A Company Limited by Guarantee and not having a Share Capital
Trustees’ Report and Consolidated Financial Statements For the year ended 31[st] March 2024
REGISTERED CHARITY NUMBER: 1077889
REGISTERED COMPANY NUMBER: 03661446 (England & Wales)
www.pumpaid.org @PumpAid Pump Aid
Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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| CONTENTS | PAGE |
|---|---|
| 25 years of life-saving water | 2 |
| Legal and Administrative Information | 3 |
| Chair’s Introduction | 4 |
| Trustees’ Report | |
| Vision, mission and values | 5 |
| Charitable purpose | 5 |
| Achievements in 2023/24 | 6 |
| Objectives for 2024/25 | 7 |
| Basis of accounting | 8 |
| Criteria for measuring success | 8 |
| Risk management | 8 |
| Structure, governance and management | 9 |
| Appointment and training of trustees | 9 |
| Approach to fundraising | 9 |
| Going concern | 10 |
| Financial review of 2023/24 | 10 |
| Reserves policy | 11 |
| Auditors and disclosure of information to auditors | 12 |
| Statement of Trustees’ Responsibilities | 13 |
| Independent Auditor’s Report | 14 |
| Financial Statements | |
| Statement of Financial Activities | 18 |
| Balance Sheets | 20 |
| Cash Flow Statement | 22 |
| Notes to the Financial Statements | 23 |
| Glossary of terms and abbreviations | 31 |
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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25 YEARS OF LIFE-SAVING WATER
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‘My day was all about getting RTE i=
water. Now a simple pump ‘tock, I Vex
means everything is possible’ pe ipo |
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1998 Pump Aid first established in Zimbabwe
2004
Pump Aid expands into Malawi
2008 Pump Aid chosen as the Times and Sunday Times Charity of the Year
2010 Pump Aid reaches 1,000,000 people with life-saving water
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ae, 6 pee fe Ss
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2014
Pump Aid secures a UNICEF grant to pilot an enterprise led approach to ending water poverty
2014
Pump Aid delivers its first rural nursery water and sanitation scheme (it now has 92)
2015
Pump Aid launches its first urban enterprise programme with first-time funding from Comic Relief
2017
Pump Aid’s enterprise led approach wins the UK International Development Charity of the Year Award
2018
Pump Aid secures a major DFID grant to transform its enterprise led approach into a professionalised system of repair and and maintenance (PRM)
2018
Beyond Water established as a social enterprise in Malawi to promote and accelerate the development of PRM
2020
Beyond Water repairs a record number of 959 community waterpoints in a single year, restoring life-saving water to more than 250,000 people
2021
Beyond Water’s enterprise led approach is commended by DFID for “challenging the traditional delivery model of aid”
2022 Pump Aid reaches more than 2,000,000 people with clean, safe, life-saving water
2023
Pump Aid is invited to the State House to appraise the First Lady on its work in Malawi
2024 Pump Aid’s 25 years of life-saving water is rewarded with a visit from the Malawi Minister for Water and Sanitation
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Sandra Welch (Chair) – Appointed July 2023 Megan Bingham-Walker - Appointed May 2003, resigned July 2023 Spencer Mahony – Appointed July 2016 Eric McKenzie - Appointed September 2023 Ben Nealon OBE - Appointed November 1998, resigned June 2024 Justine Reader - Appointed September 2023 Gerard Tyler – Appointed July 2016 Pramodrai Unia – Appointed May 2023, resigned July 2024 Dave Waller – Appointed July 2016, Acting Chair from November 2022 to July 2023 Angela Zamaere-Smith - Appointed September 2023
Charity Number
1077889
Company Number
03661446
Registered office and principal address
3[rd] Floor, 86-90 Paul Street, London, EC2A 4NE
Bankers
Barclays Bank Standard Bank 1-7 King Street Capital City London, EC2V 8AU Lilongwe, Malawi
UK Auditors
Shaw Gibbs 2[nd] Floor, 201 Great Portland Street, London, W1W 5AB
Malawi Auditors
Audit Consult Vanguard Life Insurance House, Mandala Road, Lilongwe 3, Malawi
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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CHAIR’S INTRODUCTION
In the early 2000s, I was privileged to work on a number of international development projects in sub-Saharan Africa many in the water, sanitation and hygiene (WASH) sector. I saw first-hand the positive impact that such programmes had on individuals and communities and swiftly realised that access to education, livelihoods, and economic independence were all intrinsically linked to clean, safe water. I was therefore delighted to be invited to become Pump Aid’s Chair and am particularly pleased to have joined it in its 25[th] year of operation.
What attracted me most to Pump Aid and what differentiates it from many other charities working in the water sector is its long-term approach and its belief that we will only solve the problem of poverty in Africa when we work together with the skilled, talented and ambitious people that already live and work there. Pump Aid’s innovative ‘Enterprise not Aid’ approach is designed to do just that and Beyond Water, its customer-focused, Malawi-led social enterprise, is leading the way. By creating and supporting financially viable and locally owned businesses, Pump Aid is ensuring that communities not only acquire the vital technical skills needed to repair and maintain their own waterpoints, but that they also have the ability to sustain their access to water into future, freeing them from their dependence on us or on anyone else.
Now celebrating 25 years of bringing clean, life-saving water to the people of Sub-Saharan Africa, I am proud to be chair of a charity that is at the forefront of the change that is sweeping across the water sector and to know that its professionalised repair and maintenance service will be a key factor in achieving the UN target to end water poverty in Malawi by 2030. I have also been heartened by the way major funders and other NGOs are increasingly recognising that the UN 2030 target will not be achieved without others following our lead, with a UNICEF report concluding that “Improved levels of waterpoint functionality can only be sustained if they are supported by affordable preventative maintenance.” (UNICEF, Reach). I cannot imagine a better endorsement of the approach that Pump Aid and Beyond Water have been so proud to champion.
Pump Aid’s willingness to challenge the traditional models of aid is now influencing organisations many times its size and, increasingly, Pump Aid is seen not just as an organisation challenging the status quo, but one that is offering sustainable solutions to problems that have beset the water sector for decades. Key to all of this has been our commitment to an approach that enables all parties to benefit and all participants to generate an income. While many businesses set up by NGOs and other well-meaning funders struggle to survive once their aid funding ceases, our small businesses have flourished and, even in the wake of a global pandemic, have continued to do so. Each new business we create and each community waterpoint we sign up for our maintenance service brings our vision of eradicating water poverty in Malawi ever closer and, in the pages that follow, we demonstrate just how much closer that vision has come.
I cannot close without reference to Ben Nealon, who has recently stood down from the Board. Ben was one of Pump Aid’s inaugural trustees and, for 25 years, he has been both a forceful advocate and a trusted friend, whose personal contribution to Pump Aid is incalculable. On behalf of the Board, I would like to thank him and everyone who has supported Pump Aid in its first 25 years and I would also like to express my thanks to all of Pump Aid’s staff. It is their performance that has driven Pump Aid’s success and it is their commitment which will secure its future.
Sandra Welch Chair 23[rd] July 2024
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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TRUSTEES’ REPORT
The Board of Trustees are pleased to present their Trustees’ Report and Financial Statements for the year ending 31[st] March 2024.
The Trustees’ Report contains a Directors’ Report as required by company law. The Financial Statements comply with the requirements of the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with FRS102 (effective 1[st] January 2019).
