SIqAQ> vERfio THE CHAN6ARAWE PROJECT (Charity No 1098215) ANNUAL REPOR T and FINANCIAL STA TEMENTS for the Year ended 30 June 2025
THE CHANGARAWE PROJECT (Charity No 1098215) TABLE OF CONTENT5 Charity detorls Page 3 keport f rom the Choir Po9e 4 Stotement of Trustees, responsibilities Pttge 7 FiThJnciol stotements Poge 8 Independent Exominer's Rewrt Page 11 Umudited (lty$15 of Tonianion upeTrJrture Page 12
THE CHANGARAWE PROJECT (Charity No 1098215) THE OBJECTIVES OF ThE CHARITY (os set out in a &Jpplementary Deed doted 4 Alarch 2012).. The Tnjstees must appty the incoTrz of the Chfjrity in furtherirg the followirg objects: To advance education, relieve poverty and preserve and protect the good health of the people of ChoThJorawe Village. Tanzonia ond the surroundirKJ are4s. in particulor tsjt Mt clustveiy. by oll or ony of the followirg means." the provrsion of Jpport firnnce for the Zawodi School (formerly known os the Wolford Zawodi School}." the provision of support ond f iTh]nte f or the dt>mestic. sociol ond educational wellbeing of orphans ottendirg prirrory or secondary schools. or undertakin9 vocatio1 troining.. the provision of land the construction ond rnointenonce of such buildirgs as the Trustees consider necessary for the educational needs of students, whether ot the Z{MdI School or wtthin the orphan Jpport project." the provision of loans to local people of either gerKJer to focilitate settin9 UP or developin9 small b(Sl$ venture5 With a view to supportirg their fam41ies.' to provide facilities for educatiry local people in such topics os family plonnin9 ond the prevention ¢f HIV Aids." to provide f iTh3nce and support. whether through employrnent or otherwise. for destitute 9rondparents of thildren who ore current or students ttt the Zawodi School and who ore wholty or FtIallY resFX)nsiblt for the care of such children.. to undertake ony other actrvities which the Tnstees consider to be helpf ul In furthertryj th¢ other octivittes of The cThowawe Project. TrUSTEEs b) d) f) g) BANK5 Rose EdwiM 115 Corotyn An Walford Luke Edw17rds.Stuort Michoel Roborts Felistas Kalomo Robert Wotkinson Sorah Konopka CAF knk Limited 25 kn"n9s Hill Avenue Kingg Hill West Alalli Kenl ME19 4JQ Ctyjtts & Co 440 Strand Lon(h)n WC2R WS ADDRESS FOR COkkESPONDE WEBSITE Prlory Farrn Bolscote 8tmbury Oxon OX15 6JL ch ecf.o
THE CHANGARAWE PROJECT (Charity No 1098215) REPOR T FAOM THE CHAIR FOR THE YEAFt ENDEf) 30 JUNE 2025 I am deltghted to present my IO" IMI1 rep)rt since r ossumed the role of Chatr in 2016. As the Project rnoves gradu01 throlh its fintsl phase. we are expectirg the annual fundin9 requirement to dirninish steddily as the overnll headcount of our benef iciaries reduces There remains on orsoin9 requirement to provide fund¢ng for the locol admin¢strative support. olthou9h this too is pected to fall in the loter sta9es of the rundown. At this relatively early st<M3e. still with seven years to r. the reduction in iJnn¢AI spendir9 hos been relotivety modest. mainty bec(wse the heodcount of tudeJ)ts on advanced courses IS not expected to stort falliNJ until 2030 ond. dependitvj on their lorgevity. the number of supported bttb¢Jbibis w well remoin constant to the end. Between thern. these two groups account for almost 60Yo of our total pro9ramme spendtThJ. with orgoing administrntive support added on top of that. However. the nurnber of children attending prtmory ond secondory school will foll onnually until the last cohort gradt¢S in 2029, of ter which our spending will be limited to the rernainin9 stLtdents uThJertoktrg advanced courses and. of course. the remainiThJ babubibis. Most of the administrative work is ossociated with the childrtn in priw secgndory school so, while detailed discussions hove not yet taken ploce. we ¢re currently expectiry the for much of the administryjtive support to be eliminated by the end of 2029. A90inst thot bock9rovnd. the forecostirg t¢)ol thot we introduced iast yeor Trk)s performed well ond suggesrs thot our expected future costs will be covered comf ortobly. This is due in rv) small rneosure to the strorvj stPOrt we continue to enjoy f rom standirJ order donors. Indeed, we hove been very encouroged by the lor9e proportion of our regulor dorr5 who have Indicated their intention of maintainiry their s¢Jpport through to the f Itr yeors of the Project. We have not taken this for granted in our forecosts, but tknt undertokirg does provide ts cushton (winst uPeCted future costs. General Fund The General Fund provides the btjlk of the fundtr8 required to cover administroltve costs. By far the lorgest proportion of those Costs is accounred for by the salaries of the CDO tearn. Under the strict terms of the Memomndum of Understandirg that is in place with Ct)O. the Trustees have the right to reduce the level of support os the Project enters its closirg stages whert the rth for it Is upecttd to decline For the time beiry. knwe¥er. we have Token the decision To mutntain remiiT&nces at the4r existin9 level lor as lorg as the coshf low f or¢cosT allows." these remittances are easily controlled (L£ the quorterly commitment is expressed In sterliry terms ond IS very broadly covered by regular income f rom standing orders ond our onnual reclaim of gFft aid. Any drop ¢n incorne should become trnrnediotety ¢Jpparent so that the Trustees should be in a p)sition to give CDO ttmple notice of LYV need to reduce support levels.
