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← Ubuntu Pathways

2025-06-30-accounts

UBUNTU PATHWAYS

A COMPANY LIMITED BY GUARANTEE

Company No. 05064084 Charity Registration No. 1103749

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

______________

CONTENTS

Company Information 1
Trustees’ Report 2 - 8
Auditors’ Report 9 - 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Accounts 15 - 22

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Co Number: 05064084

_______________

COMPANY INFORMATION

Board of Trustees

J Lief Dr F Lipman A Rolfe D Osorio R McCloy M Gwaxula Z Ntshona W Voge P Eapen S Goldman D Shainfeld N Drago A Fass C Cowie L Bennetts B Jacobson L Zingitwa Z Zingela C van Loggerenberg U Jonas (appointed 29 January 2025) A Jarvis (appointed 4 June 2025)

Company Secretary

Z Ntshona

Key Management Personnel

B Honig (Director, UK)

Bankers

HSBC 240 Lavender Hill Battersea SW11 1LH

Accountants

Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG

Registered Office 7 Cavendish Square London W1G 0PE

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Co Number: 05064084

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TRUSTEES’ REPORT

The Board submits its report and the accounts for the year ended 30 June 2025.

Status

The charity is a company limited by guarantee and was incorporated on 4 March 2004 with registration number 05064084. It is a registered charity, number 1103749. The financial statements are prepared in accordance with the Companies Act 2006 and the Statement of Recommended Practice on Accounting and Reporting by Charities (SORP FRS102). Further reference and administrative details are given on page 1.

Ubuntu Pathways is affiliated to both Ubuntu Pathways NPC, South Africa and to Ubuntu Pathways Inc, US. Ubuntu School NPC oversees all the South Africa operations including Ubuntu School NPC, Ubuntu Investment Holdings and Ubuntu X.

Objects and Activities

The object of Ubuntu Pathways UK is to raise funds for and support the charitable work of Ubuntu Pathways in South Africa. Ubuntu Pathways in South Africa aims to place orphaned and vulnerable children and their families affected by HIV/AIDS, abuse and the legacy of apartheid in Gqeberha on a pathway out of poverty from cradle to career. Since our inception in 1999, Ubuntu has grown into a thriving community institution in the heart of Gqeberha’s (previously known as Port Elizabeth) townships as well as a global model for poverty alleviation. We have been recognised by the likes of the World Economic Forum, Clinton Global Initiative, our Patron the late Archbishop Desmond Tutu and The Wharton School.

Structure, Governance and Management

The Trustees are governed by the company’s Memorandum and Articles of Association.

The Board has the power to appoint additional trustees as it considers fit to do so, and delegates the responsibility for the day-to-day operations to the CEO/President and the Senior Leadership Team.

The Board of Trustees meets as a body four times a year or more regularly if circumstances require further business to be discussed.

New Trustees join the Board at invitation and are chosen with a view to ensuring an appropriate balance of individuals whose skills can make a valid contribution to the operation of the charity. All the Directors of the charity are also Trustees of the charity and there are no other Trustees. New Trustees are provided with a welcome pack and given a full briefing regarding the charity’s operations.

The Trustees are also the Directors for Companies Act purposes.

The Charity is affiliated with Ubuntu Pathways NPC in South Africa and Ubuntu Pathways, Inc in the US. The Charity in the UK and the charity in the US both raise funds for Ubuntu Pathways in South Africa. The Trustees of the UK Charity are trustees of the other two charities as well although the other two charities do have some additional trustees. The Board meets to discuss all three charities. Although Ubuntu has separate entities, it functions as one global entity. The group CEO oversees operations of all three charities although day-to-day operations for the UK are the responsibility of the Director, UK, under the supervision of the CERO (Chief External Relations Officer) who oversees Ubuntu’s fundraising department. The Director, UK is not a Director of the company for Companies Act purposes.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Board of Trustees

The Trustees who served during the year are listed on page 1.

Key Management

The key management is the Director, UK (who is not a Director for Companies Act purposes). Remuneration of all employees is reviewed annually by the group’s management with regard to market rates, inflation and affordability.

Investment Powers

Investment powers are governed by the Memorandum and Articles of Association last amended on 13 August 2013. There are no restrictions to the charity’s absolute powers of investment.

Risk Management

The organisation regularly reviews its procedures to minimise risk to its assets and income and to ensure that, where risks are identified, procedures are in place to alleviate them as far as possible. As a donorreliant operation, Ubuntu’s principal risk concerns the current uncertain economic climate for funding.

Public Benefit

The Trustees acknowledge the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance on public benefit. We have referred to this guidance when reviewing our aims and strategy and in planning future activities. All activities undertaken by Ubuntu Pathways are for the public benefit.