VISION, MISSION AND VALUES
Vision
Pump Aid is committed to the delivery of the UN’s Sustainable Development Goals and the total eradication of water poverty by 2030. But our ultimate goal is to transform the lives and life chances of poor and disadvantaged communities, so that they reach a point of resilience and selfreliance where they no longer need the support of us or anyone else.
Mission
Pump Aid’s mission is to achieve lasting positive change in poor and disadvantaged communities by improving the quality, availability and use of water and sanitation, by harnessing the power of the community, local businesses and partners in other sectors, and providing access to affordable, innovative and sustainable water solutions.
Values
At the heart of everything we do is the central belief that fulfilling the basic human right to safe water and sanitation is the vital first step to better life expectancy, improved educational attainment and increased social and economic independence.
CHARITABLE PURPOSE
The Charity Commission’s guidance on public benefit, as required by section 17 of the Charities Act, 2011, sets out two key principles: the organisation must have an identifiable benefit and the benefit must be to the public or to a section of the public.
Trustees have reviewed the vision and mission of the Charity in the light of this guidance and have been mindful of it when setting the objectives for the current year. They have also noted the emphasis on water and sanitation in the UN Sustainable Development Goals of which SDG6 requires the achievement of universal and equitable access to safe and affordable drinking water, access to adequate and equitable sanitation and an ending of open defecation. SDG6 also requires action to improve water quality by reducing pollution, increased water-use efficiency, the elimination of water poverty, the protection of water-related ecosystems and support to strengthen the participation of local communities in improving water and sanitation management.
Pump Aid is engaged in activities that support all of these objectives and Trustees believe the activities of Pump Aid, as detailed in this report, demonstrate that the Charity fully meets both of the Charity Commission’s public benefit requirements.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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ACHIEVEMENTS IN 2023/24
Pump Aid’s charitable activities are delivered wholly in Malawi, where widespread access to water is seriously hampered by the poor functionality of rural waterpoints. In the most recent study, 52% of Malawi’s community waterpoints were classified as non-functional (UpGro/DFID) (either not working properly or not working at all) and this is depriving over 5 million Malawians of access to safe water each and every day. While 85% of Malawi’s rural population is reliant on subsistence farming, only 11% of small-scale farmers use any form of irrigation, which both severely limits farm yields and increases the vulnerability of farm livelihoods.
Malawi’s underlying problems in 2023/24 were compounded by an unexpectedly poor harvest and the central bank’s decision to devalue the Kwacha for the 2[nd] time in 18 months, which meant at the end of the financial year the Malawi Kwacha was trading at 70% of the value it had started the year at. We had decided in 2022, as a result of what was an already deteriorating economic climate, to reduce our manufacturing and sales operation and, in 2023 as the economic situation deteriorated further, we transferred all staff previously engaged in manufacturing and sales into our waterpoint repair and maintenance business.
We had begun piloting professionalised repair and maintenance in 2020, as a result of extensive research and assessment looking into the underlying causes of waterpoint non-functionality in Malawi (and elsewhere in sub–Saharan Africa), based on our own experience in the WASH sector, and the lessons of other innovative stakeholders. The result has been the development of a business model to repair and maintain community waterpoints, which both maximises commercial objectives and operational efficiencies and guarantees a strong social impact, primarily a 99% waterpoint functionality rate. Underlying this approach is a fundamental mission to make the Malawi businesses that are improving access to water locally owned and truly sustainable
The outcome of our new focus has been extremely positive for ourselves and for Malawi. We now have more than 1,100 community waterpoints under Memoranda of Understanding (which give Beyond Water exclusive rights to repair and maintain them) and we are progressively moving communities from service level agreements, where communities have to pay for parts and repairs, onto direct contracts, where repairs and maintenance are consolidated into a single annual fee. Relaunching our pilot programme as Beyond Water’s preventative maintenance service and creating incentives for our pump mechanics to seek and secure maintenance contracts from waterpoint committees has been a game changer for our profile and has propelled us to the point where we are now being approached to join programmes and to share our experience with the Malawi government and with other NGOs working in Malawi.
By some margin, Beyond Water is now viewed as the leading waterpoint repair and maintenance provider in Malawi, which is testament to its innovation, tenacity in the face of opposition from entrenched sector interests and the focussed and dedicated work of its staff.
Our focus on combining social impact and financial sustainability has given us the opportunity to participate in Malawi’s first water-based payment by results programme. Overseen by Uptime, Beyond Water and a small group of other NGOs are being paid for maintaining waterpoint functionality, rather than being paid for undertaking waterpoint repairs and, this change of emphasis, could have a massive impact on waterpoint functionality across Malawi. At the moment it is just a one year pilot and, in our case, relates to just 250 waterpoints but, for the first time, NGOs in the water sector are being paid for what they achieve rather than what they do. This programme is being closely watched by the Malawi government, who are soon to launch their own payment by results pilot in which we also hope to participate.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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Going forward, we think repair and maintenance will probably make up around 85% of our ongoing business in Malawi but, more important than the impact on us, the waterpoints we now have under direct contract are currently achieving levels of functionality in excess of 99% and the impact of this on the health and long term resilience of the more than 100,000 people who depend on those waterpoints is immeasurable.
In addition to the programmes delivered by Beyond Water, Pump Aid has continued to support the vulnerable young children who depend on Malawi’s network of rural Community Based Childcare Centres (CBCCs). The total number of CBCCs to whom we have given access to improved water and sanitation now stands at 92 and, in comparison with CBCCs we are not supporting, monitoring data indicates a 42% increase in attendance, a 60% drop in diarrhoea rates and an improvement in handwashing at crucial times from 27% to 63%, all of which will massively improve the lives and life chances of the 13,000 children that attend them.
As we reach a not insignificant milestone, it is with much pride that we look back on our 25 years of work in Africa and on the 15 years we have been working in Malawi. We have now established and supported more than 100 Malawian small-scale water businesses, we have sold more than 2,500 domestic and irrigation pumps, we have repaired more than 3,000 community waterpoints. And as a result of our activities and the support we have had from all those that fund them, more than 2 million people now have access to safe, clean, and reliable water that they might otherwise not have had.
OBJECTIVES FOR 2024/25
The appointment of a new Malawi Director in February 2024 gave us the opportunity to look afresh at how we were delivering resilience and sustainability and how we might better meet the current and emerging needs of the remote and rural communities with whom we work.
Our entire team in Malawi has been through a thorough an extensive process of assessment, evaluation and lesson learning to revise/adapt our interventions and to improve our operational impact and efficiency. Our proposed adaptations are based on what we have learned and the data from the follow up surveys which were necessary to unpack some of the learning.
Our objectives for 2024/25, which have been informed by the above, relate to two broad areas: organisational and operational.
