of reserves and are satisfied that funds are adequate and
available to meet the needs of the charity ; however no specific commitments have been made . The
largest component of the reserves held is the investment property which as stated above is the main
contributor to the charity's incoming resources .

Related parties
A charity, SAREP Limited, is connected by virtue of common control and unity of administration . It
shares the registered office address of the company . There have been no significant transactions
between the charities in the year .


DIRECTORS AND TRUSTEE S

The directors and trustees who served during the year were as follows :

H G H Kleinschmid t
W H Frankel OBE
Mr P G Eaton

The directors are appointed by ordinary resolution of the company .


By Order of the Boar d


  10- 7-
Director




                                                                                            Page 3
ACCOUNTANTS' REPORT
TO THE MEMBERS O F
SOL PLAATJE EDUCATIONAL PROJEC T


We report on the accounts for the year ended 31 December 2005 set out on pages 5 to 10 which have
been prepared under the accounting policies on pages 7 and 8. We have not audited these accounts .

Limitation of Liabilit y

Our responsibility for this report is only to the company . We accept no liability to any other party .

Respective Responsibilities of the Directors and Reporting Accountants for the Account s

As described on page 6 the company's directors are responsible for the preparation of the accounts
and they consider that the company is exempt from an audit . It is our responsibility to report to you on
the basis set out below .

Basis of opinio n

Our work was conducted in accordance with the Statement of Standards for Reporting Accountants .
We have compared the accounts with the company's accounting records and with the requirements of
the Companies Act 1985 . We have also made such limited enquiries of the officers of the company as
we considered necessary for the purposes of this report . These procedures provide only the limited
assurance reported below .

Opinion

Based on the limited work described above, in our opinion :

a) the accounts on pages 5 to 10 are in agreement with the accounting records kept by the
      company under section 221 of the Companies Act 1985 ; and

b)     having regard only to, and on the basis of, the information contained in those accounting
       records :

       i) the accounts have been drawn up in a manner consistent with the accounting
              requirements specified in section 249C(6) of the Act ; an d

       ii) the company satisfied the conditions specified in section 249A(4) of the Act for exemption
               from an audit of the accounts for the year and did not, at any time within the year, fall
               within any of the categories of companies specified in section 249B(l) as not being
               entitled to the exemption .


                                                                             Horwath Clark Whitehill LLP
                    '2 o                                                          Chartered Accountant s
                                                                                        St Bride's House
                                                                                     10 Salisbury Square
                                                                                                  Londo n
                                                                                              EC4Y 8E H




                                                                                                          Page 4
                          SOL PLAATJE EDUCATIONAL PROJEC T
        (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME
  AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED
                                  GAINS AND LOSSES)
                             YEAR ENDED 31 DECEMBER 2005



                                                          Notes      Unrestricted     Unrestricted
                                                                           Funds            Funds
                                                                              2005            2004
INCOMING RESOURCES                                                               E                r

Rental income                                              1 (b)/2        137,200          137,200
Interest receivable                                        1 (b)            1,336            1,295
Dividends receivable                                       1 (b)            4,636            3,828

TOTAL INCOMING RESOURCES                                                  143,172          142,323

RESOURCES EXPENDE D

Charitable expenditure
Grants payable in furtherance of the charity's objects      3             (75,400)       (113,550)

Charity administration                                      4               (2,244)         (2,223)

TOTAL RESOURCES EXPENDED                                                  (77,644)       (115,773)

NET INCOME FOR THE YEAR                                                     65,528          26,550

Other recognised gains and losses
Realised gains on investments                                                 (861)            126
Unrealised gains on investments                                             30,572          19,21 5

NET MOVEMENT IN FUNDS                                                       95,239          45,89 1

Balance brought forward at 1 January 2005                                 947,100          901,209

Balance carried forward at 31 December 2005                              1,042,339         947,100




                       The notes on pages 7 to 10 form part of these accounts.