Ubuntu Pathways exists to support the charitable work of Ubuntu Pathways in South Africa which was founded in 1999 with the goal of transforming the lives of children living in the townships of Gqeberha, South Africa. Early in our inception the organisation recognised that a traditional development model would not have the capacity to address the complex challenges facing this community. In response, Ubuntu has spent the last two decades building a context-driven community institution that conceptualises impact through sustained support and increased access to resources and opportunities. This approach prioritises deepening programme intervention within a given community to create genuine and lasting change.

Ubuntu’s strategy is to craft an individual pathway out of poverty for orphaned and vulnerable children, all of whom are affected by HIV/AIDS and many of whom are living with HIV. We know that real change can happen only through dynamic and comprehensive services. We work with children at all stages up to adulthood. Whether it is a pair of glasses or intensive family counselling, tutoring or a creative outlet in which to escape or medical help - Ubuntu helps children and their families get what they need. To this end, our programmes focus deeply on health, education and household stability. Each of these depends on the others. Each initiative addresses the needs of an entire household. Ubuntu recognises that, without healthy caregivers, children find themselves in a situation where they have to secure their own food, care for a younger sibling or drop out of school to care for sick parents. Ubuntu’s interventions enable caregivers to effectively care for the children in their households. Therefore, many of the services that we provide to children are closely intertwined with similar or complementary services that we provide to the rest of their family.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Review of Activities

1. Transforming Lives, Defining a Generation

In our 26th year, Ubuntu Pathways did more than continue our mission. We redefined what’s possible. Against the backdrop of mounting global and local challenges, Ubuntu stood as a beacon of resilience and innovation. Through our cradle-to-career model, we brought tangible change to the lives of thousands in Gqeberha. We proved that investing deeply in people, rather than broadly across programmes, is the most powerful way to break the cycle of poverty.

Over 300 individuals walked through our campus gates each day. We didn’t just maintain scale. We elevated it, driven by visionary local leadership, cutting-edge infrastructure, and a data-informed approach that has become a model for global impact. Ubuntu is not just a programme. It is a promise, and we delivered on it.

2. Programmatic Highlights: Milestones that Mattered

Education: From First Steps to Global Stages

This year, Ubuntu School and ECD programmes maintained average attendance above 88 percent, a testament to community trust and programme excellence. But we didn’t just show up. We stood out.

Job Skills Training: From Survival to Stability

A total of 546 clients accessed our Job Skills Training Programme, an engine of economic mobility. We achieved:

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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Health and Household Support: Anchoring Well-Being

Despite systemic shocks to South Africa’s health sector, Ubuntu delivered with strength and compassion:

3. Community Outreach: Powering Systems Change

4. Campus Development: Building a Legacy

FY25 marked a landmark year for our physical campus, which continues to evolve as a living symbol of our cradle-to-career model.

We executed key phases of our campus master plan, including:

5. People Power: Growing Our Greatest Asset

Our team grew to 121 committed professionals, each a pillar of Ubuntu’s mission.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Co Number: 05064084

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6. Financials: Resilient in the Face of Challenge

In an increasingly uncertain philanthropic landscape, Ubuntu achieved remarkable financial resilience.

7. Sustainability: A Future-Proof Model

FY25 was a turning point in our long-term sustainability strategy. We are building a foundation that will ensure success for lifetimes to come. In 2021, we received an investment of $8M from MacKenzie Scott. Utilizing this gift, we began an endowment. Our goal is to fully fund the future of the Ubuntu School. The financial freedom from both the Ubuntu Legacy Fund and our Broad-Based Black Economic Empowerment (B-BBEE) model allows us to plan proactively, weather fundraising seasons, and alleviate pressure on our annual fund. Both are insurance on our long-term commitment to the 2000 children currently on our pathway out of poverty.

8. Risks and Resilience: Leading Through Uncertainty

When the national healthcare system faltered under USAID cuts, Ubuntu absorbed the shock.

Ubuntu proved not just its durability, but its indispensability. Even as reserves fluctuated, our growing endowment ensured a safety net that few organisations in our space can claim.

9. What Comes Next: A Movement in Motion

We are preparing to graduate our first Grade 12 class in 2029. This moment will mark the fulfilment of our founding dream.

Our path forward includes:

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Ubuntu Pathways is not just surviving. We are thriving. We are building. And we are proving, with every child, every family, and every breakthrough, that the future we imagined is already taking shape.