1. 2024/25 Organisational objectives
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Review and finalise the optimal relationship between Pump Aid and Beyond Water
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▪ Formally separate the staff structures of the two organisations, allocating staff to the organisation that most needs their services and, as far as possible, make the two organisations administratively independent of each other
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Start the journey towards financial separation with Pump Aid activities being funded by charitable funders and Beyond Water being increasingly funded by performance related funding and from its own income generation activities
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Strengthen the structure, operations and funding base of Beyond Water through a combination of leadership, operational adaptations, business plan development and aggressive profile building
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Complete the initial phase of the separation by July 2024, with the remainder being completed during the current financial year.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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2. 2024/25 Operational objectives
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Secure at least 500 direct contracts for repair and maintenance in the Districts of Kasungu, Mchinji and Dowa Districts (up from the current 276), to provide strong proof of concept for our bids to new and existing funders
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Achieve at least an 85% contract renewal rate, for contracts signed in 2023/24, to ensure we are delivering a good service and to prove ongoing demand
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Generate operational efficiencies, through improved procurement and more efficient delivery, to reduce the costs of R&M per person and per waterpoint
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Build the capacity of our field teams to increase their conversion rates and improve their relationships with local and district government
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Develop partnerships with other NGOs in Malawi, providing R&M services to their water programmes, and promoting Beyond Water as a go to organisation for other people’s problems
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Influence government and sector stakeholders on the need for a professionalised service and for transparent full-cost recovery to be at the heart of government policies and interventions.
Over the next three years (2024-2027) Beyond Water aims to become the leading professionalised waterpoint repair and maintenance organisation in Malawi:
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ensuring that at least 1,250,000 people have access to fully functional waterpoints that are providing improved access to safe water on a sustainable basis;
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moving into the management of piped water systems, to enable the inclusion of health centres and schools in our repair and maintenance model; and
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attracting inward investment to support our growth to scale from a more diverse range of funders and investors.
Over the same period, Pump Aid will continue to deliver its philanthropic community programmes and seek ways in which it could expand Beyond Water’s game changing approach into other parts of Malawi and into other countries of Sub-Saharan Africa.
BASIS OF ACCOUNTING
Prior to April 2022, the Charity delivered all its activities in Malawi through a Malawi registered branch, Pump Aid Malawi. Since April 2022, some of its activities have been delivered through Pump Aid Malawi, but most have been delivered by Beyond Water Malawi, a Malawi registered company of which the Charity is the ultimate, sole, beneficial owner. The Consolidated Financial Statements of the Charity include all of the funds it raised during the year and all of the activities it delivered, regardless of which company raised the funds or delivered the activity.
CRITERIA FOR MEASURING SUCCESS
Pump Aid has developed a detailed framework for measuring its impact using an activity based framework. Qualitative and quantitative indicators are collected from beneficiaries, installations are independently tested and verified and case studies and questionnaires are used to determine the effectiveness and appropriateness of all of Pump Aid’s interventions. Pump Aid uses this data for the compilation of its reports to funders and its restricted programmes are often subject to additional external and independent evaluations as and when required by funders.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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RISK MANAGEMENT
All significant activities are subject to a risk review as part of the initial activity assessment and implementation. The Senior Management Team ranks all risks in terms of their potential impact and likelihood and, where possible, puts in place appropriate mitigation.
Major risks for this purpose, are those that may have a significant impact on:
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Operational performance, including risks to personnel and programme beneficiaries;
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Financial sustainability, including predictability and security of income; and
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Meeting the expectations of beneficiaries, funders and supporters.
Trustees annually assess the major risks, both positive and negative, to which the Charity is exposed, particularly those related to its finances, operations and reputation, and ensure that adequate systems are in place to:
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Provide early warning of opportunities and risks;
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Ensure that any significant opportunities are not overlooked; and
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As far as possible, ensure that any foreseeable risks are adequately mitigated.
A risk review forms part of the Board’s annual planning process.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Pump Aid is a company limited by guarantee incorporated on 4[th] November 1998. The Company was registered as a Charity with the Charity Commission on 21[st] October 1999. The Company’s governing document, its Memorandum and Articles of Association, was revised and approved at the Annual General Meeting held on 13[th] October 2014.
Pump Aid’s Trustees are responsible for the general control and management of the Charity and serve for an initial period of three years, after which they may offer themselves for re-election. The Trustee Board is responsible for setting the organisation’s strategy, assessing risk and reviewing and adopting the Charity’s annual budget and quarterly financial reports. The Trustee Board meets four times per year, including an annual strategy day with senior staff.
Except as stated in note 7 to the Financial Statements, Trustees have no beneficial interest in the activities of the Charity. All Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
Day to day management and oversight of the Charity is vested in a Senior Management Team comprising its UK based Chief Executive and Head of Business Development, and Beyond Water’s Malawi based Managing Director. Staff salaries are benchmarked against similar roles in similar sized organisations and the salaries of the Senior Management Team are set by the Board with reference to market data for each individual role.
APPOINTMENT AND TRAINING OF TRUSTEES
The Board conducts a biennial skills audit and, if necessary, new trustees are sought to ensure the Board maintains a mix of skills and expertise appropriate to the needs of the organisation. New Trustees are provided with information on the purposes of Pump Aid, its financial position and the key issues it faces. They are also given copies of policies and procedures on issues such
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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as delegated authority, recruitment, equal opportunities, and guidance on conflicts of interest. Additional training is provided in line with the identified needs of the Board.
The Trustees, who are also directors for the purposes of company law, who served during the year and up to the date of this report, are set out on page 3.
APPROACH TO FUNDRAISING
Pump Aid raises a very small amount of its income from the general public in the UK (2024: 4.8%, 2023: 4.6%), with the majority of its income coming from governments, corporates and charitable trusts and foundations. All fundraising activities are delivered by directly employed staff, whose working practices fully comply with the Fundraising Regulator’s Code of Fundraising Practice and our use and storage of fundraising data is in full accordance with the GDPR. Pump Aid does not share its supporter details with other parties and we do not purchase cold contact lists. Supporters on Pump Aid’s fundraising database are contacted in the manner they prefer and we encourage them to contact us with any feedback. The Charity received no complaints with regard to its fundraising activities in the year under review (2023: none).
GOING CONCERN
Trustees have reviewed income projections for 2024/25 and 2025/26, have assessed the economic climate and its potential impact on the Charity and have considered a report on the financial sustainability of the organisation prepared by the Senior Management Team. Because Beyond Water Malawi is presently wholly dependent on the income raised by Pump Aid UK and Pump Aid Malawi is ultimately liable for all expenditure incurred by Beyond Water Malawi, for the purposes of their going concern assessment, Pump Aid’s trustees have considered these separate entities as if they were one.
Though the global impact of Covid19 has started to recede, it is still affecting the lives of many people in the developing world. Throughout the pandemic, Pump Aid’s staff showed themselves to be incredibly flexible and trustees have noted that Pump Aid’s response to Covid19, and the manner in which it supported Malawi’s fight against the pandemic, has significantly increased its profile in Malawi, which has increased as it has used the experience it gained during the pandemic to refine and improve its waterpoint maintenance offer.
Though the recent past has been undoubtedly challenging for all international aid organisations, trustees believe Pump Aid’s long-term sustainability is not in doubt and that the repositioning of the Charity as a social impact business has both raised its profile and increased its revenue generation potential and means it will have no difficulty in generating the resources it needs to meet the requirements of a going concern.
FINANCIAL REVIEW OF 2023/24
Income
As Pump Aid (through Beyond Water) has steadily repositioned itself away from a traditional INGO towards a more customer focussed, social impact business, it has also been refining its approach to funders. This has inevitably led it away from funders who had been generous in the past, most notably the UK government, and towards funders that see sustainability as more important than
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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activity. The process of attracting new funders is an understandably protracted one and trustees were aware that the move from one group of funders to another might cause a slight hiatus in the receipt of funds and that has indeed been the case this year, with Pump Aid’s income in 2023/24 of £861,863 being slightly down on the £959,605 it raised in 2022/23 and both being lower than the £1,012,198 it raised in 2021/22. New funding streams are looking increasingly promising and trustees are confident that Pump Aid’s total income in 2024/25 will once again exceed £1 million.