THE CHANGARAWE PROJECT (Charity No 1098215) Nigel Lloyd Fund The Nigel Lloyd Fund htts historrcally provided the fundiry of two of our three development programm. rnelY the gupport of orphans attendi primory and secondory schools ond of our babubibis. DuriF4J the p2St yeor. thrs Fund has olso becorne responsible for the fundir9 of the odvanced courses which. $ie 2016. knd been lttrgely fTJnded by dedicated sponsorships15ee below). The costs covered from the m.gel Lloyd Fund ore Inherent harder tg predict and control since they are, for the most part expressed Tn locol currency tern and ore occordingty subject to currency f luctuations ond Inf lation. As will be seen f rom the analysis of the Funds Iorne ond vJpenditure account on Fh)9e 9, costs knve fallen modestty over the wst 12 K)nthS ond we expect this trend to conliryje. A more detailed breakdovm of local currenry spendin9 from the Fund is shown on page 13 ond it is pleasirKJ to report that there rtre only two oreos of spendiTrJ where o(rr coshf low f orecost has proved to be somewhat optlmistic, Trjmely school feediNJ (o marKlatory government controlled scheme) ond medical c9Sts. We are reviewin9 both of these dreos. but we expect it to become eosier to predict feeding Costs in particulor. os the f inE21 cohort of ehildren gradte f rom primary school at the end of 2025. leadir¥J to a reduction in the numbtr of schools beiThJ ottemded. We decided to retoin the extstin9 f orec( for these areas for the time beiThJ. to deternijne whether the variances experienced in the Ix]st year were simply short-terni (tnornolits. The Nigel Lloyd Fund does also provide a signif icont contribution to the salcwies of those members of the CDO tertm who are drre¢tly responsible for Orphan Welfrtre. In line with the decision we have token for the 6enerol Fund we have ogreed, OlD on o dis¢retioMry basis, lo stick to the c(rrent level of support this oreo so that. here too we are. for the tirne bein9. teed1r9 04r forn1 cornmitments under the Memorandurn of Understondir9. Luke EdwardS-st is proFK•sirg to undertoke o further Trustee visit tn the CJurse of 2026 and this will provide a good opportunity to take stock tmd to discuss the Closi stO9es of the project wtth the CDO team Sponsorship Programm¢ At the start of the yeor under review, the enco(ryiThJ tashf low forec(st led us to suspend the (wpeai for new sponsorships. We were Skill holdirg £5 497 in reserve from existing sponsorships and th¢s reserve was used up os the yeor progressed. Consequentty it Is now possible to provide a Jnunary of the overall outcome. In the decade durir¥J which it ron. ro fewer than 59 students hod the Cost of their courses up to June 2025 entirely poid for by sponsorships. These were funded. wit enorrnous generosity. by 24 Indivtdwls and Three Charitable Tnsts thot between them contributed just under £50.CM)O. o cost thot would otheise hove fallen on the Nigel Lloyd Fund with devastotiry consequences f or the Project as a whole. After adJtLStifyJ for the Inevitable irnbalances between indtvia¢AI sporLsorships (some overspent ond others underspent) os the pro9romme drew to a close. the f iTh)l outcome has been that o rnere £20 hod to be provided from Nr9el Lloyd Fund resources to p(ry f or those courses - a truly remorkable st*$t1C. As noted earlier, all f Lrture costs of the advanced courses