UK Financial Review and Reserves

Our UK Director was on maternity leave for the first nine months of the year so no gala took place during 2025. However, we raised income of £998k (compared to 2024 income of £1,290k with a gala). This was against fundraising objectives set of £870k (2024: £1,265k). Once again, we thank all our donors for their incredible support.

Expenditure was £1,168k (2024: £1,233k). Of these costs, £1,001k (2024: £761k) represents income that was either donated to our other offices directly or transferred to our South African office to support its charitable work.

Reserves are £258k (2024: £429k) at the year-end and of these all (2024: £389k) are unrestricted. As the main fundraising is towards the end of the financial year, the UK holds reserves to meet staff, gala and other costs that will be due in the earlier months of the following year.

Donations to support the charitable work of Ubuntu Pathways in South Africa

As stated above, the charity’s object is to raise funds for, and support the charitable work of, Ubuntu Pathways in South Africa. Our policy is therefore to transfer funds to Ubuntu Pathways in South Africa. During the year, net donations of £585k (2024: £571k) were made to Ubuntu Pathways in South Africa in support of its charitable work.

Statement of Trustees’ Responsibilities

The Trustees (who are also the Directors of Ubuntu Pathways for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income or expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Statement as to Disclosure of Information to Auditors

Each of the persons who are directors at the time when this report is approved confirms that:

Auditors

Goldwins Limited have expressed a willingness to continue in office. A resolution to reappoint them will be proposed at the Annual General Meeting.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006, was approved by the Trustees on 2025 12 December and signed on their behalf by:

Lol

J Lief Trustee

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF UBUNTU PATHWAYS

We have audited the financial statements of Ubuntu Pathways for the year ended 30 June 2025 which comprise the Statement of financial activities incorporating income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, 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' and the Charities SORP 2019.

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

BASIS OF 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 United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, 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.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Statement of Trustees' responsibilities, 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.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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.

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:

We considered the nature of the industry 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 inquired about management's own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the charitable company operates in, and identified the key laws and regulations that:

The audit engagement team analysed the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. The description forms part of our Auditor's report.

Anthony Epton A thn ory E pton (Senior Statutory auditor) Goldwins Limited (Statutory auditors 75 Maygrove Road West Hampstead London NW6 2EG

20 January 2026

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT)

Note
Income
Donations
2
Investment income
Total income
Expenditure
Costs of raising funds
3a
Expenditure on charitable
activities
3b
Total expenditure
Net expenditure and
movement in funds
Reconciliation of funds
Balance brought forward
Balance carried
forward		 Restricted
2025
£
251,096
-
251,096
-
291,096
291,096
(40,000)
40,000
-		 Unrestricted
2025
£
740,878
5,624
746,502
22,226
855,890
878,116
(131,614)
389,288
257,674		 Total
2025
£
991,974
5,624
997,598
22,226
1,146,986
1,169,212
(171,614)
429,288
257,674		 Total
2024
£
1,282,087
8,312
1,290,399
77,120
1,155,886
1,233,006
57,393
371,895
429,288

Movement on reserves during the prior year was all unrestricted.

The notes on pages 15 to 22 form part of these accounts.

12

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

BALANCE SHEET As at 30 June 2025

Note 2025 2025 2024 2024
£ £ £ £
CURRENT ASSETS
Debtors 4 31,632 130,055
Cash at bank and in hand 248,568 331,912
280,200 461,967
CREDITORS:
AMOUNTS DUE WITHIN ONE
YEAR 5 (22,526) (23,044)
NET CURRENT ASSETS 257,674 438,923
CREDITORS:
AMOUNTS DUE AFTER
MORE THAN ONE YEAR 6 - (9,635)
TOTAL NET ASSETS 257,674 429,288
Represented by:
UNRESTRICTED FUNDS 8/9 257,674 389,288
RESTRICTED FUNDS 8/9 - 40,000
TOTAL CHARITY FUNDS 257,674 429,288

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Trustees on 2025 and signed on their behalf 12 December

J Lief R McCloy AOE “dill, Trustee Trustee

The notes on pages 15 to 22 form part of these accounts.

13

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF CASH FLOWS FOR THE YEAR

Note
Net cash (used)/generated by charitable activities
10
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2025
£
(83,344)
(83,344)
331,912
248,568		 2024
£
(22,904)
(22,904)
354,816
331,912

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

a) General Information

Ubuntu Pathways is a public benefit entity and a company limited by guarantee company number 05064084 incorporated in England and Wales. Ubuntu Pathways is also a charity, registered with the Charity Commission (charity registration number 1103749). The registered office and its principal place of business is 7 Cavendish Square, London W1G 0PE.

