Company Number: 5028480 Charity number . 1106162 RUWENZORI FOUNDATION IA COMPANY tsMITED BY GUARANTEE) REPORT AND FINANCIALSTATEmE￿s FOR THE YEAR TO 31.01.24 Totsl Solutlons UK Limited- Chartered Management Accountants & Buslness Consultsnts Ruwenzorl Foundation Report and Financlal Statements forthe year ended 31" January 2024 copirENTS Page Legal and Admlnlstrative Information Directors, Report Accountants Report statement of Flnanclal Activities Balance Sheet Notes forming part of the Financial Statements Ruwenzori Foundation DIRECTORS, REPORT Legal and administrative Informatlon Status The organlsatlon is a charitable company limited by guarantee (registration number 5028480) and registered as a charity (charity number 11061621. Name Chan8e The organisation formally changed its name from Ruwenzori Sculpture Foundation to Ruwenzori Foundation on 2. May 2023. Trustees / Dlrectors All Directors are also Trustees. The Directors in office during the year were.. Jane Buck Craig Jenkin5 Rungwe Kingdon Claude Koenig Peter Millican th Zuleika Kingdon- appointed 15 February 2024 Reglstered Office Principal Office 4 Chapel Row Queen Square Bath BAI IHN Unit 9 Chalford Industrial Estate Stroud Gloucestershire GL6 8NT Accountants Bankers TSL Accounting Ltd The Counting House High Street Minchinhampton Glos GL6 9BN Natwest plc Stroud Branch Bank Building5 George Street Stroud GL5 3DT P&gel oJ8 Ruwenzorl Foundation DIRECTORS, REPORT Charitable works in Uganda A generous donation to our UK Charity enabled us to fund further works on the clinic build in Kyemihoko, which has allowed the completion of the majority of the hospital buildings. There remains the morgue, isolation unit, visiting doctorfs house, kitchen and laundry to complete. We also funded a new pipeline for fresh, clean water to reach Katooke and Kyemihoko villages, bringing water not only to the clinic but to many households along the route of the pipes. We made one supply for the clinic and a parallel one for the community. For the local residents, this has probably been the single most appreciated action we have taken. 'C Care, a health provider has been approached to enquire if they would be interested in running the Clinic once the building work is complete. The UK Charity funded Films4change to complete a project on site filming the RF staff and the community planting indigenous trees. The film will focus on the rewilding and environmental restoration we have achieved overthe last 18 years. The UK charity has also funded a Residency for artist Peter Oloya in the UK and more Residencies at the Kyemihoko Foundation to create works for his exhibition in London in January 2024. The year ended with Peter Oloya's exhibition at Pangolin London. It was very well received and with positive press in the Telegraph and on the BBC. Post Balance Sheet Events The Trustees are pleased to announce the appointment of Zuleika Kingdon to the Board of Trustees on 15th February 2024 It should be noted that in April 2023 Ruwenzori Sculpture Foundatlon agreed to change its name to the Ruwenzori Foundation to reflect the broader scope of our Charitable activities. This took effect on 2, May 2023. Financial Review Risk Management and Reserves Policy Funding to date has come principally from Pangolin Editions and Parabola Foundation as well as donations from private individuals and companies. The current level of funds is considered appropriate to finance the short and medium term objectives of the charity. As the charity continues to grow, the trustees plan to attract donations from other private individuals and companies, as well as public organizations, to secure the charity's long term future. The trustees confirm that the major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems and procedures have been established to manage those risks. Ptsge2018 Ruwenzori Foundation DIRECTORS, REPORT Flnancial Review (continued) Flnancial Instruments The charity holds only baslc flnancial instruments as defined in FRS 102. The financial assets and financial Ilabilities of the charity and their measurement basis are as follows: Financial Assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised costs as detalled in note 8. Cash at bank- is classified as a basic financial instrument and is measured at face value. Financial liabllities- trade creditors, accruals and other credltors are financial instruments, and are measured at amortised cost as detalled in note 9. Taxation and social security are