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|Trustees, directors, officers and advisors|Trustees, directors, officers and advisors|1|
|---|---|---|
|Trustees annual
report||2|
|Strategic report.||6|
|Independent
auditors'|report .|9|
|Statement offinancial|activities ...................|12|
|Balance sheet.||13|
|Cash flow statement.||14|
|Notes to the financial statements||15|
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|the followi|ng
over|ng
over|view th|e charitable
aim pursued
by eac|h i|nve|stment
is|presented:|||
|---|---|---|---|---|---|---|---|---|---|---|
|Programme|related|||Charitable
aim pursued|||Results as|ofend 2021|||
|Investment
(PRI)|||||||||||
|Bridge Int. Academies,|||Kenya|Development
of low cost, high quality|||Bridge has|817,000students
enrolled|||
|||||primary
schools
in slum areas in Nairobi and|||and over 3,144teachers employed.||||
|||||other urban areas.|||||||
|Tanga Fresh,|Tanzania|||Add value to milk produced
by smallholder|||The milk payments
to 4,524 dairy||||
|||||farmers
in Tanga region. Through
secured|||smallholders|was 63.6 million for their|||
|||||offtake ofmilk, the smallholder
famers'|||milk delivered.
Upward
trend
in volumes||||
|||||income from dairy activities improves.|||and milk payments.
Number
of||||
||||||||employees|is 137.|||
|M-Kopa, Kenya||||Enhance access to solar powered
energy|||Connected|more than 1,000,000 off-grid|||
|||||systems for the population
that has no
access to the grid, through
the facilitation||of|homes with energy access and financial
inclusion.
Over 3.7 million people benefit||||
|||||consumer
finance and distribution.|||from an M-KOPA solution. $498 million||||
||||||||savings across the entire customer base.||||
||||||||168,000 new individual
connections||to||
||||||||the internet.|2 million tonnes CO2|||
||||||||emissions
avoided.
Number of||||
||||||||employees|is 855.|||
|Joseph Initiative,||Uganda||Providing
smallholder
farmers
in Western|||In 2017the|Foundation
sold its shares||in|
|||||and Central Uganda
with:|||JI but the Foundation
stayed
involved|||in|
|||||a readily available
market for corn on the|||JIthrough a loan. The loan is still||||
|||||cob, thereby decreasing
post-harvest|||outstanding.|We have no impact data at|||
|||||loss;|||this moment.||||
|||||a higher price for quality
grain than|||||||
|||||competition
(doubled
in 18months);|||||||
|||||agricultural
services to improve crop|||||||
|||||management;|||||||
|||||access to affordable
and improved|inputs||||||
|||||to increase yields;|||||||
|||||access to financial services;|||||||
|||||the possibility to increase income from|||||||
|||||corn by an estimated 2.5times.|||||||
|Copia Global,|Kenya|||Copia leverages
mobile technology
and an|||The number|ofemployees
grew to595.|||
|||||agent network to build
its e-commerce|and||The number|ofactive agents grew to|||
|||||delivery service for the benefit of|||23,168and|Copia has 253,145active|||
|||||low-income
consumers.|||customers.||||
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||||||Total funds|Total funds|
|---|---|---|---|---|---|---|
||||||2021|2020|
|||||Note|C'000|6'000|
|Income from:|||||||
|Investment|income||||567|25|
|Total|||||567|25|
|Expenditure|on:||||||
|Charitable
activities:|||||||
|Transfer to Stichting DOB Tree|||||3,508||
|Programme|Related Investments||activity||132|494|
|Exchange|difference|||||421|
|Total|||||3,640|915|
|Net gain / (loss) on||investments|||2,560|(871)|
|Net income|I(expenditure)||||(513)|(1,761)|
|Net movement
in funds|||||(513)|(1,761)|
|Reconciliation
offunds:|||||||
|Total funds|brought|forward|||18,307|20,068|
|Total funds|carried|forward|||17,794|18,307|
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||||Notes|2021|2020|
|---|---|---|---|---|---|
|||||6'000|6'000|
|Fixed assets||||||
|Programme|related|investments||10,597|10,921|
|Other investments||||2,472|3,699|
|Total fixed|assets|||13,069|14,620|
|Current assets||||||