Ubuntu Pathways supports the work of Ubuntu Pathways in South Africa which aims to assist orphaned and vulnerable children and their families affected by HIV/AIDS, poverty and abuse in Gqeberha, South Africa access higher education and employment.

b) Going Concern

The Trustees confirm that, at the time of approving the financial statements, there are no material uncertainties regarding the charity’s ability to continue in operational existence for the foreseeable future. In arriving at this conclusion the Trustees have taken account of current and anticipated financial performance in the current economic conditions, its Vision 2020 and its reserve position. For this reason, the going concern basis continues to be adopted in the preparation of the charity’s financial statements.

c) Basis of preparation of financial statements

The financial statements have been prepared under the historic cost convention unless otherwise stated in the relevant accounting policy notes and in accordance with 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 (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The principle accounting policies that have been applied to all years presented in these financial statements are set out below.

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charity’s transactions are denominated.

d) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objects.

Designated funds are those funds set aside from unrestricted funds for specific purposes set out by the Trustees.

Restricted funds are funds subject to specific restrictions imposed by donors or by the purpose of the appeal. The purpose and use of the restricted funds is set out in the notes to the financial statements.

e)

Income

All donation income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED)

f) Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered, and recognised when there is a legal or constructive obligation to pay for expenditure. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with staff costs allocated on the basis of time spent.

g)

Financial instruments

The only financial instruments held by the charity are debtors and creditors. These are categorised as ‘basic’ in accordance with Section11 of FRS 102 and are initially recognised at transaction price. These are subsequently measured at their transaction price less any impairment.

h) Tangible Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation. Expenditure is capitalised for amounts over £250. Depreciation is provided to write off the cost of tangible fixed assets as follows:

Computer Equipment - 33% straight line Furniture - 25% straight line

i) Foreign Currencies

Transactions denominated in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rates ruling at the balance sheet date.

h) Critical Judgements and Estimates

No judgements have been made by management in applying the charity's accounting policies.

There are no accounting estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED)

2. VOLUNTARY INCOME

High School Capital
Campaign
Other restricted funds for
programming costs,
sustainability and LTIP
Gala
Donor cultivation
Outreach solicitations
Gift Aid received and claimed		 Restricted
2025
£
11,538
239,558
-
-
-
-
251,096		 Unrestricted
2025
£
-
-
(835)
650,211
41,300
50,202
740,878		 Total
2025
£
11,538
239,558
(835)
650,211
41,300
50,202
991,974		 Total
2024
£
13,000
242,000
760,880
207,066
12,394
46,747
1,282,087

Income in 2024 was £158,000 restricted and £1,124,097 unrestricted (restated).

3 ANALYSIS OF EXPENDITURE

3a) Costs of raising funds

This expenditure represents the costs of generating donations.

Events
Wages and other salary costs		 2025
£
54
22,172
22,226		 2024
£
43,463
33,657
77,120

Expenditure in both years was unrestricted.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED)

3b) Expenditure on Charitable Activities

This expenditure represents the costs to deliver and support the projects. They include support costs, which relate specifically to the management, operation and communication of the projects undertaken.

i) Net donations to Ubuntu
Pathways in South Africa and the
US
ii) Support costs
Events
Wages and other salary costs
Rent and Service Charges
Insurance
Printing, Posting and Courier
IT and Computer
Professional Fees
Sundry
Loan interest
Bank charges		 Restricted
2025
Unrestricted
2025
Total
2025
Total
2024
£
£
£
£
291,096
710,051
1,001,147
760,541
-
220
220
140,461
-
93,276
93,276
192,759
-
18,374
18,374
18,000
-
1,254
1,254
1,247
-
-
-
178
-
1,479
1,479
1,860
-
27,593
27,593
33,149
-
1,461
1,463
3,056
-
381
381
636
-
1,801
1,801
3,999
291,096
855,890
1,146,986
1,155,886

Governance costs included in the above are £8,860 (2024: £8,900).

Expenditure in 2024 was £118,000 restricted and £1,037,886 unrestricted (restated).

The donations represent fifteen payments made to South Africa of £375,000 (2024: five payments made to South Africa of £395,000), net donations banked in South Africa of £209,920 (2024: £176,019) and net donations of £416,227 banked in the US (2024: £189,522).

3c) Wages

ages
Gross wages
Employers National Insurance
Employer’s contribution to defined contribution pension
scheme		 2025
£
109,038
3,279
3,131
115,448		 2024
£
179,621
8,847
3,895
192,363

The average number of full-time equivalent employees in the year was 3 (2024: 4) with all employee time involved in providing either support to the governance of the charity or support services to charitable activities.

