HOPE AFRICA- MALAWI OFFICE FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
HOPE AFRICA - MALAWI OFFICE
FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| Contents | Page |
|---|---|
| Trustees report | 1 - 2 |
| Accountant's report | 3 |
| Fund accountability statement | 4 |
| Notes to the fund accountability statement | 5 - 6 |
TRUSTEES REPORT
HOPE AFRICA - MALAWI OFFICE
ON THE FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
Aims
The aim of this report is to outline how Hope Africa International conducted its financial transactions in terms of Income and Expenditure in conformity with the Charity Commission requirements.
2021/22 has been a quiet year for Hope Africa. It will be noted from the Fund accountability statement (Income Section). Hope Africa received less legacies compared to the previous year. As can be noted from the Expenditure report, we used funds brought forward from the previous balance sheet (2020/21) to continue with our projects and for capital purchases.
We had several projects continued from the previous year, and we also introduced new ones in the current year.
We continued to sponsor the needy students at Matindi. This chapter has been a success as students have been encouraged, and it is seen in their school reports as grades have greatly improved. We added two more secondary school students to the student sponsorship program
The project works of refurbishing the school buildings and classrooms was completed this year and has greatly improved the school's outlook and the environment. Despite the increase in prices for farm inputs such as seeds and fertilizer, the Charity managed to grow maize and beans during the year, in an area over 10 hectares. The yield was not great compared to the previous year. However, we had enough farm produce to feed the needy and elderly in the community.
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TRUSTEES REPORT
HOPE AFRICA - MALAWI OFFICE
ON THE FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
Finances
The charity activities resulted in a net expenditure of £66,940 for the year. At the year-end, the charity held £29,932 in cash at the bank.
The charity received several legacies and individual donations from people and organisations which together have enabled the charity to continue implementing and maintaining existing projects. The project bought furniture that was used in classes in finalising the revamping of the school project.
We also bought personal protective equipment (PPE) such as gloves, and face masks and other items such as buckets, sanitiser and soap for our staff and volunteers in response to Covid-19.
The project also purchased two laptop computers for office use and capital investment in a motor vehicle, which is used for project operations in the UK office.
Future Plans
Hope Africa has acquired 20 hectares of land at Namisu in Blantyre rural. We plan to grow maize, peas and groundnuts. The project will use water pumps and install irrigation systems to water the crops throughout the year. The proceeds from this project will go towards feeding the needy and elderly in the communities.
We look forward to reporting in 2022/2023 as we continue to implement new projects that will make a difference and continue improving the lives of the needy and elderly.
NATIONAL DIRECTOR
November 2023
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ACCOUNTANT'S REPORT TO THE TRUSTEES OF HOPE AFRICA - MALAWI OFFICE
ON THE FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
We have prepared the accompanying fund accountability statement of Hope Africa - Malawi Office which comprise the statement of financial position as at 31 March 2022, the fund accountability statement and a summary of significant accounting policies and other explanatory information.
Accountant's responsibility
Our responsibility was to prepare the fund accountability statement based on the funding received and expenditure incurred in the year then ended 31 March 2022. We conducted our assignment in accordance with Generally Accepted Accounting Principles.
Our exercise involved performing procedures to ensure all transactions and disclosures are included the fund accountability statement. We also considered the Organisation's internal controls to determine whether material misstatement due to fraud or error are in existence.
We believe that the fund accountability statement provides sufficient and appropriate evidence of the state of affairs of the organisation's operations in the year ended 31 March 2022.
Accountant's certification
The fund accountability statement which have been prepared in accordance with Generally Accepted Accounting Principles (GAAPs) are hereby being certified to be in agreement with source documents which they have been based on and are free from material misstatements.
Edgar Chiwanga (Mr)
Chartered Accountant
'December 2023
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HOPE AFRICA - MALAWI OFFICE
FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| Income Unspent funds brought forward Income 7 Total income Expenditure Programme costs 8 Administration costs 9 Procure job aids 10 Total expenditure Unspent funds as at 31 March, 2022 Represented by : Unspent Total Funds |
2022 £ 69,678 27,194 96,872 28,194 15,643 23,103 66,940 29,932 29,932 29,932 |
2021 £ 47,791 78,168 |
|---|---|---|
| 125,959 | ||
| 21,224 16,107 18,950 |
||
| 56,281 | ||
| 69,678 | ||
| 69,678 | ||
| 69,678 |
It is confirmed that no funds were available for the financing of the project other than the receipts detailed above. It is also confirmed that all expenditure was necessary, that funds were utilised efficiently and economically and that the information given conforms with the books and vouchers.
OVERSEAS DIRECTOR
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HOPE AFRICA - MALAWI OFFICE
NOTES TO THE FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
1 NATURE OF PROJECT
Our vision is a world where everyone has access to safe drinking water; has food to eat every day and has access to education – so they can dream and hope for a better future. Our aim is to change one life at a time.
2 BASIS OF ACCOUNTING
The fund accountability statement is prepared on a cash basis with the inclusion of any year end accruals. As noted in notes 3 and 4 below, revenue and expenditure are recorded when cash is actually received or expended, or items in kind are received.
3 INCOME
Income solely represents grants received and bank interest.
4 EXPENDITURE
Expenditure solely represents amounts disbursed in local currency by Hope Africa - Malawi Office Grant.
5 GOING CONCERN
The project was mainly funded by Hope Africa for the period from 1 April 2021 to 31 March 2022.
6 EXCHANGE RATES
Funds received were converted at the rate ruling at the date of the transaction.
Expenditure was incurred and reported in local currency. The weighted average rate used to report the expenses in British pounds in these financial statements was MK1093.18/£.
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HOPE AFRICA - MALAWI OFFICE
NOTES TO THE FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| 7 INCOME Charity funds Other Income Total Income 8 Programme costs Buildings repairs and maintainance School fees - sponsorship Farm inputs volunteer expenses Items to be distributed student books and uniform Teachers wages Covid-19 protective equipment Total programme costs 9 Administration costs Stationery and postage Communication and Fuel Utilities Website designing & subscription Security Accountancy fees Administration allowances International travelling Total administration costs 10 Procure job aids Laptops and Printer Office Furniture Block making mchine Motor Vehicle Vehicle Service Total Procure job aids costs Total expenditure |
2022 £ 27,187 7 27,194 2,542 6,211 4,175 635 2,655 3,746 5,930 2,300 28,194 925 4,154 2,159 680 1,725 320 1,440 4,240 15,643 3,150 1,200 - 14,950 3,803 23,103 66,940 |
2021 £ 78,159 9 |
|---|---|---|
| 78,168 | ||
| 4,907 4,070 2,127 - 1,134 3,106 5,130 750 |
||
| 21,224 | ||
| 588 3,590 1,954 - 1,725 - 1,440 6,810 |
||
| 16,107 | ||
| 1,245 2,120 4,150 8,980 2,455 |
||
| 18,950 | ||
| 56,281 |
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