THE CHANGARAWE PROJECT (Charity No 1098215) ore incorporated In our cash f low f orecatt (includirb3 the costs of the fiMI year of studies for 8 students) and we ore now conf ident of our ability to meet all those costs runnin9 throu9h to 2032 f rom Ni9el Lloyd Fund resources.. Fimnce The accounts set out on w9es 8 to 10 of this report show o very healthy f irnncial sition. with tottsl assets ¢f just under £158.(J)O at the 30 June year er4d. Whilst the General Fund enjoyed a S11 surplus for the year. spendrrg rn the Nigel Lloyd Fund exteeded its income by just under £17.(XrfJ. arKI we expect this trend to continue. In anticipation of this, the Tntstees set oside reserves which will be used progressive to cover the shortfalls. in the first instante utilisrry the £33.(KO term deposit held with Coutts ond then movin9 on to sell units in the Ruffer Total Return Fund which are currently valued at Just under £76.C(K). We expect these redemptions to provide suf f Icient f unding f or us to cover all existlll9 spending cornmitments. There ore clearly o number of vari¢ibles thot affect the accuracy of our f orecast. rtablY the actwl level of income received by the two fur$. movements irt the Tanzani¢in shilliry ext+we rote and the level of locoi inf fatron. However. as noted earlier in my report. we wrll be oble. if necessary, to adjust the level of support we provide for administrative costs without beiThJ in (vy don9er of breaching our contractual obligatiors to CDO. Given the healthy current cash position, we decided to switch our holdir9 rn the Ruf fer fund f rom income to occurnulation units In order to nw]ximise our market eXp0re. This ts retlected in The tncreose in value OT Tne noiairg OT rne year ern. Firnlly, it is appropriate to report a charge in policy in relotron to currency conversion risks. Some yeors ago. UK bonks took the decision not to undertoke cwrenry conversions f rom sterling to so-called -uotic" currencies, includirwj Tanzanian shillings. As a result. we have had choice but to transfer sterltThJ every qwrter. leaviNJ the currency conversron to be done loeolty. Thls meant that we were uTr]ble to predict the exact currency proceeds of eoch transfer, but our policy was to make an adjustment in Tne nexT roiiowiM ouarrer TO orrseT onv snorrroii tsr surDius reiaTive TO Tne JnTenoea transfer ¢imoLtnt. This year, evidence emerged that the rates being (yplied by CD(Ys bjnk (CRDg) were becomin9 uncompetitive. resulting in Si9nif rcant addrtronal costs. We have theref ore suspended the policy of makirg retrospective IxlJustments. so as to encourage CDO to ne9Otiate better tre47tment in this orea of their lotiOnshIP with CRD8. We mtry decide to revert to our ear14er policy once we ore satisf red that the rates opplied by CRD8 have Improvea. It repNJins for me to thIk our dorKJrs ond my fellow tnjstees for their continued support ¢md hard work over the past yeor. Rose Baylis. Chair of the UK Truttees 25 September 2025
TrIE CHANGARAWE PROJECT (Charity No 1098215) STATEMENT OF THE TRUSTEES. RE5PON5181LITIES The Trustees ore responsible for prewriry the f IM10[ statements of the Chority in occordonce with opplicoble law ond United Ktrrgdom Generalty Accepted Accounting Practice. Charity low requires the Tryjstees to prepare f Ir¢10[ statements for each f tTr]nciol year in accordonc¢ with the Generol Directions of the Charity Commission under Sect¢on 130 of the Chorittes Act 2011. En preFWiry those fIru11 stotements. the Trustees ore required t(t'. select suitable d¢countiTh3 p)li¢ies ond then appty them consistently.. make jud9ememts cmd estimates thot are reosorthle ond prLtht.' (UKf prewre the f inancial stotements on the goi concern basis urtless it is IpprOprIate to presume that the Ob2rity will contiTrw¢ in operotion. The Trustees are resp)nsrble for keepiry proper ttccountirvj records which disclose, with reasonable accurd¢y at ony tsme, the finonciol positton of the Charrty. ond eble them to ensure that the f inCl01 stotemeffjts comply with relevant chorities legislation. The Trustees are olso responsible for safe9wrding the assets of the Cknrity and hence for takirg reasomble steps f or the prevention and detectron of f roud ond o*her irregularities.