not Included in the financial instruments, disclosure definition. Financlal Activitie5 In 2023-24 our total Income was £893,695. This is up from £76,018 in 2022-23. The directors and trustees present the charity's financial statements for the financial year ended 31 January 2024. The directors are responsible for ensuring that these statements give a true and fair view of the state of the affairs of the charitable company's funds. th Approved by the Directors on 6 September 2024. Rungwe Kingdon Puge3tsA8 Ruwenzori Foundatlon INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEESIDIRECTORS OF RUINENZORI FOUNDATION I report on the accounts for the year ended 31st January 2024 set out on pages 4 to 7. Respective responslbilltSes of dlrertors, trustees and examlner The charivs trustees (who are also the director5 for the purposes of company lawl are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144121 of the Charities Act 2011 Ithe 2011 Actll and that an independent examination is required. Having satisfied myself that the charity is not subject to audit Under company law and is eligible for independent examination, it is rny responsibility to- examine the accounts u nder section 145 of the 2011 Act to follow the procedures laid down in the General Directions given by the Charity Commission (under section 14515llbl of the 2011 Act), and to state whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accgrdance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a cornparlson of the accounts presented with those record5. It also includes conslderation of any unusual item5 or disclosures in the accounts, and seeking explanations from you as trustees concerning any such Matters. The procedures undertaken do not provide all the evidence that would be required In an audlt, and consequently no opinion is given as to whether the accounts present a 'true and fairf vlew and the report is limited to those matters set out in the statement below, Independent examiner's statement In connectlon wlth my examination, no matter has come to my attention: which gives me reasonable cause to believe that in, any materlal respect, the requlrements: to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006,. and to prepare accounts which accord with the accounting records and comply with the accountlng requirements of Sections 394 and 395 of the Companles Act 2006 and with the methods and principles of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151 ,' have not been met: or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Malcolm Robinson Flnunclol Consultont HGywords Heoth Page4of8 Ruwenzori Foundation Statement of Financial Activitie5 including Income and Expenditure Account forthe year ended 31" January 2024 Note5 Unrestricted Funds ZOZ4 Restricted Funds 2024 Total Fund5 2024 Total Funds 2023 Income and endowments from Donations and legacies 887,275 887,275 75.304 Investment income 6,420 6,420 714 Total 893,695 893,695 76,018 Expenditure on Charltable Actlvltles 169,085 169,085 128.350 Other 29,404 29,404 24,653 Total 198,489 198,489 153.003 Net income 695,206 695.206 176,9851 Retonciliation of funds Total funds brought forward 664,565 190,153 854,718 931,703 Total funds carrfed forward 1,359,771 190,153 1.549.924 854,718 Continuing Operations All income and expenditure has arisen from continuing activities. Thenotes on ptiges 7td S form port of thesefinonciolstorements Page5ot8 Ruwen20rl Foundation Balance Sheet as at 31"January 2024 Notes Unrestrlcted Restrlrted Totsl 2024 2023 Current Assets Bank Account Cash Other Debtors 841.303 841,303 291.876 527 987 1,369,290 190 153 190,153 566 613 858,489 1,559,443 Creditor5: Trade Creditors Other Creditors 7,678 7,678 2.085 9,519 9,519 3.771 Net Current A55ets 1,359,771 190.153 1,549.924 854,718 Total Assets less Current Llablllties 1,359,771 190,153 1,549.924 854.718 Net Assets 1359 771 190 153 1549 924 854 718 Total Funds io 90 The Trurtees consider that the char￿able company Is entitled to exemption from the requiremènt to have an audlt under the provlslons of Section 477 of the Companies Act 2006 1.the Act'l and members have not required the company to obtaln an audit of its flnancial statemènts for the year in question in accordance with sertion 476 of the Act. The Trustees ad(nowledge their responsibilities for ensuring that the company keep5 acLountint records whith comply with sectSon 386 and 387 of the Act and for preparing flnancial statements which glve a true and