REGISTERED COMPANY NUMBER: 056040111England and Wales) REGISTERED CHARITY NUMBER: 1112949 Report of the Trustees and Financial Statements for the Year Ended 5 April 2024 for ZANE: Zimbabwe A National Emeryency Tearle & Carver Ltd Statutory Auditor
ZANE: Zimbabwe A National Emergency Contents of the Financlal Statsments for the Year Ended 5 Aprll 2024 Page Report of the Trusteos Report of the Independent Audltors Statement of Flnanclal Actlvltle8 10 Balanc• Sheot 11 to 12 Cash Flow Statement 13 Not08 to the Cash Flow Statement 14 Not•8 to the Financial Statements 15 to 22 Detalled Statement of Flnanclal Activit1•8 23 to 24
ZANE: Zlmbabwe A National Emergency Report of the Trustees for the Year Ended S April 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to harlties preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES The objects of the charitable company are as follows.. a. The relief of financial hardship b. The rellef of sickness c. The relief of the convalescent, the disabled and the infirm. Z4NE's core focus is supplying aid to carefully targeted individuals that it knows. Its key activities are.. Providing financial aid and support to impoverished pensioners whose life savings and pensions dlsappeared in Zimbabwe's economic collapse and subsequent hyper-inflation. This includes more than 480 war veterans and thelr widows who served the Crown and were promlsed an entirely dlfferent retirement. Instead, they are dependent on charty to survive. ZANE distributes grants to cover care home fees, rent, food and medical costs, o Fundlng a clubfoot correction programme for children living in high density areas in extreme poverty. The lives of more than 5,750 chlldren have been transformed to date. o Fundlng an education programme in a high4ensity suburb in Harare. There are six pop-up classrooms for destitute chlldren who would otherwise not receive an edUtiOn. The project is led by teaching mentors who live in the local comrnunity. ZANE has been working alongside these women for a number of years through Sts creative therapy project, building their skills and confidence. All are victims of extreme political violence and abuse. many are HIV positive. ZANE Is a relational charity - it doe8 not provide bulk aid. Recipients are gently means-tested to ensure that aid goes to those who need it the most. On grounds of security and to protect the id8ntity of its workers, various aspects of Z4NE's activities remain confidential to ZANE'S team and Trustees. These are: (a) the detalls of ZANE'S method of operations. (b) the scale of its work; (c) the names and whereabouts of those that it works with: (d) the identity of those it assists and the quantum of aid st supplies: (e) the route by which funds are transferred. Further detai18 about ZANE'S spending programmes and other matters can be made available to donor8 whose identities are known to the ZANE Trustees. The ZANE Trustees are very grateful to all those who have aided its work, particularly those on our Council of Reference who offer sound advice and encouragement. The Trustees are also grateful to the many trusts and foundations that support the work of ZANE as well as our generous individual donors. The Trustees. in making decisions about the charity, have had due regard to the Charity Commission's public benefit guidance when exercislng any powers or duties to which the guidance is relevant. Page 1
ZANE: Zlmbabwe A Natlonal Emergency Report of the Trustees for the Year Ended 5 April 2024 STRATEGIC REPORT Achlev•m•nt and porformancg Since its foundation. Z4NE has raised circa £46m at a cost of circa £7.9m. This includes circa £6.5m that L4NE has distributed on behalf of the Royal Commonwealth Ex-services League (RCEL) to veterans and their widows in Zimbabwe. These veterans served the Crown in often forgotten conflicts such as Malaya. Korea, Aden and Borneo. We are grateful to RCEL who have been supportlve of ZANE since we formed our partnership in 2004. ZANE has controlled overheads so that the percentage cost of generating the funds in 2023124 was 16,1 % (2022123.. 16.8°/0) and the govemance cost in the UK was 0.9% (2022123: 0.80h). The total costs as a proportion of funds generated has decreased to 17.0°h (2022123: 17.6%) Z4NE caters for the needs of many thousands of the poorest of the poor who are dependent on the work of ZANE. Many have told us that th8y could not have Survived these long and terrible years Sfjn ZANE'S foundation in 2002 without our help. ZANE'S income Increased slightly during the reporting period, largeSy due to a generous legacy. Individual donations continued to decline and generating income through advertising remained challenging.Like 80 many other charities, ZANE was fundraising against a tide of challenges: high interest rates, ongoing rises in living costs and the impact of the war in Ukraine. The key objectives at the start of the reporting year were to ensure aid continued to reach all existing ZANE beneficiaries. Z4NE was able to maintsin existing levels of aid to Zimbabwe during the accounting period, following cuts during the previous year. ZANE was able to provide a small additlonal fund to assist with urgent medlcal and welfare cases. ZANE was able to assist around 2,100 destitute elderly people, a slight increase on the previous year. The small UK-based freelance team all work from home and have done so since Z4NE's foundation. ZANE works in a high-density community in