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 (l￿ty$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
vocatio￿1 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{M￿dI 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 F￿tIallY 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" IMI￿1 rep)rt since r ossumed the role of Chatr in
2016.
As the Project rnoves gradu01￿ throl￿h 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 grad￿t¢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 st￿POrt we continue to enjoy
f rom standir*J order donors. Indeed, we hove been very encouroged by the lor9e
proportion of our regulor dor￿r5 who have Indicated their intention of maintainiry their
s¢Jpport through to the f I￿tr yeors of the Project. We have not taken this for granted in
our forecosts, but tknt undertokirg does provide ts cushton (winst u￿PeCted 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. $i￿e 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 I￿orne 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 grad￿te 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, O￿lD 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 forn￿1 cornmitments under the Memorandurn
of Understondir9.
Luke EdwardS-st￿￿ is proFK•sirg to undertoke o further Trustee visit tn the C*Jurse 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 othe￿ise 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 S￿￿11 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.
r￿tablY 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 eXp0￿re. 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 thI￿k 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 IM￿10[ 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 fIru￿￿11 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
I￿pprOprIate 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 e￿ble them
to ensure that the f i￿nCl01 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 F￿￿1. Experdiftre Accmt
2024
2025
7.705.CQ
41.CQ
42.38
Interest reCe￿d
G¢ft A*1 r¢fthts frlvn fvIAIRC (Mt¢ 2)
2.980.ZI
3.228.63
10. 772.59
10 974.63
10. 756. 42
4J.11
to TO￿01*￿ (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¥ rwA*d
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 c￿￿9￿$
J 2LW ￿ sp¢￿4 swoieths
28.694.29
87.37
i.cw.co
33.LXX). Lil Tr•p&fer to thposrt
Pr*try costs
247 16
Websrse cots
42J.67
Tra¥d Mrts
00.lxi OVhEr
1 32/.￿ T￿¥￿fer Tv SptyKtr**ip
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 I￿orne 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 E*tsic 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 Orn0￿1 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 elimi￿ted 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 F￿geS 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
explo￿tIONS 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 requIreff￿ts 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 9t￿r
.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 S*4ff 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
pay￿￿￿1￿
14Y.549 Proftrt 5perth4 year (seo p•p$ 12 13)
0.400 New wdEr the crethk
117.J14
673
IJ2 T98 Totol payw*MT5
127.507
13.468 boNIKes eosh • hwxl at 30 J• 2025
25.715
*epresenttd CPDB 5taTeff*AT bo10￿e$
cr)0 Adw&str4t*)h ACc￿rt No 01522966259tsJ
0.272
CDO De%*l•w*nt 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& W￿￿111¢d sumw of f*2n20fu*]ft exp¢fiditw¢'.
Tht trw&ers of to swe bos¢d ￿ detol￿d 9￿terIY SFthliry will
from these Qrnounts. The drfterefLCÈ% tre nwitored and. *4*rt adj￿tre￿$ are
rnode lo Ihe t￿ferred itl Ihe followiwowrter.
rr4￿fer3 rnde in Slvl¢ry ana tp*wt¢rl¥ bosis. *ith the cwrtncy conwsw wforffled I￿01ty.
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 9￿rter for shortfolls
In The (vnpunts received suspended thrih9 the TO thot the exchow rotes
bl1￿ appli￿ by CRDB t*£¢WDe Ur￿0￿￿1111¥￿. The Tntsiees to keep Ihis ptsliry CP
trndv ry)j￿ar 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 4*AQWtts trotslerrtd wtre cory¥erted llr
overoge tx¢harye rote of TZ sh 3307 to £1 {2Q74 3152 10 £11