                                                                                             Page 5
                          SOL PLAATJE EDUCATIONAL PROJEC T
              (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
                                UNAUDITED BALANCE SHEE T
                                       31 DECEMBER 2005


            Notes                                                                 2005            2004
FIXED ASSETS                                                        E             E                  f

Tangible assets                                               5 973                              1,081
Investment property                                           6 750,000                        750,000
Investments investments at market value                       7 184,987                        148,553
                cash with stockbroker                                2,610                       4,858

                                                                                   938,570     904,492
CURRENT ASSET S
Debtors         8 1,293                                                                         46,493
Cash at bank 112,493                                                                             7,125

                                                                      113,786                   53,618
CREDITORS : amounts falling due within one yea r
Due to IDAFSA                                                            7,446                    7,446
Accruals                                                                 2,571                    3,564

                                                                        10,017 11,010

NET CURRENT ASSETS                                                                 103,769      42,608

TOTAL ASSETS LESS CURRENT LIABILITIES                                             1,042,339    947,100

ACCUMULATED FUNDS - Unrestricted funds
Unrealised reserve - investment property revaluatio n
Reserve 419,524                                                                                419,524
Other reserves                                        622,815                                  527,576

                                                                                  1,042,339    947,100

The exemption conferred by section 249A(l) not to have these accounts audited applies to the
company and the directors confirm that no notice has been deposited under section 249B(2) of the
Companies Act 1985 .

The directors acknowledge their responsibility for:

(i) ensuring that the company keeps accounting records which comply with section 221 of the
      Companies Act 1985, and ;

(ii) preparing accounts which give a true and fair view of the state of affairs of the company as at 31
        December 2005 and of its surplus or deficit for the year then ended in accordance with the
        requirements of section 226, and which otherwise comply with the requirements of the
        Companies Act 1985 relating to accounts, so far as applicable to the company .

      These accounts have been prepared in accordance with the special provisions of Part VII of the
      Companies Act 1985 relating to small companies .

Approved by the Board on
and signed on its behalf by:

                                 ) Directo r

                     The notes on pages 7 to 10 form part of these accounts


                                                                                                Page 6
                      SOL PLAATJE EDUCATIONAL PROJEC T
          (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
                       OTES TO THE UNAUDITED ACCOUNT S
                         YEAR ENDED 31 DECEMBER 2005



1 . ACCOUNTING POLICIES

    a) Basis of Accounting
         The accounts are prepared under the historical cost convention modified to include the
         company's investment property and fixed asset investments at valuation, and in
         accordance with :

          i) the Statement of Recommended Practice 2000 "Accounting and Reporting                     by
              Charities" ;

          ii) the Financial Reporting Standard for Smaller Entities (effective January 2005) ; an d

          iii) the special provisions of Part V11 of the Companies Act 1985 relating to small
               companies

          The charity has availed itself of Paragraph 3(3) of Schedule 8 of the Companies Act and
          adapted the Companies Act formats to reflect the special nature of the company's
          activities.

    b)    Investment Incom e

          (1)    Rental income
                 Rental income is included in the accounts when the rent is due .

          (11)   Interest
                 Bank interest receivable is included in the accounts in the period in which it is
                 earned .

          (iii) Dividends
                 Dividends are included in the accounts in the period in which the charity is entitled
                 to receipt .

    c) Resources Expende d
         Expenditure is included in the accounts on an accruals basis.

          Grants payable are charged in the year when the offer is conveyed to the recipient .

    d)    Fixed Asset s
          Expenditure incurred on fixed assets of more than E500 is capitalised and depreciated
          over its estimated useful life .

    e) Depreciation of Tangible Fixed Assets
         Depreciation is charged on fixtures and fittings at 10% p.a. on a reducing balance basis .

    f)    Investment Property
          The investment property is re-valued annually and the aggregate surplus or deficit is
          accounted for as an unrealised gain or loss, provided the deficit does not exceed any
          previously re-valued amount, through the statement of financial activities . No
          depreciation is provided in respect of investment properties . This constitutes a departure
          from the statutory rules requiring fixed assets to be depreciated over their economic
          useful lives but is necessary to enable the financial statements to give a true and fair
          view. Depreciation is only one of many factors reflected in the annual valuation and the
          amount which might otherwise have been shown cannot be separately identified or
          quantified .



                                                                                                 Page 7
                          SOL PLAATJE EDUCATIONAL PROJEC T
             (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
                NOTES TO THE UNAUDITED ACCOUNTS (Continued)
                               YEAR ENDED 31 DECEMBER 2005



1 . ACCOUNTING POLICIES (Continued )

     g)     Fixed Assets Investments
            Investments are included at closing mid-market value at the balance sheet date . Any
            gain or loss on revaluation is taken to the Statement of Financial Activities .


2. RENTAL INCOM E                                                                  2005          2004
                                                                                      r             R

     Rent receivabl e                                                            137,200      137,200

     The property is fully let .


3 . GRANTS PAYABLE IN FURTHERANCE OF THE CHARITY'S
      OBJECT S

     Grants to the Canon Collins Educational Trust for Southern
     Africa                                                                       75,400      113,000
     Other                                                                             -          550

                                                                                  75,400      113,550

     See review of activities in the Trustees' Report on page 2 .