The fall in income would have been greater without the support of Pump Aid’s most loyal funders and we are extremely grateful for the continued significant support of the Medicor and Waterloo Foundations. The recruitment of an experienced Head of Business Development in 2022 has helped us better engage with our major corporate donors this year, with Thirsty Planet, Waiakea Springs, Urenco, and Rotork, collectively increasing their donations by almost 40%.
Our changed approach to water improvement is further evidenced in the breakdown of income in the table below, which shows how we have steadily moved away from the simple installation of water pumps towards securing the ongoing viability of community water networks and how funding for our enterprise activities has risen from less than 5% of our total income, when this journey started, to more than 80% of total income now.
| 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Community water, hygiene and sanitation 64.3% 41.6% 38.2% 31.9% 18.0% 12.1% 9.3% 12.8% WASH for vulnerable populations 16.3% 14.3% 18.3% 13.8% 9.8% 18.2% 5.1% 5.1% Urban WASH and entrepreneurship 15.1% 4.6% 0.5% - - - - - Enterprise for WASH and agriculture 4.3% 39.5% 43.0% 54.3% 49.9% 26.4% 18.5% 9.2% Enterprise for repair and maintenance - - - - 22.3% 43.3% 67.1% 73.0% TOTAL INCOME 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% ~~Sse~~ |
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Expenditure
Expenditure on charitable activities in the year was £679,024, down on the £805,158 we spent in 2022/23, but this was entirely due to the ceasing of our manufacturing activities and we actually spent more on our repair and maintenance programme than we had in the previous year. As we become increasingly funded by funders who are more interested in sustainable impact than with simple beneficiary numbers, we have also needed to invest in data capture, pump certification and performance monitoring and more than £25,000 was spent in 2023/24 on this vital investment in our future.
We also recruited a dedicated IT specialist in Malawi, who has already developed a database of the waterpoints under contract, an online dashboard that funders will soon be able to access, and an online system to record repairs and service visits, that field teams can access and update through their mobile phones, and which will deliver waterpoint performance and functionality data in real time. Having established ourselves as the market leader in professionalised repair and maintenance in Malawi, improved data collection and communication will help us access other income streams based on waterpoint performance and results-based service payments.
RESERVES POLICY
Trustees believe unrestricted reserves are necessary for three reasons:
- To support new and innovative projects, which need a period of testing and development before we can approach funders with funding bids
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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To support the strategic direction of the charity and, if necessary, to underwrite the costs of strategic change
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To cover committed or unexpected expenditures in periods when these are not covered by grants and donations.
Trustees acknowledge that Covid19 had an impact on the Charity, but they believe the way the Charity adapted more than demonstrated its ability to cope and thrive. This notwithstanding trustees believe it was appropriate to increase their minimum unrestricted reserves target from £250,000 to £300,000 or the equivalent of three months unrestricted operating expenses.
Current Reserves
The Group Charitable Company’s free and unrestricted reserves figure of £701,527 at March 2024 is more than double Trustees’ target and free reserves now stand at their highest level since 2010. While many actions have contributed to this, the two most significant were the restructuring Pump Aid undertook at the start of 2020, which significantly reduced its cost base; and the decision the Board took three years ago to focus on enterprise, which enabled Pump Aid to ride out the Covid storm and grow its operations with more ease than many much larger charities.
The effect of Covid19 on the aid sector in general and on countries like Malawi in particular is likely to be long lasting and Trustees have given management permission to spend some of the Charity’s surplus reserves on increasing Malawi’s resilience to this and future global events.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the Directors has confirmed there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
Audit Consult, a Malawi based independent auditor, were reappointed in 2023 to provide independent oversight of Pump Aid’s Malawi operations. They have conducted a local audit of Pump Aid Malawi and have provided information and assistance to the Charity’s auditor in the UK.
AUDITORS
Following a merger of Harmer Slater Limited with Shaw Gibbs (Audit) Limited in November 2023, Harmer Slater Limited resigned as the charitable company’s auditors and Shaw Gibbs (Audit) Limited were appointed to act as the charitable company’s auditors. A resolution appointing Shaw Gibbs (Audit) Limited as the Charity’s UK auditor for the ensuing year will be put to the AGM.
For and on behalf of the board of Trustees
Sandra Welch
Chair 23[rd] July 2024
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Charity’s trustees (who are also the directors of Pump Aid for the purposes of company law) are responsible for preparing a Trustees’ Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
Company law requires Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure of the Charity for that period.
In preparing these financial statements, Trustees are required to:
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Select suitable accounting policies and apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the Financial Statements on a going concern basis, unless it is inappropriate to presume that the Charity will continue in operation.
Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the Charity 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 Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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INDEPENDENT AUDITOR’S REPORT To the Members of Pump Aid
OPINION
We have audited the financial statements of Pump Aid (‘the charitable company’) and its subsidiaries (together the “group”) for the year ended 31[st] March 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, The Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31[st] March 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF THE TRUSTEES
As explained more fully in the Statement of Trustees’ Responsibilities (set out on page 9), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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we identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We considered the nature of the charitable company’s sector and its control environment, and reviewed the charitable company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also identified the laws and regulations applicable to the charitable company through discussions with the Trustees and other management, and from our cumulative audit, knowledge and experience of the charitable company.