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UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED)

3c) Wages (continued)

The charity considers its key personnel comprise to be the Director, UK. The total employment benefits (including pension and social security costs) paid out of the UK of the key management personnel were £18,354 (2024: £98,961). No employee had employee benefits in excess of £60,000 (2024: one).

The Trustees did not receive any emoluments during the year (2024: None).

During the year, travel and subsistence expenses totalling £Nil were reimbursed to the Trustees (2024: £Nil)

Ubuntu Pathways is grateful to our interns who volunteered throughout the year.

3d) Net expenditure and movement in funds

t expenditure and movement in funds
2025 2024
£ £
Audit fee 8,860 8,900
Operating leases - office rentals 18,374 18,000

4. DEBTORS

Donations receivable
Other debtors
Prepayments		 2025
£
29,728
-
1,904
31,632		 2024
£
96,403
28,750
4,902
130,055

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Loans and overdrafts (see note 7)
Trade creditors
Accruals
Taxation and Social Security
Other creditors		 2025
£
9,635
1,539
9,033
602
1,717
22,526		 2024
£
10,268
2,720
7,941
1,882
233
23,044

19

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED)

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Loans and overdrafts (see note 7) 2025
£
-
-		 2024
£
9,635
9,635

7. LOANS

In 2020, the charity took out a Bounce Back Loan of £50,000 from HSBC which was transferred in full to Ubuntu Pathways in South Africa. Interest on the loan is charged at 2.5% and it is repayable in 60 equal monthly instalments between 24 June 2021 and 24 May 2026. The loan is guaranteed by the UK government.

8. ACCUMULATED FUNDS

RESTRICTED FUNDS
UNRESTRICTED
FUNDS
General Fund		 Opening
Balance
£
40,000
389,288
429,288		 Incoming
Resources
£
251,096
746,502
997,598		 Outgoing
Resources
£
(291,096)
(878,116)
(1,169,212)		 Closing
Balance
£
-
257,674
257,674

Restricted funds are donations and other grants for the construction of the new high school and towards programme expenses, sustainability and LTIP.

20

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED)

9. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted
Funds
2025
Unrestricted
Funds
2025
£
£
CURRENT ASSETS
Debtors
-
31,632
Cash at Bank and in Hand
-
248,568
Creditors: Amounts falling due
within one year
-
(22,526)
Creditors: Amounts falling due
after more than one year
-
-
-
257,674
Funds in 2024 were £40,000 restricted and £389,288 unrestricted.		 Total
Funds
2025
£
31,632
248,568
(22,526)
-
257,674		 Total
Funds
2024
£
130,055
331,912
(23,044)
(9,635)
429,288
10.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
2025
£
Net movement in funds
(171,614)
Decrease in debtors
98,423
Decrease in short-term creditors
(518)
Decrease in long-term creditors
(9,635)
Net cash (used) by activities
(83,344)		 2024
£
57,393
4,434
(74,465)
(10,266)
(22,904)
  1. ANALYSIS OF CHANGE IN NET DEBT
Cash
Loans falling due within one year
Loans falling due after more than
one year
TOTAL		 At start of
year
£
331,912
(10,268)
(9,635)
312,009		 Cash flows
£
(83,344)
633
9,635
(73,076)		 At end of
year
£
248,568
(9,635)
-
238,933

21

UBUNTU PATHWAYS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

NOTES TO THE ACCOUNTS (CONTINUED

12. TAXATION

No taxation arises as the company is a registered charity.

13. PENSION SCHEME

The company auto enrolled its employees in a pension scheme from 1 August 2016.

14. CAPITAL COMMITMENTS

There were no capital commitments at the Balance Sheet date.

15. OPERATING LEASE COMMITMENTS

minimum lease payments under non-cancellable
operating leases for land & buildings:
Within 1 year
Within 2 to 5 years
At 30 June the charity was committed to total future		 1,500
-
1,500
2025
£		 18,000
1,500
2024
£
19,500

16. CONTINGENT LIABILITIES

There were no contingent liabilities at the Balance Sheet date.

17. RELATED PARTY TRANSACTIONS

During the year £584,920 (2024: £571,019) was advanced to Ubuntu Pathways, South Africa and £416,227 was paid into Ubuntu Pathways Inc, US (2024: £189,522). Both of these are related undertakings.

Donations received from trustees totalled £217,615 i n 2025 (2024: £221,739).

18. LIABILITY OF MEMBERS

The charity is a company Limited by Guarantee and as such each member has guaranteed to contribute a sum not exceeding £10 to the assets of the company in the event of it being wound up and unable to pay its debts while he or she is a member or within one year after he or she ceases to be a member.

22