THE CHANGARAWE PROJECT (Charity No 1098215) FINANCIAL STATEMENTS Fok THE YEA Wt ENr 30 JUNE 2025 6¢wal F1. Experdiftre Accmt 2024 2025 7.705.CQ 41.CQ 42.38 Interest reCed G¢ft A1 r¢fthts frlvn fvIAIRC (Mt¢ 2) 2.980.ZI 3.228.63 10. 772.59 10 974.63 10. 756. 42 4J.11 to TO01 (rote 3) 10.570.24 79.LX) Othtr wer¢¢s JO.8r6.53 10.681 87 03 94) Ir Z2.997. 42 dEPOSit ot l J* 2024 292.76 22.893.48 22.893.48 Btvth (kp05it ot 30 Z025 23. 186.24
THE CHANGARAWE PROJECT (Charity No 1098215) FINANaAL STA TEMENTS FOR THE YEAR ENt)ED 30 JUNE 2025 2024 ZO25 76r J¥ rwAd 6.910. 12. D¢thitM¥ rekntry to J2J 33 Interest rtcerytd J 473.81 J&we5tmtnY TroTrsfer fr•n Ileser¥ fve 3) 07.77 803.47 5.497 tl) 13.778.24 20. 786 30 Z9.070 00 • {v•te 4) 78.89 kn c9$ J 2LW sp¢4 swoieths 28.694.29 87.37 i.cw.co 33.LXX). Lil Tr•p&fer to thposrt Prtry costs 247 16 Websrse cots 42J.67 Tra¥d Mrts 00.lxi OVhEr 1 32/. T¥fer Tv SptyKtrip 368.50 268.70 JOO.ZCg 38 30 478.66 .423 12) 127 429 99 Bop ¢port ot l Jdy 2024 5ptyuwstr41 42 t.8T at 30 2025 .306 25
THE CHANGARAWE PROJECT (Charity No 1098215) FfNANCIAL STA TEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Stotevrth of Assets 2024 2025 CAF Bor 22 693.48 6ehtr•l FLTrJ 42.6.87 W LW Fwvj 23.186.24 25.306.25 33.C(Q.O) J. 49r.LXI 5pw6LY5Pdp (Mte 31 103.397.39 Tgtol 81 49Z 49 72.805. 97 Nty•EI Lkryd Fwbj n.756.29 170,263.32 Tgtal Assets 05 Qt >) Jltht 1025 IJ7 248.78 tes: l. The accounts have been prep2red usirg the Iorne and expenditure bosis of presentation. 2. The Changarawe Project enjoys ch(ritoble status. eThiblirg St to reclaim 6rft Aid on donotions frorn UX ioxpayers at the Etsic In¢orne tox rate 3. A restr¢cted restrve has previously been held within Mgel Lloyd Fund to ringfence money contributed by donors as sponsorship for the cost of odwjnced courses undertaken by students. The value of the reserve has been odJ(tsted ¢2nnualiy to reflect the cumulative sponsorship income less the sterlirg ewivalent of the cvmulative Orn01 spent on studenl support Since Z016. when the progromme strtrted. As at 30 June 2024 these omounts were £49.616 and £44.119 respectivety. resulting In d surplus of £5 497. This difference hos been elimited In th¢ course of the current yeor i]nd the remoinder of the reserve hos been released as a consequenc& 4. BreokdowrLS of the tronsfers to Tonzonio from efjch occount the uses to which the monty hos been put ore shown on pages 12 tc+ 14. 5. Durin9 the course of the yeor. the holdirg of 22.533.311 'C Income units in the riuffer Totol Return Fund were exchanged ot nil ctsst for 13.446.510 'C Accumulotton units in the some Fvnd. The rnarket prtce of the units at 30 June 2025 was £ 5.6339 per unit. resultirg ift a totdl rnarket value of £75.756.29. 10
THE CHANGARAWE PROJECT (Charity No 1098215) FfNANcfAL STA TEMENTS FOR THE YEAR ENDEf> 30 JUNE 2024 INDEPENDENT EXAMINER'S REPORT to the Trustees of the Chan9arawe Project r report on the accounts of the Cknwrowe Project for the yeor ended 30 June 2025. which are set ¢)Ut on FgeS 8 to 10. Respective responsibilities of Trusteu ond Examiner The Chority's Tnjstees are responsible lor the preporotion of the accounts. The Chortty's Trustees consider thot on avdit IS not required for this yeor under Section 144 (2) of the Charities Act 2011 (the 2011 Act) ond tha1 on independent ¢¥amiTh7tion is needed. It is my responsibility to.. examine the accounts urder Section 145 of the 2011 Act.. follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145 (5) Ib) of the 2011 Act." OTh state whether particular tterS hove come to my ottention. Basis of examinotio My examination wrts