We obtained an understanding of the legal and regulatory framework that the Charitable company operates in, and identified the key laws and regulations that:
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had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Companies Act 2006, the Charities Act 2011, the Charities SORP, and UK financial reporting standards as issued by the Financial Reporting Council; and
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do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charitable company’s ability to operate or to avoid a material penalty. These included the Charitable company’s regulatory requirements, employment and taxation legislations.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls and policies in place to mitigate risks of fraud and noncompliance with laws and regulations.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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enquiring of the Trustee concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
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reading minutes of Trustee meetings, reviewing internal audit reports and reviewing correspondence with the Charities Commission.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
USE OF OUR REPORT
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Records) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Shaw Gibbs (Audit) Limited Statutory Auditors Sutton
Date: 23[rd] July 2024
Shaw Gibbs (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31[st] March 2024
| Notes | Unrestricted Funds |
Restricted Funds |
Total 2024 |
Total 2023 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| INCOME | |||||
| Donations and voluntary income | 2 | 158,326 | 486,403 | 644,729 | 819,865 |
| Income from charitable activities | 3 | 200,279 | 8,168 | 208,447 | 138,042 |
| Net profit on disposal of assets | - | - | - | 101 | |
| Bank interest | 8,687 | - | 8,687 | 1,597 | |
| TOTAL INCOME | 367,292 | 494,571 | 861,863 | 959,605 | |
| EXPENDITURE | |||||
| Costs of raising funds | |||||
| Costs of generating voluntary income | |||||
| and income from charitable activities | and income from charitable activities | 49,238 | 66,459 115,697 |
115,697 | 104,446 |
| Charitable activities | |||||
| Delivering water, sanitation and | |||||
| hygiene improvement in Malawi | 232,447 | 446,577 679,024 |
679,024 | 805,158 | |
| TOTAL EXPENDITURE | 4 | 281,685 | 513,036 | 794,721 | 909,604 |
| Net income and net movements in | |||||
| funds | 15 | 85,607 | (18,465) | 67,142 | 50,001 |
| Reconciliation of funds | |||||
| Total funds brought forward | 615,920 | 70,550 | 686,470 | 636,469 | |
| TOTAL FUNDS CARRIED FORWARD | 16 | 701,527 | 52,085 | 753,612 | 686,470 |
All income and expenditure is derived from continuing activities.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31[st] March 2023
| Notes | Unrestricted Funds |
Restricted Funds |
Total 2023 |
Total 2022 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| INCOME | |||||
| Donations and voluntary income | 2 | 373,845 | 446,020 | 819,865 | 619,759 |
| Income from charitable activities | 3 | 138,042 | - | 138,042 | 389,911 |
| Net profit on disposal of assets | 101 | - | 101 | 2,509 | |
| Bank interest | 1,597 | - | 1,597 | 19 | |
| TOTAL INCOME | 513,585 | 446,020 | 959,605 | 1,012,198 | |
| EXPENDITURE | |||||
| Costs of raising funds | |||||
| Costs of generating voluntary income | |||||
| and income from charitable activities | and income from charitable activities | 54,570 | 49,876 | 104,446 | 72,566 |
| Charitable activities | |||||
| Delivering water, sanitation and | |||||
| hygiene improvement in Malawi | 420,670 | 384,488 | 805,158 | 918,528 | |
| TOTAL EXPENDITURE | 4 | 475,240 | 434,364 | 909,604 | 991,094 |
| Net income and net movements in | |||||
| funds | 15 | 38,345 | 11,656 | 50,001 | 21,104 |
| Reconciliation of funds | |||||
| Total funds brought forward | 577,575 | 58,894 | 636,469 | 615,365 | |
| TOTAL FUNDS CARRIED FORWARD | 16 | 615,920 | 70,550 | 686,470 | 636,469 |
All income and expenditure is derived from continuing activities.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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CONSOLIDATED BALANCE SHEET AT 31[st] March 2024
REGISTERED COMPANY NUMBER: 03661446 (England & Wales)
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible assets | 9 | 4,342 | 10,695 |
| 4,342 | 10,695 | ||
| CURRENT ASSETS | |||
| Stocks | 11 | 46,256 | 53,215 |
| Debtors | 12 | 35,038 | 46,805 |
| Cash at bank and in hand | 699,208 | 642,135 | |
| 780,502 | 742,155 | ||
| Less: CURRENT LIABILITIES | |||
| Creditors: Amounts falling due within one year | 13 | (31,232) | (66,380) |
| NET CURRENT ASSETS | 749,270 | 675,775 | |
| NET ASSETS | |||
| Total assets less total liabilities | 753,612 | 686,470 | |
| Represented by: | |||
| Restricted funds | 52,085 | 70,550 | |
| Unrestricted funds | 701,527 | 615,920 | |
| TOTAL FUNDS CARRIED FORWARD | 16 | 753,612 | 686,470 |
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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CHARITABLE COMPANY BALANCE SHEET AT 31[st] March 2024
REGISTERED COMPANY NUMBER: 03661446 (England & Wales)
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible assets | 9 | 3,860 | 9,888 |
| Investments | 10 | 1 | 1 |
| 3,861 | 9,889 | ||
| CURRENT ASSETS | |||
| Stocks | 11 | 19,043 | 52,369 |
| Debtors | 12 | 33,872 | 37,525 |
| Cash at bank and in hand | 698,856 | 622,521 | |
| 751,771 | 712,415 | ||
| Less: CURRENT LIABILITIES | |||
| Creditors: Amounts falling due within one year | 13 | (21,677) | (54,674) |
| NET CURRENT ASSETS | 730,094 | 657,741 | |
| NET ASSETS | |||
| Total assets less total liabilities | 733,955 | 667,630 | |
| Represented by: | |||
| Restricted funds | 52,085 | 70,550 | |
| Unrestricted funds | 681,870 | 597,080 | |
| TOTAL FUNDS CARRIED FORWARD | 16 | 733,955 | 667,630 |
As permitted by Section 408 Companies Act 2006, the charitable company has not presented a Statement of Financial Activities (also known as The Profit & Loss Account under Company Law).
The charitable company made a surplus for the financial year of £66,325 (2023: £31,161)
The Financial Statements were approved for issue by the Trustees on 23[rd] July 2024 and signed on their behalf by:
Sandra Welch
Chair
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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CONSOLIDATED CASH FLOW STATEMENT for the year ended 31[st] March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Reconciliation of net movement in funds | ||
| to net cash flow from operating activities | ||
| Net movement in funds | 67,142 | 50,001 |
| Bank interest | (8,687) | (1,597) |
| Depreciation | 6,353 | 15,047 |
| (Profit) / Loss on the disposal of fixed assets | - | (101) |
| Decrease / (Increase) in stock | 6,959 | 38,074 |
| Decrease / (Increase) in debtors | 11,767 | 76,023 |
| Increase / (Decrease) in creditors | (35,148) | 28,737 |
| Net cash (used in) / provided by operating activities | 48,386 | 206,184 |
| Cash flows from investing activities | ||
| Bank interest received | 8,687 | 1,597 |
| Proceeds from the disposal of fixed assets | - | 4,644 |
| Payments to acquire fixed assets | - | (4,580) |
| Net cash (used in) investing | 8,687 | 1,661 |
| Change in cash and cash equivalents in the | ||
| reporting period | 57,073 | 204,523 |
| Cash and cash equivalents at the beginning of the year | 642,135 | 437,612 |
| Cash and cash equivalents at the end of the year | 699,208 | 642,135 |
| Cash balances are held in the following locations | ||
| United Kingdom | 629,834 | 591,548 |
| Overseas | 69,374 | 50,587 |
| CASH BALANCES at 31st MARCH 2024 | 699,208 | 642,135 |
| Analysis of changes in net debt |
The charity had no net debt during the year
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31[st] March 2024
1. ACCOUNTING POLICIES
Legal status of the Charity
Pump Aid is a company limited by guarantee incorporated on 4[th] November 1998. Its registered office is at 3[rd] Floor, 86-90 Paul Street, London, EC2A 4NE.
Basis of accounting
The Consolidated Financial Statements have been prepared in accordance with the Charity's Memorandum & Articles of Association, the Companies Act 2006 and “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[st] January 2019)”.
As stated in note 18, in previous years the Charity has delivered all of its activities in Malawi through a Malawi registered branch, Pump Aid Malawi. Since April 2022, some of its activities have been delivered by Beyond Water Malawi, a Malawi registered company of which the Charity is the ultimate sole beneficial owner. The Consolidated Financial Statements of the Charity include all of the funds it raised during the year and all of the activities it delivered, regardless of which company raised the funds or delivered the activity.
The Company 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.
Save as noted above, the accounting policies of the Charity have not changed during the period.
Preparation of the financial statements on a going concern basis
As stated on page 10 of the Trustees’ Report, Trustees believe there are no material uncertainties that call into doubt the Charity’s ability to continue as a going concern and the financial statements have therefore been prepared on the basis that the Charity is a going concern.
In reaching this conclusion, Trustees have considered the enduring effect of Covid19 on the Charity which has been largely positive, due in part to Pump Aid’s reputation for flexibility which has enabled the Charity to redeploy staff from activities the pandemic made impossible onto programmes that were both deliverable and fundable.