4. CHARITY ADMINISTRATION

     The directors and trustees received no remuneration and no reimbursement of expenses during
     the year . There were no other employees .

     Cost of reporting accountant in respect of external scrutiny E1,500 (excluding VAT) .


5 . TANGIBLE FIXED ASSETS                                                                   Fixtures
                                                                                           & fittings
     Cost :                                                                                          E
     1 January 2005 and 31 December 2005                                                        3,44 5

     Depreciation:
     1 January 2005                                                                            2,364
     Provision for the year                                                                      108

     31 December 2005                                                                          2,47 2

     Net book values
     31 December 2005                                                                            973

     31 December 2004                                                                           1,08 1

     The fixed assets above are not used in any direct charitable activities .




                                                                                                  Page 8
                       SOL PLAATJE EDUCATIONAL PROJEC T
            (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
               NOTES TO THE UNAUDITED ACCOUNTS (Continued)
                           YEAR ENDED 31 DECEMBER 2005



6 . INVESTMENT PROPERTY                                                             2005     2004
                                                                                       E         r
    1 January 2005                                                               750,000   750,000
    Revaluation in the yea r

    31 December 2005                                                             750,000   750,00 0

    The freehold property, located in Islington, North London, was valued by the directors at
    their estimate of its market value at 31 December 2005. The historic cost at 31 December 2005
    was E330,476. At 31 December 2005 there was an investment property revaluation reserve of
    E419,524 included within accumulated reserves .

7. INVESTMENTS                                                                  2005          2004
                                                                                    E             r
    Market value at 1 January 2005                                           148,553       109,71 5
    Acquisitions at cost                                                      28,004        22,809
    Disposals                                                                (22,144)       (3,186)
    Unrealised profit in the year                                             30,573        19,21 5

    Market value at 31 December 2005                                             184,987   148,553

    Historical cost as at 31 December 2005                                   137,830       133,038

    All investments are listed UK securities. All individual investments held over 5% by value of
    the portfolio are shown below .

     500         Reckitt Benckiser 10 10/19p ordinary shares represent 5 .19%
    1,000 HSBC Holdings 0 .50 USD ordinary shares represent 5 .04 %
    4,400 British Empire Sec & General Trust 1 Op ordinary shares represent 10 .86%
    5,000        London Merchant Securities 27 18/41 p ordinary shares represent 6 .57%
    2,750        Hilton Group 10p ordinary shares represent 5 .40%
    1,600        BH P Billiton 0 .50 USD ordinary shares represent 8 .21 %
    1,600        McCarthy & Stone 20p ordinary shares represent 5 .61 %
    3,265        Inmarsat 0 .005 Euro ordinary shares represent 6 .10 %
    1,000        Alliance & Leicester PIc 50p ordinary shares represent 5 .37%




                                                                                             Page 9
             THE SOL PLAATJE EDUCATIONAL PROJECT LIMITED
           (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
              NOTES TO THE UNAUDITED ACCOUNTS (Continued)
                     YEAR ENDED 31 DECEMBER 2005



8.   DEBTORS
                                                              2005     2004
                                                                 E        r

     Amount due from managing agent                               -   45,200
     Other debtors                                            1,293    1,293

                                                              1,293   46,493




                                                                      Page 10
                        SOL PLAATJE EDUCATIONAL PROJEC T
            (A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL)
          UNAUDITED DETAILED INCOME AND EXPENDITURE ACCOUNT
                       YEAR ENDED 31 DECEMBER 2005


                            For the information of the directors onl y



                                                                           2005       2004
RENTAL INCOME

Rent receivabl e                                                         137,200    137,200

SURPLUS OF RENTAL INCOME                                                 137,200    137,200

DIRECT CHARITABLE EXPENDITURE
Grants                                                                    75,400    113,550

MANAGEMENT EXPENSES
Accountanc y                                                    1,725                 1,763
Bank charges                                                       62                    41
Depreciation                                                      108                   120
Legal costs                                                        15                    30
Management fee s                                                  334                   269

                                                                           2,244      2,223

TOTAL EXPENDITUR E                                                        77,644    115,773

                                                                          59,556     21,42 7

Realised gains on investments                                               (861)       12 6
Unrealised gains on investments                                           30,572     19,21 5
Interest receivabl e                                                       1,336      1,295
Dividends receivable                                                       4,636      3,828

SURPLUS FOR THE YEAR                                                      95,239     45,89 1




                                                                                       Page 11

								
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