Zimbabwe, providing aid to 1.200 women. children and their families. Included in this are those children attending our pop-up classes and the supporting teacher mentors, and the women participating in its creative therapy project and wider food support to their family members. ZANE also provides food aid to three schools it Works closely alongside and to a small community of orphans supported by a partner chaTity. ZANE team members gently means-test all potential recipients of grants to ensure, for example, that they have no other means of support. If they are truly needy, then they receive a Z4NE grant or, where appropriate, ZANE assists them with medicines or food. The beneficiaries are those who otherwise would be without the basic necessities to sustain life. Without this regular help, they would face acute hardship. untreated medical condltions and an untimely death. Funds are raised in the UK in GBP and sent to Zimbabwe on a monthFy basis in USD. The team in Zimbabwe are responsible for distributing funds to a pre-agreed list of beneficiaries. ZANE'S aid programme is reviewed regularly. All beneficiary payments are fully receipted and audited. Zimbabwe's economy continued to decline. Drought resulted in a greater number of Zimbabwean's facing food insecurity. The financial uncertainty both in the UK and globally during the reporting period had an impact ZANE'S work as the value of the pound (the currency in which it raises its funds) against the US dollar (in which we spend our money on aid) fluctuated. As part of the fundraising programme, Tom and Jane Benyon walked 117 miles along the Norfolk Coast the ZANE Trustees are grateful for the generous level of sponsorship. ZANE is also grateful for its loyal donors who continue to support its work. ZANE continues to provide medical provision for pensioner beneficiaries most in need meaning previously untreated conditlons such as dlabetes and hypertension to be SucssfullY treated. In 2015116, Z4NE founded two autonomous charities. one in Australia and the other in the USA. Both ZANE Australia and ZANE USA are separate entities from Z4NE UK: thelr figures are not consolidated into the ZANE UK accounts. Page 2
ZANE: Zimbabwe A National Emergency Report of the Trustees for the Year Ended 5 April 2024 A small team from the UK visited Zimbabwe during the reporting period to visit the projects, conduct meetings and for a series of fundraising events to galvanise the fundraising effort within Zimbabwe. Trustees UK ZANE Trustees meet four times each year. UK freelance team members and Truslees stay with contractors in Zimbabwe where possible to reduce overheads. The ZANE Trustees thank the team for their brave work in Zimbabwe. Flnanclal review The Trustees continually examine the major risks that the charity faces each financial year. Although the circumstances under which the charity operates and the need for security make control difficult, the Trustees are continually improving the systems of control to mitigate any impact they may have on the charity In the future. To thls end, we have prepared a detailed Risk Register. Investment Pollcy The Trustees consider the performance of its cash and investments was adequate during the year. Funds were managed by stockbrokers Canaccord Genulty and Dowgate Capital. ZANE'S Investment policy has been discussed with the stockbrokers and selected stocks in the portfolio refiect appropriate social, envlronmental and ethical considerations. These funds are focused on the needs of various aspects of work for which Z4NE are responsible in accordance with our risk mitigation policy. R•8orvo8 Policy ZANE calculates that in the event of financial catastrophe, in particular the decline of Sterllng (the currency in which we raise our funds) against the US dollar (the currency in which we provide aid in Zimbabwe), ZANE needs the equivalent of 12-18 months budgeted expendlture in resenie to maintain its programmes. These reserves will act as a buffer in case of a pemianent market downturn; other compelling charitsble needs in other parts of the world that make fundraising unusually difficult, for example, wars and natural disasters. or if the fundraising team is incapacitated. The return on ZANE'S investm8nt during the accounting period was 7.030 compared to the increase in the FTSEIOO of 3.14¥0 Page 3
ZANE: Zimbabwe A Natlonal Emergency Report of the Trustees for the Year Ended 5 April 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The organisation is a charitable company Ilmited by guarantee, incorporated on 26 October 2005 and registered as a charity {number 1112949) on 7 February 2006. The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The work of ZANE was established In 2001102. For the first three years of its life, the work operated under control of The Thomas Benyon Charltable Settlement (charty number 271133}. This charity operates various charitable ventures. In 2005, it was decided that the work of ZANE was sufficiently substantial to necessitate the formation of its own charity. The charity was created by its Memorandum of Association. which established the objects and powers of the charitable company and is govemed under its Articles of Association. The full list of Trustees who served during the year is shown on page 5. The ZANE Council of Reference is headed up by Lord Hastings of Scarisbrick CBE. The Trustees meet four times each year. usually in Oxford and occasionally