The Charity has continued to employ all its staff on a full-time basis and believes it can continue to fund its existing and future programme commitments. The pandemic has given its staff the opportunity to demonstrate their willingness to adapt, which has enabled the Charity to adapt its delivery models and, over time, it believes all of its current programmes can be realigned to operate in a post Covid19 world. The way its field teams have adopted new health and safety measures has also contributed to a greater awareness of hygiene and sanitation within the communities with which the Charity works. While the pandemic has undoubtedly caused some disruption to the Charity’s fundraising and delivery, Trustees are confident that Pump Aid can continue as a going concern for the foreseeable future.
Functional currency
The financial statements are prepared in pounds sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
Income
Income is recognised when the Charity is entitled to the funds, any requirements attached to the income have been met, it is probable the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
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Grants and donations are included on a receivable basis
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Income from charitable activities (which includes trading activities and contract income) is included on a receivable basis, except where the funder specifies that the income must be used in a particular year or imposes conditions which have to be fulfilled before the charity becomes entitled to it.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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- Bank interest comprises income on cash deposits and is included when received.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all the costs related to a category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Expenditure is recognised once there is an obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
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Costs of generating funds comprise the costs of attracting voluntary income, meeting any donor imposed reporting requirements and the costs of fundraising
-
Expenditure on charitable activities includes the direct and indirect costs of activities and services delivered for the Charity’s beneficiaries
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Governance costs are those associated with the governance of the Charity, compliance with statutory obligations and costs relating to the Charity’s strategic management.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Almost all costs are directly attributable to programmes and are recovered either by direct recharge or by apportionment. Unlike larger charities with substantial UK and overseas offices, Pump Aid has a very small central team which both develops and delivers programmes and, aside from the proportion charged to fundraising and governance, the payroll and occupancy costs of the central team are charged to the programmes they deliver.
Critical accounting judgements and estimation uncertainty
In the application of the Charity’s accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Trustees do not consider there to be any critical accounting estimates or judgements in preparing these financial statements.
Pension costs
In Malawi, the Charity contributes to a defined contribution pension scheme and, in the UK, the Charity contributes to any personal scheme which meets its obligations under auto enrolment. The amounts charged in the financial statements are the employer’s contributions payable in the financial year.
Operating leases
Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the life of the lease.
Tangible fixed assets
Fixed assets are stated at cost less depreciation. They are depreciated at rates intended to reduce their cost to their residual value over their estimated useful life (currently 33.3% on a straight-line basis). Any asset costing less than £500 is fully depreciated in the year of acquisition. All assets are inspected regularly for any impairment and any defects fixed to maintain their value and usefulness.
Investments
Investments in subsidiary undertakings are stated at cost less provisions. Any provisions made against these investments are charged in the Statement of Financial Activities.
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. All financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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Stock
Stocks are stated at lower of cost or net realisable value.
Debtors and prepayments
Trade and other debtors are recognised at the settlement amount after any provision for bad and doubtful debts. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short-term, highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
Foreign currency translation
Transactions in foreign currencies are translated into sterling at the average rate of exchange pertaining to the relevant accounting period. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing at the reporting date. Exchange differences are recognised through the Statement of Financial Activities.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Restricted funds are donations which the donor has specified are to be used solely for specific projects or for specific aspects of the Charity’s work to be delivered in specific locations.
2. DONATIONS AND VOLUNTARY INCOME
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Donations | ||||||
| Medicor Foundation | - | 140,000 | 140,000 | - | 140,000 | 140,000 |
| Waterloo Foundation | 12,500 | 121,400 | 133,900 | 13,000 | 121,000 | 134,000 |
| Rotork PLC | - | 72,000 | 72,000 | - | 50,000 | 50,000 |
| Urenco Ltd | - | 25,000 | 25,000 | - | 50,000 | 50,000 |
| One Days Wages | - | 23,729 | 23,729 | - | - | - |
| Charles Hayward Foundation | - | 15,000 | 15,000 | - | - | - |
| Roland Fox and Colette Flanagan | 14,334 | - | 14,334 | 15,388 | - | 15,388 |
| Peter Stebbings Memorial Charity | - | 10,000 | 10,000 | - | - | - |
| Aspect Capital | 5,000 | - | 5,000 | 100,000 | - | 100,000 |
| Michael Pugh | - | - | - | 120,000 | - | 120,000 |
| Allan & Nesta Ferguson Trust | - | - | - | - | 50,000 | 50,000 |
| James Percy Charitable Trust | - | - | - | - | 39,068 | 39,068 |
| Gift Aid | 11,105 | - | 11,105 | 11,611 | - | 11,611 |
| Donations of less than £10,000 or Anonymous | 115,387 | 61,000 | 176,387 | 113,846 | 6,000 | 119,846 |
| 158,326 | 468,129 | 626,455 | 373,845 | 456,068 | 829,913 | |
| Government grants | ||||||
| State of Guernsey | - | 18,274 | 18,274 | - | 14,952 | 14,952 |
| 158,326 | 468,403 | 644,729 | - | 14,952 | 14,952 | |
| Deferred donations | ||||||
| Donations deferred to the following year | - | - | - | - | (25,000) | (25,000) |
| , | ||||||
| Total Donations and Voluntary Income | 158,326 | 486,403 | 644,729 | 373,845 | 446,020 | 819,865 |
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Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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3. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Waiakea Springs | 65,107 | - | 65,107 | 4,139 | - | 4,139 |
| Thirsty Planet | 104,036 | - | 104,036 | 77,735 | - | 77,735 |
| Income from sales of pumps | 14,852 | - | 14,852 | 55,191 | - | 55,191 |
| Income from waterpoint repairs | 8,158 | - | 8,158 | - | - | - |
| Purple Field Productions | 3,720 | 8,168 | 11,888 | - | - | - |
| Other income | 4,406 | - | 4,406 | 2,070 | - | 2,070 |
| Income received in the year | 200,279 | 8,168 | 208,447 | 139,135 | - | 139,135 |
| Income deferred into following year | - | - | - | (1,093) | - | (1,093) |
| Total Income from Charitable Activities | 200,279 | 8,168 | 208,447 | 138,042 | - | 138,042 |
4. EXPENDITURE ANALYSIS
| 4. EXPENDITURE ANALYSIS | ||||||
|---|---|---|---|---|---|---|
| Operational | Total | Operational | Total | |||
| Staff costs | costs | 2024 | Staff costs | costs | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Costs of generating voluntary income | 94,642 | 21,055 | 115,697 | 90,702 | 13,744 | 104,446 |
| Charitable expenditure | ||||||
| Delivering water, sanitation and | ||||||
| hygiene improvement in Malawi | 346,631 | 293,227 | 639,858 | 402,500 | 363,818 | 766,318 |
| Governance costs | 20,910 | 18,256 | 39,166 | 20,626 | 18,214 | 38,840 |
| Total Expenditure | 462,183 | 332,538 | 794,721 | 513,828 | 395,776 | 909,604 |
Costs of generating voluntary income include staffing, office and publicity costs related to fundraising.
5. STAFF COSTS
| 5. STAFF COSTS | ||
|---|---|---|
| Total | Total | |
| 2024 | 2023 | |
| £ | £ | |
| Gross emoluments | 395,902 | 438,042 |
| Employer’s social security costs | 17,908 | 13,426 |
| Pension contributions | 35,201 | 42,311 |
| Health insurance for staff in Malawi | 13,172 | 20,049 |
| Total Staff Costs | 462,183 | 513,828 |
Key management personnel (KMP) of the Charity comprise the Trustees, the UK based Chief Executive and Head of Business Development, and Beyond Water’s Malawi based Managing Director. Remuneration of KMP (including employer’s social costs) was £152,792 (2023: £85,848 UK CEO only).