corried out in occordance wrth the 6eneral Directions given by the Chority Commissioners. An exam¢tIOn includes a review of the accountiry records kept by the Chrtrity and a comparison of The occounts presented with those records. It olso includes consideration of urttsual Items or dtxlgsures In the accounts ar¥g seekirg explotIONS Irom you as Trustees concernirg such mtttters. The procedures undertaken do not provide all the evidence that would be required In on audit ond consequently no opinion IS given Its to whether the ac¢oLrnts show o -tru¢ ¢Jnd fair view- and the report is Itmited to those matters set out rn th¢ statement below. rndeper*dent Examiner's statement In connection with rny examination. no matter hos come to my t)ttention: which gives me reosoTr]ble touse to believe that In ory moterial respect. the requirements (l) to keep otcountirg records in o¢¢ordonce with section 130 of the 2011 ACT ond (2) to prwre occounts which occord with the accountiThJ records tmd comply wrth the dccountTn9 requIreffts of the 2011 Act have not been met.. To which. in my opinion. attention should be in order to eThible o proper nderstan of the accounts to be reached. lan Prideaux ACA 31 The Chose. London SW4 0 25 September 2025
THE CHANGARAWE PROJECT (Charity No 1098215) UNAUDITED ANALysfs OF TANZANIAN EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2025 Izth'c SJ 37> Stoff 38.721 3 559 9tr .YT2 fvvardl FWMI 4). 104 ioJ.o I LW PWMI (s•¢ w ij fw Ji. 30.174 15.9 41.7 70.9n T6ts1 P¥JEI LW 71.410 Iw.o 345.849 ObTral T•iots 117.S14 7.1 X (Gf Stliff sd•r¥ 35.491 55.375 Total S4ff We Vilit 2.939 J Off¥4 c•sts 11.3 45.104
THE CHANGARAWE PROJECT (Charity No 1098215) UNAUDITED ANALysfs OF TANZANIAN EXPENDITURE FOR ThE YEAk ENDED 30 JUNE 2025 199 yyi 3.470 cts%73 1.120 7ZO .174 n410 Jcvo 145 YP T•t4 p¥ 11) Breakdown ot Money Translers Z024 iOZ5 10.no 42 <J¢¢ pogr •) ag.070 do Ljryd (t¢t 9) 10.570.24 io S70 t4 23.2W 4t Z•.694 29 39.82f Told 15.9n.ii t3.249 42 19.261 53 Tzyh. I29.7
THE CHANGARAWE PROJECT (Charity No 1098215) UNAUDfTEts ANALYSIS OF TANZANIAN EXPENDITURE FOA ThE YEAk ENDED 30 JUNE 2025 Tanzanian Bonk Reconcrliation 2024 2025 TZxh'L 7Zsh't 3J.891 Bork co5h qi at i idy 20t4 13 488 IIece$ J25.J58 kny trwsferrtd iht ywjr I p>J¢ 131 129.8J7 9.201 756 578 Othtr 134.394 Totol rtteyls 139.814 pay1 14Y.549 Proftrt 5perth4 year (seo p•p$ 12 13) 0.400 New wdEr the crethk 117.J14 673 IJ2 T98 Totol paywMT5 127.507 13.468 boNIKes eosh • hwxl at 30 J• 2025 25.715 epresenttd CPDB 5taTeffAT bo10e$ cr)0 Adw&str4t)h ACcrt No 01522966259tsJ 0.272 CDO De%l•wnt A(ca•rt OIJ2012185101 6. 7Z3 CD¢ Crethl kn A¢¢•tht OlJ2012185102 J3. 067 T•lal bdrJ¢ 4ZJ Cash 6.954 11.183 6.969 25.106 I5. Tts1 at 30 2025 •1 25.715 NDies t& W111¢d sumw of f2n20fu]ft exp¢fiditw¢'. Tht trw&ers of to swe bos¢d detold 9terIY SFthliry will from these Qrnounts. The drfterefLCÈ% tre nwitored and. 4rt adjtre$ are rnode lo Ihe tferred itl Ihe followiwowrter. rr4fer3 rnde in Slvl¢ry ana tpwt¢rl¥ bosis. ith the cwrtncy conwsw wforffled I01ty. This mt¢r6 that the lo cwrew dmowtt tredited tc CL)O's oCcoU cannot be predicieé tt¢¢yrofety. Wilh CNYS a9reefflent The proctice of adJuSlir¥ in following 9rter for shortfolls In The (vnpunts received suspended thrih9 the TO thot the exchow rotes bl1 appli by CRDB t£¢WDe Ur01111¥. The Tntsiees to keep Ihis ptsliry CP trndv ry)jar review The ¢•stS QSSOC4lted vmth the trwsters <TTrQUnted to £120. rePr£tI 0.3% at the ¢vll¢WMt Iror4sferr¢d 120Z4 £120. rewtntiry 0 3%) ThÈ 4AQWtts trotslerrtd wtre cory¥erted llr overoge tx¢harye rote of TZ sh 3307 to £1 {2Q74 3152 10 £11