in London, and are advised on all material matters as they occur. They decide major policies and strategy. In setting the programme each year, the Trustees have regard to both the Charity Commission's general guidance on public benefit and meeting the charity's objectives. The Trustees always ensure that the programmes undertaken are in line with the charitable objects. The relationships and transactions with related parties are detailed in the notes to the accounts. ZANE engages the services of 37 self*mployed indtviduals - nine in the UK and 28 in Zlmbabwe. The UK team reports to the ZANE Trustees. It is responsible for fundraising and administration. Regular meetings are held to discuss issues relating to the running of ZANE, both (a) in the UK and (b) wlth the team in Zimbabwe. The Zimbabwe team includes case workers with a background In finance, nursing and soclal care to ensure the various programmes are effectively run and that donor funds are reaching the most destitute and vulnerable people in Zimbabwe. ZANE Trustees are experienced professional people (ple£se see the Trustees, Cvs on the Z4NE website), recruited because of their expertise andlor knowledge of Zimbabwe. They have a diverse range of expertise in areas such as fundraising, law, intemational development. business development and marketing. All are encouraged to visit Zimbabwe during their tenure: all bar of the current Board has done so. All Trustees and team members who will be in touch with beneficiaries undergo appropriate safeguarding training. ZANE'S solicitors with specialist charty expertise have been invited to attend Trustees, meetings to explain (a) inter alia, the duties of Trustees; and (b) detail any changes in the law or good prdctice that are essential in the running of a well-established charity. On other occasions, the Trustees have met at the offices of the stockbrokers who manage ZANE'S reserve funds to question their basi8 of fund management and views as to th8 State of the market. On some occasions, the auditor is invited to answer questlons about the draft accounts. The freelance team in the UK reports to the Board of Trustees. Protocols are in place to ensure that, where appropriate, work is properly delegated, and decisions are discussed before implementation and that a succession plan is in pla. Page 4
ZANE: Zimbabwe A National Emergency Report ofthe Trustees for the Year Ended 5 Aprll 2024 ZANE greatly values its supporters and donors; they are central to all fundraising activities. ZANE is registered with the Fundraising Regulator. ZANE is also a member of the National Council of Voluntary Organisations (NCVO). The freelance fundraiser is a member of the Institute of Fundraising. ZANE rdises its funds from individual donors, trusts and foundations, legacies. advertising, conferences. dinners and functions, sponsored walks, the presentation of 'alk commentaries" an annual newsletter, and a raffle and poetry book at Christmas. ZANE'S fundralsing strategy is overseen by the Trustees. Z4NE does not use exiernal agencies for fundraising and never engages in door-to4¢)or or street fundraislng. The Fundraising Regulator reiVed zero complaints regarding ZANE in the period 2023124. ZANE strives to ensure that it is fully compllant with GDPR and that Its privacy policy and complaints policy are clearly communicated, along with the ways in which an individual's communication preferences can be updated. Plan8 for the Future The crlsis in Zimbabwe is far from over; the situation is worse than ever before. The name Zimbabwe A Natlonal Emergency is just as relevant as it was when the charity was founded. ZANE is committed to maintaining its fundraising effort8 to ensure that those who most need assistance re1ve it. A younger leadership team is in place in the UK, capable of making decisions and leading the ch8rity into the future. The key objective is to malntain support to those beneficiaries in Zimbabwe who so desperately need assistance and, where funds allow, to support new beneficiaries with nowhere else to tum. REFERENCE AND ADMINISTRATIVE DETAILS Regl8tered Company number 05604011 (England and Wales) Reglstered Charlty number 1112949 Reglstered offic• Rectory Farmhouse 2 Church Street Bladon Oxfordshire OX20 1 RS Tru8te•s Mrs N M Gayner Director Mr J K E Broadley CMG Director HIS Hon. C Compston Director Prof. R E Ekins KC (Hon.) Director (resigned 271312024) Mrs J Mellor OBE Director M8j. Gen. A Ramsay CBE DSO. Director (resigned 271312024) Mrs N Passaportis MBE Director Mr D G Covell Director Ms C P Compston Director (appointed 23r112023) Mr C A Ford Dire¢tor (appointed 271312024) Company Secretary Ms O J Benyon Auditors Tearle & Carver Ltd Statutory Auditor EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. Page 5
ZANE: Zlmbabwe A National Emergency Report of the Trustees for the Year Ended 5 April 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of ZANE: Zimbabwe A National Emergency for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). Company law requires the trustees to prepare financial statements for each financial year whlch glve 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 incorhe and expendlture, of the charitable company for that period. In preparing those financi81 statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financlal position of the charitable company and to enable them to ensure that the financial statements comply with th8 Companies Act 2006. They arè also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit inforrnation of which the charitable company's 8uditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors. Tearle & Carver Ltd Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees. incorpor trategic report, approved by order of the board of trustee8, as the gV..21/'22..Y........... company directors, on............. and signed on the board's behalf by.. Mr J K E Broadley CMG - Trustee Page 6