In Malawi, the Charity operates a defined contribution pension scheme, whose assets are held in an independently administered fund and in the UK it makes contributions to any personal pension scheme which meets its obligations under auto enrolment. Pension contributions payable by the Charity in the year amounted to £35,201 (2023: £42,311), including contributions of £10,154 (2023: £7,000) payable by the Charity on behalf of higher paid staff.
| by the Charity on behalf of higher paid staff. | ||
|---|---|---|
| Total | Total | |
| 2024 | 2023 | |
| Average number of staff excluding trustees | ||
| Based in Malawi | 14.5 | 14.7 |
| Based in the United Kingdom | 5.2 | 4.9 |
| Total Staff | 19.7 | 19.6 |
Page | 26
Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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6. GOVERNANCE COSTS
| 6. GOVERNANCE COSTS | ||
|---|---|---|
| Total | Total | |
| 2024 | 2023 | |
| £ | £ | |
| Governance costs comprise | ||
| Staff costs | 20,910 | 20,626 |
| Statutory auditor’s remuneration | 7,325 | 11,552 |
| Local auditors’ remuneration | 7,795 | 3,568 |
| Premises, office costs and travel | 3,136 | 3,094 |
| Total Governance Costs | 39,166 | 38,840 |
Governance costs comprise the costs of external audits, the costs of trustees’ meetings, the costs of statutory compliance and other costs incurred in the strategic oversight of the Charity.
7. TRUSTEES’ EMOLUMENTS AND REIMBURSED EXPENSES
No payments were made to any of the Charity’s Trustees in respect of their role as trustees during the financial year (2023: £nil) and no Trustees were reimbursed expenses (2023: £nil).
8. CORPORATION TAX
As a charity, Pump Aid is exempt from UK tax on income and gains to the extent that these are applied to its charitable objects. No UK tax charges have arisen during the year or in the previous year.
9. FIXED ASSETS
| 9. FIXED ASSETS | ||||
|---|---|---|---|---|
| Fixtures and | Motor | Total | ||
| GROUP | Land | Equipment | Vehicles | 2024 |
| £ | £ | £ | £ | |
| Cost at 1stApril 2023 | 1,232 | 21,709 | 121,660 | 144,601 |
| Additions during period | - | - | - | - |
| Disposals during period | - | (1,174) | - | (1,174) |
| Cost at 31st March 2024 | 1,232 | 20,535 | 121,660 | 143,427 |
| Accumulated depreciation at 1stApril 2023 | - | 16,137 | 117,769 | 133.906 |
| Charge for the year | - | 3,146 | 3,207 | 6,353 |
| Depreciation on disposals | - | (1,174) | - | (1,174) |
| Accumulated depreciation at 31st March 2024 | - | 18,109 | 120,976 | 139,085 |
| Net book value at 31st March 2024 | 1,232 | 2,426 | 684 | 4,342 |
| Net book value at 31st March 2023 | 1,232 | 5,572 | 3.891 | 10,695 |
| Fixtures and | Motor | Total | ||
| CHARITABLE COMPANY | Land | Equipment | Vehicles | 2023 |
| £ | £ | £ | £ | |
| Cost at 1stApril 2023 | 1,232 | 20,732 | 121,660 | 143,624 |
| Additions during period | - | - | - | - |
| Disposals during period | - | (1,174) | - | (1,174) |
| Cost at 31st March 2024 | 1,232 | 19,558 | 121,660 | 142,450 |
| Accumulated depreciation at 1stApril 2023 | - | 15,967 | 117,769 | 133.736 |
| Charge for the year | - | 2,821 | 3,207 | 6,028 |
| Depreciation on disposals | - | (1,174) | - | (1,174) |
| Accumulated depreciation at 31st March 2024 | - | 17,614 | 120,976 | 138,590 |
| Net book value at 31st March 2024 | 1,232 | 1,944 | 684 | 3,860 |
| Net book value at 31st March 2023 | 1,232 | 4,766 | 3.891 | 9,889 |
Page | 27
Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
______________________
10. INVESTMENTS
| 10. INVESTMENTS | ||
|---|---|---|
| Total | Total | |
| CHARITABLE COMPANY | 2024 | 2023 |
| £ | £ | |
| Wholly owned subsidiary – Beyond Water Limited | 1 | 1 |
| Total Investments | 1 | 1 |
The Charity has a registered branch in Malawi, Pump Aid Malawi, which used to deliver all its activities in that country. Since April 2022, some of its activities have been delivered by Beyond Water Malawi (Company Number: 01756706. Registered Office: 14/211, off Presidential Way, PO Box 2712, Lilongwe), which is a wholly owned subsidiary of Beyond Water Limited (Company Number: 7387428. Registered Office: 86-90 Paul Street, London, EC2A 4NE), which itself is a wholly owned subsidiary of the Charity.
11. STOCKS
| 11. STOCKS | |||||
|---|---|---|---|---|---|
| GROUP | GROUP | CHARITABLE COMPANY | CHARITABLE COMPANY | ||
| Total | Total | Total | Total | Total | |
| 2024 | 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | £ | |
| Stocks including small tools, fuel and materials for building pumps | |||||
| Stocks of finished pumps | 14,591 | 14,591 | 40,424 | 14,591 | 40,424 |
| Materials for making and repairing pumps | 30,885 | 30,885 | 11,019 | 3,985 | 11,019 |
| Other stock items | 780 | 780 | 1,772 | 467 | 926 |
| Total Stocks | 46,256 | 53,215 | 19,043 | 52,369 |
12. DEBTORS
| 12. DEBTORS | ||||
|---|---|---|---|---|
| GROUP | GROUP | CHARITABLE COMPANY | CHARITABLE COMPANY | |
| Total | Total | Total | Total | |
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Trade debtors | 31,234 | 33,588 | 31,234 | 33,588 |
| Amount owed by group undertaking | - | - | 1,000 | 1.078 |
| Other debtors | 5,070 | 13,217 | 1,638 | 2,859 |
| Provision for doubtful debts | (1,266) | - | - | - |
| Total Debtors | 35,038 | 46,805 | 33,872 | 37,525 |
13. CREDITORS (amounts falling due within one year)
| GROUP | GROUP | CHARITABLE COMPANY | CHARITABLE COMPANY | ||
|---|---|---|---|---|---|
| Total | Total | Total | Total | Total | |
| 2024 | 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | £ | |
| Trade creditors | 13,641 | 13,641 | 19,360 | 7,888 | 11,978 |
| Taxes and social security costs | 3,560 | 3,560 | 5,380 | 3,560 | 5,380 |
| Accrued audit fees | 14,031 | 14,031 | 15,547 | 10,229 | 12,316 |
| Deferred income | - | 26,093 | - | 25,000 | |
| Total Creditors | 31,232 | 66,380 | 21,677 | 54,674 |
14. MOVEMENT IN DEFERRED INCOME
| 14. MOVEMENT IN DEFERRED INCOME | |||||
|---|---|---|---|---|---|
| GROUP | GROUP | CHARITABLE COMPANY | CHARITABLE COMPANY | ||
| Total | Total | Total | Total | ||
| 2024 | 2023 | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | |
| Deferred income at 1stApril 2023 | 26,093 | 7,187 | 25,000 | 7,187 | |
| Amounts released from previous years | (26,093) | (26,093) | (7,187) | (25,000) | (7,187) |
| Incoming resources deferred in the year | - | 26,093 | - | 25,000 | |
