This financial review covers the 2023 financial year. It is based on CERC’s financial reports to its donors: the 2023 financial report of the Education Out Loud project and the reports to IREX for Youth Excel. Project accounts are kept in US dollars, on a cash basis. The 2023 accounts of Education Out Loud were audited by DWAC (CERC’s statement; the audit report is not yet published). The Youth Excel figures have not been audited.
By projectFunding in 2023
- Students Acting for Accountability and Quality of Education (Global Partnership for Education, through Education Out Loud and Oxfam IBIS) – CERC received US$68,816 in January 2023, on top of the US$88,771 brought forward from 2022, and spent US$157,587 on the project in 2023.
- Youth Excel (USAID, through IREX) – Phase 1 closed in February 2023 with the final balance of the award, US$6,746.05. Phase 2 was funded by the second instalment of US$71,169.16, from which each of the five economic interest groups received a US$10,000 microgrant.
All projectsConsolidated statement – all projects
Income, expenditure and balances of all projects combined, for 2023 compared with 2022. The 2023 expenditure of the Education Out Loud project is available in three categories only, so the comparison uses these three categories.
| Income and expenditure | 2023 US$ | 2022 US$ |
| Income received | | |
| GPE / Oxfam IBIS – Education Out Loud | 68,816.00 | 361,361.00 |
| USAID / IREX – Youth Excel, Phase 1 | 6,746.05 | 58,275.15 |
| USAID / IREX – Youth Excel, Phase 2 | 71,169.16 | – |
| Total income received | 146,731.21 | 419,636.15 |
| Expenditure, all projects combined | | |
| Programme activities | 155,166.96 | 168,350.36 |
| Direct project support (staff, travel and running costs) | 54,986.82 | 152,081.80 |
| Administration, audit and bank charges | 23,413.70 | 25,386.29 |
| Total expenditure | 233,567.48 | 345,817.45 |
| Income less expenditure | −86,836.27 | 73,818.70 |
| Balance brought forward from the previous year | 86,836.27 | 13,013.07 |
| Adjustments (see the statement of funds) | – | 4.50 |
| Balance carried forward to the next year | 0.00 | 86,836.27 |
Statement of funds, by grant
For each grant: the balance brought forward, the funds received, the funds spent, the funds returned or transferred, and the balance carried forward. A negative balance means spending ahead of funding.
| Grant and donor | Brought forward US$ | Received US$ | Spent US$ | Returned, transfers US$ | Carried forward US$ |
| 2023 | | | | | |
Youth Excel – Phase 1 (2021–2022) USAID, through IREX · Not audited – Final IREX disbursement; December 2022 financial report to IREX, approved by IREX | −1,934.73 | 6,746.05 | 4,811.32 | – | – |
Youth Excel – Phase 2: microgrants to youth micro-enterprises (2023) USAID, through IREX · Not audited – Second instalment of the sub-award (USAspending.gov report) and CERC’s statement of expenditure | – | 71,169.16 | 71,169.16 | – | – |
Students Acting for Accountability and Quality of Education Global Partnership for Education, through Oxfam IBIS · Audited – 2023 audit of Education Out Loud (DWAC; CERC’s statement) | 88,771.00 | 68,816.00 | 157,587.00 | – | – |
| Total 2023 | 86,836.27 | 146,731.21 | 233,567.48 | – | – |
Restricted fundsFunded projects
All of CERC’s income in 2023 was restricted to projects.
| Project | Donor | Received in | Funds received US$ |
| Students Acting for Accountability and Quality of Education | Global Partnership for Education, through Education Out Loud (Oxfam IBIS) | Jan 2023 | 68,816 |
| Youth Excel – Phase 1, final balance of the award | USAID, through IREX | Feb 2023 | 6,746 |
| Youth Excel – Phase 2, microgrants to youth micro-enterprises | USAID, through IREX | Feb 2023 | 71,169 |
Only the funds actually received in 2023 are shown. The balance of US$88,771 carried forward from 2022 on the Education Out Loud project had been received in 2022.
IncomeIncome
In 2023, the income of the Education Out Loud project amounted to US$157,587: the balance carried forward from 2022 (US$88,771), as shown in the project’s 2022 audit, and the instalment received in January 2023 (US$68,816).
In February 2023, CERC received from IREX the balance of the Youth Excel award, US$6,746.05, approved by IREX on 7 February 2023 with the December 2022 report; the project closed on 28 February 2023 after a one-month no-cost extension. With it, IREX disbursed the second instalment of the sub-award, US$71,169.16, for Phase 2, all spent in 2023: microgrants of US$50,000 to the 5 economic interest groups, staff fringe benefits (US$4,758.48), per diem of field staff (US$8,000), rent and office internet (US$1,968) and indirect costs (US$6,442.68). CERC costs – staff fringe benefits (US$4,758.48), per diem of field staff (US$8,000), rent (US$900), office internet (US$1,068) and indirect costs (US$6,442.68), US$21,169.16 in all – kept CERC at the young people’s side throughout 2023, including the 10 months of online mentoring, as they implemented their impact projects. In all, Youth Excel received US$168,697.07 from USAID through IREX; it closes at zero.
ExpenditureExpenditure
In 2023, CERC spent US$157,587 on the Education Out Loud project, in line with the expenditure forecasts: 65% on the four project objectives – including US$72,101.53 on the Integrity Clubs and their monitoring –, 25% on direct project support and 10% on administration, audit and bank charges (note 1).
Funding policyOur sources of funding
CERC is funded by institutional donors, directly or through partner organisations, through grants restricted to projects. Each project has its approved budget; CERC reports to its donors through narrative and financial reports with supporting documents, and project accounts are audited as each donor requires.
Note 1Education Out Loud project – income and expenditure 2023
| Item | US$ |
| Income | |
| Balance carried forward from 2022 | 88,771.00 |
| Instalment received in January 2023 | 68,816.00 |
| Total income 2023 | 157,587.00 |
| Expenditure | |
| Category 1 – the four project objectives | 101,836.96 |
| – objective 1: high-level advocacy and policy engagement | 5,836.22 |
| – objective 2: Integrity Clubs and monitoring | 72,101.53 |
| – objective 3: training of teachers and principals, Education Clusters | 15,995.72 |
| – objective 4: student-led advocacy and campaigns | 7,903.49 |
| Category 2 – direct project support | 39,216.41 |
| Category 3 – administration, audit and bank charges | 16,533.63 |
| Total expenditure 2023 | 157,587.00 |