Report of the Independent Audltors to the Trustees of ZANE: Zimbabwe A National Emergency Oplnlon We have audited the financial statements of ZANE.. Zimbabwe A National Emergency (the 'charitable Company,) for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of slgnificant accounting policles. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: glve a true and fair view of the state of the charitable company's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Ba818 for oplnlon 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 Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon8ibilities in accordance with these requirements. INe belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu8lon8 rolatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectlvely, may cast significant doubt on the charitsble company's abllity to continue as a going concern for a period of at least bNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other Inforniation The trustees are responsible for the other infom8tion. The other information comprises the information included In the Annual Report. othér than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othe1$e 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 infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mlsstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement In the financlal statements themselves. If, based on the work we h8ve performed, we conclude that there is a material misstalement of this other informatlon, we are required to report that fact. l+Ve have nothing to report in this regard. Matter8 on which we are requlred to report by •xcoptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infomiation given in the Report of the Trustees is inconsistent in any material respect with the financlal statements; or the charltable company has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the infomiation and explanations we require for our audit. Page 7
Report of the Independent Auditors to the Trustees of ZANE: Zlmbabwe A Natlonal Emergency Re8pon8lblllti•s of truste•8 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 preparatlon of the financial statements and for being satisfied that they glve 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 concem 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 altemative but to do so. Our respon81blllti88 for the audlt of th• financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mlsststement when it exists. Misst8tements 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed b810w'. 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. - We considered and updated our knowledge of the Charity's specific industry and Its regulatory environment and reviewed documentstion surrounding the policies and procedures relating to fraud and compliance with 18ws and regulatlons. We also enquired of management about their own identification and assessment of the rlsks of irregularities. Based on this understanding, we identified and assessed the risk of material misstatement in the financial statements and designed and perfomed audit procedures in response to those rlsks. We identified the key laws and regulation that have a direct effect on the determination of material amounts and disclosures In the financial statements. We also gained knowledge of the legal and regularly frameworks which do not have a direct effect on the financial ststement but compliance with which may be fundamental to the company's ability to Greate or to avoid a material penalty. Our audit procedures in relation to fraud included: -making enquiries of the trustees about their knowledge of any actual or suspected fraud: -Galning an understanding of the internal controls established to mitigate rlsks., and -Discussing amongst the engagement team the risks of fraud; and -Performing journal testing to address the risk of fraud through management override of controls There are inherent limitatlons in the audit procedures described 8bove and the primary responsibility for the prevention and detection of irregularities rests wlth management. A further description of our responsibilities for the audlt of the financial statements is located on the Flnancial Reporting Council's website at www.frc.org.uklauditorsresponsibllltles. This description forms p8rt of our Report of the Independent Audltors. Page 8
Report of the Independent Auditors to the Trustees of ZANE: Zimbabwe A National Emergency U8• of our report This report is made solely to the charitable company's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charitable company's trustees those matters we are required to state to them in an auditors, 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 trustees 8s a body, for our audit work, for this report, or for the opinions we have formed. Kameliya Harrison FCA (Senior Statutory Audltor) for and on behalf of Tearle & Carver Ltd Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Date.. Page 9