fair view of the state of affaSrs of the company as at 3111 January 2024 and of Its profit for the ye3r then ended In accordance wlth the requirements of Section 394 and 395 of the Act and which othen¥ise comply with the requlrements of the Companies Act 2006 relatlng to the financlal statements sofar a5 appllcable to the charitable company. The financial statements were approved and authorised for issue by the Board of Trustees and were signed on its behalf on 6, September 2024. Rungwe Kingdon Director The notes on pages 7t0 8 fvrm part olthesefinonciolstotements PaBe6of8 Ruwenzorf Foundation Notes to the Financial Statements Ac¢ountln8 pollcle$ Basls of Accountlng: The financial statements have been prepared in accordance with the Charities 50RP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Prarflce appll¢able to charltles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffective l January 20191, the Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland (FR5 1021 and the Companies Act 2￿6. Ruwenzori Foundation meets the defSnitlon of a public benefit entlty under FRS 102. Assets and liabilitles are inltlally re¢o8nised at historical cost or transactlon value unless otherwise stated in the relevant accounting pollcv. In¢omin8 re50urces All Income is recognised in the Statement of Financlal Actlvrtles onte the charity has entitlement to the funds, it is probable that the in¢ome will be received, and the amount can be measured rellably. Expendlture Liabilities are recognlsed as expenditure as soon as there Is a legal or constructive obllgatlon committing the tharlty to that expendlture, it Is probable that a transfer of economic benefits will be required In settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an atcruals basis and has beèn classified ¢Jnder heading5 that ag8re8ate all cost related to the cate80ry. Where costs cannot be directly attrIb￿ed to partlcular headings, they have been allocated to activities on a basis consistent with the use of resources. Taxatlon Thè thzrity is exempt from corporatlon tax on its charitable actlvitles. Fund accovnlln8 Unrestrlrted funds can be used In accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the oblects of the charlty. Restrictions arise when speclfled by the donor or when funds are raised for particular restrlcted purposes. Further explanation of the nature and purpose of each fundls Intluded in the note5 to the flnanclal statements. Oonatlons and Le8adès Recelved In the Year UnreslrScted Restrfcted 2024 2023 Vittim Charity Parabola Foundation Pangolin Editions Other Donations Totsl 36,lJOO 48,750 36,000 48,750 36,000 38,313 991 75,304 887,275 887,275 Investment income The investment income arises from bank Interest and gift aid Interest. Analysls of charltable expenditure Unrestrlrted Restrlcted 2024 2023 RSF Uganda (Project) Rwenzori Founders Ltd (Ugandal RSF Uganda Project Hospital Artists Residences Total 21,130 130,987 13,020 21,130 130,987 13,020 11,636 116,714 169,085 169,085 128,350 Page7of8 Ruwenzorl Foundation Notes to the Financial Statements Analysls of other expendlture (all unrestricted) 2024 2023 Admin wages 8nd costs Office utilities, website and sundries Fundraising and publicity costs Legal and professional fees Bank charges 21,125 19,451 256 1,987 6,169 123 4,873 73 Total 29,404 24,653 Trustees, Remuneration and benefits The trustees received no remuneration for the year ended 315t January 2024 nor the year ended 31st January 2023. The trustees are reimbursed for any travel expenses incurred on behalf of the charitv. Employees The charlty had seven employees durln8 the year17in 20231. No employee recelved emoluments in excess of £60,000. Oebtors Unrestricted Resttrlcted 2024 2023 Gift Aid Tax Credit other Debtor5 9,750 9,750 7,663 708 18 237 950 S27,987 190,153 718,140 566,613 Credltors Unrestritted Restrlcted 2024 2023 Creditors: Under l Year Trade Creditors Other Creditors and Accruals 7.678 7,678 2.C185 9,519 9.519 3.771 io. Fund5 Unrestritted Restricted 2024 2023 Funds Brought forward at l February Incoming resource5 Outgoing resources Total Funds carried forward at 31 J?nuary 664565 893.695 190.153 854.718 893,695 198 489 1,549.924 931,703 76,018 153 003 854,718 1.359,771 190,153 ii. Related Party Disclosures C jenkins, a trustee, 15 also MD at a firm of accountants. The total amount Invoiced by T5L Accounting Ltd durSng the year was £21,88612023'. £20,421). The transactions were at a commercial rate at arm'5 length. Pxge8of8