| Deferred income at 31st March 2024 | - | 26,093 | - | 25,000 |
Page | 28
Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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15. MOVEMENT IN FUNDS
| 15. MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Net | |||||
| Balance at | movement | Balance at | |||
| 2024 GROUP | 1st April 2023 | Income | Expenditure | in funds | 31st March 2024 |
| £ | £ | £ | £ | £ | |
| RESTRICTED FUNDS | |||||
| WASH for vulnerable populations | 30,550 | 43,729 | (22,194) | 21,535 | 52,085 |
| Enterprise for WASH and agriculture | - | 62,512 | (62,512) | - | - |
| Enterprise for repair and maintenance | 40,000 | 388,330 | (428,330) | (40,000) | - |
| Movement in Restricted Funds | 70,550 | 494,571 | (513,036) | (18,465) | 52,085 |
| UNRESTRICTED FUNDS | 615,920 | 367,292 | (281,685) | 85,607 | 701,527 |
| Movement in Total Funds | 686,470 | 861,863 | (794,721) | 67,142 | 753,612 |
| Net | |||||
| Balance at | movement | Balance at | |||
| 2024 CHARITABLE COMPANY | 1st April 2023 | Income | Expenditure | in funds | 31st March 2024 |
| £ | £ | £ | £ | £ | |
| RESTRICTED FUNDS | |||||
| WASH for vulnerable populations | 30,550 | 43,729 | (22,194) | 21,535 | 52,085 |
| Enterprise for WASH and agriculture | - | 62,512 | (62,512) | - | - |
| Enterprise for repair and maintenance | 40,000 | 388,330 | (428,330) | (40,000) | - |
| Movement in Restricted Funds | 70,550 | 494,571 | (513,036) | (18,465) | 52,085 |
| UNRESTRICTED FUNDS | 597,080 | 343,753 | (258,963) | 84,790 | 681,870 |
| Movement in Total Funds | 667,630 | 838,324 | (771,999) | 66,325 | 733,955 |
| Net | |||||
| Balance at | movement | Balance at | |||
| 2023 GROUP | 1st April 2022 | Income | Expenditure | in funds | 31st March 2023 |
| £ | £ | £ | £ | £ | |
| RESTRICTED FUNDS | |||||
| WASH for vulnerable populations | 58,894 | 49,068 | (77,412) | (28,344) | 30,550 |
| Enterprise for WASH and agriculture | - | 77,000 | (77,000) | - | - |
| Enterprise for repair and maintenance | - | 319,952 | (279,952) | 40,000 | 40,000 |
| Movement in Restricted Funds | 58,894 | 446,020 | (434,364) | 11,656 | 70,550 |
| UNRESTRICTED FUNDS | 577,575 | 513,585 | (475,240) | 38,345 | 615,920 |
| Movement in Total Funds | 636,469 | 959,605 | (909,604) | 50,001 | 686,470 |
| Net | |||||
| Balance at | movement | Balance at | |||
| 2023 CHARITABLE COMPANY | 1st April 2022 | Income | Expenditure | in funds | 31st March 2023 |
| £ | £ | £ | £ | £ | |
| RESTRICTED FUNDS | |||||
| WASH for vulnerable populations | 58,894 | 49,068 | (77,412) | (28,344) | 30,550 |
| Enterprise for WASH and agriculture | - | 77,000 | (77,000) | - | - |
| Enterprise for repair and maintenance | - | 319,952 | (279,952) | 40,000 | 40,000 |
| Movement in Restricted Funds | 58,894 | 446,020 | (434,364) | 11,656 | 70,550 |
| UNRESTRICTED FUNDS | 577,575 | 456,696 | (437,191) | 19,505 | 597,080 |
| Movement in Total Funds | 636,469 | 902,716 | (871,555) | 31,161 | 667,630 |
Page | 29
Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
______________________
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| GROUP | Funds | Funds | 2024 | Funds | Funds | 2023 |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 31stMarch represented by: | ||||||
| Tangible fixed assets | 4,342 | - | 4,342 | 10,695 | - | 10,695 |
| Current assets | 728,417 | 52,085 | 780,502 | 671,605 | 70,550 | 742,155 |
| Current liabilities | (31,232) | - | (31,232) | (66,380) | - | (66,380) |
| Fund balances at 31st March | 701,527 | 52,085 | 753,612 | 615,920 | 70,550 | 686,470 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| CHARITABLE COMPANY | Funds | Funds | 2024 | Funds | Funds | 2023 |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 31stMarch represented by: | ||||||
| Tangible fixed assets | 3,861 | - | 3,861 | 9,889 | - | 9,889 |
| Current assets | 699,686 | 52,085 | 751,771 | 641,865 | 70,550 | 742,155 |
| Current liabilities | (21,677) | - | (21,677) | (54,674) | - | (54,674) |
| Fund balances at 31st March | 681,870 | 52,085 | 733,955 | 597,080 | 70,550 | 667,630 |
17. COMMITMENTS UNDER OPERATING LEASES
| 17. COMMITMENTS UNDER OPERATING LEASES | ||
|---|---|---|
| Total | Total | |
| 2024 | 2023 | |
| £ | £ | |
| Within one year | - | 6,034 |
| Between two and five years | - | - |
| Total Commitments | - | 6,034 |
18. RELATED PARTY TRANSACTIONS
The Charity received funding in the year from Urenco Limited, a company that employs Gerard Tyler, one of the Charity’s trustees. Charitable donations made by Urenco are overseen by a grant making committee and are subject to a vetting and due diligence process in which Gerard Tyler takes no part. There were no conditions attached to Urenco’s donation that would not have accompanied any other donation to any other charity.
19. EVENTS AFTER THE REPORTING PERIOD
There were no significant events after the reporting period that would require disclosure in these group consolidated financial statements.
Page | 30
Trustees’ Report and Consolidated Financial Statements for the year ended 31[st] March 2024
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GLOSSARY OF TERMS AND ABBREVIATIONS
AM A self-employed area mechanic BWM Beyond Water Malawi CBCCs Community Based Childcare Centres (rural nurseries for the under-5s) CLTS Community Led Total Sanitation CWP(s) Community Waterpoint(s) CWPC(s) Community Waterpoint Committee(s) DFID The UK Department for International Development DWO District Water Office ENTREPRENEUR A self-employed artisan or trader FCDO The UK Foreign, Commonwealth & Development Office (formed by the merger of DFID and the Foreign and Commonwealth Office) GDPR General Data Protection Regulations JMP Joint Monitoring programme of the WHO and UNICEF MOU Memorandum of Understanding MVAC Malawi Vulnerability Assessment Committee NGOs Non-Governmental Organisations PAM Pump Aid Malawi SDGs The United Nations’ Sustainable Development Goals SELF-SUPPLY The delivery of incremental improvements to water for consumption and irrigation, financed by the users themselves UKAID Funds received from DFID or FCDO UNICEF The United Nations International Children's Emergency Fund WASH The collective term for Water, Sanitation and Hygiene interventions WHO World Health Organisation WPC Waterpoint Committee
Page | 31