ZANE: Zlmbabwe A Natlonal Emergency Statsment of Financial Activitles for the Year Ended 5 April 2024 2024 Total funds 2023 Total funds Unrestrlcted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,499,239 1,232,878 3.732.117 3,389,443 Investment income Other income 52.722 52,722 1,477 46.322 279 Total 2,553.438 1232 878 3 786 316 3,436 044 EXPENDITURE ON Raising funds 592,239 8,062 600,301 574,430 Charltabl• actlvltle8 Charitable activities Support costs 1,626,932 34,333 1,204,728 2,831,660 3,138,202 27,756 Totsl 2 253.504 1212,790 3,466.294 3 740 388 Net gainsl(losses) on investments 176 204 176 204 571,687) NET INCOMEI(EXPENDITURE) 476.138 20,088 496,226 (876,031) RECONCILIATION OF FUNDS Total funds brought fopAiard 2.590,626 96,591 2,687,217 3,563,248 TOTAL FUNDS CARRIED FORWARD 3 066 764 116,679 3 183.443 2,687,217 The notes on page 15 fomi part of these financial statements Page 10
ZANE: Zimbabwe A Natlonal Emergency Balance Sheet 5 April 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Not88 FIXED ASSETS Tangible assets Investments 12 1,880 13 2 820 360 1,880 2,820,360 4,047 2,505,196 2,822,240 2.822,240 2,509,243 CURRENT ASSETS Debtors Cash at bank 14 78,705 210,556 78,705 358 706 57.672 146,958 148.150 289.261 148.150 437,411 204,630 CREDITORS Amounts falling due within one year 15 {44,737) (31.471) (76,208) (26,656) NET CURRENT ASSETS 116679 361203 177 974 TOTAL ASSETS LESS CURRENT LIABILITIES 3.066.764 116,679 3,183,443 2.687.217 NET ASSETS 3 066 764 116679 3.183 443 2,687 217 FUNDS Unrestricted funds Restricted funds 16 3,066.764 116679 2,590,626 96,591 TOTAL FUNDS 3 183 443 2 687,217 The charitsble company Is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responslbilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requlrements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitsble company. The notes on page 15 form part of these financlal statements Page 11
ZANE: Zlmbabwe A Natlonal Emergency Balance Sheet 5 April 2024 These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. The financial statements were approved by the Board of Trustees and authorised for issue on ¥../.1/ 1 IoA4.......... and were signed on its behalf by., Mr J K E Broadley CMG- Trustee The notes on page 15 forni part of these financial statements Page 12
ZANE: Zimbabwe A Natlonal Emergency Cash Flow Statement for the Year Ended 5 Aprll 2024 2024 2023 Notas Cash flows from operatlng activlti08 Cash generated from operations 357 566 323,483 Net cash provlded byl{used in) operating activities 357.566 323 483) Ca8h flows from Investlng actlvltle8 Purchase of fixed asset investments Sale of fixed asset investments (1,539,233) 1393415 (1,427.642) 1.626.781 Net cash (used in)Iprovided by investing activities 145 818 199 139 Change In cash and ca8h equlvalents In the reportlng perfod Cash and cash equivalents at the beglnnlng of the reportlng perlod 211,748 (124,344) 146 958 271.302 Cash and cash equlvalents at the end of th8 roporting period 358 706 146 958 The notes on page 15 form part of these financial statements Page 13
ZANE: Zimbabwe A National Emergency Notes to the Cash Flow Statsment for the Year Ended 5 Aprll 2024 RECONCILIATION OF NET INCOPIIEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Incomol{exp•ndlture) for the reportlng perlod (as per the Statement of Flnanclal Actlvlties) AdJustm•nts for: (Gain)IIos8es on investrnents Increase In debtors Increasel(decrease) In creditors 496.226 (876,031) (176,204) {12.008) 49.552 571,887 (14,932) Not cash providod byl{u8ed Inl operatlon8 357 566 323,483) ANALYSIS OF CHANGES IN NET FUNDS At 614123 Cash flow At 514124 Net cash Cash at bank 146,958 211748 358 706 211,748 358 706 Total 146,958 211748 358 706 The notes on page 15 form part of these financial statements Page 14
ZANE: Zimbabwe A National Emergency Notes to the Financial Statements for the Year Ended 5 Aprll 2024 ACCOUNTING POLICIES Ba81s of preparlng the finan¢ial $tatement8 The financial statements of the charitsble company, which is 8 public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019),. Financial Reporting Standard 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial .statements have been prepared under the historicAI cost convention. with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All Income Is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the arnount can be measured reliably. Expenditur• Liabilities are recognised as expenditure a8 800n as there is a legal or construdive obligation committing the charity to that expenditure, 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 accruals basis and has been classified under headings that aggregate all cost related to the category. VQhere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglblo fixed assets Depreciatlon is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Motor vehicles 25°h on cost 25ts on reducing balance Taxatlon The charity18 exempt from corporation tax on its charitable activities. Fund accountlng Unrestricted 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 withln the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. During the year, ZANE distributed funds on behalf of RCEL (Royal Commonwealth Ex-services League) to veterans and their wldows. This sum has been included as restricted income and rostricted expenses under charitable activlties. Please refer to the trustees report for further information. Page 15 continued...