|Cash at bank and deposits||||8,294|3,723|
|Total current assets||||8,294|3,723|
|Creditors:|amounts|falling due within one year||(3,569)|(36)|
|Net current|assets|||4,725|3,686|
|Net assets||||17,794|18,307|
|The funds|ofthe charity|||||
|Unrestricted|funds|||13,483|14,732|
|Revaluation|Reserve|||4,311|3,575|
|Total funds||||17,794|18,307|
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||||Note|||
|---|---|---|---|---|---|
|||||2021|2020|
|||||4'000|4'000|
|Gash Flow statement||||||
|Cash flows from operating
activities
Net cash used in operating
activities||||~107|~510|
|Cash flows from investing
activities:||||||
|Interest from investments||||567|25|
|Purchase of investments
Proceeds from sale ofinvestments
Net cash generated
from
/ (used in) investing
activities||||(144)
4,255
4,678|(1,869)
1,499
(345)|
|Change
in cash and cash equivalents||||4,571|(855)|
|Cash &cash equivalents
at 1 January||||3,723|4,578|
|Cash &cash equivalents
at 31 December||||8,294|3,723|
|Notes to the Cash Flow Statement||||||
|Reconciliation
of net expense to net|cash used|||||
|in operating
activities||||||
|Net income
/ (expense) before investment
Adjustments
for:||losses||(3,073)|(890)|
|Investment
income
Impairment
of/unreleased
losses/ capital
recovered
from programme
related investments||||(567)|(25)
392|
|Decrease
/ (increase)
in debtors|||||126|
|Increase/ (decrease)
in creditors
Exchange difference ofprogramme
investments|related|||3,533|(534)
421|
|Net cash used
in operating
activities||||107|510|
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||||2021|2020|
|---|---|---|---|---|
||||C'000|&'000|
|Impairment
ofprogramme||related investments||392|
|Support costs (see below)|||132|102|
|Total costs ofPRI activity|||132|494|
|Exchange difference||||421|
|Total resources expended|||132|915|
|Analysis ofsupport|costs||||
||||2021|2020|
||||4'000|6'000|
|Legal and professional|costs||131|100|
|Other|||||
||||132|102|
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|5|Investments|Investments|||||||
|---|---|---|---|---|---|---|---|---|
|||||||Programme|||
|||||||related|Financial|2021|
|||||||investments|investments|Total|
|||||||6'000|E'000|4'000|
|Carrying|value|at start|ofyear|||10,921|3,699|14,620|
|Add: additions||/(disposals)||to investments|at cost|150|(6)||
|Less: disposals||at carrying||value||(2,920)|(1,335)|(4,255)|
|Net gain|on revaluation||and|disposal||2,446|114|2,560|
|Impairment
/ unrealized|||losses||||||
|Carrying|value|at end ofyear||||10,597|2,472|13,069|
||||||2021|2020|
|---|---|---|---|---|---|---|
||||||C'000|6'000|
|Investment|assets|outside|the|UK|13,069|14,620|
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|6
|Creditors: amounts
falling due|within one year||
|---|---|---|---|
|||2021|2020|
|||C'000|6'000|
|Stichting|DOB Tree|3,508||
|Accruals||61|36|
|At 31 December||3,569|36|
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||||Unrestricted|Revaluation|2021|
|---|---|---|---|---|---|
||||income funds|Reserve|Total|
||||6'000|6'000|6'000|
|At 1 January|||14,732|3,575|18,307|
|Income|||567||567|
|Expenditure|||(3,640)||(3,640)|
|Gains i(losses) on financial||investments|550|(436)|114|
|Gains on programme
investments|related||1,274|1,172|2,446|
|At 31 December|||13,483|4,311|17,794|
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||||Unrestricted|Revaluation|2020|
|---|---|---|---|---|---|
||||income funds|Reserve|Total|
||||6'000|E'000|6'000|
|At 1 January|||14,876|5,192|20,068|
|Income|||25||25|
|Expenditure|||(915)||(915)|
|Gains / (losses) on financial|investments||420|(1,291)|(871)|
|Gains /(losses) on programme
investments||related|326|(326)||
|At 31 December|||14,732|3,575|18,307|
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|to&1,422k (2020:61,495k).These commitment
presented
in euro equivalent:|s
will be payable
in the following
currencie|s,|
|---|---|---|
||2021|2020|
||C'000|6'000|
|Euro|469|583|
|US Dollar|953|912|
|At 31 December|1,422|1,495|