ZANE: Zimbabwe A Natlonal Emergency Notes to the Flnancial Ststements - continued for the Year Ended S Aprll 2024 DONATIONS AND LEGACIES 2024 2023 Gift Aid Donations Non Gift Donations Gift aid Tax Repayment 960,189 2,531.502 240,428 912,968 2.222,059 254,416 3732 117 3 389.443 INVESTMENT INCOME 2024 2023 Interest received Divldends retslved 1,371 51.351 197 OTHER INCOME 2024 2023 Bank Interest received 1,477 279 1.477 279 RAISING FUNDS Ral8lng donatlons and legacles 2024 2023 Postage, Print and Advertising Database hostingltraining Other fundraising activities Support costs 188,364 7,157 104,474 154,722 16,226 115,976 287.506 600 301 574 430 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 7) Support costs (see note 8) Totals Charitable activities Support costs 2.831,660 2,831,660 2 831660 2 865 993 Page 16 continued..
ZANE: Zimbabwe A Natlonal Emergency Notes to the Financlal Statements - continued for the Year Ended S April 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Grants made in Zimbabwe Other Dlrect Costs Zimbabwe Travel & Subsistence overseas Trustees expenses overseas Donations to UK Charities 2,809,525 759 20,876 3.113,498 2,176 20,326 2,202 500 2 831660 3.138 202 Included within grants made in Zimbabw8 are the payments to and associated costs of personnel engaged in the distribution or raising of these grants and those involved in the UK on charitable a¢tivlties. SUPPORT COSTS Other Raising donations and legacies Support costs 320,306 354,639 NET INCOMEI{EXPENDITURE) Net incomel(expenditure) is stated after chargingl(credlting): 2024 2023 Depreciation - owned assets 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. Trustees. gxpenses There were trustee's expenses pald in the year ended 5 April 2024 totalling £128 (2023: £2,202) relating to travel and subsistence costs. 11. 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Investment Income Other income 2,293,703 46,322 279 1,095.740 3,389,443 48,322 279 Total 2 340 304 1095 740 3.436 044 EXPENDITURE ON Raising funds 566,752 7,678 574,430 Page 17 contlnued...
ZANE: Zlmbabwe A National Emergency Notes to the Flnanclal Ststamehts - contlnued for tha Year Ended 5 April 2024 11. 2023 CONIPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted Restricted fund fund Total funds Charltable activitles Charitable activities Support costs 2,112,731 1,025,471 3,138,202 Total 2 707,239 1033 149 3 740 388 Net gainsl(losses) on investments 571,687 571687) NET INCOMEI(EXPENDITURE) (938,622) 62,591 (876.031) RECONCILIATION OF FUNDS Total funds brought forrfrfard 3,529,248 34,000 3,563,248 TOTAL FUNDS CARRIED FORWARD 2 590 826 96,591 2.687 217 12. TANGIBLE FIXED ASSETS Fixtures and fittings Motor vehicles Totsls COST At 6 Aprll 2023 and 5 April 2024 16.568 DEPRECIATION At 6 April 2023 Charge for year 19,297 15,129 360 34,426 At 5 April 2024 NET 800KVALUE At 5 April 2024 801 At 5 April 2023 2,608 4,047 Page 18 continued...
ZANE: Zimbabwe A National Emergency Notes to the Flnancial Statements - continued for the Year Ended 5 Aprll 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Amounts owed by participating interests other debtors HMRC Gift Ald refund due Prepayments and accrued income 9,654 1,025 55,090 12.936 629 2,912 43,337 other Debtors are made up of the followlng: 2024 2023 Zim contractors loans for solar power Contractor adVanS 522 152 2,835 77 674 2,912 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors other creditors Accruals and deferred income 30,024 31,471 14,713 12,623 26,656 L4NE originally started as a section of the Thomas Benyon Charitsble Settlement (charity number 271133). The two charities incur and reimburse income and expenses on behalf of each other and included within other debtors is the balance outstanding at 5 April 2024 of £NIL (2023: £NIL). Included withln debtors are amounts owed by The Guild of Shareholders Ltd of £13 (2023: £13) and also amounts owed by Zane Professional Services Ltd of £9,641 (2023.. £616). Zane Professional Services Ltd is a subsidiary of ZANE - please refer to note 13 for further details. 16. MOVEMENT IN FUNDS Net movement in funds At 514124 At 614123 Unrnstricted funds General fund 2,590,626 476,138 3,066,764 Restricted funds Restricted fund8 96,591 20.088 116,679 TOTAL FUNDS 2687 217 3 183,443 Page 20 continued...
ZANE: Zimbabwe A Natlonal Emergency Notes to the Financial Statements - continued for the Year Ended 5 Aprll 2024 16. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 514124 At 614122 Unrestrlcted fund8 General fund 3,529,248 (462,484) 3,066,764 Rgstrlcted fund8 Restricted funds 34,000 82,679 116,679 TOTAL FUNDS 3 563 248 379,805) 3 183.443 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows., Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 4,893,742 (4,960,743) (395.483) (462,484) Re8trlcted fund8 Restrlcted funds 2,328.618 (2,245,939) 82.679 TOTAL FUNDS 17. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 5 April 2024. 18. POST BALANCE SHEET EVENTS ZANE follows market developments very closely and adapts its operations accordingly. Page 22
ZANE: Zlmbabwe A National Emergency Detalled Statement of Flnancial Activities for the Year Ended 5 April 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legac1•8 Gift Aid Donations Non Gift Donations Gift aid Tax Repayment 960,189 2,531,502 240,426 912,968 2,222,059 3,732.117 3,389,443 Investment income Interest received Dividends received 1,371 197 46,125 52,722 46.322 Other income Bank interest received 1.477 279 Total Incoming resources 3.786,316 3,436.044 EXPENDITURE Ral8lng donatlons andlogacles Postage, Print and Advertising Database hostingltraining other fundraising activities 168,364 7,157 104,474 154,722 16,226 115,976 279,995 286,924 Charitable activltles Grants made in Zimbabwe Other Direct Costs Zimbabwe Travel & Subsistence overseas Trustees expenses overseas Donations to UK Charities 2,809,525 759 20,876 3,113,498 2,176 20,326 2.202 500 2,831,660 3,138,202 Support costs other B8nk Gharges Insurance Currency costs & Broker fees Telephone Postsge and stationery Legal & Professional fees Audit & Accountancy fees Administration Carried fOard 28,303 1,232 50.735 11.445 11,490 5,851 14,977 215,732 339,765 31,417 1,641 34,010 8,571 15,180 4,869 14,400 188,644 298,732 This page does not form part of the statutory financial ststements Page 23
ZANE: Zimbabwe A National Emergency Detalled Statement of Flnancial Activities for the Year Ended 5 April 2024 2024 2023 Other Brought fopNard Travel & Subsistence costs UK Trustees expenses UK Depreciation charge Training 339,765 10,062 1,417 2,167 1.228 298,732 13,027 1,150 2,287 66 354.639 315262 Total resources expended 3 466.294 3,740 388 Net incomel(•xpendltur•) before galn8 and 1088•8 320,022 (304,344) R8ali$ed recogni8ed galns and Ios888 Realised gainsl(losses) on fixed asset investments 127 909) 91,582) Net inoomel(expendlture) This page does not form part of the statutory financial statements Page 24